GERMO: 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.
GERMO
Largest movements
- Tangible fixed assets -€17,186
down €17,186 (-13.1%), from €131,413 to €114,226
- Receivables within one year +€10,291
up €10,291 (+3.8%), from €272,057 to €282,348
of which Other amounts receivable: +€8,859
- Other debts +€62,668
up €62,668 (+361%), from €17,371 to €80,038
- Reserves -€52,516
down €52,516 (-53.8%), from €97,616 to €45,100
- Debts after one year -€6,647
down €6,647 (-37.2%), from €17,859 to €11,213
- Trade debts -€6,113
down €6,113 (-28.8%), from €21,251 to €15,138
- Gross operating margin +€5,335
up €5,335 (+17.6%), from €30,241 to €35,576
- Depreciation -€1,737
down €1,737 (-9.2%), from €18,923 to €17,186
- Taxes +€1,620
up €1,620 (+31.6%), from €5,131 to €6,751
- Other operating charges +€754
up €754 (+23.5%), from €3,215 to €3,969
- Financial charges +€704
up €704 (+12.8%), from €5,507 to €6,211
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €410,013 | €403,574 | -€6,439 | -1.6% |
| Fixed assets | 21/28 | €131,475 | €114,288 | -€17,186 | -13.1% |
| Tangible fixed assets | 22/27 | €131,413 | €114,226 | -€17,186 | -13.1% |
| Land and buildings | 22 | €101,512 | €93,222 | -€8,290 | -8.2% |
| Plant, machinery and equipment | 23 | €18,553 | €14,270 | -€4,284 | -23.1% |
| Furniture and vehicles | 24 | €11,348 | €6,735 | -€4,613 | -40.6% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €278,538 | €289,286 | +€10,747 | +3.9% |
| Amounts receivable within one year | 40/41 | €272,057 | €282,348 | +€10,291 | +3.8% |
| Trade receivables | 40 | €10,186 | €11,618 | +€1,432 | +14.1% |
| Other amounts receivable | 41 | €261,871 | €270,730 | +€8,859 | +3.4% |
| Deferred charges and accrued income | 490/1 | €6,481 | €6,938 | +€456 | +7.0% |
| Total equity and liabilities | 10/49 | €410,013 | €403,574 | -€6,439 | -1.6% |
| Equity | 10/15 | €318,029 | €265,513 | -€52,516 | -16.5% |
| Contributions | 10/11 | €177,652 | €177,652 | = | 0.0% |
| Reserves | 13 | €97,616 | €45,100 | -€52,516 | -53.8% |
| Distributable reserves | 133 | €97,616 | €45,100 | -€52,516 | -53.8% |
| Profit (loss) carried forward | 14 | €42,761 | €42,761 | = | 0.0% |
| Amounts payable | 17/49 | €91,984 | €138,061 | +€46,077 | +50.1% |
| Amounts payable after more than one year | 17 | €17,859 | €11,213 | -€6,647 | -37.2% |
| Financial debts | 170/4 | €17,859 | €11,213 | -€6,647 | -37.2% |
| Amounts payable within one year | 42/48 | €74,014 | €126,848 | +€52,835 | +71.4% |
| Current portion of amounts payable after more than one year | 42 | €11,795 | €8,157 | -€3,638 | -30.8% |
| Financial debts | 43 | €15,253 | €15,119 | -€134 | -0.9% |
| Credit institutions | 430/8 | €15,253 | €15,119 | -€134 | -0.9% |
| Trade debts | 44 | €21,251 | €15,138 | -€6,113 | -28.8% |
| Suppliers | 440/4 | €21,251 | €15,138 | -€6,113 | -28.8% |
| Taxes, remuneration and social security | 45 | €8,344 | €8,395 | +€51 | +0.6% |
| Taxes | 450/3 | €7,144 | €7,195 | +€51 | +0.7% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 47/48 | €17,371 | €80,038 | +€62,668 | +361% |
| Accrued charges and deferred income | 492/3 | €111 | €0 | -€111 | -100% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,923 | €17,186 | -€1,737 | -9.2% |
| Other operating charges | 640/8 | €3,215 | €3,969 | +€754 | +23.5% |
| Gross operating margin | 9900 | €30,241 | €35,576 | +€5,335 | +17.6% |
| Operating profit (loss) | 9901 | €8,102 | €14,420 | +€6,318 | +78.0% |
| Financial income | 75/76B | €14,098 | €14,694 | +€596 | +4.2% |
| Recurring financial income | 75 | €14,098 | €14,694 | +€596 | +4.2% |
| Financial charges | 65/66B | €5,507 | €6,211 | +€704 | +12.8% |
| Recurring financial charges | 65 | €5,507 | €6,211 | +€704 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €16,693 | €22,903 | +€6,210 | +37.2% |
| Income taxes | 67/77 | €5,131 | €6,751 | +€1,620 | +31.6% |
| Profit (loss) for the period | 9904 | €11,562 | €16,152 | +€4,589 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,562 | €16,152 | +€4,589 | +39.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.