GERDOVAN: what changed
GERDOVAN
Largest movements
- Stocks and contracts -€7,601
down €7,601 (-71.0%), from €10,701 to €3,100
of which Contracts in progress: -€6,000
- Receivables within one year +€4,722
up €4,722 (+151%), from €3,134 to €7,856
of which Trade receivables: +€5,563
- Cash +€1,332
up €1,332 (+2.5%), from €52,755 to €54,088
mainly Stocks and contracts (+€7,601) and Depreciation (+€827)
- Tangible fixed assets -€827
down €827 (-35.1%), from €2,357 to €1,530
- Trade debts -€1,380
down €1,380 (-43.0%), from €3,210 to €1,830
- Tax, wage and social debts -€1,193
down €1,193 (-95.1%), from €1,255 to €61
- Gross operating margin -€24,366
down €24,366 (-92.8%), from €26,253 to €1,888
- Depreciation -€10,739
down €10,739 (-92.9%), from €11,565 to €827
- Taxes -€1,255
down €1,255 (-100%), from €1,255 to €0
- Other operating charges +€456
up €456 (+76.7%), from €594 to €1,051
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,386 | €67,804 | -€2,582 | -3.7% |
| Fixed assets | 21/28 | €2,357 | €1,530 | -€827 | -35.1% |
| Tangible fixed assets | 22/27 | €2,357 | €1,530 | -€827 | -35.1% |
| Plant, machinery and equipment | 23 | €869 | €566 | -€303 | -34.9% |
| Furniture and vehicles | 24 | €1,338 | €964 | -€374 | -27.9% |
| Other tangible fixed assets | 26 | €150 | €0 | -€150 | -100.0% |
| Current assets | 29/58 | €68,030 | €66,274 | -€1,756 | -2.6% |
| Stocks and contracts in progress | 3 | €10,701 | €3,100 | -€7,601 | -71.0% |
| Stocks | 30/36 | €4,701 | €3,100 | -€1,601 | -34.1% |
| Contracts in progress | 37 | €6,000 | €0 | -€6,000 | -100% |
| Amounts receivable within one year | 40/41 | €3,134 | €7,856 | +€4,722 | +151% |
| Trade receivables | 40 | €2,174 | €7,736 | +€5,563 | +256% |
| Other amounts receivable | 41 | €961 | €120 | -€841 | -87.5% |
| Cash at bank and in hand | 54/58 | €52,755 | €54,088 | +€1,332 | +2.5% |
| Deferred charges and accrued income | 490/1 | €1,439 | €1,230 | -€208 | -14.5% |
| Total equity and liabilities | 10/49 | €70,386 | €67,804 | -€2,582 | -3.7% |
| Equity | 10/15 | €65,921 | €65,913 | -€9 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €45,921 | €45,913 | -€9 | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €45,921 | €45,913 | -€9 | 0.0% |
| Amounts payable | 17/49 | €4,465 | €1,891 | -€2,574 | -57.6% |
| Amounts payable within one year | 42/48 | €4,465 | €1,891 | -€2,574 | -57.6% |
| Trade debts | 44 | €3,210 | €1,830 | -€1,380 | -43.0% |
| Suppliers | 440/4 | €3,210 | €1,830 | -€1,380 | -43.0% |
| Taxes, remuneration and social security | 45 | €1,255 | €61 | -€1,193 | -95.1% |
| Taxes | 450/3 | €1,255 | €61 | -€1,193 | -95.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,565 | €827 | -€10,739 | -92.9% |
| Other operating charges | 640/8 | €594 | €1,051 | +€456 | +76.7% |
| Non-recurring operating charges | 66A | €380 | €0 | -€380 | -100% |
| Gross operating margin | 9900 | €26,253 | €1,888 | -€24,366 | -92.8% |
| Operating profit (loss) | 9901 | €13,713 | €11 | -€13,703 | -99.9% |
| Financial income | 75/76B | €147 | €11 | -€136 | -92.7% |
| Recurring financial income | 75 | €147 | €11 | -€136 | -92.7% |
| Financial charges | 65/66B | €60 | €30 | -€30 | -49.7% |
| Recurring financial charges | 65 | €60 | €30 | -€30 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €13,801 | -€9 | -€13,810 | |
| Income taxes | 67/77 | €1,255 | €0 | -€1,255 | -100% |
| Profit (loss) for the period | 9904 | €12,546 | -€9 | -€12,555 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,546 | -€9 | -€12,555 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.