GERCOLEX: what changed
Two fiscal 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.
GERCOLEX
Largest movements
- Cash +€863,573
up €863,573 (+65.1%), from €1.3m to €2.2m
mainly Net result for the year (+€1.5m) and Other debts (+€1.4m)
- Receivables within one year +€650,262
up €650,262 (+45.6%), from €1.4m to €2.1m
of which Trade receivables: +€650,312
- Tangible fixed assets -€91,973
down €91,973 (-29.3%), from €314,301 to €222,328
of which Land and buildings: -€78,411
- Other debts +€1.4m
up €1.4m (+94.9%), from €1.4m to €2.8m
- Tax, wage and social debts +€45,925
up €45,925 (+41.2%), from €111,352 to €157,277
of which Remuneration and social security: +€35,988
- Gross operating margin +€1.1m
up €1.1m (+95.7%), from €1.2m to €2.3m
- Staff costs +€69,774
up €69,774 (+13.4%), from €521,382 to €591,156
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.
Cash bridge derived
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 | €3,085,967 | €4,497,291 | +€1.4m | +45.7% |
| Fixed assets | 21/28 | €323,831 | €228,504 | -€95,326 | -29.4% |
| Intangible fixed assets | 21 | €9,158 | €5,804 | -€3,354 | -36.6% |
| Tangible fixed assets | 22/27 | €314,301 | €222,328 | -€91,973 | -29.3% |
| Land and buildings | 22 | €229,097 | €150,686 | -€78,411 | -34.2% |
| Plant, machinery and equipment | 23 | €31,633 | €36,318 | +€4,685 | +14.8% |
| Furniture and vehicles | 24 | €33,069 | €23,284 | -€9,786 | -29.6% |
| Other tangible fixed assets | 26 | €20,502 | €12,041 | -€8,461 | -41.3% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €2,762,136 | €4,268,787 | +€1.5m | +54.5% |
| Amounts receivable within one year | 40/41 | €1,424,556 | €2,074,818 | +€650,262 | +45.6% |
| Trade receivables | 40 | €1,422,586 | €2,072,898 | +€650,312 | +45.7% |
| Other amounts receivable | 41 | €1,970 | €1,920 | -€50 | -2.5% |
| Cash at bank and in hand | 54/58 | €1,326,066 | €2,189,639 | +€863,573 | +65.1% |
| Deferred charges and accrued income | 490/1 | €11,514 | €4,329 | -€7,184 | -62.4% |
| Total equity and liabilities | 10/49 | €3,085,967 | €4,497,291 | +€1.4m | +45.7% |
| Equity | 10/15 | €1,161,647 | €1,161,647 | = | 0.0% |
| Contributions | 10/11 | €1,138,094 | €1,138,094 | = | 0.0% |
| Reserves | 13 | €23,553 | €23,553 | = | 0.0% |
| Distributable reserves | 133 | €23,553 | €23,553 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,924,320 | €3,335,644 | +€1.4m | +73.3% |
| Amounts payable after more than one year | 17 | €30,565 | €5,979 | -€24,586 | -80.4% |
| Financial debts | 170/4 | €30,565 | €5,979 | -€24,586 | -80.4% |
| Amounts payable within one year | 42/48 | €1,893,755 | €3,292,165 | +€1.4m | +73.8% |
| Current portion of amounts payable after more than one year | 42 | €25,672 | €24,586 | -€1,086 | -4.2% |
| Trade debts | 44 | €321,018 | €315,722 | -€5,296 | -1.6% |
| Suppliers | 440/4 | €321,018 | €315,722 | -€5,296 | -1.6% |
| Advances received on contracts in progress | 46 | €3,300 | €3,300 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €111,352 | €157,277 | +€45,925 | +41.2% |
| Taxes | 450/3 | €48,047 | €57,984 | +€9,937 | +20.7% |
| Remuneration and social security | 454/9 | €63,306 | €99,293 | +€35,988 | +56.8% |
| Other amounts payable | 47/48 | €1,432,412 | €2,791,280 | +€1.4m | +94.9% |
| Accrued charges and deferred income | 492/3 | €0 | €37,500 | +€37,500 | |
| Non-recurring operating income | 76A | €5,430 | €0 | -€5,430 | -100.0% |
| Remuneration, social security and pensions | 62 | €521,382 | €591,156 | +€69,774 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,570 | €111,845 | +€1,275 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €14,575 | €15,138 | +€562 | +3.9% |
| Gross operating margin | 9900 | €1,156,199 | €2,262,946 | +€1.1m | +95.7% |
| Operating profit (loss) | 9901 | €509,672 | €1,544,808 | +€1.0m | +203.1% |
| Financial income | 75/76B | €4,788 | €8,968 | +€4,180 | +87.3% |
| Recurring financial income | 75 | €4,788 | €8,968 | +€4,180 | +87.3% |
| Financial charges | 65/66B | €12,879 | €4,011 | -€8,868 | -68.9% |
| Recurring financial charges | 65 | €12,879 | €4,011 | -€8,868 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €501,581 | €1,549,765 | +€1.0m | +209.0% |
| Income taxes | 67/77 | €63,837 | €69,113 | +€5,276 | +8.3% |
| Profit (loss) for the period | 9904 | €437,743 | €1,480,651 | +€1.0m | +238.2% |
| Profit (loss) for the period to be appropriated | 9905 | €437,743 | €1,480,651 | +€1.0m | +238.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.