Dr. Athanasios Georgopoulos: what changed
Two fiscal 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.
Dr. Athanasios Georgopoulos
Largest movements
- Cash +€191,192
up €191,192 (+2174.6%), from €8,792 to €199,984
mainly Net result for the year (+€385,938) and Depreciation (+€11,198)
- Receivables within one year +€142,105
up €142,105 (+59.5%), from €238,996 to €381,101
of which Other amounts receivable: +€165,736
- Reserves +€385,938
up €385,938 (+193.6%), from €199,337 to €585,275
of which Tax-exempt reserves: +€210,500
- Tax, wage and social debts -€24,948
down €24,948 (-72.8%), from €34,263 to €9,315
of which Taxes: -€27,571
- Other debts -€23,233
down €23,233 (-100.0%), from €23,233 to €0
- Gross operating margin -€80,763
down €80,763 (-13.7%), from €588,919 to €508,156
- Taxes -€21,658
down €21,658 (-15.3%), from €141,748 to €120,090
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.
Cash bridge derived
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 | €290,434 | €626,992 | +€336,559 | +115.9% |
| Fixed assets | 21/28 | €18,421 | €18,796 | +€375 | +2.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €18,421 | €18,796 | +€375 | +2.0% |
| Land and buildings | 22 | €2,297 | €1,594 | -€704 | -30.6% |
| Plant, machinery and equipment | 23 | €15,585 | €8,059 | -€7,526 | -48.3% |
| Furniture and vehicles | 24 | - | €7,357 | +€7,357 | |
| Other tangible fixed assets | 26 | €539 | €1,786 | +€1,247 | +231.5% |
| Current assets | 29/58 | €272,012 | €608,196 | +€336,184 | +123.6% |
| Amounts receivable within one year | 40/41 | €238,996 | €381,101 | +€142,105 | +59.5% |
| Trade receivables | 40 | €235,605 | €211,975 | -€23,630 | -10.0% |
| Other amounts receivable | 41 | €3,391 | €169,127 | +€165,736 | +4887.3% |
| Current investments | 50/53 | €19,453 | €19,453 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,792 | €199,984 | +€191,192 | +2174.6% |
| Deferred charges and accrued income | 490/1 | €4,772 | €7,659 | +€2,887 | +60.5% |
| Total equity and liabilities | 10/49 | €290,434 | €626,992 | +€336,559 | +115.9% |
| Equity | 10/15 | €217,937 | €603,875 | +€385,938 | +177.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,337 | €585,275 | +€385,938 | +193.6% |
| Tax-exempt reserves | 132 | €147,350 | €357,850 | +€210,500 | +142.9% |
| Distributable reserves | 133 | €51,987 | €227,425 | +€175,438 | +337.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,497 | €23,118 | -€49,379 | -68.1% |
| Amounts payable after more than one year | 17 | €6,001 | €864 | -€5,137 | -85.6% |
| Financial debts | 170/4 | €6,001 | €864 | -€5,137 | -85.6% |
| Amounts payable within one year | 42/48 | €66,496 | €22,254 | -€44,242 | -66.5% |
| Current portion of amounts payable after more than one year | 42 | €5,061 | €5,137 | +€76 | +1.5% |
| Trade debts | 44 | €3,938 | €7,801 | +€3,863 | +98.1% |
| Suppliers | 440/4 | €3,938 | €7,801 | +€3,863 | +98.1% |
| Taxes, remuneration and social security | 45 | €34,263 | €9,315 | -€24,948 | -72.8% |
| Taxes | 450/3 | €34,263 | €6,693 | -€27,571 | -80.5% |
| Remuneration and social security | 454/9 | - | €2,623 | +€2,623 | |
| Other amounts payable | 47/48 | €23,233 | €0 | -€23,233 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,020 | €11,198 | -€1,822 | -14.0% |
| Other operating charges | 640/8 | €628 | €808 | +€180 | +28.6% |
| Gross operating margin | 9900 | €588,919 | €508,156 | -€80,763 | -13.7% |
| Operating profit (loss) | 9901 | €575,270 | €496,149 | -€79,121 | -13.8% |
| Financial income | 75/76B | €5,028 | €10,464 | +€5,436 | +108.1% |
| Recurring financial income | 75 | €5,028 | €10,464 | +€5,436 | +108.1% |
| Financial charges | 65/66B | €1,563 | €585 | -€978 | -62.6% |
| Recurring financial charges | 65 | €1,563 | €585 | -€978 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €578,735 | €506,028 | -€72,707 | -12.6% |
| Income taxes | 67/77 | €141,748 | €120,090 | -€21,658 | -15.3% |
| Profit (loss) for the period | 9904 | €436,987 | €385,938 | -€51,049 | -11.7% |
| Transfer to tax-exempt reserves | 689 | €0 | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €436,987 | €175,438 | -€261,549 | -59.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.