GERVA: 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.
What changed
GERVA
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€54,171
2024 · €378,364-€324,193
Equity
€860,829
2024 · €904,347-€43,518
Cash
€88,030
2024 · €138,921-€50,891
Balance sheet total
€1.8m
2024 · €1.8m-€36,097
Largest movements
Assets
- Cash -€50,891
down €50,891 (-36.6%), from €138,921 to €88,030
mainly Contributions, distributions and other (-€97,688) and Investment in fixed assets (net) (-€45,233)
Equity and liabilities
- Other debts +€47,439
up €47,439 (+13.6%), from €348,363 to €395,802
- Reserves -€40,929
down €40,929 (-5.4%), from €762,852 to €721,923
of which Tax-exempt reserves: -€20,755
Income statement
- Gross operating margin -€550,775
down €550,775 (-76.3%), from €721,799 to €171,024
- Other operating charges -€156,380
down €156,380 (-95.5%), from €163,832 to €7,452
- Provisions +€52,698
up €52,698, from -€52,698 to €0
- Financial charges -€14,572
down €14,572 (-26.9%), from €54,169 to €39,597
- Taxes -€11,839
down €11,839 (-28.9%), from €40,956 to €29,117
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
€378,364
Gross operating margin
-€550,775
Depreciation
-€8,993
Provisions
-€52,698
Other operating charges
+€156,380
Other operating items
-€987
Financial income
+€373
Financial charges
+€14,572
Taxes
+€11,839
Deferred taxes and other
+€106,095
Result 2025
€54,171
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.
From operations
+€119,696
Investment
-€45,233
Financing
-€125,355
Cash 2024
€138,921
From operations (derived)
+€119,696
Net result for the year
+€54,171
Depreciation
+€47,505
Receivables within one year
-€17,285
Deferred charges and accrued income
+€219
Provisions
-€6,918
Trade debts
-€2,562
Tax, wage and social debts
-€9,561
Other debts
+€47,439
Accrued charges and deferred income
+€6,689
Investment (derived)
-€45,233
Investment in fixed assets (net)
-€45,233
Financing
-€125,355
Debts after one year
-€16,000
Current portion of long-term debt
-€11,666
Contributions, distributions and other
-€97,688
Cash 2025
€88,030
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,792,314 | €1,756,217 | -€36,097 | -2.0% |
| Fixed assets | 21/28 | €1,637,168 | €1,634,896 | -€2,272 | -0.1% |
| Tangible fixed assets | 22/27 | €1,637,168 | €1,634,896 | -€2,272 | -0.1% |
| Land and buildings | 22 | €1,600,435 | €1,569,301 | -€31,135 | -1.9% |
| Plant, machinery and equipment | 23 | €21,182 | €55,815 | +€34,633 | +163.5% |
| Furniture and vehicles | 24 | €15,551 | €9,781 | -€5,771 | -37.1% |
| Current assets | 29/58 | €155,146 | €121,321 | -€33,825 | -21.8% |
| Amounts receivable within one year | 40/41 | €789 | €18,074 | +€17,285 | +2191.8% |
| Trade receivables | 40 | €789 | €17,642 | +€16,853 | +2137.0% |
| Other amounts receivable | 41 | €0 | €432 | +€432 | |
| Current investments | 50/53 | €13,418 | €13,418 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €138,921 | €88,030 | -€50,891 | -36.6% |
| Deferred charges and accrued income | 490/1 | €2,019 | €1,799 | -€219 | -10.9% |
| Total equity and liabilities | 10/49 | €1,792,314 | €1,756,217 | -€36,097 | -2.0% |
| Equity | 10/15 | €904,347 | €860,829 | -€43,518 | -4.8% |
| Contributions | 10/11 | €141,495 | €138,906 | -€2,589 | -1.8% |
| Reserves | 13 | €762,852 | €721,923 | -€40,929 | -5.4% |
| Tax-exempt reserves | 132 | €493,315 | €472,561 | -€20,755 | -4.2% |
| Distributable reserves | 133 | €269,536 | €249,362 | -€20,174 | -7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €164,439 | €157,520 | -€6,918 | -4.2% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €164,439 | €157,520 | -€6,918 | -4.2% |
| Amounts payable | 17/49 | €723,529 | €737,868 | +€14,339 | +2.0% |
| Amounts payable after more than one year | 17 | €301,333 | €285,333 | -€16,000 | -5.3% |
| Financial debts | 170/4 | €301,333 | €285,333 | -€16,000 | -5.3% |
| Amounts payable within one year | 42/48 | €396,899 | €420,549 | +€23,650 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €27,666 | €16,000 | -€11,666 | -42.2% |
| Trade debts | 44 | €7,558 | €4,997 | -€2,562 | -33.9% |
| Suppliers | 440/4 | €7,558 | €4,997 | -€2,562 | -33.9% |
| Taxes, remuneration and social security | 45 | €13,311 | €3,750 | -€9,561 | -71.8% |
| Taxes | 450/3 | €13,311 | €3,750 | -€9,561 | -71.8% |
| Other amounts payable | 47/48 | €348,363 | €395,802 | +€47,439 | +13.6% |
| Accrued charges and deferred income | 492/3 | €25,297 | €31,986 | +€6,689 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,511 | €47,505 | +€8,993 | +23.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€52,698 | €0 | +€52,698 | |
| Other operating charges | 640/8 | €163,832 | €7,452 | -€156,380 | -95.5% |
| Non-recurring operating charges | 66A | - | €987 | +€987 | |
| Gross operating margin | 9900 | €721,799 | €171,024 | -€550,775 | -76.3% |
| Operating profit (loss) | 9901 | €572,153 | €115,081 | -€457,072 | -79.9% |
| Financial income | 75/76B | €513 | €886 | +€373 | +72.8% |
| Recurring financial income | 75 | €513 | €886 | +€373 | +72.8% |
| Financial charges | 65/66B | €54,169 | €39,597 | -€14,572 | -26.9% |
| Recurring financial charges | 65 | €54,169 | €39,597 | -€14,572 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €518,497 | €76,370 | -€442,127 | -85.3% |
| Transfer from deferred taxes | 780 | €41,843 | €6,918 | -€34,925 | -83.5% |
| Transfer to deferred taxes | 680 | €141,020 | €0 | -€141,020 | -100.0% |
| Income taxes | 67/77 | €40,956 | €29,117 | -€11,839 | -28.9% |
| Profit (loss) for the period | 9904 | €378,364 | €54,171 | -€324,193 | -85.7% |
| Transfer from tax-exempt reserves | 789 | €125,529 | €20,755 | -€104,774 | -83.5% |
| Transfer to tax-exempt reserves | 689 | €423,059 | €0 | -€423,059 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,834 | €74,925 | -€5,909 | -7.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.