GERLO: 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.
GERLO
Largest movements
- Cash +€29,605
up €29,605 (+115%), from €25,826 to €55,430
mainly Net result for the year (+€57,384) and Depreciation (+€39,164)
- Tangible fixed assets -€25,596
down €25,596 (-3.6%), from €708,238 to €682,642
of which Land and buildings: -€25,009
- Receivables within one year +€12,337
up €12,337 (+513%), from €2,404 to €14,741
- Reserves +€52,000
up €52,000 (+121%), from €43,060 to €95,060
- Debts after one year -€38,518
down €38,518 (-6.4%), from €598,134 to €559,616
- Gross operating margin +€36,995
up €36,995 (+22.2%), from €166,401 to €203,396
- Staff costs -€20,929
down €20,929 (-23.2%), from €90,209 to €69,280
- Taxes +€13,013
up €13,013 (+947%), from €1,374 to €14,387
- Depreciation +€4,050
up €4,050 (+11.5%), from €35,114 to €39,164
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 | €741,416 | €756,068 | +€14,652 | +2.0% |
| Fixed assets | 21/28 | €708,238 | €682,642 | -€25,596 | -3.6% |
| Tangible fixed assets | 22/27 | €708,238 | €682,642 | -€25,596 | -3.6% |
| Land and buildings | 22 | €660,010 | €635,002 | -€25,009 | -3.8% |
| Plant, machinery and equipment | 23 | €7,611 | €7,295 | -€316 | -4.2% |
| Furniture and vehicles | 24 | €36,150 | €28,680 | -€7,469 | -20.7% |
| Other tangible fixed assets | 26 | €4,466 | €11,665 | +€7,199 | +161% |
| Current assets | 29/58 | €33,178 | €73,426 | +€40,248 | +121% |
| Stocks and contracts in progress | 3 | €2,458 | €2,583 | +€125 | +5.1% |
| Stocks | 30/36 | €2,458 | €2,583 | +€125 | +5.1% |
| Amounts receivable within one year | 40/41 | €2,404 | €14,741 | +€12,337 | +513% |
| Other amounts receivable | 41 | €2,404 | €14,741 | +€12,337 | +513% |
| Cash at bank and in hand | 54/58 | €25,826 | €55,430 | +€29,605 | +115% |
| Deferred charges and accrued income | 490/1 | €2,490 | €672 | -€1,819 | -73.0% |
| Total equity and liabilities | 10/49 | €741,416 | €756,068 | +€14,652 | +2.0% |
| Equity | 10/15 | €62,863 | €115,247 | +€52,384 | +83.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,060 | €95,060 | +€52,000 | +121% |
| Distributable reserves | 133 | €43,060 | €95,060 | +€52,000 | +121% |
| Profit (loss) carried forward | 14 | €1,203 | €1,587 | +€384 | +31.9% |
| Amounts payable | 17/49 | €678,552 | €640,820 | -€37,732 | -5.6% |
| Amounts payable after more than one year | 17 | €598,134 | €559,616 | -€38,518 | -6.4% |
| Financial debts | 170/4 | €598,134 | €559,616 | -€38,518 | -6.4% |
| Amounts payable within one year | 42/48 | €80,418 | €81,205 | +€787 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €37,409 | €38,518 | +€1,109 | +3.0% |
| Trade debts | 44 | €5,534 | €5,000 | -€534 | -9.7% |
| Suppliers | 440/4 | €5,534 | €5,000 | -€534 | -9.7% |
| Taxes, remuneration and social security | 45 | €37,475 | €32,687 | -€4,788 | -12.8% |
| Taxes | 450/3 | €21,202 | €26,066 | +€4,864 | +22.9% |
| Remuneration and social security | 454/9 | €16,273 | €6,620 | -€9,653 | -59.3% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €90,209 | €69,280 | -€20,929 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,114 | €39,164 | +€4,050 | +11.5% |
| Other operating charges | 640/8 | €4,389 | €4,490 | +€102 | +2.3% |
| Non-recurring operating charges | 66A | €1,890 | - | -€1,890 | |
| Gross operating margin | 9900 | €166,401 | €203,396 | +€36,995 | +22.2% |
| Operating profit (loss) | 9901 | €34,799 | €90,461 | +€55,662 | +160% |
| Financial income | 75/76B | €1,306 | €2,926 | +€1,620 | +124% |
| Recurring financial income | 75 | €1,306 | €2,926 | +€1,620 | +124% |
| Financial charges | 65/66B | €22,513 | €21,617 | -€896 | -4.0% |
| Recurring financial charges | 65 | €22,513 | €21,617 | -€896 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €13,592 | €71,771 | +€58,178 | +428% |
| Income taxes | 67/77 | €1,374 | €14,387 | +€13,013 | +947% |
| Profit (loss) for the period | 9904 | €12,218 | €57,384 | +€45,165 | +370% |
| Profit (loss) for the period to be appropriated | 9905 | €12,218 | €57,384 | +€45,165 | +370% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.