GERCU: 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.
GERCU
Largest movements
- Cash +€219,335
up €219,335 (+210%), from €104,540 to €323,875
mainly Other debts (+€351,567) and Net result for the year (+€210,878)
- Receivables within one year -€20,280
down €20,280 (-38.6%), from €52,505 to €32,226
- Tangible fixed assets +€10,953
up €10,953 (+21.9%), from €50,092 to €61,046
of which Plant, machinery and equipment: +€17,187
- Other debts +€351,567
up €351,567 (+435%), from €80,742 to €432,308
- Reserves -€151,646
down €151,646 (-97.5%), from €155,475 to €3,829
of which Distributable reserves: -€151,646
- Trade debts +€26,784
up €26,784 (+8,854%), from €303 to €27,087
- Accrued charges and deferred income -€9,336
down €9,336 (-56.3%), from €16,589 to €7,254
- Tax, wage and social debts -€7,361
down €7,361 (-43.2%), from €17,049 to €9,688
- Gross operating margin +€87,157
up €87,157 (+40.0%), from €217,976 to €305,133
- Taxes +€26,326
up €26,326 (+58.3%), from €45,122 to €71,448
- Financial income -€9,920
down €9,920 (-84.0%), from €11,803 to €1,884
- Financial charges -€9,351
down €9,351 (-56.0%), from €16,701 to €7,350
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 | €288,757 | €498,766 | +€210,009 | +72.7% |
| Fixed assets | 21/28 | €50,092 | €61,046 | +€10,953 | +21.9% |
| Tangible fixed assets | 22/27 | €50,092 | €61,046 | +€10,953 | +21.9% |
| Plant, machinery and equipment | 23 | €31,569 | €48,756 | +€17,187 | +54.4% |
| Furniture and vehicles | 24 | €18,523 | €12,289 | -€6,234 | -33.7% |
| Current assets | 29/58 | €238,665 | €437,720 | +€199,055 | +83.4% |
| Amounts receivable within one year | 40/41 | €52,505 | €32,226 | -€20,280 | -38.6% |
| Other amounts receivable | 41 | €52,505 | €32,226 | -€20,280 | -38.6% |
| Current investments | 50/53 | €81,619 | €81,619 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €104,540 | €323,875 | +€219,335 | +210% |
| Total equity and liabilities | 10/49 | €288,757 | €498,766 | +€210,009 | +72.7% |
| Equity | 10/15 | €174,075 | €22,429 | -€151,646 | -87.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,475 | €3,829 | -€151,646 | -97.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,091 | €1,091 | = | 0.0% |
| Distributable reserves | 133 | €152,524 | €878 | -€151,646 | -99.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €114,683 | €476,337 | +€361,654 | +315% |
| Amounts payable within one year | 42/48 | €98,093 | €469,083 | +€370,990 | +378% |
| Trade debts | 44 | €303 | €27,087 | +€26,784 | +8,854% |
| Suppliers | 440/4 | €303 | €27,087 | +€26,784 | +8,854% |
| Taxes, remuneration and social security | 45 | €17,049 | €9,688 | -€7,361 | -43.2% |
| Taxes | 450/3 | €17,049 | €9,688 | -€7,361 | -43.2% |
| Other amounts payable | 47/48 | €80,742 | €432,308 | +€351,567 | +435% |
| Accrued charges and deferred income | 492/3 | €16,589 | €7,254 | -€9,336 | -56.3% |
| Remuneration, social security and pensions | 62 | - | €2,025 | +€2,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,167 | €14,082 | -€85 | -0.6% |
| Other operating charges | 640/8 | €1,266 | €1,234 | -€31 | -2.5% |
| Gross operating margin | 9900 | €217,976 | €305,133 | +€87,157 | +40.0% |
| Operating profit (loss) | 9901 | €202,544 | €287,792 | +€85,249 | +42.1% |
| Financial income | 75/76B | €11,803 | €1,884 | -€9,920 | -84.0% |
| Recurring financial income | 75 | €11,803 | €1,884 | -€9,920 | -84.0% |
| Financial charges | 65/66B | €16,701 | €7,350 | -€9,351 | -56.0% |
| Recurring financial charges | 65 | €16,701 | €7,350 | -€9,351 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €197,646 | €282,326 | +€84,680 | +42.8% |
| Income taxes | 67/77 | €45,122 | €71,448 | +€26,326 | +58.3% |
| Profit (loss) for the period | 9904 | €152,524 | €210,878 | +€58,354 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €152,524 | €210,878 | +€58,354 | +38.3% |
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 29 October 2026 via checked.be.