GERLEXCO: 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.
GERLEXCO
Largest movements
- Cash -€1.1m
down €1.1m (-73.8%), from €1.5m to €406,534
mainly Other debts (-€1.4m) and Debts after one year (-€65,831)
- Receivables within one year +€55,853
up €55,853 (+10.4%), from €539,452 to €595,305
of which Trade receivables: +€55,853
- Tangible fixed assets -€29,512
down €29,512 (-4.4%), from €669,538 to €640,027
of which Land and buildings: -€22,125
- Other debts -€1.4m
down €1.4m (-90.8%), from €1.6m to €142,583
- Reserves +€350,328
up €350,328 (+59.1%), from €592,575 to €942,903
- Debts after one year -€65,831
down €65,831 (-35.4%), from €185,864 to €120,033
- Short-term financial debts +€33,650
new in 2025: €33,650
- Gross operating margin +€149,989
up €149,989 (+16.1%), from €933,510 to €1.1m
- Staff costs +€49,414
up €49,414 (+12.8%), from €385,072 to €434,486
- Taxes +€37,051
up €37,051 (+24.8%), from €149,354 to €186,405
- Write-downs -€15,704
down €15,704 (-39.4%), from €39,808 to €24,104
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 | €2,766,103 | €1,651,148 | -€1.1m | -40.3% |
| Fixed assets | 21/28 | €669,538 | €640,027 | -€29,512 | -4.4% |
| Tangible fixed assets | 22/27 | €669,538 | €640,027 | -€29,512 | -4.4% |
| Land and buildings | 22 | €645,686 | €623,561 | -€22,125 | -3.4% |
| Plant, machinery and equipment | 23 | €7,247 | €6,216 | -€1,031 | -14.2% |
| Furniture and vehicles | 24 | €16,606 | €7,650 | -€8,956 | -53.9% |
| Other tangible fixed assets | 26 | - | €2,600 | +€2,600 | |
| Current assets | 29/58 | €2,096,565 | €1,011,121 | -€1.1m | -51.8% |
| Amounts receivable within one year | 40/41 | €539,452 | €595,305 | +€55,853 | +10.4% |
| Trade receivables | 40 | €539,452 | €595,305 | +€55,853 | +10.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,549,518 | €406,534 | -€1.1m | -73.8% |
| Deferred charges and accrued income | 490/1 | €7,595 | €9,282 | +€1,688 | +22.2% |
| Total equity and liabilities | 10/49 | €2,766,103 | €1,651,148 | -€1.1m | -40.3% |
| Equity | 10/15 | €792,575 | €1,142,903 | +€350,328 | +44.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €592,575 | €942,903 | +€350,328 | +59.1% |
| Distributable reserves | 133 | €592,575 | €942,903 | +€350,328 | +59.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,973,529 | €508,245 | -€1.5m | -74.2% |
| Amounts payable after more than one year | 17 | €185,864 | €120,033 | -€65,831 | -35.4% |
| Financial debts | 170/4 | €185,864 | €120,033 | -€65,831 | -35.4% |
| Amounts payable within one year | 42/48 | €1,787,655 | €388,186 | -€1.4m | -78.3% |
| Current portion of amounts payable after more than one year | 42 | €86,543 | €65,831 | -€20,712 | -23.9% |
| Financial debts | 43 | - | €33,650 | +€33,650 | |
| Credit institutions | 430/8 | - | €33,650 | +€33,650 | |
| Trade debts | 44 | €56,634 | €63,219 | +€6,584 | +11.6% |
| Suppliers | 440/4 | €56,634 | €63,219 | +€6,584 | +11.6% |
| Taxes, remuneration and social security | 45 | €93,345 | €82,903 | -€10,441 | -11.2% |
| Taxes | 450/3 | €48,119 | €38,457 | -€9,662 | -20.1% |
| Remuneration and social security | 454/9 | €45,226 | €44,446 | -€780 | -1.7% |
| Other amounts payable | 47/48 | €1,551,133 | €142,583 | -€1.4m | -90.8% |
| Accrued charges and deferred income | 492/3 | €10 | €27 | +€17 | +178% |
| Remuneration, social security and pensions | 62 | €385,072 | €434,486 | +€49,414 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,109 | €32,112 | +€1,003 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €39,808 | €24,104 | -€15,704 | -39.4% |
| Other operating charges | 640/8 | €11,531 | €11,879 | +€348 | +3.0% |
| Gross operating margin | 9900 | €933,510 | €1,083,499 | +€149,989 | +16.1% |
| Operating profit (loss) | 9901 | €465,990 | €580,919 | +€114,929 | +24.7% |
| Financial income | 75/76B | €11 | €10 | -€1 | -8.5% |
| Recurring financial income | 75 | €11 | €10 | -€1 | -8.5% |
| Financial charges | 65/66B | €5,816 | €5,278 | -€538 | -9.3% |
| Recurring financial charges | 65 | €5,816 | €5,278 | -€538 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €460,186 | €575,651 | +€115,466 | +25.1% |
| Income taxes | 67/77 | €149,354 | €186,405 | +€37,051 | +24.8% |
| Profit (loss) for the period | 9904 | €310,832 | €389,246 | +€78,414 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €310,832 | €389,246 | +€78,414 | +25.2% |
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 15 October 2026 via checked.be.