Gerlin: 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.
Gerlin
Largest movements
- Receivables within one year -€533,930
down €533,930 (-44.0%), from €1.2m to €680,053
of which Trade receivables: -€494,782
- Cash +€303,600
up €303,600 (+28.5%), from €1.1m to €1.4m
mainly Receivables within one year (+€533,930) and Net result for the year (+€274,623)
- Deferred charges and accrued income -€40,282
down €40,282 (-93.4%), from €43,149 to €2,867
- Trade debts -€333,019
down €333,019 (-61.1%), from €545,262 to €212,243
- Reserves +€124,623
up €124,623 (+18.7%), from €665,666 to €790,289
of which Distributable reserves: +€118,392
- Tax, wage and social debts -€32,476
down €32,476 (-23.6%), from €137,879 to €105,403
of which Taxes: -€19,916
- Short-term financial debts -€25,240
no longer reported in 2025 (was €25,240)
- Write-downs +€70,909
up €70,909, from -€25,875 to €45,034
- Gross operating margin +€47,038
up €47,038 (+5.6%), from €843,016 to €890,053
- Other operating charges -€35,759
down €35,759 (-48.9%), from €73,162 to €37,402
- Staff costs -€19,509
down €19,509 (-4.8%), from €408,913 to €389,403
- Financial charges -€18,896
down €18,896 (-22.2%), from €84,936 to €66,040
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 | €2,424,087 | €2,157,975 | -€266,112 | -11.0% |
| Fixed assets | 21/28 | €9,919 | €8,079 | -€1,840 | -18.6% |
| Tangible fixed assets | 22/27 | €7,435 | €5,595 | -€1,840 | -24.7% |
| Furniture and vehicles | 24 | €7,435 | €5,595 | -€1,840 | -24.7% |
| Financial fixed assets | 28 | €2,484 | €2,484 | = | 0.0% |
| Current assets | 29/58 | €2,414,168 | €2,149,896 | -€264,272 | -10.9% |
| Stocks and contracts in progress | 3 | €91,466 | €97,805 | +€6,340 | +6.9% |
| Stocks | 30/36 | €91,466 | €97,805 | +€6,340 | +6.9% |
| Amounts receivable within one year | 40/41 | €1,213,982 | €680,053 | -€533,930 | -44.0% |
| Trade receivables | 40 | €1,115,177 | €620,396 | -€494,782 | -44.4% |
| Other amounts receivable | 41 | €98,805 | €59,657 | -€39,148 | -39.6% |
| Cash at bank and in hand | 54/58 | €1,065,571 | €1,369,171 | +€303,600 | +28.5% |
| Deferred charges and accrued income | 490/1 | €43,149 | €2,867 | -€40,282 | -93.4% |
| Total equity and liabilities | 10/49 | €2,424,087 | €2,157,975 | -€266,112 | -11.0% |
| Equity | 10/15 | €1,365,666 | €1,490,289 | +€124,623 | +9.1% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €665,666 | €790,289 | +€124,623 | +18.7% |
| Non-distributable reserves | 130/1 | €53,088 | €59,319 | +€6,231 | +11.7% |
| Legal reserve | 130 | €53,088 | €59,319 | +€6,231 | +11.7% |
| Distributable reserves | 133 | €612,578 | €730,970 | +€118,392 | +19.3% |
| Amounts payable | 17/49 | €1,058,421 | €667,686 | -€390,735 | -36.9% |
| Amounts payable within one year | 42/48 | €1,058,388 | €667,653 | -€390,735 | -36.9% |
| Financial debts | 43 | €25,240 | - | -€25,240 | |
| Credit institutions | 430/8 | €25,240 | - | -€25,240 | |
| Trade debts | 44 | €545,262 | €212,243 | -€333,019 | -61.1% |
| Suppliers | 440/4 | €545,262 | €212,243 | -€333,019 | -61.1% |
| Taxes, remuneration and social security | 45 | €137,879 | €105,403 | -€32,476 | -23.6% |
| Taxes | 450/3 | €83,805 | €63,889 | -€19,916 | -23.8% |
| Remuneration and social security | 454/9 | €54,074 | €41,514 | -€12,560 | -23.2% |
| Other amounts payable | 47/48 | €350,007 | €350,007 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €33 | €33 | -€0 | -0.5% |
| Remuneration, social security and pensions | 62 | €408,913 | €389,403 | -€19,509 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,995 | €1,840 | -€1,155 | -38.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,875 | €45,034 | +€70,909 | |
| Other operating charges | 640/8 | €73,162 | €37,402 | -€35,759 | -48.9% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | €843,016 | €890,053 | +€47,038 | +5.6% |
| Operating profit (loss) | 9901 | €383,821 | €416,321 | +€32,500 | +8.5% |
| Financial income | 75/76B | €1,516 | €1,737 | +€221 | +14.6% |
| Recurring financial income | 75 | €1,516 | €1,737 | +€221 | +14.6% |
| Financial charges | 65/66B | €84,936 | €66,040 | -€18,896 | -22.2% |
| Recurring financial charges | 65 | €84,936 | €66,040 | -€18,896 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €300,402 | €352,018 | +€51,616 | +17.2% |
| Income taxes | 67/77 | €64,332 | €77,395 | +€13,064 | +20.3% |
| Profit (loss) for the period | 9904 | €236,070 | €274,623 | +€38,553 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €236,070 | €274,623 | +€38,553 | +16.3% |
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.