GERNIM: 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.
GERNIM
Largest movements
- Current investments +€1.4m
up €1.4m (+20.4%), from €7.0m to €8.5m
- Cash +€731,655
up €731,655 (+361.8%), from €202,230 to €933,885
mainly Net result for the year (+€2.5m) and Provisions (+€147,423)
- Receivables within one year +€190,906
up €190,906 (+137.2%), from €139,151 to €330,057
of which Trade receivables: +€99,937
- Reserves +€2.5m
up €2.5m (+33.5%), from €7.5m to €10.0m
of which Distributable reserves: +€2.7m
- Provisions +€147,423
up €147,423 (+8.0%), from €1.8m to €2.0m
of which Provisions for liabilities and charges: +€209,320
- Accrued charges and deferred income -€146,358
down €146,358 (-11.7%), from €1.3m to €1.1m
- Financial income +€1.9m
up €1.9m (+902.2%), from €208,244 to €2.1m
- Gross operating margin +€369,608
up €369,608 (+88.0%), from €420,067 to €789,675
- Provisions +€172,019
up €172,019 (+461.2%), from €37,300 to €209,319
- Taxes +€97,202
up €97,202 (+73.8%), from €131,670 to €228,872
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 | €11,498,900 | €13,937,230 | +€2.4m | +21.2% |
| Fixed assets | 21/28 | €4,123,308 | €4,206,396 | +€83,088 | +2.0% |
| Tangible fixed assets | 22/27 | €871,024 | €954,112 | +€83,088 | +9.5% |
| Land and buildings | 22 | €871,024 | €879,756 | +€8,732 | +1.0% |
| Assets under construction and advance payments | 27 | - | €74,356 | +€74,356 | |
| Financial fixed assets | 28 | €3,252,284 | €3,252,284 | = | 0.0% |
| Current assets | 29/58 | €7,375,592 | €9,730,834 | +€2.4m | +31.9% |
| Amounts receivable within one year | 40/41 | €139,151 | €330,057 | +€190,906 | +137.2% |
| Trade receivables | 40 | €103,112 | €203,049 | +€99,937 | +96.9% |
| Other amounts receivable | 41 | €36,039 | €127,008 | +€90,969 | +252.4% |
| Current investments | 50/53 | €7,034,208 | €8,466,892 | +€1.4m | +20.4% |
| Cash at bank and in hand | 54/58 | €202,230 | €933,885 | +€731,655 | +361.8% |
| Deferred charges and accrued income | 490/1 | €3 | - | -€3 | |
| Total equity and liabilities | 10/49 | €11,498,900 | €13,937,230 | +€2.4m | +21.2% |
| Equity | 10/15 | €8,000,277 | €10,419,858 | +€2.4m | +30.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €7,494,456 | €10,008,765 | +€2.5m | +33.5% |
| Non-distributable reserves | 130/1 | €145,050 | €145,050 | = | 0.0% |
| Legal reserve | 130 | €145,050 | €145,050 | = | 0.0% |
| Tax-exempt reserves | 132 | €349,406 | €163,715 | -€185,691 | -53.1% |
| Distributable reserves | 133 | €7,000,000 | €9,700,000 | +€2.7m | +38.6% |
| Profit (loss) carried forward | 14 | €105,821 | €11,093 | -€94,728 | -89.5% |
| Provisions and deferred taxes | 16 | €1,848,590 | €1,996,013 | +€147,423 | +8.0% |
| Provisions for liabilities and charges | 160/5 | €1,732,121 | €1,941,441 | +€209,320 | +12.1% |
| Other liabilities and charges | 164/5 | €1,732,121 | €1,941,441 | +€209,320 | +12.1% |
| Deferred taxes | 168 | €116,469 | €54,572 | -€61,897 | -53.1% |
| Amounts payable | 17/49 | €1,650,033 | €1,521,359 | -€128,674 | -7.8% |
| Amounts payable after more than one year | 17 | €12,520 | €5,120 | -€7,400 | -59.1% |
| Other amounts payable | 178/9 | €12,520 | €5,120 | -€7,400 | -59.1% |
| Amounts payable within one year | 42/48 | €385,611 | €410,695 | +€25,084 | +6.5% |
| Trade debts | 44 | €717 | €1,852 | +€1,135 | +158.3% |
| Suppliers | 440/4 | €717 | €1,852 | +€1,135 | +158.3% |
| Taxes, remuneration and social security | 45 | €34,264 | €18,115 | -€16,149 | -47.1% |
| Taxes | 450/3 | €34,264 | €18,115 | -€16,149 | -47.1% |
| Other amounts payable | 47/48 | €350,630 | €390,728 | +€40,098 | +11.4% |
| Accrued charges and deferred income | 492/3 | €1,251,902 | €1,105,544 | -€146,358 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,531 | €9,217 | +€686 | +8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €37,300 | €209,319 | +€172,019 | +461.2% |
| Other operating charges | 640/8 | €30,236 | €31,726 | +€1,490 | +4.9% |
| Gross operating margin | 9900 | €420,067 | €789,675 | +€369,608 | +88.0% |
| Operating profit (loss) | 9901 | €344,000 | €539,413 | +€195,413 | +56.8% |
| Financial income | 75/76B | €208,244 | €2,087,068 | +€1.9m | +902.2% |
| Recurring financial income | 75 | €208,244 | €2,087,068 | +€1.9m | +902.2% |
| Financial charges | 65/66B | €155 | -€75 | -€230 | |
| Recurring financial charges | 65 | €155 | -€75 | -€230 | |
| Profit (loss) for the period before taxes | 9903 | €552,089 | €2,626,556 | +€2.1m | +375.7% |
| Transfer from deferred taxes | 780 | - | €61,897 | +€61,897 | |
| Income taxes | 67/77 | €131,670 | €228,872 | +€97,202 | +73.8% |
| Profit (loss) for the period | 9904 | €420,419 | €2,459,581 | +€2.0m | +485.0% |
| Transfer from tax-exempt reserves | 789 | - | €185,691 | +€185,691 | |
| Profit (loss) for the period to be appropriated | 9905 | €420,419 | €2,645,272 | +€2.2m | +529.2% |
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 7 October 2026 via checked.be.