P.GERARD MANAGEMENT: 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.
P.GERARD MANAGEMENT
Largest movements
- Tangible fixed assets -€12,100
down €12,100 (-8.3%), from €146,005 to €133,905
- Cash +€8,862
up €8,862 (+138%), from €6,441 to €15,302
mainly Net result for the year (+€18,754) and Depreciation (+€11,492)
- Receivables within one year +€7,214
up €7,214 (+115%), from €6,286 to €13,500
of which Trade receivables: +€11,548
- Reserves +€18,750
up €18,750 (+38.1%), from €49,200 to €67,950
- Debts after one year -€13,954
down €13,954 (-19.1%), from €72,966 to €59,013
- Gross operating margin +€13,528
up €13,528 (+45.7%), from €29,629 to €43,157
- Taxes +€4,103
up €4,103 (+114%), from €3,598 to €7,701
- Depreciation -€3,703
down €3,703 (-24.4%), from €15,195 to €11,492
- Financial charges +€1,816
up €1,816 (+84.8%), from €2,141 to €3,957
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 | €161,310 | €165,435 | +€4,125 | +2.6% |
| Fixed assets | 21/28 | €146,005 | €133,905 | -€12,100 | -8.3% |
| Tangible fixed assets | 22/27 | €146,005 | €133,905 | -€12,100 | -8.3% |
| Land and buildings | 22 | €130,213 | €124,719 | -€5,494 | -4.2% |
| Plant, machinery and equipment | 23 | €1,682 | €1,024 | -€658 | -39.1% |
| Furniture and vehicles | 24 | €11,748 | €6,316 | -€5,433 | -46.2% |
| Other tangible fixed assets | 26 | €2,362 | €1,846 | -€516 | -21.8% |
| Current assets | 29/58 | €15,305 | €31,530 | +€16,225 | +106% |
| Amounts receivable within one year | 40/41 | €6,286 | €13,500 | +€7,214 | +115% |
| Trade receivables | 40 | €336 | €11,884 | +€11,548 | +3,432% |
| Other amounts receivable | 41 | €5,949 | €1,616 | -€4,334 | -72.8% |
| Cash at bank and in hand | 54/58 | €6,441 | €15,302 | +€8,862 | +138% |
| Deferred charges and accrued income | 490/1 | €2,579 | €2,727 | +€149 | +5.8% |
| Total equity and liabilities | 10/49 | €161,310 | €165,435 | +€4,125 | +2.6% |
| Equity | 10/15 | €67,738 | €86,492 | +€18,754 | +27.7% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €49,200 | €67,950 | +€18,750 | +38.1% |
| Distributable reserves | 133 | €49,200 | €67,950 | +€18,750 | +38.1% |
| Profit (loss) carried forward | 14 | €2,538 | €2,542 | +€4 | +0.2% |
| Amounts payable | 17/49 | €93,572 | €78,943 | -€14,630 | -15.6% |
| Amounts payable after more than one year | 17 | €72,966 | €59,013 | -€13,954 | -19.1% |
| Financial debts | 170/4 | €72,966 | €59,013 | -€13,954 | -19.1% |
| Amounts payable within one year | 42/48 | €19,653 | €18,959 | -€694 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €13,768 | €13,954 | +€186 | +1.4% |
| Trade debts | 44 | €678 | €304 | -€374 | -55.2% |
| Suppliers | 440/4 | €678 | €304 | -€374 | -55.2% |
| Taxes, remuneration and social security | 45 | €5,207 | €3,626 | -€1,581 | -30.4% |
| Taxes | 450/3 | €5,207 | €3,626 | -€1,581 | -30.4% |
| Other amounts payable | 47/48 | - | €1,075 | +€1,075 | |
| Accrued charges and deferred income | 492/3 | €953 | €972 | +€18 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,195 | €11,492 | -€3,703 | -24.4% |
| Other operating charges | 640/8 | €1,297 | €1,254 | -€43 | -3.3% |
| Gross operating margin | 9900 | €29,629 | €43,157 | +€13,528 | +45.7% |
| Operating profit (loss) | 9901 | €13,138 | €30,412 | +€17,273 | +131% |
| Financial charges | 65/66B | €2,141 | €3,957 | +€1,816 | +84.8% |
| Recurring financial charges | 65 | €2,141 | €3,957 | +€1,816 | +84.8% |
| Profit (loss) for the period before taxes | 9903 | €10,997 | €26,455 | +€15,458 | +141% |
| Income taxes | 67/77 | €3,598 | €7,701 | +€4,103 | +114% |
| Profit (loss) for the period | 9904 | €7,399 | €18,754 | +€11,355 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €7,399 | €18,754 | +€11,355 | +153% |
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 28 October 2026 via checked.be.