GERLACS: 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.
GERLACS
Largest movements
- Tangible fixed assets +€135,746
up €135,746 (+4.0%), from €3.4m to €3.5m
of which Assets under construction and advance payments: +€140,969
- Debts after one year +€1.7m
new in 2025: €1.7m
- Other debts -€1.6m
down €1.6m (-95.1%), from €1.7m to €82,558
- Trade debts +€54,112
up €54,112 (+887.0%), from €6,101 to €60,213
- Gross operating margin +€72,708
up €72,708, from -€22,632 to €50,076
- Depreciation +€512
up €512 (+2.8%), from €18,136 to €18,648
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 | €3,452,677 | €3,590,071 | +€137,394 | +4.0% |
| Fixed assets | 21/28 | €3,400,808 | €3,536,554 | +€135,746 | +4.0% |
| Tangible fixed assets | 22/27 | €3,400,808 | €3,536,554 | +€135,746 | +4.0% |
| Land and buildings | 22 | €3,384,401 | €3,385,184 | +€783 | 0.0% |
| Plant, machinery and equipment | 23 | €3,288 | €1,954 | -€1,333 | -40.6% |
| Furniture and vehicles | 24 | €13,119 | €8,446 | -€4,673 | -35.6% |
| Assets under construction and advance payments | 27 | - | €140,969 | +€140,969 | |
| Current assets | 29/58 | €51,869 | €53,517 | +€1,649 | +3.2% |
| Amounts receivable within one year | 40/41 | €32,348 | €25,872 | -€6,476 | -20.0% |
| Trade receivables | 40 | €3,572 | - | -€3,572 | |
| Other amounts receivable | 41 | €28,776 | €25,872 | -€2,904 | -10.1% |
| Current investments | 50/53 | €1,466 | €1,466 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,749 | €23,972 | +€7,223 | +43.1% |
| Deferred charges and accrued income | 490/1 | €1,306 | €2,208 | +€901 | +69.0% |
| Total equity and liabilities | 10/49 | €3,452,677 | €3,590,071 | +€137,394 | +4.0% |
| Equity | 10/15 | €1,766,278 | €1,792,300 | +€26,023 | +1.5% |
| Contributions | 10/11 | €1,791,031 | €1,791,031 | = | 0.0% |
| Capital | 10 | €1,791,031 | €1,791,031 | = | 0.0% |
| Issued capital | 100 | €1,791,031 | €1,791,031 | = | 0.0% |
| Reserves | 13 | €18,048 | €18,048 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,048 | €18,048 | = | 0.0% |
| Legal reserve | 130 | €18,048 | €18,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,801 | -€16,779 | +€26,023 | +60.8% |
| Amounts payable | 17/49 | €1,686,399 | €1,797,771 | +€111,372 | +6.6% |
| Amounts payable after more than one year | 17 | - | €1,655,000 | +€1.7m | |
| Financial debts | 170/4 | - | €1,655,000 | +€1.7m | |
| Amounts payable within one year | 42/48 | €1,686,399 | €142,771 | -€1.5m | -91.5% |
| Trade debts | 44 | €6,101 | €60,213 | +€54,112 | +887.0% |
| Suppliers | 440/4 | €6,101 | €60,213 | +€54,112 | +887.0% |
| Other amounts payable | 47/48 | €1,680,298 | €82,558 | -€1.6m | -95.1% |
| Non-recurring operating income | 76A | €12,397 | - | -€12,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,136 | €18,648 | +€512 | +2.8% |
| Other operating charges | 640/8 | €4,983 | €4,694 | -€290 | -5.8% |
| Gross operating margin | 9900 | -€22,632 | €50,076 | +€72,708 | |
| Operating profit (loss) | 9901 | -€45,752 | €26,734 | +€72,486 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €45 | €127 | +€82 | +182.0% |
| Recurring financial charges | 65 | €45 | €127 | +€82 | +182.0% |
| Profit (loss) for the period before taxes | 9903 | -€45,797 | €26,608 | +€72,404 | |
| Income taxes | 67/77 | €298 | €585 | +€287 | +96.4% |
| Profit (loss) for the period | 9904 | -€46,095 | €26,023 | +€72,117 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,095 | €26,023 | +€72,117 |
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 7 October 2026 via checked.be.