GERCO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GERCO
Largest movements
- Receivables within one year +€259,790
up €259,790 (+190%), from €137,042 to €396,832
of which Trade receivables: +€259,736
- Cash +€214,903
up €214,903 (+10.0%), from €2.1m to €2.4m
mainly Net result for the year (+€448,037) and Tax, wage and social debts (+€31,673)
- Reserves +€448,037
up €448,037 (+29.1%), from €1.5m to €2.0m
of which Distributable reserves: +€448,037
- Tax, wage and social debts +€31,673
up €31,673 (+46.7%), from €67,788 to €99,461
of which Taxes: +€39,159
- Gross operating margin +€163,448
up €163,448 (+37.5%), from €436,208 to €599,656
- Taxes +€51,047
up €51,047 (+33.3%), from €153,301 to €204,348
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,309,050 | €2,783,217 | +€474,167 | +20.5% |
| Fixed assets | 21/28 | €3,882 | €2,538 | -€1,344 | -34.6% |
| Tangible fixed assets | 22/27 | €3,882 | €2,538 | -€1,344 | -34.6% |
| Plant, machinery and equipment | 23 | €3,882 | €2,538 | -€1,344 | -34.6% |
| Current assets | 29/58 | €2,305,168 | €2,780,679 | +€475,511 | +20.6% |
| Stocks and contracts in progress | 3 | €23,298 | €25,551 | +€2,253 | +9.7% |
| Stocks | 30/36 | €23,298 | €25,551 | +€2,253 | +9.7% |
| Amounts receivable within one year | 40/41 | €137,042 | €396,832 | +€259,790 | +190% |
| Trade receivables | 40 | €136,102 | €395,838 | +€259,736 | +191% |
| Other amounts receivable | 41 | €939 | €993 | +€54 | +5.7% |
| Cash at bank and in hand | 54/58 | €2,138,705 | €2,353,608 | +€214,903 | +10.0% |
| Deferred charges and accrued income | 490/1 | €6,123 | €4,689 | -€1,434 | -23.4% |
| Total equity and liabilities | 10/49 | €2,309,050 | €2,783,217 | +€474,167 | +20.5% |
| Equity | 10/15 | €2,209,828 | €2,657,032 | +€447,204 | +20.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,537,898 | €1,985,935 | +€448,037 | +29.1% |
| Non-distributable reserves | 130/1 | €7,842 | €7,842 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,642 | €1,642 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,392 | €10,392 | = | 0.0% |
| Distributable reserves | 133 | €1,519,664 | €1,967,701 | +€448,037 | +29.5% |
| Profit (loss) carried forward | 14 | €609,930 | €609,097 | -€833 | -0.1% |
| Amounts payable | 17/49 | €99,222 | €126,185 | +€26,963 | +27.2% |
| Amounts payable within one year | 42/48 | €99,222 | €126,185 | +€26,963 | +27.2% |
| Trade debts | 44 | €23,141 | €18,409 | -€4,732 | -20.5% |
| Suppliers | 440/4 | €23,141 | €18,409 | -€4,732 | -20.5% |
| Taxes, remuneration and social security | 45 | €67,788 | €99,461 | +€31,673 | +46.7% |
| Taxes | 450/3 | €60,302 | €99,461 | +€39,159 | +64.9% |
| Remuneration and social security | 454/9 | €7,486 | - | -€7,486 | |
| Other amounts payable | 47/48 | €8,292 | €8,315 | +€23 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,688 | €1,344 | -€345 | -20.4% |
| Other operating charges | 640/8 | €3,245 | €3,791 | +€546 | +16.8% |
| Gross operating margin | 9900 | €436,208 | €599,656 | +€163,448 | +37.5% |
| Operating profit (loss) | 9901 | €431,275 | €594,521 | +€163,247 | +37.9% |
| Financial income | 75/76B | €62,467 | €58,534 | -€3,933 | -6.3% |
| Recurring financial income | 75 | €62,467 | €58,534 | -€3,933 | -6.3% |
| Financial charges | 65/66B | €540 | €670 | +€131 | +24.2% |
| Recurring financial charges | 65 | €540 | €670 | +€131 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €493,203 | €652,385 | +€159,182 | +32.3% |
| Income taxes | 67/77 | €153,301 | €204,348 | +€51,047 | +33.3% |
| Profit (loss) for the period | 9904 | €339,901 | €448,037 | +€108,136 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €339,901 | €448,037 | +€108,136 | +31.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.