GERIAM: 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.
GERIAM
Largest movements
- Tangible fixed assets +€372,410
up €372,410 (+641%), from €58,119 to €430,529
of which Land and buildings: +€368,195
- Cash -€207,081
down €207,081 (-87.5%), from €236,621 to €29,540
mainly Investment in fixed assets (net) (-€457,829) and Contributions, distributions and other (-€65,159)
- Receivables within one year -€43,055
down €43,055 (-40.3%), from €106,772 to €63,717
of which Other amounts receivable: -€41,236
- Current investments +€33,226
up €33,226 (+119%), from €27,924 to €61,150
- Debts after one year +€139,719
up €139,719 (+628%), from €22,234 to €161,953
- Reserves -€38,091
down €38,091 (-10.3%), from €369,647 to €331,556
- Other debts +€36,077
new in 2025: €36,077
- Current portion of long-term debt +€15,970
up €15,970 (+208%), from €7,665 to €23,635
- Depreciation +€69,973
up €69,973 (+453%), from €15,445 to €85,419
- Taxes -€29,625
down €29,625 (-70.4%), from €42,090 to €12,465
- Gross operating margin -€21,524
down €21,524 (-14.2%), from €151,634 to €130,110
- Financial charges +€4,618
up €4,618 (+240%), from €1,923 to €6,541
- Financial income -€4,004
down €4,004 (-60.7%), from €6,593 to €2,589
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 | €432,092 | €587,938 | +€155,846 | +36.1% |
| Fixed assets | 21/28 | €58,119 | €430,529 | +€372,410 | +641% |
| Tangible fixed assets | 22/27 | €58,119 | €430,529 | +€372,410 | +641% |
| Land and buildings | 22 | - | €368,195 | +€368,195 | |
| Plant, machinery and equipment | 23 | €8,195 | €26,036 | +€17,842 | +218% |
| Furniture and vehicles | 24 | €47,907 | €34,510 | -€13,398 | -28.0% |
| Other tangible fixed assets | 26 | €2,017 | €1,788 | -€229 | -11.3% |
| Current assets | 29/58 | €373,973 | €157,409 | -€216,564 | -57.9% |
| Amounts receivable within one year | 40/41 | €106,772 | €63,717 | -€43,055 | -40.3% |
| Trade receivables | 40 | €45,932 | €44,113 | -€1,819 | -4.0% |
| Other amounts receivable | 41 | €60,840 | €19,604 | -€41,236 | -67.8% |
| Current investments | 50/53 | €27,924 | €61,150 | +€33,226 | +119% |
| Cash at bank and in hand | 54/58 | €236,621 | €29,540 | -€207,081 | -87.5% |
| Deferred charges and accrued income | 490/1 | €2,656 | €3,002 | +€346 | +13.0% |
| Total equity and liabilities | 10/49 | €432,092 | €587,938 | +€155,846 | +36.1% |
| Equity | 10/15 | €383,998 | €345,907 | -€38,091 | -9.9% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €369,647 | €331,556 | -€38,091 | -10.3% |
| Distributable reserves | 133 | €369,647 | €331,556 | -€38,091 | -10.3% |
| Profit (loss) carried forward | 14 | €91 | €91 | = | 0.0% |
| Amounts payable | 17/49 | €48,094 | €242,032 | +€193,938 | +403% |
| Amounts payable after more than one year | 17 | €22,234 | €161,953 | +€139,719 | +628% |
| Financial debts | 170/4 | €22,234 | €161,953 | +€139,719 | +628% |
| Amounts payable within one year | 42/48 | €25,745 | €80,052 | +€54,307 | +211% |
| Current portion of amounts payable after more than one year | 42 | €7,665 | €23,635 | +€15,970 | +208% |
| Trade debts | 44 | €2,441 | €4,253 | +€1,812 | +74.2% |
| Suppliers | 440/4 | €2,441 | €4,253 | +€1,812 | +74.2% |
| Taxes, remuneration and social security | 45 | €15,640 | €16,087 | +€447 | +2.9% |
| Taxes | 450/3 | €15,640 | €16,087 | +€447 | +2.9% |
| Other amounts payable | 47/48 | - | €36,077 | +€36,077 | |
| Accrued charges and deferred income | 492/3 | €115 | €26 | -€89 | -77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,445 | €85,419 | +€69,973 | +453% |
| Other operating charges | 640/8 | €1,202 | €1,207 | +€4 | +0.4% |
| Gross operating margin | 9900 | €151,634 | €130,110 | -€21,524 | -14.2% |
| Operating profit (loss) | 9901 | €134,987 | €43,484 | -€91,502 | -67.8% |
| Financial income | 75/76B | €6,593 | €2,589 | -€4,004 | -60.7% |
| Recurring financial income | 75 | €6,593 | €2,589 | -€4,004 | -60.7% |
| Financial charges | 65/66B | €1,923 | €6,541 | +€4,618 | +240% |
| Recurring financial charges | 65 | €1,923 | €6,541 | +€4,618 | +240% |
| Profit (loss) for the period before taxes | 9903 | €139,656 | €39,532 | -€100,124 | -71.7% |
| Income taxes | 67/77 | €42,090 | €12,465 | -€29,625 | -70.4% |
| Profit (loss) for the period | 9904 | €97,567 | €27,067 | -€70,499 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,567 | €27,067 | -€70,499 | -72.3% |
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 14 October 2026 via checked.be.