GERMIS&STEEGEN: 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.
GERMIS&STEEGEN
Largest movements
- Tangible fixed assets +€59,108
up €59,108 (+142%), from €41,640 to €100,748
of which Furniture and vehicles: +€61,847
- Cash -€31,989
down €31,989 (-30.9%), from €103,600 to €71,611
mainly Investment in fixed assets (net) (-€71,260) and Current portion of long-term debt (-€5,111)
- Stocks and contracts -€4,593
down €4,593 (-23.3%), from €19,750 to €15,157
- Reserves +€29,769
up €29,769 (+41.0%), from €72,532 to €102,301
of which Distributable reserves: +€29,769
- Current portion of long-term debt -€5,111
no longer reported in 2025 (was €5,111)
- Tax, wage and social debts -€4,825
down €4,825 (-28.7%), from €16,839 to €12,014
- Trade debts +€2,283
up €2,283 (+47.5%), from €4,809 to €7,092
- Gross operating margin -€19,133
down €19,133 (-25.7%), from €74,549 to €55,416
- Taxes -€3,743
down €3,743 (-23.8%), from €15,750 to €12,007
- Other operating charges -€1,886
down €1,886 (-62.9%), from €2,998 to €1,112
- Financial charges -€1,244
down €1,244 (-66.9%), from €1,860 to €616
- Depreciation +€977
up €977 (+8.7%), from €11,175 to €12,152
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,349 | €187,875 | +€22,526 | +13.6% |
| Fixed assets | 21/28 | €41,640 | €100,748 | +€59,108 | +142% |
| Tangible fixed assets | 22/27 | €41,640 | €100,748 | +€59,108 | +142% |
| Land and buildings | 22 | €8,819 | €7,181 | -€1,637 | -18.6% |
| Plant, machinery and equipment | 23 | €24,661 | €21,516 | -€3,144 | -12.8% |
| Furniture and vehicles | 24 | €1,173 | €63,020 | +€61,847 | +5,272% |
| Other tangible fixed assets | 26 | €6,988 | €9,030 | +€2,042 | +29.2% |
| Current assets | 29/58 | €123,708 | €87,127 | -€36,581 | -29.6% |
| Stocks and contracts in progress | 3 | €19,750 | €15,157 | -€4,593 | -23.3% |
| Stocks | 30/36 | €19,750 | €15,157 | -€4,593 | -23.3% |
| Amounts receivable within one year | 40/41 | €358 | €358 | = | 0.0% |
| Other amounts receivable | 41 | €358 | €358 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €103,600 | €71,611 | -€31,989 | -30.9% |
| Total equity and liabilities | 10/49 | €165,349 | €187,875 | +€22,526 | +13.6% |
| Equity | 10/15 | €101,532 | €131,301 | +€29,769 | +29.3% |
| Contributions | 10/11 | €29,000 | €29,000 | = | 0.0% |
| Capital | 10 | €29,000 | €29,000 | = | 0.0% |
| Issued capital | 100 | €29,000 | €29,000 | = | 0.0% |
| Reserves | 13 | €72,532 | €102,301 | +€29,769 | +41.0% |
| Non-distributable reserves | 130/1 | €6,900 | €6,900 | = | 0.0% |
| Legal reserve | 130 | €6,900 | €6,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,993 | €11,993 | = | 0.0% |
| Distributable reserves | 133 | €53,639 | €83,408 | +€29,769 | +55.5% |
| Amounts payable | 17/49 | €63,817 | €56,574 | -€7,243 | -11.3% |
| Amounts payable within one year | 42/48 | €56,317 | €49,074 | -€7,243 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €5,111 | - | -€5,111 | |
| Trade debts | 44 | €4,809 | €7,092 | +€2,283 | +47.5% |
| Suppliers | 440/4 | €4,809 | €7,092 | +€2,283 | +47.5% |
| Taxes, remuneration and social security | 45 | €16,839 | €12,014 | -€4,825 | -28.7% |
| Taxes | 450/3 | €16,839 | €12,014 | -€4,825 | -28.7% |
| Other amounts payable | 47/48 | €29,559 | €29,968 | +€409 | +1.4% |
| Accrued charges and deferred income | 492/3 | €7,500 | €7,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,175 | €12,152 | +€977 | +8.7% |
| Other operating charges | 640/8 | €2,998 | €1,112 | -€1,886 | -62.9% |
| Gross operating margin | 9900 | €74,549 | €55,416 | -€19,133 | -25.7% |
| Operating profit (loss) | 9901 | €60,375 | €42,152 | -€18,223 | -30.2% |
| Financial income | 75/76B | €365 | €240 | -€125 | -34.3% |
| Recurring financial income | 75 | €365 | €240 | -€125 | -34.3% |
| Financial charges | 65/66B | €1,860 | €616 | -€1,244 | -66.9% |
| Recurring financial charges | 65 | €1,860 | €616 | -€1,244 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €58,881 | €41,776 | -€17,105 | -29.0% |
| Income taxes | 67/77 | €15,750 | €12,007 | -€3,743 | -23.8% |
| Profit (loss) for the period | 9904 | €43,131 | €29,769 | -€13,362 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,131 | €29,769 | -€13,362 | -31.0% |
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 14 October 2026 via checked.be.