GERNAL: 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.
GERNAL
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+48.0%), from €2.3m to €3.4m
of which Contracts in progress: +€1.0m
- Current investments +€1.0m
up €1.0m (+61.7%), from €1.6m to €2.6m
- Receivables within one year -€479,909
down €479,909 (-31.2%), from €1.5m to €1.1m
of which Trade receivables: -€610,469
- Deferred charges and accrued income +€244,962
up €244,962 (+2638.8%), from €9,283 to €254,245
- Cash -€226,295
down €226,295 (-47.6%), from €475,067 to €248,772
mainly Stocks and contracts (-€1.1m) and Current investments (-€1.0m)
- Advances received +€1.6m
up €1.6m (+127.1%), from €1.3m to €2.8m
- Profit (loss) carried forward +€887,653
up €887,653 (+58.2%), from €1.5m to €2.4m
- Other debts -€753,141
down €753,141 (-100.0%), from €753,141 to €0
- Trade debts +€240,456
up €240,456 (+42.5%), from €566,202 to €806,658
- Tax, wage and social debts -€211,349
down €211,349 (-44.7%), from €473,309 to €261,960
of which Taxes: -€158,296
- Gross operating margin -€757,168
down €757,168 (-20.1%), from €3.8m to €3.0m
- Taxes -€170,217
down €170,217 (-36.3%), from €469,018 to €298,801
- Depreciation +€42,686
up €42,686 (+39.0%), from €109,339 to €152,024
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 | €7,634,879 | €9,392,121 | +€1.8m | +23.0% |
| Fixed assets | 21/28 | €1,718,065 | €1,844,406 | +€126,341 | +7.4% |
| Tangible fixed assets | 22/27 | €1,716,605 | €1,842,946 | +€126,341 | +7.4% |
| Land and buildings | 22 | €1,316,613 | €1,309,688 | -€6,925 | -0.5% |
| Plant, machinery and equipment | 23 | €183,896 | €262,654 | +€78,758 | +42.8% |
| Furniture and vehicles | 24 | €216,096 | €270,605 | +€54,508 | +25.2% |
| Financial fixed assets | 28 | €1,460 | €1,460 | = | 0.0% |
| Current assets | 29/58 | €5,916,814 | €7,547,716 | +€1.6m | +27.6% |
| Stocks and contracts in progress | 3 | €2,271,875 | €3,363,046 | +€1.1m | +48.0% |
| Stocks | 30/36 | €1,169,585 | €1,241,570 | +€71,985 | +6.2% |
| Contracts in progress | 37 | €1,102,291 | €2,121,476 | +€1.0m | +92.5% |
| Amounts receivable within one year | 40/41 | €1,539,128 | €1,059,219 | -€479,909 | -31.2% |
| Trade receivables | 40 | €1,514,335 | €903,865 | -€610,469 | -40.3% |
| Other amounts receivable | 41 | €24,793 | €155,354 | +€130,560 | +526.6% |
| Current investments | 50/53 | €1,621,461 | €2,622,434 | +€1.0m | +61.7% |
| Cash at bank and in hand | 54/58 | €475,067 | €248,772 | -€226,295 | -47.6% |
| Deferred charges and accrued income | 490/1 | €9,283 | €254,245 | +€244,962 | +2638.8% |
| Total equity and liabilities | 10/49 | €7,634,879 | €9,392,121 | +€1.8m | +23.0% |
| Equity | 10/15 | €4,559,672 | €5,447,326 | +€887,653 | +19.5% |
| Contributions | 10/11 | €79,000 | €79,000 | = | 0.0% |
| Capital | 10 | €79,000 | €79,000 | = | 0.0% |
| Issued capital | 100 | €79,000 | €79,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,175,000 | €1,175,000 | = | 0.0% |
| Reserves | 13 | €1,781,376 | €1,781,376 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,217 | €16,217 | = | 0.0% |
| Legal reserve | 130 | €7,900 | €7,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,317 | €8,317 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,063,100 | €1,063,100 | = | 0.0% |
| Distributable reserves | 133 | €702,059 | €702,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,524,296 | €2,411,949 | +€887,653 | +58.2% |
| Amounts payable | 17/49 | €3,075,206 | €3,944,796 | +€869,589 | +28.3% |
| Amounts payable within one year | 42/48 | €3,044,467 | €3,911,891 | +€867,424 | +28.5% |
| Trade debts | 44 | €566,202 | €806,658 | +€240,456 | +42.5% |
| Suppliers | 440/4 | €566,202 | €806,658 | +€240,456 | +42.5% |
| Advances received on contracts in progress | 46 | €1,251,816 | €2,843,274 | +€1.6m | +127.1% |
| Taxes, remuneration and social security | 45 | €473,309 | €261,960 | -€211,349 | -44.7% |
| Taxes | 450/3 | €163,497 | €5,201 | -€158,296 | -96.8% |
| Remuneration and social security | 454/9 | €309,811 | €256,758 | -€53,053 | -17.1% |
| Other amounts payable | 47/48 | €753,141 | €0 | -€753,141 | -100.0% |
| Accrued charges and deferred income | 492/3 | €30,739 | €32,904 | +€2,165 | +7.0% |
| Non-recurring operating income | 76A | €142,624 | €116,351 | -€26,274 | -18.4% |
| Remuneration, social security and pensions | 62 | €1,577,379 | €1,613,531 | +€36,151 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,339 | €152,024 | +€42,686 | +39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,316 | €0 | -€2,316 | -100.0% |
| Other operating charges | 640/8 | €61,023 | €66,561 | +€5,538 | +9.1% |
| Non-recurring operating charges | 66A | €0 | €4,888 | +€4,888 | |
| Gross operating margin | 9900 | €3,758,969 | €3,001,801 | -€757,168 | -20.1% |
| Operating profit (loss) | 9901 | €2,008,912 | €1,164,798 | -€844,115 | -42.0% |
| Financial income | 75/76B | €32,734 | €30,493 | -€2,241 | -6.8% |
| Recurring financial income | 75 | €32,734 | €30,493 | -€2,241 | -6.8% |
| Financial charges | 65/66B | €7,389 | €8,836 | +€1,447 | +19.6% |
| Recurring financial charges | 65 | €7,389 | €8,836 | +€1,447 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €2,034,257 | €1,186,455 | -€847,803 | -41.7% |
| Income taxes | 67/77 | €469,018 | €298,801 | -€170,217 | -36.3% |
| Profit (loss) for the period | 9904 | €1,565,239 | €887,653 | -€677,586 | -43.3% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €1,052,500 | €0 | -€1.1m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €512,739 | €887,653 | +€374,914 | +73.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.