GERMINA: what changed
Two financial 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
GERMINA
NACE 46.216, Wholesale of agricultural produce and animal feed, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €150,907+€1.2m
Equity
€4.7m
2024 · €3.3m+€1.4m
Cash
€14,415
2024 · €4,987+€9,428
Balance sheet total
€10.4m
2024 · €9.7m+€686,943
Largest movements
Assets
- Deferred charges and accrued income +€1.9m
up €1.9m (+8,033%), from €23,365 to €1.9m
- Tangible fixed assets -€907,353
down €907,353 (-9.8%), from €9.3m to €8.4m
of which Land and buildings: -€827,576
- Receivables within one year -€292,149
down €292,149 (-77.9%), from €374,941 to €82,792
of which Other amounts receivable: -€258,971
Equity and liabilities
- Debts after one year -€2.0m
down €2.0m (-38.9%), from €5.1m to €3.1m
of which Financial debts: -€2.0m
- Other debts +€1.4m
up €1.4m (+577%), from €240,000 to €1.6m
- Profit (loss) carried forward +€1.4m
up €1.4m (+77.0%), from €1.8m to €3.1m
- Trade debts -€133,191
down €133,191 (-77.3%), from €172,252 to €39,061
Income statement
- Gross operating margin +€1.6m
up €1.6m (+187%), from €880,147 to €2.5m
- Provisions +€152,000
up €152,000, from -€152,000 to €0
- Taxes +€56,960
up €56,960 (+14.0%), from €406,040 to €463,000
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
€150,907
Gross operating margin
+€1.6m
Depreciation
+€15,656
Provisions
-€152,000
Other operating charges
+€5,239
Financial income
-€3,742
Financial charges
+€3,827
Taxes
-€56,960
Deferred taxes and other
-€254,912
Result 2025
€1.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€1.7m
Investment
+€307,703
Financing
-€2.0m
Cash 2024
€4,987
From operations (derived)
+€1.7m
Net result for the year
+€1.4m
Depreciation
+€599,649
Receivables within one year
+€292,149
Deferred charges and accrued income
-€1.9m
Trade debts
-€133,191
Other debts
+€1.4m
Accrued charges and deferred income
+€36,750
Investment (derived)
+€307,703
Investment in fixed assets (net)
+€307,703
Financing
-€2.0m
Debts after one year
-€2.0m
Current portion of long-term debt
+€10,939
Cash 2025
€14,415
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,668,186 | €10,355,129 | +€686,943 | +7.1% |
| Fixed assets | 21/28 | €9,264,892 | €8,357,539 | -€907,353 | -9.8% |
| Tangible fixed assets | 22/27 | €9,264,892 | €8,357,539 | -€907,353 | -9.8% |
| Land and buildings | 22 | €8,515,377 | €7,687,801 | -€827,576 | -9.7% |
| Plant, machinery and equipment | 23 | €749,514 | €669,738 | -€79,776 | -10.6% |
| Current assets | 29/58 | €403,294 | €1,997,589 | +€1.6m | +395% |
| Amounts receivable within one year | 40/41 | €374,941 | €82,792 | -€292,149 | -77.9% |
| Trade receivables | 40 | €94,973 | €61,796 | -€33,178 | -34.9% |
| Other amounts receivable | 41 | €279,968 | €20,997 | -€258,971 | -92.5% |
| Cash at bank and in hand | 54/58 | €4,987 | €14,415 | +€9,428 | +189% |
| Deferred charges and accrued income | 490/1 | €23,365 | €1,900,382 | +€1.9m | +8,033% |
| Total equity and liabilities | 10/49 | €9,668,186 | €10,355,129 | +€686,943 | +7.1% |
| Equity | 10/15 | €3,306,881 | €4,662,694 | +€1.4m | +41.0% |
| Contributions | 10/11 | €363,851 | €363,851 | = | 0.0% |
| Capital | 10 | €363,851 | €363,851 | = | 0.0% |
| Issued capital | 100 | €363,851 | €363,851 | = | 0.0% |
| Reserves | 13 | €1,183,058 | €1,183,058 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,385 | €36,385 | = | 0.0% |
| Legal reserve | 130 | €36,385 | €36,385 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,402 | €38,402 | = | 0.0% |
| Distributable reserves | 133 | €1,108,271 | €1,108,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,759,972 | €3,115,784 | +€1.4m | +77.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €6,361,304 | €5,692,435 | -€668,869 | -10.5% |
| Amounts payable after more than one year | 17 | €5,062,128 | €3,093,760 | -€2.0m | -38.9% |
| Financial debts | 170/4 | €5,062,128 | €3,093,760 | -€2.0m | -38.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,244,680 | €2,507,429 | +€1.3m | +101% |
| Current portion of amounts payable after more than one year | 42 | €732,428 | €743,368 | +€10,939 | +1.5% |
| Trade debts | 44 | €172,252 | €39,061 | -€133,191 | -77.3% |
| Suppliers | 440/4 | €172,252 | €39,061 | -€133,191 | -77.3% |
| Taxes, remuneration and social security | 45 | €100,000 | €100,000 | = | 0.0% |
| Taxes | 450/3 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 47/48 | €240,000 | €1,625,000 | +€1.4m | +577% |
| Accrued charges and deferred income | 492/3 | €54,496 | €91,246 | +€36,750 | +67.4% |
| Non-recurring operating income | 76A | - | €1,582,276 | +€1.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €615,305 | €599,649 | -€15,656 | -2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€152,000 | €0 | +€152,000 | |
| Other operating charges | 640/8 | €16,874 | €11,635 | -€5,239 | -31.0% |
| Gross operating margin | 9900 | €880,147 | €2,527,944 | +€1.6m | +187% |
| Operating profit (loss) | 9901 | €399,968 | €1,916,659 | +€1.5m | +379% |
| Financial income | 75/76B | €7,342 | €3,600 | -€3,742 | -51.0% |
| Recurring financial income | 75 | €7,342 | €3,600 | -€3,742 | -51.0% |
| Financial charges | 65/66B | €105,274 | €101,447 | -€3,827 | -3.6% |
| Recurring financial charges | 65 | €105,274 | €101,447 | -€3,827 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €302,036 | €1,818,812 | +€1.5m | +502% |
| Transfer from deferred taxes | 780 | €254,912 | €0 | -€254,912 | -100% |
| Income taxes | 67/77 | €406,040 | €463,000 | +€56,960 | +14.0% |
| Profit (loss) for the period | 9904 | €150,907 | €1,355,812 | +€1.2m | +798% |
| Transfer from tax-exempt reserves | 789 | €477,882 | €0 | -€477,882 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €628,789 | €1,355,812 | +€727,023 | +116% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.