GROUP GERARD: 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.
GROUP GERARD
Largest movements
- Cash +€189,809
up €189,809 (+667.2%), from €28,447 to €218,256
mainly Contributions, distributions and other (+€312,230) and Trade debts (+€87,604)
- Receivables within one year +€63,319
up €63,319 (+451.7%), from €14,016 to €77,335
of which Trade receivables: +€62,282
- Stocks and contracts +€56,533
up €56,533 (+935.4%), from €6,044 to €62,577
- Tangible fixed assets -€38,745
down €38,745 (-48.8%), from €79,464 to €40,719
- Intangible fixed assets -€13,008
down €13,008 (-53.4%), from €24,341 to €11,333
- Contributions +€312,230
up €312,230 (+187.2%), from €166,790 to €479,020
- Profit (loss) carried forward -€157,041
down €157,041 (-79.8%), from -€196,850 to -€353,891
- Trade debts +€87,604
up €87,604 (+411.6%), from €21,282 to €108,886
- Accrued charges and deferred income +€20,335
up €20,335 (+10167580.0%), from €0 to €20,335
- Other debts +€18,014
up €18,014 (+436.0%), from €4,131 to €22,145
- Depreciation +€4,831
up €4,831 (+25.4%), from €19,033 to €23,865
- Staff costs -€3,779
down €3,779 (-12.1%), from €31,338 to €27,559
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 | €153,987 | €414,878 | +€260,890 | +169.4% |
| Fixed assets | 21/28 | €103,805 | €52,052 | -€51,753 | -49.9% |
| Intangible fixed assets | 21 | €24,341 | €11,333 | -€13,008 | -53.4% |
| Tangible fixed assets | 22/27 | €79,464 | €40,719 | -€38,745 | -48.8% |
| Plant, machinery and equipment | 23 | €11,224 | €0 | -€11,224 | -100.0% |
| Furniture and vehicles | 24 | €9,653 | €6,936 | -€2,717 | -28.1% |
| Leasing and similar rights | 25 | €44,913 | €33,782 | -€11,131 | -24.8% |
| Other tangible fixed assets | 26 | €13,673 | €0 | -€13,673 | -100.0% |
| Current assets | 29/58 | €50,182 | €362,826 | +€312,644 | +623.0% |
| Stocks and contracts in progress | 3 | €6,044 | €62,577 | +€56,533 | +935.4% |
| Stocks | 30/36 | €6,044 | €62,577 | +€56,533 | +935.4% |
| Amounts receivable within one year | 40/41 | €14,016 | €77,335 | +€63,319 | +451.7% |
| Trade receivables | 40 | €8,357 | €70,639 | +€62,282 | +745.3% |
| Other amounts receivable | 41 | €5,660 | €6,697 | +€1,037 | +18.3% |
| Cash at bank and in hand | 54/58 | €28,447 | €218,256 | +€189,809 | +667.2% |
| Deferred charges and accrued income | 490/1 | €1,674 | €4,657 | +€2,983 | +178.2% |
| Total equity and liabilities | 10/49 | €153,987 | €414,878 | +€260,890 | +169.4% |
| Equity | 10/15 | -€30,060 | €125,130 | +€155,190 | |
| Contributions | 10/11 | €166,790 | €479,020 | +€312,230 | +187.2% |
| Profit (loss) carried forward | 14 | -€196,850 | -€353,891 | -€157,041 | -79.8% |
| Amounts payable | 17/49 | €184,047 | €289,748 | +€105,700 | +57.4% |
| Amounts payable after more than one year | 17 | €138,381 | €125,382 | -€12,999 | -9.4% |
| Financial debts | 170/4 | €138,381 | €125,382 | -€12,999 | -9.4% |
| Amounts payable within one year | 42/48 | €45,666 | €144,031 | +€98,364 | +215.4% |
| Current portion of amounts payable after more than one year | 42 | €12,465 | €12,999 | +€534 | +4.3% |
| Trade debts | 44 | €21,282 | €108,886 | +€87,604 | +411.6% |
| Suppliers | 440/4 | €21,282 | €108,886 | +€87,604 | +411.6% |
| Taxes, remuneration and social security | 45 | €7,788 | €0 | -€7,788 | -100.0% |
| Remuneration and social security | 454/9 | €7,788 | €0 | -€7,788 | -100.0% |
| Other amounts payable | 47/48 | €4,131 | €22,145 | +€18,014 | +436.0% |
| Accrued charges and deferred income | 492/3 | €0 | €20,335 | +€20,335 | +10167580.0% |
| Remuneration, social security and pensions | 62 | €31,338 | €27,559 | -€3,779 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,033 | €23,865 | +€4,831 | +25.4% |
| Other operating charges | 640/8 | €282 | €841 | +€558 | +197.7% |
| Non-recurring operating charges | 66A | - | €29,899 | +€29,899 | |
| Gross operating margin | 9900 | -€71,931 | -€72,438 | -€507 | -0.7% |
| Operating profit (loss) | 9901 | -€122,584 | -€154,601 | -€32,017 | -26.1% |
| Financial income | 75/76B | €4 | €29 | +€25 | +666.3% |
| Recurring financial income | 75 | €4 | €29 | +€25 | +666.3% |
| Financial charges | 65/66B | €2,048 | €2,468 | +€421 | +20.5% |
| Recurring financial charges | 65 | €2,048 | €2,468 | +€421 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | -€124,628 | -€157,041 | -€32,412 | -26.0% |
| Profit (loss) for the period | 9904 | -€124,628 | -€157,041 | -€32,412 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€124,628 | -€157,041 | -€32,412 | -26.0% |
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 11 October 2026 via checked.be.