GERLAW: 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.
GERLAW
Largest movements
- Cash +€47,428
up €47,428 (+26.8%), from €177,263 to €224,692
mainly Net result for the year (+€96,220) and Current investments (+€25,000)
- Current investments -€25,000
down €25,000 (-20.0%), from €125,000 to €100,000
- Receivables within one year +€23,089
up €23,089 (+156.9%), from €14,717 to €37,806
of which Other amounts receivable: +€23,316
- Reserves +€34,732
up €34,732 (+14.8%), from €235,230 to €269,961
- Tax, wage and social debts +€12,019
up €12,019 (+77.7%), from €15,472 to €27,492
- Financial income +€23,611
up €23,611 (+3265.6%), from €723 to €24,334
of which Non-recurring financial income: +€20,549
- Taxes +€15,025
up €15,025 (+60.1%), from €24,984 to €40,009
- Gross operating margin +€11,466
up €11,466 (+11.3%), from €101,242 to €112,708
- Depreciation -€11,352
down €11,352 (-94.7%), from €11,988 to €636
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 | €319,370 | €364,150 | +€44,779 | +14.0% |
| Fixed assets | 21/28 | €1,586 | €950 | -€636 | -40.1% |
| Tangible fixed assets | 22/27 | €1,586 | €950 | -€636 | -40.1% |
| Plant, machinery and equipment | 23 | €1,586 | €950 | -€636 | -40.1% |
| Current assets | 29/58 | €317,785 | €363,200 | +€45,415 | +14.3% |
| Amounts receivable within one year | 40/41 | €14,717 | €37,806 | +€23,089 | +156.9% |
| Trade receivables | 40 | €303 | €75 | -€227 | -75.1% |
| Other amounts receivable | 41 | €14,414 | €37,730 | +€23,316 | +161.8% |
| Current investments | 50/53 | €125,000 | €100,000 | -€25,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €177,263 | €224,692 | +€47,428 | +26.8% |
| Deferred charges and accrued income | 490/1 | €805 | €703 | -€102 | -12.7% |
| Total equity and liabilities | 10/49 | €319,370 | €364,150 | +€44,779 | +14.0% |
| Equity | 10/15 | €294,975 | €329,706 | +€34,732 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,230 | €269,961 | +€34,732 | +14.8% |
| Distributable reserves | 133 | €235,230 | €269,961 | +€34,732 | +14.8% |
| Profit (loss) carried forward | 14 | €41,145 | €41,145 | = | 0.0% |
| Amounts payable | 17/49 | €24,395 | €34,443 | +€10,048 | +41.2% |
| Amounts payable within one year | 42/48 | €20,932 | €30,980 | +€10,048 | +48.0% |
| Trade debts | 44 | €2,558 | €2,767 | +€209 | +8.2% |
| Suppliers | 440/4 | €2,558 | €2,767 | +€209 | +8.2% |
| Advances received on contracts in progress | 46 | €878 | - | -€878 | |
| Taxes, remuneration and social security | 45 | €15,472 | €27,492 | +€12,019 | +77.7% |
| Taxes | 450/3 | €15,472 | €27,492 | +€12,019 | +77.7% |
| Other amounts payable | 47/48 | €2,023 | €721 | -€1,302 | -64.4% |
| Accrued charges and deferred income | 492/3 | €3,464 | €3,464 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,988 | €636 | -€11,352 | -94.7% |
| Non-recurring operating charges | 66A | €140 | - | -€140 | |
| Gross operating margin | 9900 | €101,242 | €112,708 | +€11,466 | +11.3% |
| Operating profit (loss) | 9901 | €89,114 | €112,072 | +€22,958 | +25.8% |
| Financial income | 75/76B | €723 | €24,334 | +€23,611 | +3265.6% |
| Recurring financial income | 75 | €723 | €3,785 | +€3,062 | +423.5% |
| Non-recurring financial income | 76B | - | €20,549 | +€20,549 | |
| Financial charges | 65/66B | €382 | €177 | -€205 | -53.6% |
| Recurring financial charges | 65 | €382 | €177 | -€205 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €89,455 | €136,229 | +€46,775 | +52.3% |
| Income taxes | 67/77 | €24,984 | €40,009 | +€15,025 | +60.1% |
| Profit (loss) for the period | 9904 | €64,471 | €96,220 | +€31,749 | +49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,471 | €96,220 | +€31,749 | +49.2% |
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.