GERMY: 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.
GERMY
Largest movements
- Tangible fixed assets +€656,968
up €656,968 (+1651.9%), from €39,771 to €696,739
of which Land and buildings: +€663,526
- Receivables within one year -€85,768
down €85,768 (-31.4%), from €273,408 to €187,641
of which Trade receivables: -€46,625
- Current investments +€75,553
up €75,553 (+4123.7%), from €1,832 to €77,385
- Cash -€12,201
down €12,201 (-27.2%), from €44,778 to €32,577
mainly Investment in fixed assets (net) (-€680,817) and Current investments (-€75,553)
- Debts after one year +€469,126
up €469,126 (+6283.7%), from €7,466 to €476,592
of which Financial debts: +€469,126
- Profit (loss) carried forward +€86,816
up €86,816 (+30.7%), from €282,607 to €369,423
- Trade debts +€64,298
up €64,298 (+235.4%), from €27,309 to €91,607
- Reserves -€19,410
down €19,410 (-91.3%), from €21,269 to €1,859
of which Distributable reserves: -€19,410
- Tax, wage and social debts +€15,426
up €15,426 (+144.5%), from €10,674 to €26,100
of which Remuneration and social security: +€8,213
- Gross operating margin +€99,317
up €99,317 (+46.8%), from €212,037 to €311,353
- Staff costs +€20,405
up €20,405 (+13.2%), from €154,507 to €174,912
- Financial charges +€16,901
up €16,901 (+1699.2%), from €995 to €17,896
- Financial income -€11,829
down €11,829 (-99.7%), from €11,870 to €41
- Depreciation +€5,469
up €5,469 (+29.8%), from €18,380 to €23,849
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 | €369,720 | €1,000,771 | +€631,051 | +170.7% |
| Fixed assets | 21/28 | €39,771 | €696,739 | +€656,968 | +1651.9% |
| Tangible fixed assets | 22/27 | €39,771 | €696,739 | +€656,968 | +1651.9% |
| Land and buildings | 22 | - | €663,526 | +€663,526 | |
| Plant, machinery and equipment | 23 | €25,104 | €23,553 | -€1,551 | -6.2% |
| Other tangible fixed assets | 26 | €14,667 | €9,660 | -€5,007 | -34.1% |
| Current assets | 29/58 | €329,949 | €304,033 | -€25,916 | -7.9% |
| Stocks and contracts in progress | 3 | €9,930 | €6,430 | -€3,500 | -35.2% |
| Stocks | 30/36 | €9,930 | €6,430 | -€3,500 | -35.2% |
| Amounts receivable within one year | 40/41 | €273,408 | €187,641 | -€85,768 | -31.4% |
| Trade receivables | 40 | €52,213 | €5,588 | -€46,625 | -89.3% |
| Other amounts receivable | 41 | €221,195 | €182,052 | -€39,143 | -17.7% |
| Current investments | 50/53 | €1,832 | €77,385 | +€75,553 | +4123.7% |
| Cash at bank and in hand | 54/58 | €44,778 | €32,577 | -€12,201 | -27.2% |
| Total equity and liabilities | 10/49 | €369,720 | €1,000,771 | +€631,051 | +170.7% |
| Equity | 10/15 | €322,468 | €389,874 | +€67,406 | +20.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €21,269 | €1,859 | -€19,410 | -91.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €19,410 | - | -€19,410 | |
| Profit (loss) carried forward | 14 | €282,607 | €369,423 | +€86,816 | +30.7% |
| Amounts payable | 17/49 | €47,252 | €610,897 | +€563,645 | +1192.9% |
| Amounts payable after more than one year | 17 | €7,466 | €476,592 | +€469,126 | +6283.7% |
| Financial debts | 170/4 | €3,600 | €472,726 | +€469,126 | +13031.3% |
| Advances received on contracts in progress | 176 | €3,866 | €3,866 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,786 | €134,305 | +€94,519 | +237.6% |
| Current portion of amounts payable after more than one year | 42 | €1,803 | €16,598 | +€14,795 | +820.8% |
| Trade debts | 44 | €27,309 | €91,607 | +€64,298 | +235.4% |
| Suppliers | 440/4 | €27,309 | €91,607 | +€64,298 | +235.4% |
| Taxes, remuneration and social security | 45 | €10,674 | €26,100 | +€15,426 | +144.5% |
| Taxes | 450/3 | €323 | €7,536 | +€7,212 | +2230.0% |
| Remuneration and social security | 454/9 | €10,351 | €18,564 | +€8,213 | +79.3% |
| Remuneration, social security and pensions | 62 | €154,507 | €174,912 | +€20,405 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,380 | €23,849 | +€5,469 | +29.8% |
| Other operating charges | 640/8 | €9,648 | €5,565 | -€4,083 | -42.3% |
| Gross operating margin | 9900 | €212,037 | €311,353 | +€99,317 | +46.8% |
| Operating profit (loss) | 9901 | €29,502 | €107,027 | +€77,526 | +262.8% |
| Financial income | 75/76B | €11,870 | €41 | -€11,829 | -99.7% |
| Recurring financial income | 75 | €11,870 | €41 | -€11,829 | -99.7% |
| Financial charges | 65/66B | €995 | €17,896 | +€16,901 | +1699.2% |
| Recurring financial charges | 65 | €995 | €17,896 | +€16,901 | +1699.2% |
| Profit (loss) for the period before taxes | 9903 | €40,377 | €89,173 | +€48,796 | +120.9% |
| Income taxes | 67/77 | €1,000 | €2,357 | +€1,357 | +135.7% |
| Profit (loss) for the period | 9904 | €39,377 | €86,816 | +€47,439 | +120.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,377 | €86,816 | +€47,439 | +120.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.