Gerard: what changed
Gerard
Largest movements
- Tangible fixed assets -€17,486
down €17,486 (-8.8%), from €199,116 to €181,631
of which Plant, machinery and equipment: -€14,142
- Cash -€8,011
down €8,011 (-91.5%), from €8,758 to €746
mainly Other debts (-€15,481) and Debts after one year (-€15,231)
- Stocks and contracts +€4,000
up €4,000 (+95.2%), from €4,200 to €8,200
- Intangible fixed assets -€2,965
down €2,965 (-11.8%), from €25,093 to €22,128
- Other debts -€15,481
down €15,481 (-8.8%), from €175,272 to €159,790
- Debts after one year -€15,231
down €15,231 (-43.7%), from €34,860 to €19,629
- Trade debts +€5,297
up €5,297 (+57.0%), from €9,301 to €14,597
- Tax, wage and social debts +€4,942
up €4,942 (+36.6%), from €13,520 to €18,462
of which Taxes: +€4,114
- Current portion of long-term debt -€2,440
down €2,440 (-13.8%), from €17,671 to €15,231
- Gross operating margin +€44,919
up €44,919 (+81.4%), from €55,158 to €100,077
- Staff costs +€13,846
up €13,846 (+29.3%), from €47,207 to €61,052
- Other operating charges +€10,548
up €10,548 (+1,895%), from €557 to €11,105
- Depreciation +€6,360
up €6,360 (+31.3%), from €20,304 to €26,664
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 | €239,619 | €215,595 | -€24,024 | -10.0% |
| Fixed assets | 21/28 | €224,210 | €203,759 | -€20,451 | -9.1% |
| Intangible fixed assets | 21 | €25,093 | €22,128 | -€2,965 | -11.8% |
| Tangible fixed assets | 22/27 | €199,116 | €181,631 | -€17,486 | -8.8% |
| Land and buildings | 22 | €3,448 | €3,073 | -€375 | -10.9% |
| Plant, machinery and equipment | 23 | €154,292 | €140,150 | -€14,142 | -9.2% |
| Furniture and vehicles | 24 | €41,376 | €34,755 | -€6,621 | -16.0% |
| Other tangible fixed assets | 26 | - | €3,653 | +€3,653 | |
| Current assets | 29/58 | €15,410 | €11,836 | -€3,573 | -23.2% |
| Stocks and contracts in progress | 3 | €4,200 | €8,200 | +€4,000 | +95.2% |
| Stocks | 30/36 | €4,200 | €8,200 | +€4,000 | +95.2% |
| Amounts receivable within one year | 40/41 | €2,199 | €2,128 | -€71 | -3.2% |
| Trade receivables | 40 | €2,199 | €1,181 | -€1,018 | -46.3% |
| Other amounts receivable | 41 | - | €947 | +€947 | |
| Cash at bank and in hand | 54/58 | €8,758 | €746 | -€8,011 | -91.5% |
| Deferred charges and accrued income | 490/1 | €253 | €762 | +€509 | +202% |
| Total equity and liabilities | 10/49 | €239,619 | €215,595 | -€24,024 | -10.0% |
| Equity | 10/15 | -€11,004 | -€12,115 | -€1,111 | -10.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,004 | -€17,115 | -€1,111 | -6.9% |
| Amounts payable | 17/49 | €250,624 | €227,710 | -€22,914 | -9.1% |
| Amounts payable after more than one year | 17 | €34,860 | €19,629 | -€15,231 | -43.7% |
| Financial debts | 170/4 | €34,860 | €19,629 | -€15,231 | -43.7% |
| Amounts payable within one year | 42/48 | €215,764 | €208,081 | -€7,683 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €17,671 | €15,231 | -€2,440 | -13.8% |
| Trade debts | 44 | €9,301 | €14,597 | +€5,297 | +57.0% |
| Suppliers | 440/4 | €9,301 | €14,597 | +€5,297 | +57.0% |
| Taxes, remuneration and social security | 45 | €13,520 | €18,462 | +€4,942 | +36.6% |
| Taxes | 450/3 | €5,097 | €9,211 | +€4,114 | +80.7% |
| Remuneration and social security | 454/9 | €8,423 | €9,251 | +€828 | +9.8% |
| Other amounts payable | 47/48 | €175,272 | €159,790 | -€15,481 | -8.8% |
| Remuneration, social security and pensions | 62 | €47,207 | €61,052 | +€13,846 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,304 | €26,664 | +€6,360 | +31.3% |
| Other operating charges | 640/8 | €557 | €11,105 | +€10,548 | +1,895% |
| Gross operating margin | 9900 | €55,158 | €100,077 | +€44,919 | +81.4% |
| Operating profit (loss) | 9901 | -€12,909 | €1,257 | +€14,165 | |
| Financial income | 75/76B | €7 | €541 | +€534 | +7,577% |
| Recurring financial income | 75 | €7 | €541 | +€534 | +7,577% |
| Financial charges | 65/66B | €3,006 | €2,777 | -€230 | -7.6% |
| Recurring financial charges | 65 | €3,006 | €2,777 | -€230 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,908 | -€979 | +€14,929 | +93.8% |
| Income taxes | 67/77 | €96 | €132 | +€36 | +37.5% |
| Profit (loss) for the period | 9904 | -€16,004 | -€1,111 | +€14,893 | +93.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,004 | -€1,111 | +€14,893 | +93.1% |
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 7 November 2026 via checked.be.