GERT SCHEPERS: 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 SCHEPERS
Largest movements
- Financial fixed assets -€184,057
down €184,057 (-22.2%), from €830,639 to €646,583
- Cash +€103,303
up €103,303 (+70.8%), from €145,917 to €249,220
mainly Net result for the year (+€240,629) and Other debts (+€182,039)
- Tangible fixed assets +€36,357
up €36,357 (+210%), from €17,307 to €53,664
of which Leasing and similar rights: +€36,451
- Receivables within one year -€24,796
down €24,796 (-41.2%), from €60,160 to €35,364
of which Other amounts receivable: -€19,796
- Current investments -€11,992
down €11,992 (-35.3%), from €33,984 to €21,992
- Other debts +€182,039
up €182,039 (+281%), from €64,706 to €246,745
- Debts after one year -€167,137
down €167,137 (-72.1%), from €231,917 to €64,780
- Reserves -€71,341
down €71,341 (-10.0%), from €709,874 to €638,533
of which Distributable reserves: -€71,341
- Current portion of long-term debt -€13,997
down €13,997 (-27.6%), from €50,732 to €36,735
- Financial income +€138,063
up €138,063 (+529%), from €26,078 to €164,141
of which Non-recurring financial income: +€137,726
- Gross operating margin -€73,783
down €73,783 (-36.7%), from €200,935 to €127,152
- Taxes -€29,950
down €29,950 (-52.1%), from €57,512 to €27,561
- Depreciation +€7,578
up €7,578 (+148%), from €5,108 to €12,686
- Financial charges +€4,489
up €4,489 (+135%), from €3,332 to €7,821
of which Financial charges: +€4,527
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 | €1,089,130 | €1,007,621 | -€81,509 | -7.5% |
| Fixed assets | 21/28 | €847,946 | €700,246 | -€147,700 | -17.4% |
| Tangible fixed assets | 22/27 | €17,307 | €53,664 | +€36,357 | +210% |
| Land and buildings | 22 | €4,004 | €2,617 | -€1,386 | -34.6% |
| Plant, machinery and equipment | 23 | - | €3,037 | +€3,037 | |
| Furniture and vehicles | 24 | €9,858 | €8,870 | -€988 | -10.0% |
| Leasing and similar rights | 25 | - | €36,451 | +€36,451 | |
| Other tangible fixed assets | 26 | €3,445 | €2,688 | -€757 | -22.0% |
| Financial fixed assets | 28 | €830,639 | €646,583 | -€184,057 | -22.2% |
| Current assets | 29/58 | €241,184 | €307,375 | +€66,191 | +27.4% |
| Amounts receivable within one year | 40/41 | €60,160 | €35,364 | -€24,796 | -41.2% |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €55,160 | €35,364 | -€19,796 | -35.9% |
| Current investments | 50/53 | €33,984 | €21,992 | -€11,992 | -35.3% |
| Cash at bank and in hand | 54/58 | €145,917 | €249,220 | +€103,303 | +70.8% |
| Deferred charges and accrued income | 490/1 | €1,123 | €799 | -€324 | -28.8% |
| Total equity and liabilities | 10/49 | €1,089,130 | €1,007,621 | -€81,509 | -7.5% |
| Equity | 10/15 | €728,474 | €657,133 | -€71,341 | -9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €709,874 | €638,533 | -€71,341 | -10.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €708,014 | €636,673 | -€71,341 | -10.1% |
| Amounts payable | 17/49 | €360,656 | €350,488 | -€10,168 | -2.8% |
| Amounts payable after more than one year | 17 | €231,917 | €64,780 | -€167,137 | -72.1% |
| Financial debts | 170/4 | €231,917 | €64,780 | -€167,137 | -72.1% |
| Amounts payable within one year | 42/48 | €128,739 | €285,708 | +€156,968 | +122% |
| Current portion of amounts payable after more than one year | 42 | €50,732 | €36,735 | -€13,997 | -27.6% |
| Trade debts | 44 | €3,213 | €2,227 | -€986 | -30.7% |
| Suppliers | 440/4 | €3,213 | €2,227 | -€986 | -30.7% |
| Taxes, remuneration and social security | 45 | €10,088 | - | -€10,088 | |
| Taxes | 450/3 | €7,253 | - | -€7,253 | |
| Remuneration and social security | 454/9 | €2,835 | - | -€2,835 | |
| Other amounts payable | 47/48 | €64,706 | €246,745 | +€182,039 | +281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,108 | €12,686 | +€7,578 | +148% |
| Other operating charges | 640/8 | €1,311 | €2,594 | +€1,283 | +97.9% |
| Non-recurring operating charges | 66A | €6,605 | - | -€6,605 | |
| Gross operating margin | 9900 | €200,935 | €127,152 | -€73,783 | -36.7% |
| Operating profit (loss) | 9901 | €187,910 | €111,871 | -€76,039 | -40.5% |
| Financial income | 75/76B | €26,078 | €164,141 | +€138,063 | +529% |
| Recurring financial income | 75 | €26,078 | €26,415 | +€337 | +1.3% |
| Non-recurring financial income | 76B | - | €137,726 | +€137,726 | |
| Financial charges | 65/66B | €3,332 | €7,821 | +€4,489 | +135% |
| Recurring financial charges | 65 | €3,295 | €7,821 | +€4,527 | +137% |
| Non-recurring financial charges | 66B | €37 | - | -€37 | |
| Profit (loss) for the period before taxes | 9903 | €210,656 | €268,191 | +€57,534 | +27.3% |
| Income taxes | 67/77 | €57,512 | €27,561 | -€29,950 | -52.1% |
| Profit (loss) for the period | 9904 | €153,145 | €240,629 | +€87,485 | +57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,145 | €240,629 | +€87,485 | +57.1% |
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 24 October 2026 via checked.be.