GERMANUS: 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.
What changed
GERMANUS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€215,424
2024 · €617,677-€833,100
Equity
€14.7m
2024 · €14.9m-€215,424
Cash
€508,908
2024 · €593,540-€84,632
Balance sheet total
€32.4m
2024 · €33.3m-€927,856
Largest movements
Assets
- Stocks and contracts -€773,016
down €773,016 (-57.0%), from €1.4m to €582,587
- Receivables after one year +€597,032
up €597,032 (+24.3%), from €2.5m to €3.1m
of which Other amounts receivable: +€597,032
- Receivables within one year -€485,021
down €485,021 (-3.1%), from €15.4m to €14.9m
of which Other amounts receivable: -€384,650
- Tangible fixed assets -€402,774
down €402,774 (-6.3%), from €6.4m to €6.0m
of which Land and buildings: -€330,049
Equity and liabilities
- Other debts -€912,987
down €912,987 (-7.4%), from €12.3m to €11.4m
Income statement
- Financial income -€856,620
down €856,620 (-47.9%), from €1.8m to €931,961
- Turnover -€410,409
down €410,409 (-27.4%), from €1.5m to €1.1m
- Goods and materials -€361,235
down €361,235 (-27.3%), from €1.3m to €963,016
of which Purchases: -€1.0m
- Services and other goods -€186,134
down €186,134 (-36.7%), from €507,255 to €321,120
- Other operating charges -€82,453
down €82,453 (-34.3%), from €240,614 to €158,162
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.
Result 2024
€617,677
Turnover
-€410,409
Other operating income
-€11,921
Goods and materials
+€361,235
Services and other goods
+€186,134
Staff costs
+€26,193
Depreciation
+€66,470
Other operating charges
+€82,453
Other operating items
-€306,411
Financial income
-€856,620
Financial charges
+€31,091
Taxes
-€1,316
Result 2025
-€215,424
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.
From operations
+€217,808
Investment
-€212,164
Financing
-€90,276
Cash 2024
€593,540
From operations (derived)
+€217,808
Net result for the year
-€215,424
Depreciation
+€379,061
Receivables after one year
-€597,032
Stocks and contracts
+€773,016
Receivables within one year
+€485,021
Deferred charges and accrued income
+€15,323
Trade debts
+€241,326
Tax, wage and social debts
+€75,006
Other debts
-€912,987
Accrued charges and deferred income
-€25,501
Investment (derived)
-€212,164
Investment in fixed assets (net)
-€212,164
Financing
-€90,276
Debts after one year
-€259,586
Current portion of long-term debt
+€169,251
Short-term financial debts
+€59
Cash 2025
€508,908
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,319,706 | €32,391,850 | -€927,856 | -2.8% |
| Fixed assets | 21/28 | €13,479,675 | €13,312,778 | -€166,897 | -1.2% |
| Tangible fixed assets | 22/27 | €6,397,105 | €5,994,331 | -€402,774 | -6.3% |
| Land and buildings | 22 | €5,665,925 | €5,335,876 | -€330,049 | -5.8% |
| Plant, machinery and equipment | 23 | €3,201 | €10,067 | +€6,866 | +214.5% |
| Furniture and vehicles | 24 | €727,979 | €648,388 | -€79,591 | -10.9% |
| Financial fixed assets | 28 | €7,082,570 | €7,318,448 | +€235,878 | +3.3% |
| Affiliated companies | 280/1 | €7,082,570 | €7,318,448 | +€235,878 | +3.3% |
| Participating interests | 280 | €7,082,570 | €7,318,448 | +€235,878 | +3.3% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Current assets | 29/58 | €19,840,031 | €19,079,071 | -€760,959 | -3.8% |
| Amounts receivable after more than one year | 29 | €2,456,180 | €3,053,212 | +€597,032 | +24.3% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €2,456,180 | €3,053,212 | +€597,032 | +24.3% |
| Stocks and contracts in progress | 3 | €1,355,603 | €582,587 | -€773,016 | -57.0% |
| Stocks | 30/36 | €1,355,603 | €582,587 | -€773,016 | -57.0% |
| Goods purchased for resale | 34 | €1,355,603 | €582,587 | -€773,016 | -57.0% |
| Amounts receivable within one year | 40/41 | €15,403,966 | €14,918,945 | -€485,021 | -3.1% |
| Trade receivables | 40 | €1,103,729 | €1,003,358 | -€100,371 | -9.1% |
| Other amounts receivable | 41 | €14,300,237 | €13,915,588 | -€384,650 | -2.7% |
| Cash at bank and in hand | 54/58 | €593,540 | €508,908 | -€84,632 | -14.3% |
| Deferred charges and accrued income | 490/1 | €30,741 | €15,418 | -€15,323 | -49.8% |
| Total equity and liabilities | 10/49 | €33,319,706 | €32,391,850 | -€927,856 | -2.8% |
| Equity | 10/15 | €14,930,767 | €14,715,343 | -€215,424 | -1.4% |
| Contributions | 10/11 | €8,880,760 | €8,880,760 | = | 0.0% |
| Reserves | 13 | €1,207,278 | €1,207,278 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,419 | €5,419 | = | 0.0% |
| Distributable reserves | 133 | €1,201,859 | €1,201,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,842,729 | €4,627,305 | -€215,424 | -4.4% |
| Amounts payable | 17/49 | €18,388,939 | €17,676,506 | -€712,432 | -3.9% |
| Amounts payable after more than one year | 17 | €2,310,452 | €2,050,867 | -€259,586 | -11.2% |
| Financial debts | 170/4 | €2,306,752 | €2,045,467 | -€261,286 | -11.3% |
| Credit institutions | 173 | €2,306,752 | €2,045,467 | -€261,286 | -11.3% |
| Other amounts payable | 178/9 | €3,700 | €5,400 | +€1,700 | +45.9% |
| Amounts payable within one year | 42/48 | €16,047,234 | €15,619,889 | -€427,345 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €2,887,035 | €3,056,286 | +€169,251 | +5.9% |
| Financial debts | 43 | - | €59 | +€59 | |
| Credit institutions | 430/8 | - | €59 | +€59 | |
| Trade debts | 44 | €741,465 | €982,791 | +€241,326 | +32.5% |
| Suppliers | 440/4 | €741,465 | €982,791 | +€241,326 | +32.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €78,612 | €153,618 | +€75,006 | +95.4% |
| Taxes | 450/3 | €78,612 | €138,984 | +€60,372 | +76.8% |
| Remuneration and social security | 454/9 | €0 | €14,634 | +€14,634 | |
| Other amounts payable | 47/48 | €12,340,123 | €11,427,136 | -€912,987 | -7.4% |
| Accrued charges and deferred income | 492/3 | €31,252 | €5,751 | -€25,501 | -81.6% |
| Operating income | 70/76A | €2,025,567 | €1,314,167 | -€711,399 | -35.1% |
| Turnover | 70 | €1,499,617 | €1,089,207 | -€410,409 | -27.4% |
| Other operating income | 74 | €236,009 | €224,088 | -€11,921 | -5.1% |
| Non-recurring operating income | 76A | €289,942 | €872 | -€289,069 | -99.7% |
| Operating charges | 60/66A | €2,664,674 | €1,959,530 | -€705,144 | -26.5% |
| Goods for resale, raw materials and consumables | 60 | €1,324,251 | €963,016 | -€361,235 | -27.3% |
| Purchases | 600/8 | €1,197,238 | €190,000 | -€1.0m | -84.1% |
| Change in stocks: decrease (increase) | 609 | €127,013 | €773,016 | +€646,003 | +508.6% |
| Services and other goods | 61 | €507,255 | €321,120 | -€186,134 | -36.7% |
| Remuneration, social security and pensions | 62 | €147,023 | €120,831 | -€26,193 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €445,531 | €379,061 | -€66,470 | -14.9% |
| Other operating charges | 640/8 | €240,614 | €158,162 | -€82,453 | -34.3% |
| Non-recurring operating charges | 66A | - | €17,341 | +€17,341 | |
| Operating profit (loss) | 9901 | -€639,107 | -€645,363 | -€6,256 | -1.0% |
| Financial income | 75/76B | €1,788,581 | €931,961 | -€856,620 | -47.9% |
| Recurring financial income | 75 | €1,788,581 | €931,961 | -€856,620 | -47.9% |
| Income from financial fixed assets | 750 | €1,165,776 | €27,851 | -€1.1m | -97.6% |
| Income from current assets | 751 | €622,693 | €903,563 | +€280,871 | +45.1% |
| Other financial income | 752/9 | €113 | €547 | +€435 | +385.4% |
| Financial charges | 65/66B | €531,797 | €500,706 | -€31,091 | -5.8% |
| Recurring financial charges | 65 | €521,798 | €500,706 | -€21,092 | -4.0% |
| Debt charges | 650 | €499,071 | €495,207 | -€3,864 | -0.8% |
| Other financial charges | 652/9 | €22,727 | €5,500 | -€17,228 | -75.8% |
| Non-recurring financial charges | 66B | €9,999 | €0 | -€9,999 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €617,677 | -€214,108 | -€831,784 | |
| Income taxes | 67/77 | €0 | €1,316 | +€1,316 | |
| Taxes | 670/3 | €0 | €1,316 | +€1,316 | |
| Profit (loss) for the period | 9904 | €617,677 | -€215,424 | -€833,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €617,677 | -€215,424 | -€833,100 |
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 8 October 2026 via checked.be.