DR. B. GEORGES: 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.
DR. B. GEORGES
Largest movements
- Tangible fixed assets -€56,279
down €56,279 (-15.5%), from €363,691 to €307,412
of which Land and buildings: -€36,814
- Cash +€23,015
up €23,015 (+27.3%), from €84,317 to €107,332
mainly Net result for the year (+€122,602) and Depreciation (+€56,279)
- Receivables within one year +€19,528
up €19,528 (+27.4%), from €71,368 to €90,896
of which Other amounts receivable: +€18,928
- Deferred charges and accrued income +€10,904
up €10,904 (+13.8%), from €79,179 to €90,083
- Tax, wage and social debts +€56,180
up €56,180 (+123.3%), from €45,549 to €101,729
- Reserves -€32,750
down €32,750 (-7.8%), from €418,210 to €385,460
of which Distributable reserves: -€32,750
- Current portion of long-term debt -€20,926
down €20,926 (-70.5%), from €29,696 to €8,770
- Debts after one year -€8,770
no longer reported in 2025 (was €8,770)
- Gross operating margin +€20,649
up €20,649 (+9.8%), from €211,596 to €232,245
- Taxes +€10,732
up €10,732 (+23.5%), from €45,581 to €56,313
- Depreciation -€8,490
down €8,490 (-13.1%), from €64,769 to €56,279
- Financial charges -€2,474
down €2,474 (-76.9%), from €3,215 to €742
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 | €598,579 | €595,747 | -€2,832 | -0.5% |
| Fixed assets | 21/28 | €363,716 | €307,437 | -€56,279 | -15.5% |
| Tangible fixed assets | 22/27 | €363,691 | €307,412 | -€56,279 | -15.5% |
| Land and buildings | 22 | €315,523 | €278,708 | -€36,814 | -11.7% |
| Plant, machinery and equipment | 23 | €2,809 | €1,368 | -€1,441 | -51.3% |
| Furniture and vehicles | 24 | €45,359 | €27,335 | -€18,024 | -39.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €234,863 | €288,311 | +€53,447 | +22.8% |
| Amounts receivable within one year | 40/41 | €71,368 | €90,896 | +€19,528 | +27.4% |
| Trade receivables | 40 | - | €600 | +€600 | |
| Other amounts receivable | 41 | €71,368 | €90,296 | +€18,928 | +26.5% |
| Cash at bank and in hand | 54/58 | €84,317 | €107,332 | +€23,015 | +27.3% |
| Deferred charges and accrued income | 490/1 | €79,179 | €90,083 | +€10,904 | +13.8% |
| Total equity and liabilities | 10/49 | €598,579 | €595,747 | -€2,832 | -0.5% |
| Equity | 10/15 | €512,506 | €479,858 | -€32,648 | -6.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €418,210 | €385,460 | -€32,750 | -7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €416,350 | €383,600 | -€32,750 | -7.9% |
| Profit (loss) carried forward | 14 | €81,896 | €81,998 | +€102 | +0.1% |
| Amounts payable | 17/49 | €86,073 | €115,890 | +€29,817 | +34.6% |
| Amounts payable after more than one year | 17 | €8,770 | - | -€8,770 | |
| Financial debts | 170/4 | €8,770 | - | -€8,770 | |
| Amounts payable within one year | 42/48 | €77,303 | €115,890 | +€38,586 | +49.9% |
| Current portion of amounts payable after more than one year | 42 | €29,696 | €8,770 | -€20,926 | -70.5% |
| Trade debts | 44 | €2,058 | €5,391 | +€3,333 | +161.9% |
| Suppliers | 440/4 | €2,058 | €5,391 | +€3,333 | +161.9% |
| Taxes, remuneration and social security | 45 | €45,549 | €101,729 | +€56,180 | +123.3% |
| Taxes | 450/3 | €45,549 | €101,729 | +€56,180 | +123.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,769 | €56,279 | -€8,490 | -13.1% |
| Other operating charges | 640/8 | €1,507 | €982 | -€525 | -34.8% |
| Gross operating margin | 9900 | €211,596 | €232,245 | +€20,649 | +9.8% |
| Operating profit (loss) | 9901 | €145,320 | €174,984 | +€29,664 | +20.4% |
| Financial income | 75/76B | €3,957 | €4,672 | +€715 | +18.1% |
| Recurring financial income | 75 | €3,957 | €4,672 | +€715 | +18.1% |
| Financial charges | 65/66B | €3,215 | €742 | -€2,474 | -76.9% |
| Recurring financial charges | 65 | €3,215 | €742 | -€2,474 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €146,061 | €178,915 | +€32,853 | +22.5% |
| Income taxes | 67/77 | €45,581 | €56,313 | +€10,732 | +23.5% |
| Profit (loss) for the period | 9904 | €100,480 | €122,602 | +€22,122 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,480 | €122,602 | +€22,122 | +22.0% |
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 12 October 2026 via checked.be.