GERT CARDON: 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.
GERT CARDON
Largest movements
- Tangible fixed assets -€25,419
down €25,419 (-12.7%), from €200,052 to €174,633
of which Land and buildings: -€20,188
- Cash -€13,547
down €13,547 (-45.1%), from €30,010 to €16,464
mainly Debts after one year (-€37,829) and Net result for the year (-€30,279)
- Reserves -€44,297
down €44,297 (-43.3%), from €102,207 to €57,910
of which Tax-exempt reserves: -€26,286
- Debts after one year -€37,829
down €37,829 (-44.6%), from €84,786 to €46,957
- Other debts +€31,727
new in 2025: €31,727
- Profit (loss) carried forward +€14,018
up €14,018 (+77.8%), from -€18,010 to -€3,993
- Trade debts +€6,577
up €6,577 (+217%), from €3,034 to €9,610
- Gross operating margin -€15,935
down €15,935 (-68.2%), from €23,355 to €7,420
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 | €240,506 | €199,869 | -€40,638 | -16.9% |
| Fixed assets | 21/28 | €200,052 | €174,633 | -€25,419 | -12.7% |
| Tangible fixed assets | 22/27 | €200,052 | €174,633 | -€25,419 | -12.7% |
| Land and buildings | 22 | €193,683 | €173,494 | -€20,188 | -10.4% |
| Plant, machinery and equipment | 23 | €266 | - | -€266 | |
| Furniture and vehicles | 24 | €6,103 | €1,139 | -€4,964 | -81.3% |
| Current assets | 29/58 | €40,454 | €25,236 | -€15,219 | -37.6% |
| Amounts receivable within one year | 40/41 | €9,365 | €8,772 | -€593 | -6.3% |
| Trade receivables | 40 | €7,600 | €7,582 | -€18 | -0.2% |
| Other amounts receivable | 41 | €1,765 | €1,190 | -€575 | -32.6% |
| Cash at bank and in hand | 54/58 | €30,010 | €16,464 | -€13,547 | -45.1% |
| Deferred charges and accrued income | 490/1 | €1,079 | - | -€1,079 | |
| Total equity and liabilities | 10/49 | €240,506 | €199,869 | -€40,638 | -16.9% |
| Equity | 10/15 | €91,596 | €61,318 | -€30,279 | -33.1% |
| Contributions | 10/11 | €7,400 | €7,400 | = | 0.0% |
| Reserves | 13 | €102,207 | €57,910 | -€44,297 | -43.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,540 | €30,254 | -€26,286 | -46.5% |
| Distributable reserves | 133 | €43,807 | €25,797 | -€18,010 | -41.1% |
| Profit (loss) carried forward | 14 | -€18,010 | -€3,993 | +€14,018 | +77.8% |
| Provisions and deferred taxes | 16 | €14,135 | €7,595 | -€6,540 | -46.3% |
| Deferred taxes | 168 | €14,135 | €7,595 | -€6,540 | -46.3% |
| Amounts payable | 17/49 | €134,775 | €130,956 | -€3,819 | -2.8% |
| Amounts payable after more than one year | 17 | €84,786 | €46,957 | -€37,829 | -44.6% |
| Financial debts | 170/4 | €84,786 | €46,957 | -€37,829 | -44.6% |
| Amounts payable within one year | 42/48 | €49,989 | €83,999 | +€34,010 | +68.0% |
| Current portion of amounts payable after more than one year | 42 | €40,205 | €37,829 | -€2,376 | -5.9% |
| Trade debts | 44 | €3,034 | €9,610 | +€6,577 | +217% |
| Suppliers | 440/4 | €3,034 | €9,610 | +€6,577 | +217% |
| Advances received on contracts in progress | 46 | €6,525 | €4,400 | -€2,125 | -32.6% |
| Taxes, remuneration and social security | 45 | €225 | €432 | +€207 | +91.7% |
| Taxes | 450/3 | €225 | €432 | +€207 | +91.7% |
| Other amounts payable | 47/48 | - | €31,727 | +€31,727 | |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,020 | €32,061 | +€41 | +0.1% |
| Other operating charges | 640/8 | €8,793 | €8,751 | -€42 | -0.5% |
| Gross operating margin | 9900 | €23,355 | €7,420 | -€15,935 | -68.2% |
| Operating profit (loss) | 9901 | -€17,458 | -€33,392 | -€15,935 | -91.3% |
| Financial income | 75/76B | €21 | €0 | -€21 | -99.6% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -99.6% |
| Financial charges | 65/66B | €3,112 | €3,220 | +€108 | +3.5% |
| Recurring financial charges | 65 | €3,112 | €3,220 | +€108 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€20,549 | -€36,612 | -€16,063 | -78.2% |
| Transfer from deferred taxes | 780 | €553 | €6,540 | +€5,988 | +1,083% |
| Income taxes | 67/77 | €225 | €207 | -€19 | -8.3% |
| Profit (loss) for the period | 9904 | -€20,221 | -€30,279 | -€10,057 | -49.7% |
| Transfer from tax-exempt reserves | 789 | €2,211 | €26,286 | +€24,075 | +1,089% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,010 | -€3,993 | +€14,018 | +77.8% |
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 29 October 2026 via checked.be.