Germa: 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.
Germa
Largest movements
- Tangible fixed assets -€18,878
down €18,878 (-4.1%), from €462,488 to €443,610
of which Land and buildings: -€18,589
- Cash +€16,442
up €16,442 (+16.7%), from €98,624 to €115,067
mainly Other debts (+€138,267) and Depreciation (+€18,878)
- Other debts +€138,267
up €138,267 (+365.7%), from €37,813 to €176,080
- Reserves -€129,788
down €129,788 (-21.7%), from €597,933 to €468,145
of which Distributable reserves: -€121,700
- Gross operating margin +€7,762
up €7,762 (+34.1%), from €22,756 to €30,518
- Taxes +€1,946
up €1,946 (+43.7%), from €4,454 to €6,400
- Depreciation +€1,627
up €1,627 (+9.4%), from €17,251 to €18,878
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 | €989,730 | €979,379 | -€10,350 | -1.0% |
| Fixed assets | 21/28 | €462,488 | €443,610 | -€18,878 | -4.1% |
| Tangible fixed assets | 22/27 | €462,488 | €443,610 | -€18,878 | -4.1% |
| Land and buildings | 22 | €461,331 | €442,742 | -€18,589 | -4.0% |
| Plant, machinery and equipment | 23 | €1,157 | €868 | -€289 | -25.0% |
| Current assets | 29/58 | €527,242 | €535,770 | +€8,528 | +1.6% |
| Stocks and contracts in progress | 3 | €71,029 | €71,029 | = | 0.0% |
| Stocks | 30/36 | €71,029 | €71,029 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €357,589 | €349,674 | -€7,915 | -2.2% |
| Trade receivables | 40 | €7,550 | €34 | -€7,516 | -99.5% |
| Other amounts receivable | 41 | €350,039 | €349,639 | -€399 | -0.1% |
| Cash at bank and in hand | 54/58 | €98,624 | €115,067 | +€16,442 | +16.7% |
| Total equity and liabilities | 10/49 | €989,730 | €979,379 | -€10,350 | -1.0% |
| Equity | 10/15 | €822,749 | €692,989 | -€129,759 | -15.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €597,933 | €468,145 | -€129,788 | -21.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €128,440 | €120,352 | -€8,088 | -6.3% |
| Distributable reserves | 133 | €463,293 | €341,593 | -€121,700 | -26.3% |
| Profit (loss) carried forward | 14 | €162,815 | €162,844 | +€29 | 0.0% |
| Provisions and deferred taxes | 16 | €66,306 | €62,170 | -€4,136 | -6.2% |
| Deferred taxes | 168 | €66,306 | €62,170 | -€4,136 | -6.2% |
| Amounts payable | 17/49 | €100,675 | €224,220 | +€123,545 | +122.7% |
| Amounts payable after more than one year | 17 | €43,099 | €35,651 | -€7,448 | -17.3% |
| Financial debts | 170/4 | €43,099 | €35,651 | -€7,448 | -17.3% |
| Amounts payable within one year | 42/48 | €55,969 | €186,962 | +€130,993 | +234.0% |
| Current portion of amounts payable after more than one year | 42 | €7,221 | €7,448 | +€227 | +3.1% |
| Trade debts | 44 | €7,240 | €1,034 | -€6,205 | -85.7% |
| Suppliers | 440/4 | €7,240 | €1,034 | -€6,205 | -85.7% |
| Taxes, remuneration and social security | 45 | €3,695 | €2,400 | -€1,295 | -35.1% |
| Taxes | 450/3 | €3,695 | €2,400 | -€1,295 | -35.1% |
| Other amounts payable | 47/48 | €37,813 | €176,080 | +€138,267 | +365.7% |
| Accrued charges and deferred income | 492/3 | €1,606 | €1,606 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,251 | €18,878 | +€1,627 | +9.4% |
| Other operating charges | 640/8 | €3,254 | €3,352 | +€98 | +3.0% |
| Gross operating margin | 9900 | €22,756 | €30,518 | +€7,762 | +34.1% |
| Operating profit (loss) | 9901 | €2,250 | €8,288 | +€6,037 | +268.3% |
| Financial charges | 65/66B | €894 | €783 | -€111 | -12.4% |
| Recurring financial charges | 65 | €894 | €783 | -€111 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €1,357 | €7,505 | +€6,148 | +453.2% |
| Transfer from deferred taxes | 780 | €4,136 | €4,136 | = | 0.0% |
| Income taxes | 67/77 | €4,454 | €6,400 | +€1,946 | +43.7% |
| Profit (loss) for the period | 9904 | €1,039 | €5,241 | +€4,202 | +404.6% |
| Transfer from tax-exempt reserves | 789 | €8,088 | €8,088 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,127 | €13,329 | +€4,202 | +46.0% |
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 5 October 2026 via checked.be.