Bart Geirnaert: 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.
Bart Geirnaert
Largest movements
- Current investments +€120,000
up €120,000 (+120%), from €100,000 to €220,000
- Cash -€42,321
down €42,321 (-68.6%), from €61,711 to €19,390
mainly Current investments (-€120,000) and Investment in fixed assets (net) (-€1,504)
- Tangible fixed assets -€5,448
down €5,448 (-27.2%), from €20,047 to €14,599
of which Furniture and vehicles: -€3,567
- Receivables within one year -€3,678
down €3,678 (-7.4%), from €49,506 to €45,828
of which Trade receivables: -€2,957
- Reserves +€64,124
up €64,124 (+31.1%), from €206,328 to €270,452
- Tax, wage and social debts +€5,758
up €5,758 (+40.9%), from €14,072 to €19,830
of which Taxes: +€5,758
- Gross operating margin -€5,277
down €5,277 (-5.0%), from €106,154 to €100,876
- Financial income +€1,960
new in 2025: €1,960
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 | €231,618 | €300,409 | +€68,791 | +29.7% |
| Fixed assets | 21/28 | €20,047 | €14,599 | -€5,448 | -27.2% |
| Tangible fixed assets | 22/27 | €20,047 | €14,599 | -€5,448 | -27.2% |
| Plant, machinery and equipment | 23 | €7,519 | €5,638 | -€1,881 | -25.0% |
| Furniture and vehicles | 24 | €12,528 | €8,961 | -€3,567 | -28.5% |
| Current assets | 29/58 | €211,571 | €285,811 | +€74,239 | +35.1% |
| Amounts receivable within one year | 40/41 | €49,506 | €45,828 | -€3,678 | -7.4% |
| Trade receivables | 40 | €48,785 | €45,828 | -€2,957 | -6.1% |
| Other amounts receivable | 41 | €721 | €0 | -€721 | -100% |
| Current investments | 50/53 | €100,000 | €220,000 | +€120,000 | +120% |
| Cash at bank and in hand | 54/58 | €61,711 | €19,390 | -€42,321 | -68.6% |
| Deferred charges and accrued income | 490/1 | €354 | €593 | +€238 | +67.3% |
| Total equity and liabilities | 10/49 | €231,618 | €300,409 | +€68,791 | +29.7% |
| Equity | 10/15 | €211,328 | €275,452 | +€64,124 | +30.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €206,328 | €270,452 | +€64,124 | +31.1% |
| Distributable reserves | 133 | €206,328 | €270,452 | +€64,124 | +31.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,290 | €24,957 | +€4,667 | +23.0% |
| Amounts payable within one year | 42/48 | €20,290 | €24,957 | +€4,667 | +23.0% |
| Trade debts | 44 | €224 | €93 | -€131 | -58.3% |
| Suppliers | 440/4 | €224 | €93 | -€131 | -58.3% |
| Taxes, remuneration and social security | 45 | €14,072 | €19,830 | +€5,758 | +40.9% |
| Taxes | 450/3 | €12,384 | €18,142 | +€5,758 | +46.5% |
| Remuneration and social security | 454/9 | €1,688 | €1,688 | = | 0.0% |
| Other amounts payable | 47/48 | €5,994 | €5,034 | -€960 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,699 | €6,952 | -€747 | -9.7% |
| Other operating charges | 640/8 | €585 | €550 | -€35 | -6.0% |
| Gross operating margin | 9900 | €106,154 | €100,876 | -€5,277 | -5.0% |
| Operating profit (loss) | 9901 | €97,869 | €93,374 | -€4,496 | -4.6% |
| Financial income | 75/76B | - | €1,960 | +€1,960 | |
| Recurring financial income | 75 | - | €1,960 | +€1,960 | |
| Financial charges | 65/66B | €147 | €54 | -€93 | -63.4% |
| Recurring financial charges | 65 | €147 | €54 | -€93 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €97,722 | €95,280 | -€2,442 | -2.5% |
| Income taxes | 67/77 | €31,779 | €31,156 | -€623 | -2.0% |
| Profit (loss) for the period | 9904 | €65,943 | €64,124 | -€1,819 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,943 | €64,124 | -€1,819 | -2.8% |
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 19 October 2026 via checked.be.