J.M. 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.
J.M. GERARD
Largest movements
- Current investments +€52,540
up €52,540 (+24.9%), from €210,873 to €263,413
- Cash -€18,932
down €18,932 (-68.1%), from €27,820 to €8,888
mainly Current investments (-€52,540) and Other debts (-€4,719)
- Tangible fixed assets -€7,653
down €7,653 (-20.4%), from €37,595 to €29,942
of which Furniture and vehicles: -€7,653
- Receivables within one year -€6,740
down €6,740 (-16.8%), from €40,008 to €33,268
of which Other amounts receivable: -€22,592
- Reserves +€18,235
up €18,235 (+6.4%), from €285,425 to €303,659
- Other debts -€4,719
down €4,719 (-19.0%), from €24,891 to €20,172
- Tax, wage and social debts +€4,510
up €4,510 (+376%), from €1,200 to €5,710
- Gross operating margin +€30,717
up €30,717 (+441%), from €6,965 to €37,682
- Financial income -€9,608
down €9,608 (-87.0%), from €11,043 to €1,435
of which Non-recurring financial income: -€10,452
- Taxes +€8,432
up €8,432 (+315%), from €2,673 to €11,105
- Other operating charges -€1,126
down €1,126 (-57.7%), from €1,950 to €824
- Depreciation +€1,118
up €1,118 (+14.4%), from €7,784 to €8,902
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 | €318,441 | €336,772 | +€18,331 | +5.8% |
| Fixed assets | 21/28 | €37,786 | €30,133 | -€7,653 | -20.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €37,595 | €29,942 | -€7,653 | -20.4% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €36,605 | €28,952 | -€7,653 | -20.9% |
| Other tangible fixed assets | 26 | €990 | €990 | = | 0.0% |
| Financial fixed assets | 28 | €191 | €191 | = | 0.0% |
| Current assets | 29/58 | €280,655 | €306,639 | +€25,984 | +9.3% |
| Amounts receivable within one year | 40/41 | €40,008 | €33,268 | -€6,740 | -16.8% |
| Trade receivables | 40 | €17,415 | €33,268 | +€15,853 | +91.0% |
| Other amounts receivable | 41 | €22,592 | - | -€22,592 | |
| Current investments | 50/53 | €210,873 | €263,413 | +€52,540 | +24.9% |
| Cash at bank and in hand | 54/58 | €27,820 | €8,888 | -€18,932 | -68.1% |
| Deferred charges and accrued income | 490/1 | €1,954 | €1,070 | -€884 | -45.2% |
| Total equity and liabilities | 10/49 | €318,441 | €336,772 | +€18,331 | +5.8% |
| Equity | 10/15 | €291,622 | €309,857 | +€18,235 | +6.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €285,425 | €303,659 | +€18,235 | +6.4% |
| Distributable reserves | 133 | €285,425 | €303,659 | +€18,235 | +6.4% |
| Amounts payable | 17/49 | €26,819 | €26,915 | +€96 | +0.4% |
| Amounts payable within one year | 42/48 | €26,819 | €26,915 | +€96 | +0.4% |
| Trade debts | 44 | €728 | €1,033 | +€305 | +41.9% |
| Suppliers | 440/4 | €728 | €1,033 | +€305 | +41.9% |
| Taxes, remuneration and social security | 45 | €1,200 | €5,710 | +€4,510 | +376% |
| Taxes | 450/3 | €1,200 | €5,710 | +€4,510 | +376% |
| Other amounts payable | 47/48 | €24,891 | €20,172 | -€4,719 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,784 | €8,902 | +€1,118 | +14.4% |
| Other operating charges | 640/8 | €1,950 | €824 | -€1,126 | -57.7% |
| Gross operating margin | 9900 | €6,965 | €37,682 | +€30,717 | +441% |
| Operating profit (loss) | 9901 | -€2,768 | €27,956 | +€30,724 | |
| Financial income | 75/76B | €11,043 | €1,435 | -€9,608 | -87.0% |
| Recurring financial income | 75 | €591 | €1,435 | +€845 | +143% |
| Non-recurring financial income | 76B | €10,452 | - | -€10,452 | |
| Financial charges | 65/66B | €51 | €52 | +€1 | +1.0% |
| Recurring financial charges | 65 | €51 | €52 | +€1 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €8,224 | €29,340 | +€21,116 | +257% |
| Income taxes | 67/77 | €2,673 | €11,105 | +€8,432 | +315% |
| Profit (loss) for the period | 9904 | €5,551 | €18,235 | +€12,684 | +229% |
| Profit (loss) for the period to be appropriated | 9905 | €5,551 | €18,235 | +€12,684 | +229% |
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 23 October 2026 via checked.be.