GERTRUDE: 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.
What changed
GERTRUDE
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€73,176
2024 · €62,683+€10,493
Equity
€1.2m
2024 · €1.1m+€73,176
Cash
€167,841
2024 · €174,063-€6,221
Balance sheet total
€1.3m
2024 · €1.2m+€82,634
Largest movements
Assets
- Current investments +€100,000
up €100,000 (+33.3%), from €300,000 to €400,000
Equity and liabilities
- Reserves +€73,176
up €73,176 (+43.6%), from €167,862 to €241,037
Income statement
- Gross operating margin +€16,018
up €16,018 (+15.7%), from €101,803 to €117,820
- Taxes +€5,309
up €5,309 (+22.3%), from €23,805 to €29,114
- Depreciation +€1,356
up €1,356 (+8.5%), from €16,005 to €17,361
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.
Result 2024
€62,683
Gross operating margin
+€16,018
Depreciation
-€1,356
Other operating charges
+€18
Financial income
+€770
Financial charges
+€352
Taxes
-€5,309
Result 2025
€73,176
raises the resultlowers the result
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.
From operations
+€100,362
Investment
-€106,583
Financing
€0
Cash 2024
€174,063
From operations (derived)
+€100,362
Net result for the year
+€73,176
Depreciation
+€17,361
Stocks and contracts
+€513
Receivables within one year
+€1,460
Deferred charges and accrued income
-€1,606
Trade debts
+€582
Tax, wage and social debts
+€3,957
Other debts
+€4,864
Accrued charges and deferred income
+€57
Investment (derived)
-€106,583
Investment in fixed assets (net)
-€6,583
Current investments
-€100,000
Cash 2025
€167,841
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,189,557 | €1,272,191 | +€82,634 | +6.9% |
| Fixed assets | 21/28 | €669,151 | €658,374 | -€10,777 | -1.6% |
| Tangible fixed assets | 22/27 | €669,151 | €658,374 | -€10,777 | -1.6% |
| Land and buildings | 22 | €652,032 | €643,319 | -€8,713 | -1.3% |
| Plant, machinery and equipment | 23 | €12,711 | €10,865 | -€1,846 | -14.5% |
| Furniture and vehicles | 24 | €1,690 | €2,095 | +€405 | +24.0% |
| Other tangible fixed assets | 26 | €2,718 | €2,095 | -€624 | -22.9% |
| Current assets | 29/58 | €520,406 | €613,817 | +€93,412 | +17.9% |
| Stocks and contracts in progress | 3 | €3,104 | €2,591 | -€513 | -16.5% |
| Stocks | 30/36 | €3,104 | €2,591 | -€513 | -16.5% |
| Amounts receivable within one year | 40/41 | €41,227 | €39,767 | -€1,460 | -3.5% |
| Trade receivables | 40 | €32,244 | €39,767 | +€7,523 | +23.3% |
| Other amounts receivable | 41 | €8,984 | - | -€8,984 | |
| Current investments | 50/53 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €174,063 | €167,841 | -€6,221 | -3.6% |
| Deferred charges and accrued income | 490/1 | €2,012 | €3,618 | +€1,606 | +79.9% |
| Total equity and liabilities | 10/49 | €1,189,557 | €1,272,191 | +€82,634 | +6.9% |
| Equity | 10/15 | €1,145,554 | €1,218,729 | +€73,176 | +6.4% |
| Contributions | 10/11 | €666,300 | €666,300 | = | 0.0% |
| Reserves | 13 | €167,862 | €241,037 | +€73,176 | +43.6% |
| Distributable reserves | 133 | €167,862 | €241,037 | +€73,176 | +43.6% |
| Profit (loss) carried forward | 14 | €311,392 | €311,392 | = | 0.0% |
| Amounts payable | 17/49 | €44,003 | €53,462 | +€9,459 | +21.5% |
| Amounts payable within one year | 42/48 | €40,972 | €50,375 | +€9,402 | +22.9% |
| Trade debts | 44 | €3,347 | €3,929 | +€582 | +17.4% |
| Suppliers | 440/4 | €3,347 | €3,929 | +€582 | +17.4% |
| Taxes, remuneration and social security | 45 | €36,225 | €40,181 | +€3,957 | +10.9% |
| Taxes | 450/3 | €36,225 | €40,181 | +€3,957 | +10.9% |
| Other amounts payable | 47/48 | €1,401 | €6,264 | +€4,864 | +347% |
| Accrued charges and deferred income | 492/3 | €3,031 | €3,087 | +€57 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,005 | €17,361 | +€1,356 | +8.5% |
| Other operating charges | 640/8 | €5,013 | €4,995 | -€18 | -0.4% |
| Gross operating margin | 9900 | €101,803 | €117,820 | +€16,018 | +15.7% |
| Operating profit (loss) | 9901 | €80,785 | €95,465 | +€14,680 | +18.2% |
| Financial income | 75/76B | €6,718 | €7,488 | +€770 | +11.5% |
| Recurring financial income | 75 | €6,718 | €7,488 | +€770 | +11.5% |
| Financial charges | 65/66B | €1,015 | €663 | -€352 | -34.7% |
| Recurring financial charges | 65 | €1,015 | €663 | -€352 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €86,488 | €102,290 | +€15,802 | +18.3% |
| Income taxes | 67/77 | €23,805 | €29,114 | +€5,309 | +22.3% |
| Profit (loss) for the period | 9904 | €62,683 | €73,176 | +€10,493 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,683 | €73,176 | +€10,493 | +16.7% |
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 15 October 2026 via checked.be.