GERENCO: 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.
GERENCO
Largest movements
- Cash +€187,269
up €187,269 (+142%), from €132,113 to €319,382
mainly Net result for the year (+€161,817) and Receivables within one year (+€39,607)
- Receivables within one year -€39,607
down €39,607 (-40.4%), from €98,018 to €58,411
of which Trade receivables: -€42,119
- Tangible fixed assets -€4,088
down €4,088 (-17.6%), from €23,260 to €19,172
of which Furniture and vehicles: -€2,257
- Reserves +€161,817
up €161,817 (+137%), from €118,290 to €280,107
- Trade debts -€51,927
down €51,927 (-97.9%), from €53,036 to €1,109
- Tax, wage and social debts +€34,255
up €34,255 (+66.2%), from €51,757 to €86,011
- Gross operating margin +€59,974
up €59,974 (+37.5%), from €160,081 to €220,054
- Taxes +€15,422
up €15,422 (+43.7%), from €35,330 to €50,752
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 | €253,803 | €397,894 | +€144,091 | +56.8% |
| Fixed assets | 21/28 | €23,260 | €19,172 | -€4,088 | -17.6% |
| Tangible fixed assets | 22/27 | €23,260 | €19,172 | -€4,088 | -17.6% |
| Plant, machinery and equipment | 23 | €15,867 | €14,036 | -€1,831 | -11.5% |
| Furniture and vehicles | 24 | €7,393 | €5,136 | -€2,257 | -30.5% |
| Current assets | 29/58 | €230,543 | €378,723 | +€148,179 | +64.3% |
| Amounts receivable within one year | 40/41 | €98,018 | €58,411 | -€39,607 | -40.4% |
| Trade receivables | 40 | €98,018 | €55,899 | -€42,119 | -43.0% |
| Other amounts receivable | 41 | - | €2,513 | +€2,513 | |
| Cash at bank and in hand | 54/58 | €132,113 | €319,382 | +€187,269 | +142% |
| Deferred charges and accrued income | 490/1 | €412 | €929 | +€517 | +126% |
| Total equity and liabilities | 10/49 | €253,803 | €397,894 | +€144,091 | +56.8% |
| Equity | 10/15 | €124,290 | €286,107 | +€161,817 | +130% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €118,290 | €280,107 | +€161,817 | +137% |
| Distributable reserves | 133 | €118,290 | €280,107 | +€161,817 | +137% |
| Amounts payable | 17/49 | €129,513 | €111,787 | -€17,726 | -13.7% |
| Amounts payable within one year | 42/48 | €129,513 | €111,787 | -€17,726 | -13.7% |
| Trade debts | 44 | €53,036 | €1,109 | -€51,927 | -97.9% |
| Suppliers | 440/4 | €53,036 | €1,109 | -€51,927 | -97.9% |
| Taxes, remuneration and social security | 45 | €51,757 | €86,011 | +€34,255 | +66.2% |
| Taxes | 450/3 | €51,757 | €86,011 | +€34,255 | +66.2% |
| Other amounts payable | 47/48 | €24,721 | €24,667 | -€54 | -0.2% |
| Non-recurring operating income | 76A | - | €4,434 | +€4,434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,072 | €6,903 | +€1,831 | +36.1% |
| Other operating charges | 640/8 | €1,257 | €720 | -€537 | -42.7% |
| Gross operating margin | 9900 | €160,081 | €220,054 | +€59,974 | +37.5% |
| Operating profit (loss) | 9901 | €153,753 | €212,432 | +€58,679 | +38.2% |
| Financial income | 75/76B | - | €235 | +€235 | |
| Recurring financial income | 75 | - | €235 | +€235 | |
| Financial charges | 65/66B | €132 | €98 | -€34 | -25.9% |
| Recurring financial charges | 65 | €132 | €98 | -€34 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €153,620 | €212,569 | +€58,949 | +38.4% |
| Income taxes | 67/77 | €35,330 | €50,752 | +€15,422 | +43.7% |
| Profit (loss) for the period | 9904 | €118,290 | €161,817 | +€43,527 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,290 | €161,817 | +€43,527 | +36.8% |
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 25 October 2026 via checked.be.