GERMACO: 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.
GERMACO
Largest movements
- Cash +€543,258
up €543,258 (+555.2%), from €97,856 to €641,114
mainly Net result for the year (+€334,841) and Investment in fixed assets (net) (+€112,979)
- Tangible fixed assets -€178,847
down €178,847 (-11.0%), from €1.6m to €1.4m
of which Land and buildings: -€177,281
- Reserves +€334,841
up €334,841 (+16.0%), from €2.1m to €2.4m
of which Distributable reserves: +€341,419
- Gross operating margin +€431,134
up €431,134 (+335.3%), from €128,566 to €559,700
- Taxes +€132,205
up €132,205 (+635.8%), from €20,793 to €152,998
- Financial charges +€24,440
up €24,440, from -€21,192 to €3,248
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 | €2,276,707 | €2,644,004 | +€367,297 | +16.1% |
| Fixed assets | 21/28 | €1,627,452 | €1,448,605 | -€178,847 | -11.0% |
| Tangible fixed assets | 22/27 | €1,627,452 | €1,448,605 | -€178,847 | -11.0% |
| Land and buildings | 22 | €1,504,902 | €1,327,621 | -€177,281 | -11.8% |
| Plant, machinery and equipment | 23 | €2,950 | €1,384 | -€1,566 | -53.1% |
| Other tangible fixed assets | 26 | €119,600 | €119,600 | = | 0.0% |
| Current assets | 29/58 | €649,255 | €1,195,399 | +€546,145 | +84.1% |
| Amounts receivable within one year | 40/41 | €3,295 | €0 | -€3,295 | -100.0% |
| Other amounts receivable | 41 | €3,295 | €0 | -€3,295 | -100.0% |
| Current investments | 50/53 | €542,821 | €549,456 | +€6,635 | +1.2% |
| Cash at bank and in hand | 54/58 | €97,856 | €641,114 | +€543,258 | +555.2% |
| Deferred charges and accrued income | 490/1 | €5,283 | €4,830 | -€453 | -8.6% |
| Total equity and liabilities | 10/49 | €2,276,707 | €2,644,004 | +€367,297 | +16.1% |
| Equity | 10/15 | €2,181,271 | €2,516,112 | +€334,841 | +15.4% |
| Contributions | 10/11 | €87,500 | €87,500 | = | 0.0% |
| Capital | 10 | €87,500 | €87,500 | = | 0.0% |
| Issued capital | 100 | €87,500 | €87,500 | = | 0.0% |
| Reserves | 13 | €2,093,771 | €2,428,612 | +€334,841 | +16.0% |
| Non-distributable reserves | 130/1 | €8,750 | €8,750 | = | 0.0% |
| Legal reserve | 130 | €8,750 | €8,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €173,385 | €166,807 | -€6,578 | -3.8% |
| Distributable reserves | 133 | €1,911,636 | €2,253,055 | +€341,419 | +17.9% |
| Provisions and deferred taxes | 16 | €57,795 | €55,602 | -€2,193 | -3.8% |
| Deferred taxes | 168 | €57,795 | €55,602 | -€2,193 | -3.8% |
| Amounts payable | 17/49 | €37,641 | €72,290 | +€34,649 | +92.1% |
| Amounts payable within one year | 42/48 | €37,030 | €72,290 | +€35,260 | +95.2% |
| Financial debts | 43 | - | €20,958 | +€20,958 | |
| Credit institutions | 430/8 | - | €20,958 | +€20,958 | |
| Trade debts | 44 | €23,021 | €23,376 | +€355 | +1.5% |
| Suppliers | 440/4 | €23,021 | €23,376 | +€355 | +1.5% |
| Taxes, remuneration and social security | 45 | €7,365 | €23,931 | +€16,566 | +224.9% |
| Taxes | 450/3 | €7,365 | €23,931 | +€16,566 | +224.9% |
| Other amounts payable | 47/48 | €6,644 | €4,024 | -€2,619 | -39.4% |
| Accrued charges and deferred income | 492/3 | €612 | €0 | -€612 | -100.0% |
| Non-recurring operating income | 76A | - | €469,990 | +€469,990 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,653 | €65,868 | -€3,785 | -5.4% |
| Other operating charges | 640/8 | €16,772 | €18,494 | +€1,722 | +10.3% |
| Gross operating margin | 9900 | €128,566 | €559,700 | +€431,134 | +335.3% |
| Operating profit (loss) | 9901 | €42,141 | €475,338 | +€433,197 | +1028.0% |
| Financial income | 75/76B | €11,427 | €13,556 | +€2,130 | +18.6% |
| Recurring financial income | 75 | €11,427 | €13,556 | +€2,130 | +18.6% |
| Financial charges | 65/66B | -€21,192 | €3,248 | +€24,440 | |
| Recurring financial charges | 65 | -€21,192 | €3,248 | +€24,440 | |
| Profit (loss) for the period before taxes | 9903 | €74,760 | €485,647 | +€410,887 | +549.6% |
| Transfer from deferred taxes | 780 | €2,193 | €2,193 | = | 0.0% |
| Income taxes | 67/77 | €20,793 | €152,998 | +€132,205 | +635.8% |
| Profit (loss) for the period | 9904 | €56,159 | €334,841 | +€278,682 | +496.2% |
| Transfer from tax-exempt reserves | 789 | €6,578 | €6,578 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,737 | €341,419 | +€278,682 | +444.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.