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.
GERDO
Largest movements
- Cash -€137,737
down €137,737 (-76.2%), from €180,821 to €43,084
mainly Debts after one year (-€200,000) and Contributions, distributions and other (-€84,500)
- Receivables within one year +€7,221
up €7,221 (+52.4%), from €13,770 to €20,991
of which Trade receivables: +€7,065
- Debts after one year -€200,000
down €200,000 (-44.4%), from €450,000 to €250,000
- Other debts +€71,778
up €71,778 (+72.2%), from €99,367 to €171,145
- Reserves -€21,545
down €21,545 (-25.5%), from €84,500 to €62,955
- Tax, wage and social debts +€16,838
up €16,838, from €0 to €16,838
- Gross operating margin +€26,764
up €26,764 (+27.7%), from €96,448 to €123,212
- Depreciation -€21,234
down €21,234 (-33.4%), from €63,639 to €42,404
- Taxes +€7,186
up €7,186 (+76.6%), from €9,378 to €16,564
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 | €646,983 | €511,799 | -€135,183 | -20.9% |
| Fixed assets | 21/28 | €448,715 | €444,204 | -€4,511 | -1.0% |
| Intangible fixed assets | 21 | €63 | €0 | -€63 | -100% |
| Tangible fixed assets | 22/27 | €447,643 | €443,195 | -€4,448 | -1.0% |
| Land and buildings | 22 | €380,750 | €371,263 | -€9,487 | -2.5% |
| Plant, machinery and equipment | 23 | €1,949 | €896 | -€1,053 | -54.0% |
| Furniture and vehicles | 24 | €64,943 | €71,036 | +€6,092 | +9.4% |
| Financial fixed assets | 28 | €1,009 | €1,009 | = | 0.0% |
| Current assets | 29/58 | €198,268 | €67,595 | -€130,672 | -65.9% |
| Amounts receivable within one year | 40/41 | €13,770 | €20,991 | +€7,221 | +52.4% |
| Trade receivables | 40 | €11,368 | €18,433 | +€7,065 | +62.1% |
| Other amounts receivable | 41 | €2,402 | €2,558 | +€157 | +6.5% |
| Cash at bank and in hand | 54/58 | €180,821 | €43,084 | -€137,737 | -76.2% |
| Deferred charges and accrued income | 490/1 | €3,678 | €3,521 | -€157 | -4.3% |
| Total equity and liabilities | 10/49 | €646,983 | €511,799 | -€135,183 | -20.9% |
| Equity | 10/15 | €94,500 | €72,955 | -€21,545 | -22.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €84,500 | €62,955 | -€21,545 | -25.5% |
| Distributable reserves | 133 | €84,500 | €62,955 | -€21,545 | -25.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €552,483 | €438,844 | -€113,639 | -20.6% |
| Amounts payable after more than one year | 17 | €450,000 | €250,000 | -€200,000 | -44.4% |
| Financial debts | 170/4 | €450,000 | €250,000 | -€200,000 | -44.4% |
| Amounts payable within one year | 42/48 | €102,483 | €188,844 | +€86,361 | +84.3% |
| Trade debts | 44 | €3,116 | €861 | -€2,255 | -72.4% |
| Suppliers | 440/4 | €3,116 | €861 | -€2,255 | -72.4% |
| Taxes, remuneration and social security | 45 | €0 | €16,838 | +€16,838 | |
| Taxes | 450/3 | €0 | €16,838 | +€16,838 | |
| Other amounts payable | 47/48 | €99,367 | €171,145 | +€71,778 | +72.2% |
| Non-recurring operating income | 76A | - | €2,878 | +€2,878 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,639 | €42,404 | -€21,234 | -33.4% |
| Other operating charges | 640/8 | €1,098 | €1,208 | +€110 | +10.0% |
| Gross operating margin | 9900 | €96,448 | €123,212 | +€26,764 | +27.7% |
| Operating profit (loss) | 9901 | €31,712 | €79,600 | +€47,889 | +151% |
| Financial income | 75/76B | €26 | €40 | +€15 | +56.2% |
| Recurring financial income | 75 | €26 | €40 | +€15 | +56.2% |
| Financial charges | 65/66B | €137 | €122 | -€15 | -10.9% |
| Recurring financial charges | 65 | €137 | €122 | -€15 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €31,601 | €79,519 | +€47,918 | +152% |
| Income taxes | 67/77 | €9,378 | €16,564 | +€7,186 | +76.6% |
| Profit (loss) for the period | 9904 | €22,223 | €62,955 | +€40,732 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €22,223 | €62,955 | +€40,732 | +183% |
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 17 October 2026 via checked.be.