ANNELEEN GERAERTS: 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.
ANNELEEN GERAERTS
Largest movements
- Cash +€36,757
up €36,757 (+33.9%), from €108,307 to €145,065
mainly Net result for the year (+€51,962) and Other debts (+€7,779)
- Reserves +€51,962
up €51,962 (+17.7%), from €293,436 to €345,398
- Debts after one year -€13,027
down €13,027 (-9.9%), from €131,275 to €118,248
of which Financial debts: -€13,027
- Financial income +€10,000
up €10,000 (+40.0%), from €25,000 to €35,000
- Financial charges -€2,779
down €2,779 (-22.0%), from €12,608 to €9,829
- Taxes +€1,481
up €1,481 (+15.5%), from €9,562 to €11,044
- Gross operating margin -€496
down €496 (-1.3%), from €39,085 to €38,589
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 | €760,479 | €805,030 | +€44,551 | +5.9% |
| Fixed assets | 21/28 | €622,171 | €622,171 | = | 0.0% |
| Tangible fixed assets | 22/27 | €92,171 | €92,171 | = | 0.0% |
| Land and buildings | 22 | €92,171 | €92,171 | = | 0.0% |
| Financial fixed assets | 28 | €530,000 | €530,000 | = | 0.0% |
| Current assets | 29/58 | €138,307 | €182,859 | +€44,551 | +32.2% |
| Amounts receivable within one year | 40/41 | €30,000 | €37,794 | +€7,794 | +26.0% |
| Trade receivables | 40 | €30,000 | €37,794 | +€7,794 | +26.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €108,307 | €145,065 | +€36,757 | +33.9% |
| Total equity and liabilities | 10/49 | €760,479 | €805,030 | +€44,551 | +5.9% |
| Equity | 10/15 | €478,473 | €530,434 | +€51,962 | +10.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €293,436 | €345,398 | +€51,962 | +17.7% |
| Distributable reserves | 133 | €293,436 | €345,398 | +€51,962 | +17.7% |
| Profit (loss) carried forward | 14 | €170,037 | €170,037 | = | 0.0% |
| Amounts payable | 17/49 | €282,006 | €274,596 | -€7,410 | -2.6% |
| Amounts payable after more than one year | 17 | €131,275 | €118,248 | -€13,027 | -9.9% |
| Financial debts | 170/4 | €26,275 | €13,248 | -€13,027 | -49.6% |
| Other amounts payable | 178/9 | €105,000 | €105,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €139,079 | €147,333 | +€8,254 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €12,810 | €13,027 | +€217 | +1.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €918 | €1,248 | +€330 | +36.0% |
| Suppliers | 440/4 | €918 | €1,248 | +€330 | +36.0% |
| Taxes, remuneration and social security | 45 | €1,916 | €1,844 | -€72 | -3.8% |
| Taxes | 450/3 | €439 | €1,844 | +€1,405 | +320% |
| Remuneration and social security | 454/9 | €1,477 | €0 | -€1,477 | -100% |
| Other amounts payable | 47/48 | €123,435 | €131,214 | +€7,779 | +6.3% |
| Accrued charges and deferred income | 492/3 | €11,652 | €9,015 | -€2,637 | -22.6% |
| Other operating charges | 640/8 | €574 | €755 | +€181 | +31.4% |
| Gross operating margin | 9900 | €39,085 | €38,589 | -€496 | -1.3% |
| Operating profit (loss) | 9901 | €38,511 | €37,834 | -€677 | -1.8% |
| Financial income | 75/76B | €25,000 | €35,000 | +€10,000 | +40.0% |
| Recurring financial income | 75 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Financial charges | 65/66B | €12,608 | €9,829 | -€2,779 | -22.0% |
| Recurring financial charges | 65 | €12,608 | €9,829 | -€2,779 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €50,903 | €63,005 | +€12,102 | +23.8% |
| Income taxes | 67/77 | €9,562 | €11,044 | +€1,481 | +15.5% |
| Profit (loss) for the period | 9904 | €41,341 | €51,962 | +€10,621 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,341 | €51,962 | +€10,621 | +25.7% |
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 30 October 2026 via checked.be.