GIEMO: 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.
GIEMO
Largest movements
- Cash +€19,792
up €19,792 (+11.2%), from €176,261 to €196,053
mainly Net result for the year (+€21,632) and Depreciation (+€3,644)
- Receivables within one year +€2,584
up €2,584 (+30.6%), from €8,434 to €11,019
of which Trade receivables: +€2,402
- Reserves +€21,632
up €21,632 (+13.5%), from €160,671 to €182,303
- Other debts +€2,738
up €2,738 (+25.6%), from €10,697 to €13,436
- Trade debts -€2,509
down €2,509 (-53.6%), from €4,679 to €2,170
- Gross operating margin +€12,024
up €12,024 (+44.6%), from €26,933 to €38,956
- Taxes +€4,904
up €4,904 (+81.0%), from €6,056 to €10,960
- Financial charges +€453
up €453 (+32.9%), from €1,379 to €1,832
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,537 | €212,778 | +€22,241 | +11.7% |
| Fixed assets | 21/28 | €2,989 | €2,820 | -€169 | -5.7% |
| Tangible fixed assets | 22/27 | €2,989 | €2,820 | -€169 | -5.7% |
| Plant, machinery and equipment | 23 | €50 | €0 | -€50 | -100% |
| Furniture and vehicles | 24 | €2,939 | €2,820 | -€119 | -4.0% |
| Current assets | 29/58 | €187,548 | €209,959 | +€22,410 | +11.9% |
| Stocks and contracts in progress | 3 | €1,125 | €1,125 | = | 0.0% |
| Stocks | 30/36 | €1,125 | €1,125 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,434 | €11,019 | +€2,584 | +30.6% |
| Trade receivables | 40 | €7,592 | €9,995 | +€2,402 | +31.6% |
| Other amounts receivable | 41 | €842 | €1,024 | +€182 | +21.6% |
| Cash at bank and in hand | 54/58 | €176,261 | €196,053 | +€19,792 | +11.2% |
| Deferred charges and accrued income | 490/1 | €1,728 | €1,762 | +€34 | +2.0% |
| Total equity and liabilities | 10/49 | €190,537 | €212,778 | +€22,241 | +11.7% |
| Equity | 10/15 | €166,887 | €188,519 | +€21,632 | +13.0% |
| Contributions | 10/11 | €6,217 | €6,217 | = | 0.0% |
| Reserves | 13 | €160,671 | €182,303 | +€21,632 | +13.5% |
| Distributable reserves | 133 | €160,671 | €182,303 | +€21,632 | +13.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,650 | €24,259 | +€609 | +2.6% |
| Amounts payable within one year | 42/48 | €22,066 | €22,713 | +€647 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,679 | €2,170 | -€2,509 | -53.6% |
| Suppliers | 440/4 | €4,679 | €2,170 | -€2,509 | -53.6% |
| Taxes, remuneration and social security | 45 | €6,689 | €7,107 | +€418 | +6.2% |
| Taxes | 450/3 | €6,689 | €7,107 | +€418 | +6.2% |
| Other amounts payable | 47/48 | €10,697 | €13,436 | +€2,738 | +25.6% |
| Accrued charges and deferred income | 492/3 | €1,584 | €1,547 | -€38 | -2.4% |
| Non-recurring operating income | 76A | €2,275 | €0 | -€2,275 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €3,644 | -€356 | -8.9% |
| Other operating charges | 640/8 | €960 | €957 | -€4 | -0.4% |
| Non-recurring operating charges | 66A | - | €86 | +€86 | |
| Gross operating margin | 9900 | €26,933 | €38,956 | +€12,024 | +44.6% |
| Operating profit (loss) | 9901 | €21,972 | €34,270 | +€12,298 | +56.0% |
| Financial income | 75/76B | €103 | €154 | +€51 | +49.5% |
| Recurring financial income | 75 | €103 | €154 | +€51 | +49.5% |
| Financial charges | 65/66B | €1,379 | €1,832 | +€453 | +32.9% |
| Recurring financial charges | 65 | €1,379 | €1,832 | +€453 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €20,696 | €32,591 | +€11,896 | +57.5% |
| Income taxes | 67/77 | €6,056 | €10,960 | +€4,904 | +81.0% |
| Profit (loss) for the period | 9904 | €14,640 | €21,632 | +€6,992 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,640 | €21,632 | +€6,992 | +47.8% |
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 13 October 2026 via checked.be.