GERVE: what changed
What changed
GERVE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€73,635
2024 · €468,587-€394,952
Equity
€4.7m
2024 · €4.6m+€73,635
Cash
€99,764
2024 · €40,683+€59,081
Balance sheet total
€4.7m
2024 · €4.7m+€15,945
Largest movements
Assets
- Cash +€59,081
up €59,081 (+145%), from €40,683 to €99,764
mainly Net result for the year (+€73,635) and Depreciation (+€26,658)
Equity and liabilities
- Reserves +€73,635
up €73,635 (+3.1%), from €2.4m to €2.5m
of which Distributable reserves: +€73,635
- Tax, wage and social debts -€57,322
down €57,322 (-100%), from €57,322 to €0
of which Taxes: -€56,322
Income statement
- Financial income -€417,028
down €417,028 (-89.9%), from €463,807 to €46,779
- Gross operating margin +€25,192
up €25,192 (+32.2%), from €78,199 to €103,390
- Taxes -€24,011
down €24,011 (-53.1%), from €45,223 to €21,212
- Financial charges +€14,982
up €14,982 (+128%), from €11,740 to €26,722
- Depreciation +€12,226
up €12,226 (+84.7%), from €14,432 to €26,658
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
€468,587
Gross operating margin
+€25,192
Depreciation
-€12,226
Other operating charges
+€82
Financial income
-€417,028
Financial charges
-€14,982
Taxes
+€24,011
Result 2025
€73,635
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
+€37,485
Investment
+€21,595
Financing
€0
Cash 2024
€40,683
From operations (derived)
+€37,485
Net result for the year
+€73,635
Depreciation
+€26,658
Receivables within one year
-€6,080
Deferred charges and accrued income
+€963
Trade debts
-€411
Tax, wage and social debts
-€57,322
Other debts
+€246
Accrued charges and deferred income
-€203
Investment (derived)
+€21,595
Investment in fixed assets (net)
-€1,365
Current investments
+€22,960
Cash 2025
€99,764
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,720,291 | €4,736,236 | +€15,945 | +0.3% |
| Fixed assets | 21/28 | €3,914,174 | €3,888,881 | -€25,293 | -0.6% |
| Tangible fixed assets | 22/27 | €116,529 | €91,236 | -€25,293 | -21.7% |
| Furniture and vehicles | 24 | €116,529 | €91,236 | -€25,293 | -21.7% |
| Financial fixed assets | 28 | €3,797,644 | €3,797,644 | = | 0.0% |
| Current assets | 29/58 | €806,118 | €847,355 | +€41,238 | +5.1% |
| Amounts receivable within one year | 40/41 | €10,983 | €17,063 | +€6,080 | +55.4% |
| Trade receivables | 40 | €10,177 | €11,401 | +€1,224 | +12.0% |
| Other amounts receivable | 41 | €806 | €5,662 | +€4,856 | +603% |
| Current investments | 50/53 | €752,612 | €729,651 | -€22,960 | -3.1% |
| Cash at bank and in hand | 54/58 | €40,683 | €99,764 | +€59,081 | +145% |
| Deferred charges and accrued income | 490/1 | €1,840 | €877 | -€963 | -52.3% |
| Total equity and liabilities | 10/49 | €4,720,291 | €4,736,236 | +€15,945 | +0.3% |
| Equity | 10/15 | €4,621,788 | €4,695,423 | +€73,635 | +1.6% |
| Contributions | 10/11 | €2,227,942 | €2,227,942 | = | 0.0% |
| Reserves | 13 | €2,393,846 | €2,467,481 | +€73,635 | +3.1% |
| Tax-exempt reserves | 132 | €1,986,056 | €1,986,056 | = | 0.0% |
| Distributable reserves | 133 | €407,791 | €481,425 | +€73,635 | +18.1% |
| Amounts payable | 17/49 | €98,503 | €40,813 | -€57,690 | -58.6% |
| Amounts payable after more than one year | 17 | €1,587 | €1,587 | = | 0.0% |
| Other amounts payable | 178/9 | €1,587 | €1,587 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,303 | €36,816 | -€57,487 | -61.0% |
| Trade debts | 44 | €3,056 | €2,645 | -€411 | -13.4% |
| Suppliers | 440/4 | €3,056 | €2,645 | -€411 | -13.4% |
| Taxes, remuneration and social security | 45 | €57,322 | €0 | -€57,322 | -100% |
| Taxes | 450/3 | €56,322 | €0 | -€56,322 | -100% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €33,925 | €34,171 | +€246 | +0.7% |
| Accrued charges and deferred income | 492/3 | €2,614 | €2,410 | -€203 | -7.8% |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,432 | €26,658 | +€12,226 | +84.7% |
| Other operating charges | 640/8 | €2,025 | €1,943 | -€82 | -4.0% |
| Gross operating margin | 9900 | €78,199 | €103,390 | +€25,192 | +32.2% |
| Operating profit (loss) | 9901 | €61,742 | €74,790 | +€13,048 | +21.1% |
| Financial income | 75/76B | €463,807 | €46,779 | -€417,028 | -89.9% |
| Recurring financial income | 75 | €463,807 | €46,779 | -€417,028 | -89.9% |
| Financial charges | 65/66B | €11,740 | €26,722 | +€14,982 | +128% |
| Recurring financial charges | 65 | €11,740 | €26,722 | +€14,982 | +128% |
| Profit (loss) for the period before taxes | 9903 | €513,809 | €94,847 | -€418,962 | -81.5% |
| Income taxes | 67/77 | €45,223 | €21,212 | -€24,011 | -53.1% |
| Profit (loss) for the period | 9904 | €468,587 | €73,635 | -€394,952 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €468,587 | €73,635 | -€394,952 | -84.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.