GERZO: 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
GERZO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€72,471
2024 · €402,050-€474,521
Equity
€2.2m
2024 · €2.3m-€72,471
Cash
€912,816
2024 · €950,299-€37,483
Balance sheet total
€4.0m
2024 · €4.1m-€105,767
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€70,000
down €70,000 (-6.1%), from €1.2m to €1.1m
of which Financial debts: -€70,000
- Profit (loss) carried forward -€65,176
new in 2025: -€65,176
Income statement
- Financial income -€500,214
down €500,214 (-100.0%), from €500,215 to €0
- Taxes -€30,206
no longer reported in 2025 (was €30,206)
- Gross operating margin -€4,444
down €4,444 (-5.3%), from €84,586 to €80,142
- Financial charges -€1,508
down €1,508 (-2.5%), from €59,629 to €58,121
- Depreciation +€1,178
up €1,178 (+1.4%), from €82,699 to €83,876
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
€402,050
Gross operating margin
-€4,444
Depreciation
-€1,178
Other operating charges
-€399
Financial income
-€500,214
Financial charges
+€1,508
Taxes
+€30,206
Result 2025
-€72,471
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
+€83,815
Investment
-€51,298
Financing
-€70,000
Cash 2024
€950,299
From operations (derived)
+€83,815
Net result for the year
-€72,471
Depreciation
+€83,876
Receivables within one year
+€35,587
Deferred charges and accrued income
+€119
Provisions
-€2,431
Trade debts
+€1,041
Advances received
+€15,240
Other debts
+€1,560
Accrued charges and deferred income
+€21,294
Investment (derived)
-€51,298
Investment in fixed assets (net)
-€51,298
Financing
-€70,000
Debts after one year
-€70,000
Cash 2025
€912,816
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,124,825 | €4,019,057 | -€105,767 | -2.6% |
| Fixed assets | 21/28 | €3,138,194 | €3,105,616 | -€32,578 | -1.0% |
| Tangible fixed assets | 22/27 | €1,711,661 | €1,679,083 | -€32,578 | -1.9% |
| Land and buildings | 22 | €1,711,419 | €1,679,083 | -€32,335 | -1.9% |
| Furniture and vehicles | 24 | €243 | - | -€243 | |
| Financial fixed assets | 28 | €1,426,533 | €1,426,533 | = | 0.0% |
| Current assets | 29/58 | €986,631 | €913,441 | -€73,189 | -7.4% |
| Amounts receivable within one year | 40/41 | €35,587 | - | -€35,587 | |
| Trade receivables | 40 | €30,480 | - | -€30,480 | |
| Other amounts receivable | 41 | €5,107 | - | -€5,107 | |
| Cash at bank and in hand | 54/58 | €950,299 | €912,816 | -€37,483 | -3.9% |
| Deferred charges and accrued income | 490/1 | €744 | €625 | -€119 | -15.9% |
| Total equity and liabilities | 10/49 | €4,124,825 | €4,019,057 | -€105,767 | -2.6% |
| Equity | 10/15 | €2,279,984 | €2,207,513 | -€72,471 | -3.2% |
| Contributions | 10/11 | €1,445,000 | €1,445,000 | = | 0.0% |
| Reserves | 13 | €834,984 | €827,689 | -€7,294 | -0.9% |
| Non-distributable reserves | 130/1 | €2,754 | €2,754 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,754 | €2,754 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,472 | €29,178 | -€7,294 | -20.0% |
| Distributable reserves | 133 | €795,757 | €795,757 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€65,176 | -€65,176 | |
| Provisions and deferred taxes | 16 | €12,157 | €9,726 | -€2,431 | -20.0% |
| Deferred taxes | 168 | €12,157 | €9,726 | -€2,431 | -20.0% |
| Amounts payable | 17/49 | €1,832,684 | €1,801,819 | -€30,865 | -1.7% |
| Amounts payable after more than one year | 17 | €1,152,209 | €1,082,209 | -€70,000 | -6.1% |
| Financial debts | 170/4 | €1,147,189 | €1,077,189 | -€70,000 | -6.1% |
| Other amounts payable | 178/9 | €5,020 | €5,020 | = | 0.0% |
| Amounts payable within one year | 42/48 | €608,303 | €626,144 | +€17,840 | +2.9% |
| Trade debts | 44 | €8,008 | €9,048 | +€1,041 | +13.0% |
| Suppliers | 440/4 | €8,008 | €9,048 | +€1,041 | +13.0% |
| Advances received on contracts in progress | 46 | - | €15,240 | +€15,240 | |
| Taxes, remuneration and social security | 45 | €30,206 | €30,206 | = | 0.0% |
| Taxes | 450/3 | €30,206 | €30,206 | = | 0.0% |
| Other amounts payable | 47/48 | €570,090 | €571,650 | +€1,560 | +0.3% |
| Accrued charges and deferred income | 492/3 | €72,172 | €93,466 | +€21,294 | +29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,699 | €83,876 | +€1,178 | +1.4% |
| Other operating charges | 640/8 | €12,648 | €13,047 | +€399 | +3.2% |
| Gross operating margin | 9900 | €84,586 | €80,142 | -€4,444 | -5.3% |
| Operating profit (loss) | 9901 | -€10,761 | -€16,781 | -€6,020 | -55.9% |
| Financial income | 75/76B | €500,215 | €0 | -€500,214 | -100.0% |
| Recurring financial income | 75 | €500,215 | €0 | -€500,214 | -100.0% |
| Financial charges | 65/66B | €59,629 | €58,121 | -€1,508 | -2.5% |
| Recurring financial charges | 65 | €59,629 | €58,121 | -€1,508 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €429,825 | -€74,902 | -€504,727 | |
| Transfer from deferred taxes | 780 | €2,431 | €2,431 | = | 0.0% |
| Income taxes | 67/77 | €30,206 | - | -€30,206 | |
| Profit (loss) for the period | 9904 | €402,050 | -€72,471 | -€474,521 | |
| Transfer from tax-exempt reserves | 789 | €7,294 | €7,294 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €409,345 | -€65,176 | -€474,521 |
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 7 October 2026 via checked.be.