GEMAFIN: 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.
GEMAFIN
Largest movements
- Tangible fixed assets -€52,648
down €52,648 (-4.7%), from €1.1m to €1.1m
- Current assets +€36,317
up €36,317 (+5.2%), from €698,613 to €734,931
of which Receivables within one year: +€189,508
- Debts after one year -€168,033
down €168,033 (-13.4%), from €1.3m to €1.1m
- Equity +€148,178
up €148,178 (+18.8%), from €789,303 to €937,482
of which Reserves: +€148,178
- Gross operating margin +€79,485
up €79,485 (+24.9%), from €319,382 to €398,867
- Taxes +€26,882
up €26,882 (+40.2%), from €66,953 to €93,835
- Financial charges +€18,385
new in 2022: €18,385
- Depreciation -€17,817
down €17,817 (-20.5%), from €86,910 to €69,093
- Other operating charges +€6,463
new in 2022: €6,463
From the 2021 result to the 2022 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,272,706 | €2,258,135 | -€14,572 | -0.6% |
| Fixed assets | 21/28 | €1,574,093 | €1,523,204 | -€50,889 | -3.2% |
| Tangible fixed assets | 22/27 | €1,122,780 | €1,070,132 | -€52,648 | -4.7% |
| Land and buildings | 22 | - | €858,024 | +€858,024 | |
| Furniture and vehicles | 24 | - | €12,548 | +€12,548 | |
| Other tangible fixed assets | 26 | - | €199,561 | +€199,561 | |
| Financial fixed assets | 28 | €451,313 | €453,072 | +€1,759 | +0.4% |
| Current assets | 29/58 | €698,613 | €734,931 | +€36,317 | +5.2% |
| Amounts receivable within one year | 40/41 | €278,256 | €467,764 | +€189,508 | +68.1% |
| Trade receivables | 40 | - | €119,740 | +€119,740 | |
| Other amounts receivable | 41 | - | €348,024 | +€348,024 | |
| Current investments | 50/53 | - | €14,157 | +€14,157 | |
| Cash at bank and in hand | 54/58 | €419,057 | €251,709 | -€167,348 | -39.9% |
| Deferred charges and accrued income | 490/1 | - | €1,300 | +€1,300 | |
| Total equity and liabilities | 10/49 | €2,272,706 | €2,258,135 | -€14,572 | -0.6% |
| Equity | 10/15 | €789,303 | €937,482 | +€148,178 | +18.8% |
| Contributions | 10/11 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €776,903 | €925,082 | +€148,178 | +19.1% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | - | €923,222 | +€923,222 | |
| Amounts payable | 17/49 | €1,483,403 | €1,320,653 | -€162,750 | -11.0% |
| Amounts payable after more than one year | 17 | €1,250,061 | €1,082,028 | -€168,033 | -13.4% |
| Financial debts | 170/4 | - | €1,082,028 | +€1.1m | |
| Amounts payable within one year | 42/48 | €233,342 | €238,625 | +€5,283 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | - | €168,033 | +€168,033 | |
| Trade debts | 44 | €8,197 | €16,104 | +€7,907 | +96.5% |
| Suppliers | 440/4 | - | €16,104 | +€16,104 | |
| Taxes, remuneration and social security | 45 | - | €51,639 | +€51,639 | |
| Taxes | 450/3 | - | €51,639 | +€51,639 | |
| Other amounts payable | 47/48 | - | €2,850 | +€2,850 | |
| Remuneration, social security and pensions | 62 | - | €4,513 | +€4,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,910 | €69,093 | -€17,817 | -20.5% |
| Other operating charges | 640/8 | - | €6,463 | +€6,463 | |
| Gross operating margin | 9900 | €319,382 | €398,867 | +€79,485 | +24.9% |
| Operating profit (loss) | 9901 | €228,745 | €318,798 | +€90,053 | +39.4% |
| Financial charges | 65/66B | - | €18,385 | +€18,385 | |
| Recurring financial charges | 65 | €10,000 | €18,385 | +€8,385 | +83.8% |
| Profit (loss) for the period before taxes | 9903 | €218,745 | €300,413 | +€81,669 | +37.3% |
| Income taxes | 67/77 | €66,953 | €93,835 | +€26,882 | +40.2% |
| Profit (loss) for the period | 9904 | €151,792 | €206,578 | +€54,786 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €151,792 | €206,578 | +€54,786 | +36.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.