GERMONPRE: 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.
GERMONPRE
Largest movements
- Tangible fixed assets -€508,379
down €508,379 (-18.4%), from €2.8m to €2.3m
of which Leasing and similar rights: -€506,473
- Receivables within one year -€320,334
down €320,334 (-27.5%), from €1.2m to €844,494
of which Trade receivables: -€322,558
- Stocks and contracts +€99,953
up €99,953 (+98.7%), from €101,279 to €201,231
- Deferred charges and accrued income +€67,505
up €67,505 (+457.1%), from €14,769 to €82,274
- Cash +€52,896
up €52,896 (+21.4%), from €247,251 to €300,147
mainly Depreciation (+€938,914) and Receivables within one year (+€320,334)
- Debts after one year -€433,148
down €433,148 (-28.5%), from €1.5m to €1.1m
- Provisions -€139,699
no longer reported in 2025 (was €139,699)
- Other debts +€64,328
up €64,328 (+19.2%), from €335,087 to €399,415
- Current portion of long-term debt -€62,331
down €62,331 (-8.9%), from €703,761 to €641,430
- Trade debts -€58,573
down €58,573 (-42.3%), from €138,500 to €79,927
- Financial income +€101,103
up €101,103 (+3798.9%), from €2,661 to €103,765
of which Non-recurring financial income: +€94,171
- Staff costs +€88,939
up €88,939 (+19.2%), from €462,394 to €551,333
- Taxes -€58,302
down €58,302, from €35,893 to -€22,409
- Depreciation +€46,362
up €46,362 (+5.2%), from €892,552 to €938,914
- Financial charges -€24,459
down €24,459 (-29.3%), from €83,504 to €59,044
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 | €4,438,825 | €3,844,866 | -€593,959 | -13.4% |
| Fixed assets | 21/28 | €2,767,002 | €2,258,622 | -€508,379 | -18.4% |
| Tangible fixed assets | 22/27 | €2,765,652 | €2,257,272 | -€508,379 | -18.4% |
| Land and buildings | 22 | €105,301 | €92,544 | -€12,757 | -12.1% |
| Plant, machinery and equipment | 23 | €178,023 | €312,552 | +€134,529 | +75.6% |
| Furniture and vehicles | 24 | €205,197 | €81,519 | -€123,678 | -60.3% |
| Leasing and similar rights | 25 | €2,277,131 | €1,770,657 | -€506,473 | -22.2% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €1,671,823 | €1,586,243 | -€85,580 | -5.1% |
| Stocks and contracts in progress | 3 | €101,279 | €201,231 | +€99,953 | +98.7% |
| Stocks | 30/36 | €101,279 | €201,231 | +€99,953 | +98.7% |
| Amounts receivable within one year | 40/41 | €1,164,828 | €844,494 | -€320,334 | -27.5% |
| Trade receivables | 40 | €1,118,551 | €795,992 | -€322,558 | -28.8% |
| Other amounts receivable | 41 | €46,278 | €48,502 | +€2,224 | +4.8% |
| Current investments | 50/53 | €143,697 | €158,097 | +€14,400 | +10.0% |
| Cash at bank and in hand | 54/58 | €247,251 | €300,147 | +€52,896 | +21.4% |
| Deferred charges and accrued income | 490/1 | €14,769 | €82,274 | +€67,505 | +457.1% |
| Total equity and liabilities | 10/49 | €4,438,825 | €3,844,866 | -€593,959 | -13.4% |
| Equity | 10/15 | €1,528,790 | €1,559,342 | +€30,552 | +2.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,453,790 | €1,484,342 | +€30,552 | +2.1% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,446,290 | €1,476,842 | +€30,552 | +2.1% |
| Provisions and deferred taxes | 16 | €139,699 | - | -€139,699 | |
| Provisions for liabilities and charges | 160/5 | €139,699 | - | -€139,699 | |
| Other liabilities and charges | 164/5 | €139,699 | - | -€139,699 | |
| Amounts payable | 17/49 | €2,770,336 | €2,285,524 | -€484,812 | -17.5% |
| Amounts payable after more than one year | 17 | €1,521,929 | €1,088,781 | -€433,148 | -28.5% |
| Financial debts | 170/4 | €1,521,929 | €1,088,781 | -€433,148 | -28.5% |
| Amounts payable within one year | 42/48 | €1,248,407 | €1,196,743 | -€51,664 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €703,761 | €641,430 | -€62,331 | -8.9% |
| Trade debts | 44 | €138,500 | €79,927 | -€58,573 | -42.3% |
| Suppliers | 440/4 | €138,500 | €79,927 | -€58,573 | -42.3% |
| Taxes, remuneration and social security | 45 | €71,060 | €75,971 | +€4,911 | +6.9% |
| Taxes | 450/3 | €43,332 | €10,885 | -€32,447 | -74.9% |
| Remuneration and social security | 454/9 | €27,728 | €65,086 | +€37,358 | +134.7% |
| Other amounts payable | 47/48 | €335,087 | €399,415 | +€64,328 | +19.2% |
| Non-recurring operating income | 76A | €44,254 | €100,777 | +€56,524 | +127.7% |
| Remuneration, social security and pensions | 62 | €462,394 | €551,333 | +€88,939 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €892,552 | €938,914 | +€46,362 | +5.2% |
| Other operating charges | 640/8 | €11,444 | €10,379 | -€1,065 | -9.3% |
| Non-recurring operating charges | 66A | €45,507 | €2,794 | -€42,713 | -93.9% |
| Gross operating margin | 9900 | €1,538,014 | €1,545,142 | +€7,128 | +0.5% |
| Operating profit (loss) | 9901 | €126,117 | €41,723 | -€84,395 | -66.9% |
| Financial income | 75/76B | €2,661 | €103,765 | +€101,103 | +3798.9% |
| Recurring financial income | 75 | €2,661 | €9,593 | +€6,932 | +260.5% |
| Non-recurring financial income | 76B | - | €94,171 | +€94,171 | |
| Financial charges | 65/66B | €83,504 | €59,044 | -€24,459 | -29.3% |
| Recurring financial charges | 65 | €83,504 | €59,044 | -€24,459 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €45,275 | €86,443 | +€41,168 | +90.9% |
| Income taxes | 67/77 | €35,893 | -€22,409 | -€58,302 | |
| Profit (loss) for the period | 9904 | €9,382 | €108,852 | +€99,470 | +1060.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,382 | €108,852 | +€99,470 | +1060.2% |
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 30 September 2026 via checked.be.