GERTINA: 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.
GERTINA
Largest movements
- Tangible fixed assets +€103,797
up €103,797 (+9.6%), from €1.1m to €1.2m
of which Plant, machinery and equipment: +€73,449
- Receivables within one year +€41,403
up €41,403 (+985.7%), from €4,200 to €45,603
of which Trade receivables: +€22,165
- Short-term financial debts +€50,772
up €50,772 (+17.3%), from €293,500 to €344,272
- Trade debts +€38,962
up €38,962 (+137.4%), from €28,358 to €67,320
- Tax, wage and social debts +€19,214
up €19,214 (+72.1%), from €26,666 to €45,881
- Financial charges -€36,701
down €36,701 (-60.4%), from €60,786 to €24,085
- Gross operating margin +€8,552
up €8,552 (+5.8%), from €148,274 to €156,826
- Taxes +€8,485
up €8,485 (+35.6%), from €23,851 to €32,336
- Depreciation +€7,330
up €7,330 (+284.2%), from €2,579 to €9,909
- Financial income -€5,010
down €5,010 (-71.5%), from €7,012 to €2,002
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 | €1,543,192 | €1,680,584 | +€137,393 | +8.9% |
| Fixed assets | 21/28 | €1,081,139 | €1,184,936 | +€103,797 | +9.6% |
| Tangible fixed assets | 22/27 | €1,081,139 | €1,184,936 | +€103,797 | +9.6% |
| Land and buildings | 22 | €1,081,139 | €1,087,984 | +€6,845 | +0.6% |
| Plant, machinery and equipment | 23 | - | €73,449 | +€73,449 | |
| Furniture and vehicles | 24 | - | €23,503 | +€23,503 | |
| Current assets | 29/58 | €462,052 | €495,648 | +€33,596 | +7.3% |
| Amounts receivable after more than one year | 29 | €445,247 | €435,000 | -€10,247 | -2.3% |
| Other amounts receivable | 291 | €445,247 | €435,000 | -€10,247 | -2.3% |
| Amounts receivable within one year | 40/41 | €4,200 | €45,603 | +€41,403 | +985.7% |
| Trade receivables | 40 | €2,904 | €25,069 | +€22,165 | +763.2% |
| Other amounts receivable | 41 | €1,296 | €20,534 | +€19,238 | +1484.3% |
| Cash at bank and in hand | 54/58 | €1,105 | €10,439 | +€9,334 | +844.4% |
| Deferred charges and accrued income | 490/1 | €11,500 | €4,606 | -€6,894 | -59.9% |
| Total equity and liabilities | 10/49 | €1,543,192 | €1,680,584 | +€137,393 | +8.9% |
| Equity | 10/15 | €250,919 | €250,919 | = | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €188,919 | €188,919 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €182,719 | €182,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,292,273 | €1,429,665 | +€137,393 | +10.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,255,935 | €1,392,210 | +€136,276 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €8,628 | €19,810 | +€11,182 | +129.6% |
| Financial debts | 43 | €293,500 | €344,272 | +€50,772 | +17.3% |
| Credit institutions | 430/8 | €293,500 | €344,272 | +€50,772 | +17.3% |
| Trade debts | 44 | €28,358 | €67,320 | +€38,962 | +137.4% |
| Suppliers | 440/4 | €28,358 | €67,320 | +€38,962 | +137.4% |
| Taxes, remuneration and social security | 45 | €26,666 | €45,881 | +€19,214 | +72.1% |
| Taxes | 450/3 | €26,666 | €45,881 | +€19,214 | +72.1% |
| Other amounts payable | 47/48 | €898,783 | €914,928 | +€16,144 | +1.8% |
| Accrued charges and deferred income | 492/3 | €36,338 | €37,455 | +€1,117 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,579 | €9,909 | +€7,330 | +284.2% |
| Other operating charges | 640/8 | €6,042 | €6,527 | +€485 | +8.0% |
| Gross operating margin | 9900 | €148,274 | €156,826 | +€8,552 | +5.8% |
| Operating profit (loss) | 9901 | €139,653 | €140,390 | +€737 | +0.5% |
| Financial income | 75/76B | €7,012 | €2,002 | -€5,010 | -71.5% |
| Recurring financial income | 75 | €7,012 | €2,002 | -€5,010 | -71.5% |
| Financial charges | 65/66B | €60,786 | €24,085 | -€36,701 | -60.4% |
| Recurring financial charges | 65 | €60,786 | €24,085 | -€36,701 | -60.4% |
| Profit (loss) for the period before taxes | 9903 | €85,879 | €118,307 | +€32,428 | +37.8% |
| Income taxes | 67/77 | €23,851 | €32,336 | +€8,485 | +35.6% |
| Profit (loss) for the period | 9904 | €62,028 | €85,971 | +€23,943 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,028 | €85,971 | +€23,943 | +38.6% |
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 8 October 2026 via checked.be.