GERNAU: 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.
GERNAU
Largest movements
- Receivables within one year +€176,910
up €176,910 (+92.3%), from €191,692 to €368,602
of which Other amounts receivable: +€196,410
- Cash -€13,769
down €13,769 (-3.2%), from €434,308 to €420,539
mainly Receivables within one year (-€176,910) and Investment in fixed assets (net) (-€80,695)
- Trade debts +€112,489
up €112,489 (+146.0%), from €77,028 to €189,517
- Reserves +€48,955
up €48,955 (+13.4%), from €364,362 to €413,317
of which Distributable reserves: +€54,537
- Gross operating margin +€8,464
up €8,464 (+5.4%), from €157,566 to €166,030
- Taxes +€4,133
up €4,133 (+26.3%), from €15,735 to €19,868
- Depreciation -€2,929
down €2,929 (-3.6%), from €81,616 to €78,687
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 | €1,173,359 | €1,338,508 | +€165,149 | +14.1% |
| Fixed assets | 21/28 | €546,743 | €548,751 | +€2,008 | +0.4% |
| Tangible fixed assets | 22/27 | €546,743 | €548,751 | +€2,008 | +0.4% |
| Land and buildings | 22 | €398,330 | €373,801 | -€24,529 | -6.2% |
| Plant, machinery and equipment | 23 | €131,726 | €119,999 | -€11,727 | -8.9% |
| Furniture and vehicles | 24 | €16,687 | €54,951 | +€38,264 | +229.3% |
| Current assets | 29/58 | €626,616 | €789,757 | +€163,141 | +26.0% |
| Amounts receivable within one year | 40/41 | €191,692 | €368,602 | +€176,910 | +92.3% |
| Trade receivables | 40 | €19,500 | - | -€19,500 | |
| Other amounts receivable | 41 | €172,192 | €368,602 | +€196,410 | +114.1% |
| Cash at bank and in hand | 54/58 | €434,308 | €420,539 | -€13,769 | -3.2% |
| Deferred charges and accrued income | 490/1 | €616 | €616 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,173,359 | €1,338,508 | +€165,149 | +14.1% |
| Equity | 10/15 | €398,322 | €447,277 | +€48,955 | +12.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €15,368 | €15,368 | = | 0.0% |
| Reserves | 13 | €364,362 | €413,317 | +€48,955 | +13.4% |
| Tax-exempt reserves | 132 | €13,049 | €7,467 | -€5,582 | -42.8% |
| Distributable reserves | 133 | €351,313 | €405,850 | +€54,537 | +15.5% |
| Provisions and deferred taxes | 16 | €15,240 | €2,489 | -€12,751 | -83.7% |
| Deferred taxes | 168 | €15,240 | €2,489 | -€12,751 | -83.7% |
| Amounts payable | 17/49 | €759,797 | €888,742 | +€128,945 | +17.0% |
| Amounts payable after more than one year | 17 | €26,747 | €31,748 | +€5,001 | +18.7% |
| Other amounts payable | 178/9 | €26,747 | €31,748 | +€5,001 | +18.7% |
| Amounts payable within one year | 42/48 | €721,235 | €833,751 | +€112,516 | +15.6% |
| Trade debts | 44 | €77,028 | €189,517 | +€112,489 | +146.0% |
| Suppliers | 440/4 | €77,028 | €189,517 | +€112,489 | +146.0% |
| Taxes, remuneration and social security | 45 | €7,500 | €7,529 | +€29 | +0.4% |
| Taxes | 450/3 | €7,500 | €7,529 | +€29 | +0.4% |
| Other amounts payable | 47/48 | €636,707 | €636,705 | -€2 | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,815 | €23,243 | +€11,428 | +96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,616 | €78,687 | -€2,929 | -3.6% |
| Other operating charges | 640/8 | €21,700 | €23,062 | +€1,362 | +6.3% |
| Gross operating margin | 9900 | €157,566 | €166,030 | +€8,464 | +5.4% |
| Operating profit (loss) | 9901 | €54,250 | €64,281 | +€10,031 | +18.5% |
| Financial income | 75/76B | €1,317 | €2,794 | +€1,477 | +112.1% |
| Recurring financial income | 75 | €1,317 | €2,794 | +€1,477 | +112.1% |
| Financial charges | 65/66B | €11,884 | €11,004 | -€880 | -7.4% |
| Recurring financial charges | 65 | €11,884 | €11,004 | -€880 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €43,683 | €56,071 | +€12,388 | +28.4% |
| Transfer from deferred taxes | 780 | €5,424 | €5,424 | = | 0.0% |
| Income taxes | 67/77 | €15,735 | €19,868 | +€4,133 | +26.3% |
| Profit (loss) for the period | 9904 | €33,372 | €41,627 | +€8,255 | +24.7% |
| Transfer from tax-exempt reserves | 789 | €12,910 | €12,910 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,282 | €54,537 | +€8,255 | +17.8% |
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 6 October 2026 via checked.be.