GERU: 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.
GERU
Largest movements
- Tangible fixed assets +€327,299
up €327,299 (+993.8%), from €32,934 to €360,233
of which Plant, machinery and equipment: +€184,885
- Receivables within one year +€160,002
up €160,002 (+61.5%), from €260,065 to €420,067
of which Trade receivables: +€153,433
- Cash +€86,563
up €86,563 (+141.5%), from €61,172 to €147,735
mainly Debts after one year (+€280,695) and Contributions, distributions and other (+€200,000)
- Debts after one year +€280,695
up €280,695 (+157.8%), from €177,937 to €458,632
- Contributions +€200,000
up €200,000 (+8000.0%), from €2,500 to €202,500
- Trade debts +€48,988
up €48,988 (+58.1%), from €84,334 to €133,322
- Current portion of long-term debt +€39,203
up €39,203 (+94.8%), from €41,356 to €80,559
- Tax, wage and social debts -€14,969
down €14,969 (-50.2%), from €29,841 to €14,872
of which Taxes: -€22,876
- Gross operating margin +€116,712
up €116,712 (+75.1%), from €155,426 to €272,138
- Staff costs +€102,748
up €102,748 (+119.5%), from €85,998 to €188,746
- Depreciation +€29,631
up €29,631 (+212.5%), from €13,942 to €43,573
- Other operating charges +€9,750
up €9,750 (+191.9%), from €5,080 to €14,830
- Financial charges +€8,932
up €8,932 (+92.7%), from €9,634 to €18,566
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 | €390,510 | €959,176 | +€568,666 | +145.6% |
| Fixed assets | 21/28 | €56,623 | €379,260 | +€322,637 | +569.8% |
| Intangible fixed assets | 21 | €21,489 | €19,027 | -€2,462 | -11.5% |
| Tangible fixed assets | 22/27 | €32,934 | €360,233 | +€327,299 | +993.8% |
| Plant, machinery and equipment | 23 | €23,215 | €208,101 | +€184,885 | +796.4% |
| Furniture and vehicles | 24 | €9,719 | €4,053 | -€5,665 | -58.3% |
| Leasing and similar rights | 25 | - | €136,923 | +€136,923 | |
| Other tangible fixed assets | 26 | - | €11,156 | +€11,156 | |
| Financial fixed assets | 28 | €2,200 | €0 | -€2,200 | -100.0% |
| Current assets | 29/58 | €333,887 | €579,915 | +€246,029 | +73.7% |
| Stocks and contracts in progress | 3 | €6,906 | €5,456 | -€1,450 | -21.0% |
| Stocks | 30/36 | €6,906 | €5,456 | -€1,450 | -21.0% |
| Amounts receivable within one year | 40/41 | €260,065 | €420,067 | +€160,002 | +61.5% |
| Trade receivables | 40 | €256,680 | €410,114 | +€153,433 | +59.8% |
| Other amounts receivable | 41 | €3,384 | €9,953 | +€6,569 | +194.1% |
| Cash at bank and in hand | 54/58 | €61,172 | €147,735 | +€86,563 | +141.5% |
| Deferred charges and accrued income | 490/1 | €5,744 | €6,657 | +€913 | +15.9% |
| Total equity and liabilities | 10/49 | €390,510 | €959,176 | +€568,666 | +145.6% |
| Equity | 10/15 | €39,906 | €246,211 | +€206,305 | +517.0% |
| Contributions | 10/11 | €2,500 | €202,500 | +€200,000 | +8000.0% |
| Profit (loss) carried forward | 14 | €37,406 | €43,711 | +€6,305 | +16.9% |
| Amounts payable | 17/49 | €350,604 | €712,965 | +€362,361 | +103.4% |
| Amounts payable after more than one year | 17 | €177,937 | €458,632 | +€280,695 | +157.8% |
| Financial debts | 170/4 | €177,937 | €458,632 | +€280,695 | +157.8% |
| Amounts payable within one year | 42/48 | €166,823 | €236,375 | +€69,552 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €41,356 | €80,559 | +€39,203 | +94.8% |
| Trade debts | 44 | €84,334 | €133,322 | +€48,988 | +58.1% |
| Suppliers | 440/4 | €84,334 | €133,322 | +€48,988 | +58.1% |
| Taxes, remuneration and social security | 45 | €29,841 | €14,872 | -€14,969 | -50.2% |
| Taxes | 450/3 | €22,925 | €48 | -€22,876 | -99.8% |
| Remuneration and social security | 454/9 | €6,916 | €14,824 | +€7,908 | +114.3% |
| Other amounts payable | 47/48 | €11,291 | €7,622 | -€3,670 | -32.5% |
| Accrued charges and deferred income | 492/3 | €5,844 | €17,957 | +€12,113 | +207.3% |
| Remuneration, social security and pensions | 62 | €85,998 | €188,746 | +€102,748 | +119.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,942 | €43,573 | +€29,631 | +212.5% |
| Other operating charges | 640/8 | €5,080 | €14,830 | +€9,750 | +191.9% |
| Gross operating margin | 9900 | €155,426 | €272,138 | +€116,712 | +75.1% |
| Operating profit (loss) | 9901 | €50,406 | €24,989 | -€25,417 | -50.4% |
| Financial income | 75/76B | €35 | €64 | +€29 | +83.8% |
| Recurring financial income | 75 | €35 | €64 | +€29 | +83.8% |
| Financial charges | 65/66B | €9,634 | €18,566 | +€8,932 | +92.7% |
| Recurring financial charges | 65 | €9,634 | €18,566 | +€8,932 | +92.7% |
| Profit (loss) for the period before taxes | 9903 | €40,807 | €6,487 | -€34,319 | -84.1% |
| Income taxes | 67/77 | €6,414 | €182 | -€6,232 | -97.2% |
| Profit (loss) for the period | 9904 | €34,393 | €6,305 | -€28,088 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,393 | €6,305 | -€28,088 | -81.7% |
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.