GERDO: 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
GERDO
NACE 46.389, Wholesale of other food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€765,456
2024 · €945,394-€179,939
Equity
€4.2m
2024 · €3.7m+€500,029
Cash
€545,332
2024 · €329,948+€215,384
Balance sheet total
€6.4m
2024 · €6.3m+€30,036
Largest movements
Assets
- Receivables within one year -€557,753
down €557,753 (-20.8%), from €2.7m to €2.1m
of which Trade receivables: -€613,494
- Current investments +€385,878
up €385,878 (+16.1%), from €2.4m to €2.8m
- Cash +€215,384
up €215,384 (+65.3%), from €329,948 to €545,332
mainly Net result for the year (+€765,456) and Receivables within one year (+€557,753)
Equity and liabilities
- Reserves +€500,029
up €500,029 (+13.6%), from €3.7m to €4.2m
of which Distributable reserves: +€268,479
- Debts after one year -€431,272
down €431,272 (-59.8%), from €720,720 to €289,448
of which Other amounts payable: -€350,000
- Trade debts -€317,272
down €317,272 (-20.5%), from €1.5m to €1.2m
- Other debts +€255,695
up €255,695 (+240%), from €106,737 to €362,432
Income statement
- Other operating charges +€275,545
up €275,545 (+3,502%), from €7,869 to €283,414
- Write-downs -€267,597
down €267,597 (-82,186%), from -€326 to -€267,923
- Gross operating margin -€259,380
down €259,380 (-15.7%), from €1.7m to €1.4m
- Taxes -€198,864
down €198,864 (-41.6%), from €478,160 to €279,296
- Staff costs +€64,053
up €64,053 (+28.9%), from €221,521 to €285,574
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.
Result 2024
€945,394
Gross operating margin
-€259,380
Staff costs
-€64,053
Depreciation
-€31,418
Write-downs
+€267,597
Provisions
-€13,607
Other operating charges
-€275,545
Financial income
+€51,688
Financial charges
-€54,086
Taxes
+€198,864
Result 2025
€765,456
raises the resultlowers the result
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.
From operations
+€1.4m
Investment
-€476,927
Financing
-€695,956
Cash 2024
€329,948
From operations (derived)
+€1.4m
Net result for the year
+€765,456
Depreciation
+€115,860
Stocks and contracts
+€3,927
Receivables within one year
+€557,753
Deferred charges and accrued income
-€15,265
Trade debts
-€317,272
Tax, wage and social debts
+€6,018
Other debts
+€255,695
Accrued charges and deferred income
+€16,094
Investment (derived)
-€476,927
Investment in fixed assets (net)
-€91,049
Current investments
-€385,878
Financing
-€695,956
Debts after one year
-€431,272
Current portion of long-term debt
+€743
Contributions, distributions and other
-€265,427
Cash 2025
€545,332
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,326,526 | €6,356,562 | +€30,036 | +0.5% |
| Fixed assets | 21/28 | €876,337 | €851,526 | -€24,811 | -2.8% |
| Intangible fixed assets | 21 | €1,067 | €747 | -€320 | -30.0% |
| Tangible fixed assets | 22/27 | €874,030 | €849,539 | -€24,491 | -2.8% |
| Land and buildings | 22 | €505,708 | €471,340 | -€34,368 | -6.8% |
| Plant, machinery and equipment | 23 | €50,668 | €38,419 | -€12,249 | -24.2% |
| Furniture and vehicles | 24 | €292,223 | €308,982 | +€16,759 | +5.7% |
| Other tangible fixed assets | 26 | €25,430 | €30,798 | +€5,368 | +21.1% |
| Financial fixed assets | 28 | €1,240 | €1,240 | = | 0.0% |
| Current assets | 29/58 | €5,450,189 | €5,505,035 | +€54,847 | +1.0% |
| Stocks and contracts in progress | 3 | €25,716 | €21,789 | -€3,927 | -15.3% |
| Stocks | 30/36 | €25,716 | €21,789 | -€3,927 | -15.3% |
| Amounts receivable within one year | 40/41 | €2,685,537 | €2,127,784 | -€557,753 | -20.8% |
| Trade receivables | 40 | €2,552,912 | €1,939,417 | -€613,494 | -24.0% |
| Other amounts receivable | 41 | €132,626 | €188,367 | +€55,741 | +42.0% |
| Current investments | 50/53 | €2,399,718 | €2,785,596 | +€385,878 | +16.1% |
| Cash at bank and in hand | 54/58 | €329,948 | €545,332 | +€215,384 | +65.3% |
| Deferred charges and accrued income | 490/1 | €9,269 | €24,534 | +€15,265 | +165% |
| Total equity and liabilities | 10/49 | €6,326,526 | €6,356,562 | +€30,036 | +0.5% |
| Equity | 10/15 | €3,744,794 | €4,244,823 | +€500,029 | +13.4% |
| 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 | €3,682,794 | €4,182,823 | +€500,029 | +13.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Legal reserve | 130 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,137,584 | €1,369,134 | +€231,550 | +20.4% |
| Distributable reserves | 133 | €2,545,210 | €2,813,688 | +€268,479 | +10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €2,581,732 | €2,111,739 | -€469,993 | -18.2% |
| Amounts payable after more than one year | 17 | €720,720 | €289,448 | -€431,272 | -59.8% |
| Financial debts | 170/4 | €370,720 | €289,448 | -€81,272 | -21.9% |
| Other amounts payable | 178/9 | €350,000 | €0 | -€350,000 | -100% |
| Amounts payable within one year | 42/48 | €1,855,963 | €1,801,148 | -€54,815 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €80,529 | €81,272 | +€743 | +0.9% |
| Trade debts | 44 | €1,549,047 | €1,231,775 | -€317,272 | -20.5% |
| Suppliers | 440/4 | €1,549,047 | €1,231,775 | -€317,272 | -20.5% |
| Taxes, remuneration and social security | 45 | €119,651 | €125,669 | +€6,018 | +5.0% |
| Taxes | 450/3 | €72,056 | €75,674 | +€3,618 | +5.0% |
| Remuneration and social security | 454/9 | €47,595 | €49,996 | +€2,400 | +5.0% |
| Other amounts payable | 47/48 | €106,737 | €362,432 | +€255,695 | +240% |
| Accrued charges and deferred income | 492/3 | €5,049 | €21,142 | +€16,094 | +319% |
| Non-recurring operating income | 76A | €50,000 | €0 | -€50,000 | -100% |
| Remuneration, social security and pensions | 62 | €221,521 | €285,574 | +€64,053 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,442 | €115,860 | +€31,418 | +37.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€326 | -€267,923 | -€267,597 | -82,186% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€13,607 | €0 | +€13,607 | |
| Other operating charges | 640/8 | €7,869 | €283,414 | +€275,545 | +3,502% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,650,693 | €1,391,314 | -€259,380 | -15.7% |
| Operating profit (loss) | 9901 | €1,350,794 | €974,389 | -€376,405 | -27.9% |
| Financial income | 75/76B | €55,104 | €106,792 | +€51,688 | +93.8% |
| Recurring financial income | 75 | €55,104 | €106,792 | +€51,688 | +93.8% |
| Financial charges | 65/66B | -€17,656 | €36,429 | +€54,086 | |
| Recurring financial charges | 65 | -€17,656 | €36,429 | +€54,086 | |
| Profit (loss) for the period before taxes | 9903 | €1,423,555 | €1,044,752 | -€378,803 | -26.6% |
| Income taxes | 67/77 | €478,160 | €279,296 | -€198,864 | -41.6% |
| Profit (loss) for the period | 9904 | €945,394 | €765,456 | -€179,939 | -19.0% |
| Transfer from tax-exempt reserves | 789 | €688,000 | €315,750 | -€372,250 | -54.1% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €547,300 | +€126,300 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,212,394 | €533,906 | -€678,489 | -56.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.