Gertelek: 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.
Gertelek
Largest movements
- Stocks and contracts -€8,257
down €8,257 (-66.8%), from €12,354 to €4,097
of which Contracts in progress: -€7,732
- Cash +€3,318
up €3,318 (+335.8%), from €988 to €4,306
mainly Tax, wage and social debts (+€10,018) and Stocks and contracts (+€8,257)
- Receivables within one year -€2,080
down €2,080 (-24.8%), from €8,378 to €6,298
of which Other amounts receivable: -€2,346
- Tangible fixed assets -€259
down €259 (-33.1%), from €783 to €524
- Profit (loss) carried forward -€24,324
down €24,324 (-108.8%), from -€22,357 to -€46,681
- Tax, wage and social debts +€10,018
up €10,018 (+65.8%), from €15,225 to €25,243
of which Remuneration and social security: +€10,000
- Other debts +€4,822
up €4,822 (+743.7%), from €648 to €5,470
- Trade debts +€2,361
up €2,361 (+19.9%), from €11,846 to €14,207
- Gross operating margin -€18,875
down €18,875 (-794.0%), from -€2,377 to -€21,252
- Depreciation -€2,876
down €2,876 (-91.7%), from €3,135 to €259
- Write-downs -€1,348
no longer reported in 2025 (was €1,348)
- Financial charges +€250
up €250 (+34.9%), from €716 to €967
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 | €22,575 | €15,299 | -€7,276 | -32.2% |
| Fixed assets | 21/28 | €783 | €524 | -€259 | -33.1% |
| Tangible fixed assets | 22/27 | €783 | €524 | -€259 | -33.1% |
| Plant, machinery and equipment | 23 | €783 | €524 | -€259 | -33.1% |
| Current assets | 29/58 | €21,792 | €14,775 | -€7,017 | -32.2% |
| Stocks and contracts in progress | 3 | €12,354 | €4,097 | -€8,257 | -66.8% |
| Stocks | 30/36 | €4,621 | €4,097 | -€524 | -11.3% |
| Contracts in progress | 37 | €7,732 | - | -€7,732 | |
| Amounts receivable within one year | 40/41 | €8,378 | €6,298 | -€2,080 | -24.8% |
| Trade receivables | 40 | €3,206 | €3,472 | +€266 | +8.3% |
| Other amounts receivable | 41 | €5,172 | €2,827 | -€2,346 | -45.3% |
| Cash at bank and in hand | 54/58 | €988 | €4,306 | +€3,318 | +335.8% |
| Deferred charges and accrued income | 490/1 | €72 | €73 | +€2 | +2.2% |
| Total equity and liabilities | 10/49 | €22,575 | €15,299 | -€7,276 | -32.2% |
| Equity | 10/15 | -€5,297 | -€29,621 | -€24,324 | -459.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,660 | €4,660 | = | 0.0% |
| Distributable reserves | 133 | €4,660 | €4,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,357 | -€46,681 | -€24,324 | -108.8% |
| Amounts payable | 17/49 | €27,872 | €44,920 | +€17,048 | +61.2% |
| Amounts payable within one year | 42/48 | €27,872 | €44,920 | +€17,048 | +61.2% |
| Financial debts | 43 | €153 | - | -€153 | |
| Credit institutions | 430/8 | €153 | - | -€153 | |
| Trade debts | 44 | €11,846 | €14,207 | +€2,361 | +19.9% |
| Suppliers | 440/4 | €11,846 | €14,207 | +€2,361 | +19.9% |
| Taxes, remuneration and social security | 45 | €15,225 | €25,243 | +€10,018 | +65.8% |
| Taxes | 450/3 | €225 | €243 | +€18 | +8.0% |
| Remuneration and social security | 454/9 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Other amounts payable | 47/48 | €648 | €5,470 | +€4,822 | +743.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,135 | €259 | -€2,876 | -91.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,348 | - | -€1,348 | |
| Other operating charges | 640/8 | €1,483 | €1,619 | +€137 | +9.2% |
| Gross operating margin | 9900 | -€2,377 | -€21,252 | -€18,875 | -794.0% |
| Operating profit (loss) | 9901 | -€8,343 | -€23,130 | -€14,787 | -177.2% |
| Financial income | 75/76B | €1 | €16 | +€15 | +2855.6% |
| Recurring financial income | 75 | €1 | €16 | +€15 | +2855.6% |
| Financial charges | 65/66B | €716 | €967 | +€250 | +34.9% |
| Recurring financial charges | 65 | €716 | €967 | +€250 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,059 | -€24,081 | -€15,022 | -165.8% |
| Income taxes | 67/77 | €225 | €243 | +€18 | +8.0% |
| Profit (loss) for the period | 9904 | -€9,284 | -€24,324 | -€15,040 | -162.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,284 | -€24,324 | -€15,040 | -162.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.