BRECHT GEERTS: 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.
BRECHT GEERTS
Largest movements
- Receivables within one year -€65,562
down €65,562 (-78.6%), from €83,435 to €17,872
of which Other amounts receivable: -€62,133
- Cash -€20,143
down €20,143 (-22.5%), from €89,417 to €69,274
mainly Contributions, distributions and other (-€220,261) and Debts after one year (-€37,350)
- Reserves -€123,677
down €123,677 (-30.5%), from €406,028 to €282,352
- Other debts +€68,628
new in 2025: €68,628
- Debts after one year -€37,350
down €37,350 (-25.6%), from €145,820 to €108,470
- Tax, wage and social debts -€6,587
down €6,587 (-29.1%), from €22,657 to €16,070
- Gross operating margin -€18,287
down €18,287 (-12.1%), from €151,112 to €132,825
- Taxes -€3,612
down €3,612 (-10.1%), from €35,851 to €32,239
- Financial income +€2,037
up €2,037 (+12.2%), from €16,661 to €18,698
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 | €623,218 | €536,125 | -€87,093 | -14.0% |
| Fixed assets | 21/28 | €450,366 | €447,173 | -€3,193 | -0.7% |
| Tangible fixed assets | 22/27 | €22,421 | €19,228 | -€3,193 | -14.2% |
| Land and buildings | 22 | €898 | €840 | -€57 | -6.4% |
| Plant, machinery and equipment | 23 | €2,173 | €1,981 | -€192 | -8.9% |
| Furniture and vehicles | 24 | €16,164 | €13,561 | -€2,603 | -16.1% |
| Other tangible fixed assets | 26 | €3,186 | €2,846 | -€340 | -10.7% |
| Financial fixed assets | 28 | €427,945 | €427,945 | = | 0.0% |
| Current assets | 29/58 | €172,852 | €88,952 | -€83,900 | -48.5% |
| Amounts receivable within one year | 40/41 | €83,435 | €17,872 | -€65,562 | -78.6% |
| Trade receivables | 40 | €3,429 | €0 | -€3,429 | -100% |
| Other amounts receivable | 41 | €80,005 | €17,872 | -€62,133 | -77.7% |
| Cash at bank and in hand | 54/58 | €89,417 | €69,274 | -€20,143 | -22.5% |
| Deferred charges and accrued income | 490/1 | - | €1,806 | +€1,806 | |
| Total equity and liabilities | 10/49 | €623,218 | €536,125 | -€87,093 | -14.0% |
| Equity | 10/15 | €418,428 | €300,952 | -€117,477 | -28.1% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €406,028 | €282,352 | -€123,677 | -30.5% |
| Distributable reserves | 133 | €406,028 | €282,352 | -€123,677 | -30.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €204,789 | €235,173 | +€30,384 | +14.8% |
| Amounts payable after more than one year | 17 | €145,820 | €108,470 | -€37,350 | -25.6% |
| Financial debts | 170/4 | €145,820 | €108,470 | -€37,350 | -25.6% |
| Amounts payable within one year | 42/48 | €58,969 | €124,274 | +€65,305 | +111% |
| Current portion of amounts payable after more than one year | 42 | €36,284 | €37,350 | +€1,066 | +2.9% |
| Trade debts | 44 | €29 | €2,226 | +€2,197 | +7,628% |
| Suppliers | 440/4 | €29 | €2,226 | +€2,197 | +7,628% |
| Taxes, remuneration and social security | 45 | €22,657 | €16,070 | -€6,587 | -29.1% |
| Taxes | 450/3 | €22,657 | €16,070 | -€6,587 | -29.1% |
| Other amounts payable | 47/48 | - | €68,628 | +€68,628 | |
| Accrued charges and deferred income | 492/3 | - | €2,429 | +€2,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,312 | €3,193 | -€119 | -3.6% |
| Other operating charges | 640/8 | €1,038 | €1,062 | +€23 | +2.2% |
| Gross operating margin | 9900 | €151,112 | €132,825 | -€18,287 | -12.1% |
| Operating profit (loss) | 9901 | €146,762 | €128,571 | -€18,191 | -12.4% |
| Financial income | 75/76B | €16,661 | €18,698 | +€2,037 | +12.2% |
| Recurring financial income | 75 | €16,661 | €18,698 | +€2,037 | +12.2% |
| Financial charges | 65/66B | €11,760 | €12,245 | +€485 | +4.1% |
| Recurring financial charges | 65 | €11,760 | €12,245 | +€485 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €151,663 | €135,023 | -€16,640 | -11.0% |
| Income taxes | 67/77 | €35,851 | €32,239 | -€3,612 | -10.1% |
| Profit (loss) for the period | 9904 | €115,812 | €102,784 | -€13,028 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €115,812 | €102,784 | -€13,028 | -11.2% |
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.