GERIAM: what changed
GERIAM
Largest movements
- Tangible fixed assets +€372,410
up €372,410 (+641%), from €58,119 to €430,529
of which Land and buildings: +€368,195
- Cash -€207,081
down €207,081 (-87.5%), from €236,621 to €29,540
mainly Investment in fixed assets (net) (-€457,829) and Contributions, distributions and other (-€65,159)
- Receivables within one year -€43,055
down €43,055 (-40.3%), from €106,772 to €63,717
of which Other amounts receivable: -€41,236
- Current investments +€33,226
up €33,226 (+119%), from €27,924 to €61,150
- Debts after one year +€139,719
up €139,719 (+628%), from €22,234 to €161,953
- Reserves -€38,091
down €38,091 (-10.3%), from €369,647 to €331,556
- Other debts +€36,077
new in 2025: €36,077
- Current portion of long-term debt +€15,970
up €15,970 (+208%), from €7,665 to €23,635
- Depreciation +€69,973
up €69,973 (+453%), from €15,445 to €85,419
- Taxes -€29,625
down €29,625 (-70.4%), from €42,090 to €12,465
- Gross operating margin -€21,524
down €21,524 (-14.2%), from €151,634 to €130,110
- Financial charges +€4,618
up €4,618 (+240%), from €1,923 to €6,541
- Financial income -€4,004
down €4,004 (-60.7%), from €6,593 to €2,589
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €432,092 | €587,938 | +€155,846 | +36.1% |
| Fixed assets | 21/28 | €58,119 | €430,529 | +€372,410 | +641% |
| Tangible fixed assets | 22/27 | €58,119 | €430,529 | +€372,410 | +641% |
| Land and buildings | 22 | - | €368,195 | +€368,195 | |
| Plant, machinery and equipment | 23 | €8,195 | €26,036 | +€17,842 | +218% |
| Furniture and vehicles | 24 | €47,907 | €34,510 | -€13,398 | -28.0% |
| Other tangible fixed assets | 26 | €2,017 | €1,788 | -€229 | -11.3% |
| Current assets | 29/58 | €373,973 | €157,409 | -€216,564 | -57.9% |
| Amounts receivable within one year | 40/41 | €106,772 | €63,717 | -€43,055 | -40.3% |
| Trade receivables | 40 | €45,932 | €44,113 | -€1,819 | -4.0% |
| Other amounts receivable | 41 | €60,840 | €19,604 | -€41,236 | -67.8% |
| Current investments | 50/53 | €27,924 | €61,150 | +€33,226 | +119% |
| Cash at bank and in hand | 54/58 | €236,621 | €29,540 | -€207,081 | -87.5% |
| Deferred charges and accrued income | 490/1 | €2,656 | €3,002 | +€346 | +13.0% |
| Total equity and liabilities | 10/49 | €432,092 | €587,938 | +€155,846 | +36.1% |
| Equity | 10/15 | €383,998 | €345,907 | -€38,091 | -9.9% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €369,647 | €331,556 | -€38,091 | -10.3% |
| Distributable reserves | 133 | €369,647 | €331,556 | -€38,091 | -10.3% |
| Profit (loss) carried forward | 14 | €91 | €91 | = | 0.0% |
| Amounts payable | 17/49 | €48,094 | €242,032 | +€193,938 | +403% |
| Amounts payable after more than one year | 17 | €22,234 | €161,953 | +€139,719 | +628% |
| Financial debts | 170/4 | €22,234 | €161,953 | +€139,719 | +628% |
| Amounts payable within one year | 42/48 | €25,745 | €80,052 | +€54,307 | +211% |
| Current portion of amounts payable after more than one year | 42 | €7,665 | €23,635 | +€15,970 | +208% |
| Trade debts | 44 | €2,441 | €4,253 | +€1,812 | +74.2% |
| Suppliers | 440/4 | €2,441 | €4,253 | +€1,812 | +74.2% |
| Taxes, remuneration and social security | 45 | €15,640 | €16,087 | +€447 | +2.9% |
| Taxes | 450/3 | €15,640 | €16,087 | +€447 | +2.9% |
| Other amounts payable | 47/48 | - | €36,077 | +€36,077 | |
| Accrued charges and deferred income | 492/3 | €115 | €26 | -€89 | -77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,445 | €85,419 | +€69,973 | +453% |
| Other operating charges | 640/8 | €1,202 | €1,207 | +€4 | +0.4% |
| Gross operating margin | 9900 | €151,634 | €130,110 | -€21,524 | -14.2% |
| Operating profit (loss) | 9901 | €134,987 | €43,484 | -€91,502 | -67.8% |
| Financial income | 75/76B | €6,593 | €2,589 | -€4,004 | -60.7% |
| Recurring financial income | 75 | €6,593 | €2,589 | -€4,004 | -60.7% |
| Financial charges | 65/66B | €1,923 | €6,541 | +€4,618 | +240% |
| Recurring financial charges | 65 | €1,923 | €6,541 | +€4,618 | +240% |
| Profit (loss) for the period before taxes | 9903 | €139,656 | €39,532 | -€100,124 | -71.7% |
| Income taxes | 67/77 | €42,090 | €12,465 | -€29,625 | -70.4% |
| Profit (loss) for the period | 9904 | €97,567 | €27,067 | -€70,499 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,567 | €27,067 | -€70,499 | -72.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.