GERMARE: 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.
GERMARE
Largest movements
- Cash +€582,522
up €582,522 (+61.1%), from €954,025 to €1.5m
mainly Other debts (+€469,568) and Net result for the year (+€301,420)
- Receivables within one year +€291,011
up €291,011 (+127.5%), from €228,325 to €519,337
of which Trade receivables: +€353,279
- Other debts +€469,568
up €469,568 (+313.0%), from €150,000 to €619,568
- Reserves +€218,126
up €218,126 (+30.0%), from €726,285 to €944,410
of which Distributable reserves: +€218,126
- Tax, wage and social debts +€87,032
up €87,032 (+175.8%), from €49,495 to €136,526
of which Taxes: +€82,062
- Trade debts +€77,350
up €77,350 (+21.9%), from €352,483 to €429,832
- Gross operating margin +€258,275
up €258,275 (+55.5%), from €465,385 to €723,659
- Taxes +€121,767
up €121,767 (+455.1%), from €26,756 to €148,522
- Staff costs +€36,348
up €36,348 (+16.0%), from €226,713 to €263,061
- Financial income -€21,277
down €21,277 (-86.5%), from €24,586 to €3,309
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 | €1,298,262 | €2,167,246 | +€868,984 | +66.9% |
| Fixed assets | 21/28 | €22,962 | €15,993 | -€6,969 | -30.4% |
| Tangible fixed assets | 22/27 | €20,026 | €13,057 | -€6,969 | -34.8% |
| Plant, machinery and equipment | 23 | €3,807 | €0 | -€3,807 | -100.0% |
| Other tangible fixed assets | 26 | €16,219 | €13,057 | -€3,162 | -19.5% |
| Financial fixed assets | 28 | €2,936 | €2,936 | = | 0.0% |
| Current assets | 29/58 | €1,275,300 | €2,151,253 | +€875,954 | +68.7% |
| Amounts receivable within one year | 40/41 | €228,325 | €519,337 | +€291,011 | +127.5% |
| Trade receivables | 40 | €144,700 | €497,979 | +€353,279 | +244.1% |
| Other amounts receivable | 41 | €83,625 | €21,358 | -€62,267 | -74.5% |
| Current investments | 50/53 | €92,400 | €92,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €954,025 | €1,536,548 | +€582,522 | +61.1% |
| Deferred charges and accrued income | 490/1 | €549 | €2,969 | +€2,420 | +440.5% |
| Total equity and liabilities | 10/49 | €1,298,262 | €2,167,246 | +€868,984 | +66.9% |
| Equity | 10/15 | €746,285 | €964,410 | +€218,126 | +29.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €726,285 | €944,410 | +€218,126 | +30.0% |
| Non-distributable reserves | 130/1 | €92,400 | €92,400 | = | 0.0% |
| Own shares acquired | 1312 | €92,400 | €92,400 | = | 0.0% |
| Distributable reserves | 133 | €633,885 | €852,010 | +€218,126 | +34.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €551,977 | €1,202,836 | +€650,859 | +117.9% |
| Amounts payable within one year | 42/48 | €551,977 | €1,185,927 | +€633,949 | +114.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €352,483 | €429,832 | +€77,350 | +21.9% |
| Suppliers | 440/4 | €352,483 | €429,832 | +€77,350 | +21.9% |
| Taxes, remuneration and social security | 45 | €49,495 | €136,526 | +€87,032 | +175.8% |
| Taxes | 450/3 | €24,163 | €106,225 | +€82,062 | +339.6% |
| Remuneration and social security | 454/9 | €25,332 | €30,301 | +€4,970 | +19.6% |
| Other amounts payable | 47/48 | €150,000 | €619,568 | +€469,568 | +313.0% |
| Accrued charges and deferred income | 492/3 | - | €16,909 | +€16,909 | |
| Non-recurring operating income | 76A | - | €7,520 | +€7,520 | |
| Remuneration, social security and pensions | 62 | €226,713 | €263,061 | +€36,348 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,951 | €6,969 | -€4,981 | -41.7% |
| Other operating charges | 640/8 | €3,199 | €3,290 | +€91 | +2.9% |
| Gross operating margin | 9900 | €465,385 | €723,659 | +€258,275 | +55.5% |
| Operating profit (loss) | 9901 | €223,522 | €450,339 | +€226,817 | +101.5% |
| Financial income | 75/76B | €24,586 | €3,309 | -€21,277 | -86.5% |
| Recurring financial income | 75 | €24,586 | €3,309 | -€21,277 | -86.5% |
| Financial charges | 65/66B | €4,928 | €3,706 | -€1,222 | -24.8% |
| Recurring financial charges | 65 | €4,928 | €3,706 | -€1,222 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €243,180 | €449,942 | +€206,762 | +85.0% |
| Income taxes | 67/77 | €26,756 | €148,522 | +€121,767 | +455.1% |
| Profit (loss) for the period | 9904 | €216,424 | €301,420 | +€84,995 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €216,424 | €301,420 | +€84,995 | +39.3% |
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.