Gersam: what changed
Two financial 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.
Gersam
Largest movements
- Financial fixed assets -€77,000
down €77,000 (-90.6%), from €85,000 to €8,000
- Receivables within one year +€57,503
up €57,503 (+25.1%), from €229,168 to €286,670
of which Other amounts receivable: +€35,000
- Intangible fixed assets -€50,000
down €50,000 (-19.0%), from €262,639 to €212,639
- Deferred charges and accrued income -€25,177
down €25,177 (-46.7%), from €53,958 to €28,781
- Tangible fixed assets -€19,398
down €19,398 (-19.6%), from €99,205 to €79,807
of which Furniture and vehicles: -€15,831
- Reserves -€75,553
down €75,553 (-8.1%), from €927,383 to €851,830
of which Distributable reserves: -€75,553
- Current portion of long-term debt -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tax, wage and social debts +€48,678
up €48,678 (+262%), from €18,581 to €67,259
- Other debts -€13,141
down €13,141 (-52.2%), from €25,195 to €12,055
- Gross operating margin -€13,966
down €13,966 (-3.7%), from €374,393 to €360,427
- Taxes +€8,612
up €8,612 (+10.1%), from €85,101 to €93,714
- Financial income +€6,561
up €6,561 (+147%), from €4,467 to €11,027
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.
Derived cash bridge
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 | €1,036,083 | €938,556 | -€97,527 | -9.4% |
| Fixed assets | 21/28 | €446,844 | €300,446 | -€146,398 | -32.8% |
| Intangible fixed assets | 21 | €262,639 | €212,639 | -€50,000 | -19.0% |
| Tangible fixed assets | 22/27 | €99,205 | €79,807 | -€19,398 | -19.6% |
| Land and buildings | 22 | €27,367 | €25,677 | -€1,691 | -6.2% |
| Furniture and vehicles | 24 | €59,962 | €44,131 | -€15,831 | -26.4% |
| Other tangible fixed assets | 26 | €11,876 | €9,999 | -€1,877 | -15.8% |
| Financial fixed assets | 28 | €85,000 | €8,000 | -€77,000 | -90.6% |
| Current assets | 29/58 | €589,240 | €638,111 | +€48,871 | +8.3% |
| Amounts receivable within one year | 40/41 | €229,168 | €286,670 | +€57,503 | +25.1% |
| Trade receivables | 40 | €229,168 | €251,670 | +€22,503 | +9.8% |
| Other amounts receivable | 41 | - | €35,000 | +€35,000 | |
| Current investments | 50/53 | €252,000 | €259,000 | +€7,000 | +2.8% |
| Cash at bank and in hand | 54/58 | €54,114 | €63,659 | +€9,545 | +17.6% |
| Deferred charges and accrued income | 490/1 | €53,958 | €28,781 | -€25,177 | -46.7% |
| Total equity and liabilities | 10/49 | €1,036,083 | €938,556 | -€97,527 | -9.4% |
| Equity | 10/15 | €932,383 | €856,830 | -€75,553 | -8.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €927,383 | €851,830 | -€75,553 | -8.1% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €843,183 | €767,630 | -€75,553 | -9.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €103,700 | €81,727 | -€21,973 | -21.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €94,430 | €80,804 | -€13,626 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €653 | €1,490 | +€837 | +128% |
| Suppliers | 440/4 | €653 | €1,490 | +€837 | +128% |
| Taxes, remuneration and social security | 45 | €18,581 | €67,259 | +€48,678 | +262% |
| Taxes | 450/3 | €18,581 | €67,259 | +€48,678 | +262% |
| Other amounts payable | 47/48 | €25,195 | €12,055 | -€13,141 | -52.2% |
| Accrued charges and deferred income | 492/3 | €9,270 | €923 | -€8,347 | -90.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,325 | €71,008 | +€683 | +1.0% |
| Other operating charges | 640/8 | €1,517 | €1,626 | +€109 | +7.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €374,393 | €360,427 | -€13,966 | -3.7% |
| Operating profit (loss) | 9901 | €302,551 | €287,794 | -€14,757 | -4.9% |
| Financial income | 75/76B | €4,467 | €11,027 | +€6,561 | +147% |
| Recurring financial income | 75 | €4,467 | €11,027 | +€6,561 | +147% |
| Financial charges | 65/66B | €2,703 | €3,661 | +€958 | +35.4% |
| Recurring financial charges | 65 | €2,703 | €3,661 | +€958 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €304,315 | €295,160 | -€9,155 | -3.0% |
| Income taxes | 67/77 | €85,101 | €93,714 | +€8,612 | +10.1% |
| Profit (loss) for the period | 9904 | €219,213 | €201,447 | -€17,767 | -8.1% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €135,013 | €201,447 | +€66,433 | +49.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.