GUY GERARD: 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.
GUY GERARD
Largest movements
- Cash +€98,127
up €98,127 (+26.6%), from €369,109 to €467,236
mainly Net result for the year (+€341,534) and Depreciation (+€120,524)
- Receivables within one year -€49,555
down €49,555 (-5.8%), from €848,020 to €798,466
of which Trade receivables: -€36,485
- Tangible fixed assets -€48,273
down €48,273 (-2.2%), from €2.2m to €2.1m
of which Land and buildings: -€41,352
- Profit (loss) carried forward +€370,790
up €370,790 (+1725.8%), from €21,486 to €392,276
- Debts after one year -€146,678
down €146,678 (-10.9%), from €1.3m to €1.2m
- Other debts -€107,923
down €107,923 (-100.0%), from €107,930 to €7
- Tax, wage and social debts -€68,731
down €68,731 (-40.1%), from €171,562 to €102,831
of which Taxes: -€79,833
- Taxes -€49,376
down €49,376 (-29.1%), from €169,589 to €120,213
- Staff costs +€34,175
up €34,175 (+5.9%), from €580,705 to €614,879
- Gross operating margin -€22,131
down €22,131 (-1.8%), from €1.3m to €1.2m
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 | €4,098,417 | €4,115,378 | +€16,962 | +0.4% |
| Fixed assets | 21/28 | €2,180,849 | €2,130,235 | -€50,613 | -2.3% |
| Intangible fixed assets | 21 | €3,302 | €962 | -€2,340 | -70.9% |
| Tangible fixed assets | 22/27 | €2,177,497 | €2,129,223 | -€48,273 | -2.2% |
| Land and buildings | 22 | €2,150,966 | €2,109,614 | -€41,352 | -1.9% |
| Plant, machinery and equipment | 23 | €5,829 | €3,706 | -€2,122 | -36.4% |
| Furniture and vehicles | 24 | €20,702 | €15,903 | -€4,799 | -23.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,917,568 | €1,985,143 | +€67,575 | +3.5% |
| Stocks and contracts in progress | 3 | €687,721 | €704,843 | +€17,122 | +2.5% |
| Stocks | 30/36 | €687,721 | €704,843 | +€17,122 | +2.5% |
| Amounts receivable within one year | 40/41 | €848,020 | €798,466 | -€49,555 | -5.8% |
| Trade receivables | 40 | €798,928 | €762,443 | -€36,485 | -4.6% |
| Other amounts receivable | 41 | €49,093 | €36,023 | -€13,070 | -26.6% |
| Cash at bank and in hand | 54/58 | €369,109 | €467,236 | +€98,127 | +26.6% |
| Deferred charges and accrued income | 490/1 | €12,717 | €14,598 | +€1,881 | +14.8% |
| Total equity and liabilities | 10/49 | €4,098,417 | €4,115,378 | +€16,962 | +0.4% |
| Equity | 10/15 | €2,151,932 | €2,493,466 | +€341,534 | +15.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,111,854 | €2,082,598 | -€29,256 | -1.4% |
| Tax-exempt reserves | 132 | €105,250 | €75,994 | -€29,256 | -27.8% |
| Distributable reserves | 133 | €2,006,604 | €2,006,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,486 | €392,276 | +€370,790 | +1725.8% |
| Amounts payable | 17/49 | €1,946,485 | €1,621,913 | -€324,572 | -16.7% |
| Amounts payable after more than one year | 17 | €1,348,872 | €1,202,193 | -€146,678 | -10.9% |
| Financial debts | 170/4 | €1,348,872 | €1,202,193 | -€146,678 | -10.9% |
| Amounts payable within one year | 42/48 | €597,613 | €419,719 | -€177,894 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €145,693 | €146,678 | +€985 | +0.7% |
| Financial debts | 43 | - | €12,624 | +€12,624 | |
| Credit institutions | 430/8 | - | €12,624 | +€12,624 | |
| Trade debts | 44 | €172,428 | €157,579 | -€14,849 | -8.6% |
| Suppliers | 440/4 | €172,428 | €157,579 | -€14,849 | -8.6% |
| Taxes, remuneration and social security | 45 | €171,562 | €102,831 | -€68,731 | -40.1% |
| Taxes | 450/3 | €102,148 | €22,315 | -€79,833 | -78.2% |
| Remuneration and social security | 454/9 | €69,414 | €80,516 | +€11,102 | +16.0% |
| Other amounts payable | 47/48 | €107,930 | €7 | -€107,923 | -100.0% |
| Remuneration, social security and pensions | 62 | €580,705 | €614,879 | +€34,175 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,730 | €120,524 | +€6,793 | +6.0% |
| Other operating charges | 640/8 | €17,428 | €18,674 | +€1,247 | +7.2% |
| Gross operating margin | 9900 | €1,254,289 | €1,232,159 | -€22,131 | -1.8% |
| Operating profit (loss) | 9901 | €542,427 | €478,081 | -€64,345 | -11.9% |
| Financial income | 75/76B | €8,250 | €15,393 | +€7,143 | +86.6% |
| Recurring financial income | 75 | €8,250 | €15,393 | +€7,143 | +86.6% |
| Financial charges | 65/66B | €34,036 | €31,727 | -€2,309 | -6.8% |
| Recurring financial charges | 65 | €34,036 | €31,727 | -€2,309 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €516,640 | €461,747 | -€54,894 | -10.6% |
| Income taxes | 67/77 | €169,589 | €120,213 | -€49,376 | -29.1% |
| Profit (loss) for the period | 9904 | €347,052 | €341,534 | -€5,518 | -1.6% |
| Transfer from tax-exempt reserves | 789 | - | €29,256 | +€29,256 | |
| Profit (loss) for the period to be appropriated | 9905 | €347,052 | €370,790 | +€23,739 | +6.8% |
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.