GERENDI: 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.
What changed
GERENDI
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€25,065
2023 · €620-€25,685
Equity
€695,934
2023 · €720,999-€25,065
Cash
€75,284
2023 · €45,829+€29,455
Balance sheet total
€3.0m
2023 · €2.7m+€319,127
Largest movements
Assets
- Tangible fixed assets +€295,296
up €295,296 (+11.3%), from €2.6m to €2.9m
of which Land and buildings: +€317,798
Equity and liabilities
- Debts after one year +€265,376
up €265,376 (+42.1%), from €630,526 to €895,903
- Other debts +€30,997
up €30,997 (+2.5%), from €1.2m to €1.3m
Income statement
- Gross operating margin -€17,104
down €17,104 (-6.3%), from €269,407 to €252,303
- Depreciation +€11,410
up €11,410 (+7.3%), from €156,002 to €167,412
- Financial charges +€4,180
up €4,180 (+5.3%), from €78,468 to €82,648
From the 2023 result to the 2024 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 2023
€620
Gross operating margin
-€17,104
Depreciation
-€11,410
Other operating charges
-€960
Other operating items
+€5,971
Financial income
+€1,780
Financial charges
-€4,180
Taxes
+€218
Result 2024
-€25,065
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€192,074
Investment
-€456,960
Financing
+€294,342
Cash 2023
€45,829
From operations (derived)
+€192,074
Net result for the year
-€25,065
Depreciation
+€167,412
Smaller working-capital items
-€370
Other debts
+€30,997
Accrued charges and deferred income
+€19,099
Investment (derived)
-€456,960
Investment in fixed assets (net)
-€456,960
Financing
+€294,342
Debts after one year
+€265,376
Current portion of long-term debt
+€28,966
Cash 2024
€75,284
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,690,722 | €3,009,848 | +€319,127 | +11.9% |
| Fixed assets | 21/28 | €2,644,299 | €2,933,848 | +€289,548 | +10.9% |
| Intangible fixed assets | 21 | €22,992 | €17,244 | -€5,748 | -25.0% |
| Tangible fixed assets | 22/27 | €2,621,307 | €2,916,604 | +€295,296 | +11.3% |
| Land and buildings | 22 | €2,529,001 | €2,846,799 | +€317,798 | +12.6% |
| Plant, machinery and equipment | 23 | €8,986 | €6,418 | -€2,568 | -28.6% |
| Furniture and vehicles | 24 | €83,320 | €63,386 | -€19,934 | -23.9% |
| Current assets | 29/58 | €46,422 | €76,001 | +€29,578 | +63.7% |
| Amounts receivable within one year | 40/41 | - | €225 | +€225 | |
| Other amounts receivable | 41 | - | €225 | +€225 | |
| Cash at bank and in hand | 54/58 | €45,829 | €75,284 | +€29,455 | +64.3% |
| Deferred charges and accrued income | 490/1 | €594 | €492 | -€102 | -17.1% |
| Total equity and liabilities | 10/49 | €2,690,722 | €3,009,848 | +€319,127 | +11.9% |
| Equity | 10/15 | €720,999 | €695,934 | -€25,065 | -3.5% |
| Contributions | 10/11 | €822,000 | €822,000 | = | 0.0% |
| Capital | 10 | €822,000 | €822,000 | = | 0.0% |
| Issued capital | 100 | €822,000 | €822,000 | = | 0.0% |
| Reserves | 13 | €211,714 | €211,714 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,200 | €82,200 | = | 0.0% |
| Legal reserve | 130 | €82,200 | €82,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €545 | €545 | = | 0.0% |
| Distributable reserves | 133 | €128,969 | €128,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€312,715 | -€337,780 | -€25,065 | -8.0% |
| Amounts payable | 17/49 | €1,969,723 | €2,313,915 | +€344,191 | +17.5% |
| Amounts payable after more than one year | 17 | €630,526 | €895,903 | +€265,376 | +42.1% |
| Financial debts | 170/4 | €630,526 | €895,903 | +€265,376 | +42.1% |
| Amounts payable within one year | 42/48 | €1,339,197 | €1,398,913 | +€59,716 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €96,942 | €125,908 | +€28,966 | +29.9% |
| Trade debts | 44 | €167 | €448 | +€281 | +168.1% |
| Suppliers | 440/4 | €167 | €448 | +€281 | +168.1% |
| Taxes, remuneration and social security | 45 | €18,185 | €17,657 | -€528 | -2.9% |
| Taxes | 450/3 | €18,185 | €17,657 | -€528 | -2.9% |
| Other amounts payable | 47/48 | €1,223,902 | €1,254,899 | +€30,997 | +2.5% |
| Accrued charges and deferred income | 492/3 | - | €19,099 | +€19,099 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,002 | €167,412 | +€11,410 | +7.3% |
| Other operating charges | 640/8 | €27,819 | €28,779 | +€960 | +3.4% |
| Non-recurring operating charges | 66A | €5,971 | - | -€5,971 | |
| Gross operating margin | 9900 | €269,407 | €252,303 | -€17,104 | -6.3% |
| Operating profit (loss) | 9901 | €79,616 | €56,113 | -€23,503 | -29.5% |
| Financial income | 75/76B | €0 | €1,780 | +€1,780 | +8898750.0% |
| Recurring financial income | 75 | €0 | €1,780 | +€1,780 | +8898750.0% |
| Financial charges | 65/66B | €78,468 | €82,648 | +€4,180 | +5.3% |
| Recurring financial charges | 65 | €78,468 | €82,648 | +€4,180 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €1,148 | -€24,755 | -€25,904 | |
| Income taxes | 67/77 | €528 | €309 | -€218 | -41.4% |
| Profit (loss) for the period | 9904 | €620 | -€25,065 | -€25,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €620 | -€25,065 | -€25,685 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.