Gerea: 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.
Gerea
Largest movements
- Cash -€98,906
down €98,906 (-61.1%), from €161,772 to €62,867
mainly Contributions, distributions and other (-€83,703) and Investment in fixed assets (net) (-€35,640)
- Receivables within one year -€41,383
down €41,383 (-59.7%), from €69,278 to €27,895
of which Other amounts receivable: -€36,383
- Tangible fixed assets +€24,175
up €24,175 (+43.2%), from €55,955 to €80,130
of which Other tangible fixed assets: +€18,089
- Deferred charges and accrued income +€8,880
up €8,880 (+12.5%), from €70,896 to €79,776
- Reserves -€83,703
down €83,703 (-24.8%), from €337,172 to €253,469
of which Distributable reserves: -€83,703
- Profit (loss) carried forward -€16,500
down €16,500, from €1,347 to -€15,153
- Other debts -€9,448
no longer reported in 2025 (was €9,448)
- Gross operating margin -€28,574
down €28,574 (-15.1%), from €188,618 to €160,044
- Financial charges -€18,621
down €18,621 (-10.5%), from €177,624 to €159,004
- Financial income -€6,958
down €6,958 (-96.4%), from €7,221 to €262
- Taxes -€4,458
down €4,458 (-80.3%), from €5,554 to €1,095
- Depreciation +€3,946
up €3,946 (+52.5%), from €7,519 to €11,465
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 | €357,901 | €250,667 | -€107,234 | -30.0% |
| Fixed assets | 21/28 | €55,955 | €80,130 | +€24,175 | +43.2% |
| Tangible fixed assets | 22/27 | €55,955 | €80,130 | +€24,175 | +43.2% |
| Plant, machinery and equipment | 23 | €2,870 | €2,335 | -€535 | -18.6% |
| Furniture and vehicles | 24 | €10,251 | €16,872 | +€6,621 | +64.6% |
| Other tangible fixed assets | 26 | €42,833 | €60,923 | +€18,089 | +42.2% |
| Current assets | 29/58 | €301,946 | €170,538 | -€131,409 | -43.5% |
| Amounts receivable within one year | 40/41 | €69,278 | €27,895 | -€41,383 | -59.7% |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €64,278 | €27,895 | -€36,383 | -56.6% |
| Cash at bank and in hand | 54/58 | €161,772 | €62,867 | -€98,906 | -61.1% |
| Deferred charges and accrued income | 490/1 | €70,896 | €79,776 | +€8,880 | +12.5% |
| Total equity and liabilities | 10/49 | €357,901 | €250,667 | -€107,234 | -30.0% |
| Equity | 10/15 | €344,719 | €244,516 | -€100,203 | -29.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €337,172 | €253,469 | -€83,703 | -24.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €335,312 | €251,609 | -€83,703 | -25.0% |
| Profit (loss) carried forward | 14 | €1,347 | -€15,153 | -€16,500 | |
| Amounts payable | 17/49 | €13,183 | €6,151 | -€7,031 | -53.3% |
| Amounts payable within one year | 42/48 | €13,183 | €6,151 | -€7,031 | -53.3% |
| Trade debts | 44 | €3,735 | €5,056 | +€1,321 | +35.4% |
| Suppliers | 440/4 | €3,735 | €5,056 | +€1,321 | +35.4% |
| Taxes, remuneration and social security | 45 | - | €1,095 | +€1,095 | |
| Taxes | 450/3 | - | €1,095 | +€1,095 | |
| Other amounts payable | 47/48 | €9,448 | - | -€9,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,519 | €11,465 | +€3,946 | +52.5% |
| Other operating charges | 640/8 | €2,446 | €5,242 | +€2,796 | +114.3% |
| Gross operating margin | 9900 | €188,618 | €160,044 | -€28,574 | -15.1% |
| Operating profit (loss) | 9901 | €178,654 | €143,337 | -€35,317 | -19.8% |
| Financial income | 75/76B | €7,221 | €262 | -€6,958 | -96.4% |
| Recurring financial income | 75 | €7,221 | €262 | -€6,958 | -96.4% |
| Financial charges | 65/66B | €177,624 | €159,004 | -€18,621 | -10.5% |
| Recurring financial charges | 65 | €177,624 | €159,004 | -€18,621 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €8,250 | -€15,405 | -€23,655 | |
| Income taxes | 67/77 | €5,554 | €1,095 | -€4,458 | -80.3% |
| Profit (loss) for the period | 9904 | €2,697 | -€16,500 | -€19,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,697 | -€16,500 | -€19,196 |
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 5 October 2026 via checked.be.