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.
What changed
GERCO
NACE 70.200, Business and other management consultancy
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
€146,624
2023 · €12.6m-€12.5m
Equity
€20.6m
2023 · €20.5m+€146,624
Cash
€373,393
2023 · €344,515+€28,878
Balance sheet total
€22.0m
2023 · €21.7m+€217,958
Largest movements
Assets
- Current investments -€964,275
down €964,275 (-10.0%), from €9.6m to €8.7m
- Tangible fixed assets +€871,432
up €871,432 (+28.5%), from €3.1m to €3.9m
of which Land and buildings: +€544,121
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€13.7m
down €13.7m (-98.1%), from €14.0m to €263,085
of which Non-recurring financial income: -€13.9m
- Taxes -€1.2m
down €1.2m (-93.9%), from €1.3m to €77,975
- Depreciation -€36,672
down €36,672 (-13.8%), from €265,940 to €229,268
- Financial charges +€21,963
up €21,963 (+335%), from €6,554 to €28,517
From the 2023 result to the 2024 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.
Result 2023
€12.6m
Gross operating margin
-€487
Depreciation
+€36,672
Other operating charges
-€361
Other operating items
-€510
Financial income
-€13.7m
Financial charges
-€21,963
Taxes
+€1.2m
Result 2024
€146,624
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€165,303
Investment
-€136,425
Financing
€0
Cash 2023
€344,515
From operations (derived)
+€165,303
Net result for the year
+€146,624
Depreciation
+€229,268
Receivables within one year
-€215,765
Deferred charges and accrued income
-€66,158
Trade debts
+€128,719
Tax, wage and social debts
-€80,130
Accrued charges and deferred income
+€22,746
Investment (derived)
-€136,425
Investment in fixed assets (net)
-€1.1m
Current investments
+€964,275
Cash 2024
€373,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,737,747 | €21,955,705 | +€217,958 | +1.0% |
| Fixed assets | 21/28 | €10,591,292 | €11,462,724 | +€871,432 | +8.2% |
| Tangible fixed assets | 22/27 | €3,054,341 | €3,925,773 | +€871,432 | +28.5% |
| Land and buildings | 22 | €3,013,181 | €3,557,302 | +€544,121 | +18.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €22,291 | €350,730 | +€328,438 | +1,473% |
| Other tangible fixed assets | 26 | €18,868 | €17,741 | -€1,127 | -6.0% |
| Financial fixed assets | 28 | €7,536,951 | €7,536,951 | = | 0.0% |
| Current assets | 29/58 | €11,146,454 | €10,492,981 | -€653,474 | -5.9% |
| Amounts receivable within one year | 40/41 | €1,131,292 | €1,347,057 | +€215,765 | +19.1% |
| Trade receivables | 40 | €561,043 | €818,057 | +€257,014 | +45.8% |
| Other amounts receivable | 41 | €570,248 | €529,000 | -€41,249 | -7.2% |
| Current investments | 50/53 | €9,617,422 | €8,653,148 | -€964,275 | -10.0% |
| Cash at bank and in hand | 54/58 | €344,515 | €373,393 | +€28,878 | +8.4% |
| Deferred charges and accrued income | 490/1 | €53,225 | €119,383 | +€66,158 | +124% |
| Total equity and liabilities | 10/49 | €21,737,747 | €21,955,705 | +€217,958 | +1.0% |
| Equity | 10/15 | €20,455,830 | €20,602,454 | +€146,624 | +0.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €20,405,056 | €20,551,680 | +€146,624 | +0.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €20,405,056 | €20,551,680 | +€146,624 | +0.7% |
| Profit (loss) carried forward | 14 | €774 | €774 | = | 0.0% |
| Amounts payable | 17/49 | €1,281,917 | €1,353,251 | +€71,334 | +5.6% |
| Amounts payable within one year | 42/48 | €1,280,146 | €1,328,734 | +€48,588 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €9,234 | €137,952 | +€128,719 | +1,394% |
| Suppliers | 440/4 | €9,234 | €137,952 | +€128,719 | +1,394% |
| Taxes, remuneration and social security | 45 | €1,270,913 | €1,190,782 | -€80,130 | -6.3% |
| Taxes | 450/3 | €1,270,913 | €1,190,782 | -€80,130 | -6.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,770 | €24,516 | +€22,746 | +1,285% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,940 | €229,268 | -€36,672 | -13.8% |
| Other operating charges | 640/8 | €22,260 | €22,621 | +€361 | +1.6% |
| Non-recurring operating charges | 66A | €252 | €762 | +€510 | +202% |
| Gross operating margin | 9900 | €243,168 | €242,682 | -€487 | -0.2% |
| Operating profit (loss) | 9901 | -€45,283 | -€9,969 | +€35,314 | +78.0% |
| Financial income | 75/76B | €13,982,893 | €263,085 | -€13.7m | -98.1% |
| Recurring financial income | 75 | €73,536 | €263,085 | +€189,549 | +258% |
| Non-recurring financial income | 76B | €13,909,356 | €0 | -€13.9m | -100% |
| Financial charges | 65/66B | €6,554 | €28,517 | +€21,963 | +335% |
| Recurring financial charges | 65 | €6,554 | €28,517 | +€21,963 | +335% |
| Profit (loss) for the period before taxes | 9903 | €13,931,056 | €224,599 | -€13.7m | -98.4% |
| Income taxes | 67/77 | €1,281,850 | €77,975 | -€1.2m | -93.9% |
| Profit (loss) for the period | 9904 | €12,649,206 | €146,624 | -€12.5m | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,649,206 | €146,624 | -€12.5m | -98.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.