GERLU: 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.
GERLU
Largest movements
- Cash -€168,830
down €168,830 (-38.0%), from €444,722 to €275,891
mainly Contributions, distributions and other (-€200,000) and Other debts (-€144,692)
- Receivables within one year +€139,946
up €139,946 (+357.6%), from €39,135 to €179,080
of which Other amounts receivable: +€100,038
- Tangible fixed assets -€95,573
down €95,573 (-17.7%), from €541,157 to €445,585
- Other debts -€144,692
down €144,692 (-31.7%), from €456,594 to €311,902
- Advances received +€59,000
new in 2025: €59,000
- Trade debts -€50,954
down €50,954 (-41.1%), from €124,024 to €73,069
- Tax, wage and social debts +€45,176
up €45,176 (+30.4%), from €148,715 to €193,891
of which Remuneration and social security: +€25,232
- Reserves -€33,172
down €33,172 (-6.7%), from €492,747 to €459,575
of which Distributable reserves: -€33,172
- Gross operating margin -€104,297
down €104,297 (-7.3%), from €1.4m to €1.3m
- Taxes -€26,096
down €26,096 (-29.4%), from €88,612 to €62,516
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 | €1,244,792 | €1,116,030 | -€128,762 | -10.3% |
| Fixed assets | 21/28 | €543,064 | €447,492 | -€95,573 | -17.6% |
| Tangible fixed assets | 22/27 | €541,157 | €445,585 | -€95,573 | -17.7% |
| Land and buildings | 22 | €321,874 | €289,859 | -€32,014 | -9.9% |
| Plant, machinery and equipment | 23 | €130,761 | €99,131 | -€31,630 | -24.2% |
| Furniture and vehicles | 24 | €64,265 | €44,465 | -€19,800 | -30.8% |
| Other tangible fixed assets | 26 | €24,257 | €12,129 | -€12,129 | -50.0% |
| Financial fixed assets | 28 | €1,907 | €1,907 | = | 0.0% |
| Current assets | 29/58 | €701,728 | €668,539 | -€33,189 | -4.7% |
| Stocks and contracts in progress | 3 | €10,456 | €13,149 | +€2,692 | +25.7% |
| Stocks | 30/36 | €10,456 | €13,149 | +€2,692 | +25.7% |
| Amounts receivable within one year | 40/41 | €39,135 | €179,080 | +€139,946 | +357.6% |
| Trade receivables | 40 | €15,439 | €55,346 | +€39,907 | +258.5% |
| Other amounts receivable | 41 | €23,696 | €123,734 | +€100,038 | +422.2% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €444,722 | €275,891 | -€168,830 | -38.0% |
| Deferred charges and accrued income | 490/1 | €7,415 | €418 | -€6,997 | -94.4% |
| Total equity and liabilities | 10/49 | €1,244,792 | €1,116,030 | -€128,762 | -10.3% |
| Equity | 10/15 | €511,339 | €478,167 | -€33,172 | -6.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €492,747 | €459,575 | -€33,172 | -6.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €473,997 | €440,825 | -€33,172 | -7.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €733,453 | €637,863 | -€95,590 | -13.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €733,453 | €637,863 | -€95,590 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €4,120 | - | -€4,120 | |
| Trade debts | 44 | €124,024 | €73,069 | -€50,954 | -41.1% |
| Suppliers | 440/4 | €124,024 | €73,069 | -€50,954 | -41.1% |
| Advances received on contracts in progress | 46 | - | €59,000 | +€59,000 | |
| Taxes, remuneration and social security | 45 | €148,715 | €193,891 | +€45,176 | +30.4% |
| Taxes | 450/3 | €768 | €20,713 | +€19,944 | +2596.1% |
| Remuneration and social security | 454/9 | €147,947 | €173,179 | +€25,232 | +17.1% |
| Other amounts payable | 47/48 | €456,594 | €311,902 | -€144,692 | -31.7% |
| Non-recurring operating income | 76A | - | €17,973 | +€17,973 | |
| Remuneration, social security and pensions | 62 | €956,756 | €956,122 | -€635 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,053 | €110,627 | +€574 | +0.5% |
| Other operating charges | 640/8 | €9,957 | €12,815 | +€2,858 | +28.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,420,983 | €1,316,685 | -€104,297 | -7.3% |
| Operating profit (loss) | 9901 | €344,216 | €237,121 | -€107,095 | -31.1% |
| Financial income | 75/76B | €14,807 | €7,189 | -€7,619 | -51.5% |
| Recurring financial income | 75 | €14,807 | €7,189 | -€7,619 | -51.5% |
| Financial charges | 65/66B | €18,091 | €14,966 | -€3,125 | -17.3% |
| Recurring financial charges | 65 | €18,091 | €14,966 | -€3,125 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €340,933 | €229,344 | -€111,588 | -32.7% |
| Income taxes | 67/77 | €88,612 | €62,516 | -€26,096 | -29.4% |
| Profit (loss) for the period | 9904 | €252,321 | €166,828 | -€85,493 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €252,321 | €166,828 | -€85,493 | -33.9% |
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 29 September 2026 via checked.be.