GERPOL: 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.
GERPOL
Largest movements
- Cash -€342,887
down €342,887 (-41.6%), from €825,146 to €482,259
mainly Contributions, distributions and other (-€420,000) and Receivables within one year (-€161,992)
- Receivables within one year +€161,992
up €161,992 (+15.0%), from €1.1m to €1.2m
of which Other amounts receivable: +€337,055
- Other debts +€476,836
up €476,836 (+170.3%), from €280,000 to €756,836
- Reserves -€354,480
down €354,480 (-38.5%), from €919,814 to €565,333
of which Distributable reserves: -€354,480
- Trade debts -€159,721
down €159,721 (-38.2%), from €418,222 to €258,501
- Tax, wage and social debts -€62,970
down €62,970 (-32.8%), from €192,178 to €129,208
of which Remuneration and social security: -€45,889
- Debts after one year -€50,620
no longer reported in 2025 (was €50,620)
- Gross operating margin -€1.4m
down €1.4m (-98.8%), from €1.4m to €17,029
- Staff costs -€706,293
down €706,293, from €686,955 to -€19,338
- Taxes -€276,051
down €276,051, from €225,665 to -€50,387
- Write-downs -€110,284
no longer reported in 2025 (was €110,284)
- Depreciation -€84,858
no longer reported in 2025 (was €84,858)
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 | €1,907,174 | €1,722,278 | -€184,895 | -9.7% |
| Fixed assets | 21/28 | €4,000 | - | -€4,000 | |
| Financial fixed assets | 28 | €4,000 | - | -€4,000 | |
| Current assets | 29/58 | €1,903,174 | €1,722,278 | -€180,895 | -9.5% |
| Amounts receivable within one year | 40/41 | €1,078,028 | €1,240,020 | +€161,992 | +15.0% |
| Trade receivables | 40 | €421,077 | €246,014 | -€175,063 | -41.6% |
| Other amounts receivable | 41 | €656,951 | €994,006 | +€337,055 | +51.3% |
| Cash at bank and in hand | 54/58 | €825,146 | €482,259 | -€342,887 | -41.6% |
| Total equity and liabilities | 10/49 | €1,907,174 | €1,722,278 | -€184,895 | -9.7% |
| Equity | 10/15 | €932,214 | €577,733 | -€354,480 | -38.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €919,814 | €565,333 | -€354,480 | -38.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €917,959 | €563,478 | -€354,480 | -38.6% |
| Amounts payable | 17/49 | €974,960 | €1,144,545 | +€169,585 | +17.4% |
| Amounts payable after more than one year | 17 | €50,620 | - | -€50,620 | |
| Financial debts | 170/4 | €50,620 | - | -€50,620 | |
| Amounts payable within one year | 42/48 | €924,340 | €1,144,545 | +€220,205 | +23.8% |
| Financial debts | 43 | €33,939 | - | -€33,939 | |
| Credit institutions | 430/8 | €33,939 | - | -€33,939 | |
| Trade debts | 44 | €418,222 | €258,501 | -€159,721 | -38.2% |
| Suppliers | 440/4 | €418,222 | €258,501 | -€159,721 | -38.2% |
| Taxes, remuneration and social security | 45 | €192,178 | €129,208 | -€62,970 | -32.8% |
| Taxes | 450/3 | €146,289 | €129,208 | -€17,081 | -11.7% |
| Remuneration and social security | 454/9 | €45,889 | - | -€45,889 | |
| Other amounts payable | 47/48 | €280,000 | €756,836 | +€476,836 | +170.3% |
| Non-recurring operating income | 76A | €6,783 | - | -€6,783 | |
| Remuneration, social security and pensions | 62 | €686,955 | -€19,338 | -€706,293 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,858 | - | -€84,858 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €110,284 | - | -€110,284 | |
| Other operating charges | 640/8 | €7,516 | €1,733 | -€5,782 | -76.9% |
| Gross operating margin | 9900 | €1,415,256 | €17,029 | -€1.4m | -98.8% |
| Operating profit (loss) | 9901 | €525,643 | €34,634 | -€491,009 | -93.4% |
| Financial income | 75/76B | €2,645 | €0 | -€2,645 | -100.0% |
| Recurring financial income | 75 | €2,645 | €0 | -€2,645 | -100.0% |
| Financial charges | 65/66B | €19,654 | €19,501 | -€153 | -0.8% |
| Recurring financial charges | 65 | €19,654 | €19,501 | -€153 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €508,633 | €15,133 | -€493,500 | -97.0% |
| Income taxes | 67/77 | €225,665 | -€50,387 | -€276,051 | |
| Profit (loss) for the period | 9904 | €282,969 | €65,520 | -€217,449 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | €282,969 | €65,520 | -€217,449 | -76.8% |
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 9 October 2026 via checked.be.