GERMO: what changed
What changed
GERMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€278
2024 · -€1,626+€1,904
Equity
€172,935
2024 · €172,656+€278
Cash
€21,802
2024 · €18,758+€3,044
Balance sheet total
€194,549
2024 · €205,775-€11,226
Largest movements
Assets
- Tangible fixed assets -€15,136
down €15,136 (-9.2%), from €163,976 to €148,841
of which Land and buildings: -€19,929
- Cash +€3,044
up €3,044 (+16.2%), from €18,758 to €21,802
mainly Depreciation (+€22,038) and Tax, wage and social debts (+€957)
Equity and liabilities
- Debts after one year -€10,781
no longer reported in 2025 (was €10,781)
Income statement
- Gross operating margin +€4,781
up €4,781 (+20.5%), from €23,311 to €28,092
- Depreciation +€2,109
up €2,109 (+10.6%), from €19,929 to €22,038
- Taxes +€952
up €952 (+99.1%), from €960 to €1,912
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1,626
Gross operating margin
+€4,781
Depreciation
-€2,109
Other operating charges
+€25
Financial income
-€17
Financial charges
+€176
Taxes
-€952
Result 2025
€278
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€21,581
Investment
-€6,902
Financing
-€11,635
Cash 2024
€18,758
From operations (derived)
+€21,581
Net result for the year
+€278
Depreciation
+€22,038
Receivables within one year
-€866
Trade debts
-€798
Tax, wage and social debts
+€957
Accrued charges and deferred income
-€29
Investment (derived)
-€6,902
Investment in fixed assets (net)
-€6,902
Financing
-€11,635
Debts after one year
-€10,781
Current portion of long-term debt
-€854
Cash 2025
€21,802
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,775 | €194,549 | -€11,226 | -5.5% |
| Fixed assets | 21/28 | €163,986 | €148,851 | -€15,136 | -9.2% |
| Tangible fixed assets | 22/27 | €163,976 | €148,841 | -€15,136 | -9.2% |
| Land and buildings | 22 | €163,976 | €144,047 | -€19,929 | -12.2% |
| Furniture and vehicles | 24 | - | €4,793 | +€4,793 | |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €41,789 | €45,698 | +€3,909 | +9.4% |
| Amounts receivable within one year | 40/41 | €23,031 | €23,897 | +€866 | +3.8% |
| Other amounts receivable | 41 | €23,031 | €23,897 | +€866 | +3.8% |
| Cash at bank and in hand | 54/58 | €18,758 | €21,802 | +€3,044 | +16.2% |
| Total equity and liabilities | 10/49 | €205,775 | €194,549 | -€11,226 | -5.5% |
| Equity | 10/15 | €172,656 | €172,935 | +€278 | +0.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €104,700 | €104,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €98,700 | €98,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,956 | €8,235 | +€278 | +3.5% |
| Amounts payable | 17/49 | €33,119 | €21,614 | -€11,505 | -34.7% |
| Amounts payable after more than one year | 17 | €10,781 | - | -€10,781 | |
| Financial debts | 170/4 | €10,781 | - | -€10,781 | |
| Amounts payable within one year | 42/48 | €20,737 | €20,042 | -€694 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €11,635 | €10,781 | -€854 | -7.3% |
| Trade debts | 44 | €8,164 | €7,366 | -€798 | -9.8% |
| Suppliers | 440/4 | €8,164 | €7,366 | -€798 | -9.8% |
| Taxes, remuneration and social security | 45 | €938 | €1,895 | +€957 | +102% |
| Taxes | 450/3 | €938 | €1,895 | +€957 | +102% |
| Accrued charges and deferred income | 492/3 | €1,601 | €1,572 | -€29 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,929 | €22,038 | +€2,109 | +10.6% |
| Other operating charges | 640/8 | €3,707 | €3,682 | -€25 | -0.7% |
| Gross operating margin | 9900 | €23,311 | €28,092 | +€4,781 | +20.5% |
| Operating profit (loss) | 9901 | -€325 | €2,373 | +€2,697 | |
| Financial income | 75/76B | €75 | €58 | -€17 | -22.5% |
| Recurring financial income | 75 | €75 | €58 | -€17 | -22.5% |
| Financial charges | 65/66B | €416 | €240 | -€176 | -42.2% |
| Recurring financial charges | 65 | €416 | €240 | -€176 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | -€666 | €2,190 | +€2,856 | |
| Income taxes | 67/77 | €960 | €1,912 | +€952 | +99.1% |
| Profit (loss) for the period | 9904 | -€1,626 | €278 | +€1,904 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,626 | €278 | +€1,904 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.