GERHARD: 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.
GERHARD
Largest movements
- Receivables within one year -€4,189
down €4,189 (-72.7%), from €5,764 to €1,575
of which Other amounts receivable: -€5,681
- Tangible fixed assets -€3,959
down €3,959 (-16.3%), from €24,220 to €20,260
- Cash -€891
down €891 (-2.8%), from €31,674 to €30,782
mainly Debts after one year (-€7,251) and Net result for the year (-€1,900)
- Debts after one year -€7,251
down €7,251 (-56.0%), from €12,948 to €5,697
- Profit (loss) carried forward -€1,900
down €1,900 (-10.3%), from -€18,378 to -€20,277
- Gross operating margin -€15,193
down €15,193 (-81.6%), from €18,611 to €3,418
- Financial charges -€371
down €371 (-23.4%), from €1,585 to €1,214
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 | €61,974 | €53,098 | -€8,876 | -14.3% |
| Fixed assets | 21/28 | €24,220 | €20,260 | -€3,959 | -16.3% |
| Tangible fixed assets | 22/27 | €24,220 | €20,260 | -€3,959 | -16.3% |
| Land and buildings | 22 | €24,220 | €20,260 | -€3,959 | -16.3% |
| Current assets | 29/58 | €37,754 | €32,837 | -€4,917 | -13.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €5,764 | €1,575 | -€4,189 | -72.7% |
| Trade receivables | 40 | €83 | €1,575 | +€1,492 | +1797.1% |
| Other amounts receivable | 41 | €5,681 | €0 | -€5,681 | -100.0% |
| Cash at bank and in hand | 54/58 | €31,674 | €30,782 | -€891 | -2.8% |
| Deferred charges and accrued income | 490/1 | €317 | €480 | +€164 | +51.6% |
| Total equity and liabilities | 10/49 | €61,974 | €53,098 | -€8,876 | -14.3% |
| Equity | 10/15 | -€12,088 | -€13,988 | -€1,900 | -15.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89 | €89 | = | 0.0% |
| Distributable reserves | 133 | €89 | €89 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,378 | -€20,277 | -€1,900 | -10.3% |
| Amounts payable | 17/49 | €74,062 | €67,086 | -€6,976 | -9.4% |
| Amounts payable after more than one year | 17 | €12,948 | €5,697 | -€7,251 | -56.0% |
| Financial debts | 170/4 | €12,948 | €5,697 | -€7,251 | -56.0% |
| Amounts payable within one year | 42/48 | €61,114 | €61,388 | +€274 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €6,874 | €7,251 | +€377 | +5.5% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | - | €86 | +€86 | |
| Taxes | 450/3 | - | €86 | +€86 | |
| Other amounts payable | 47/48 | €54,240 | €54,051 | -€189 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,959 | €3,959 | = | 0.0% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €18,611 | €3,418 | -€15,193 | -81.6% |
| Operating profit (loss) | 9901 | €14,511 | -€686 | -€15,197 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -98.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -98.6% |
| Financial charges | 65/66B | €1,585 | €1,214 | -€371 | -23.4% |
| Recurring financial charges | 65 | €1,585 | €1,214 | -€371 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €12,929 | -€1,900 | -€14,829 | |
| Profit (loss) for the period | 9904 | €12,929 | -€1,900 | -€14,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,929 | -€1,900 | -€14,829 |
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 30 September 2026 via checked.be.