Dr. E. Geluyckens: 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. E. Geluyckens
Largest movements
- Cash +€77,178
up €77,178 (+31.9%), from €241,871 to €319,049
mainly Net result for the year (+€106,671) and Other debts (+€92,418)
- Receivables within one year -€57,924
down €57,924 (-100%), from €57,924 to €0
- Tangible fixed assets -€25,166
down €25,166 (-10.3%), from €243,502 to €218,336
of which Other tangible fixed assets: -€21,557
- Other debts +€92,418
up €92,418, from €0 to €92,418
- Reserves -€72,855
down €72,855 (-21.5%), from €338,519 to €265,664
- Debts after one year -€33,792
down €33,792 (-23.6%), from €143,055 to €109,262
- Gross operating margin +€35,093
up €35,093 (+22.3%), from €157,458 to €192,551
- Taxes +€10,100
up €10,100 (+29.6%), from €34,069 to €44,169
- Depreciation +€3,233
up €3,233 (+10.3%), from €31,470 to €34,703
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 | €550,780 | €545,406 | -€5,374 | -1.0% |
| Fixed assets | 21/28 | €243,502 | €218,336 | -€25,166 | -10.3% |
| Tangible fixed assets | 22/27 | €243,502 | €218,336 | -€25,166 | -10.3% |
| Land and buildings | 22 | €34,353 | €30,059 | -€4,294 | -12.5% |
| Plant, machinery and equipment | 23 | €1,647 | €2,332 | +€685 | +41.6% |
| Other tangible fixed assets | 26 | €207,501 | €185,945 | -€21,557 | -10.4% |
| Current assets | 29/58 | €307,278 | €327,070 | +€19,791 | +6.4% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,924 | €0 | -€57,924 | -100% |
| Other amounts receivable | 41 | €57,924 | €0 | -€57,924 | -100% |
| Cash at bank and in hand | 54/58 | €241,871 | €319,049 | +€77,178 | +31.9% |
| Deferred charges and accrued income | 490/1 | €5,483 | €6,021 | +€538 | +9.8% |
| Total equity and liabilities | 10/49 | €550,780 | €545,406 | -€5,374 | -1.0% |
| Equity | 10/15 | €352,115 | €279,261 | -€72,855 | -20.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €338,519 | €265,664 | -€72,855 | -21.5% |
| Distributable reserves | 133 | €338,519 | €265,664 | -€72,855 | -21.5% |
| Profit (loss) carried forward | 14 | €1,196 | €1,196 | = | 0.0% |
| Amounts payable | 17/49 | €198,665 | €266,145 | +€67,480 | +34.0% |
| Amounts payable after more than one year | 17 | €143,055 | €109,262 | -€33,792 | -23.6% |
| Financial debts | 170/4 | €143,055 | €109,262 | -€33,792 | -23.6% |
| Amounts payable within one year | 42/48 | €48,367 | €145,671 | +€97,305 | +201% |
| Current portion of amounts payable after more than one year | 42 | €33,018 | €33,792 | +€775 | +2.3% |
| Trade debts | 44 | €366 | €309 | -€57 | -15.5% |
| Suppliers | 440/4 | €366 | €309 | -€57 | -15.5% |
| Taxes, remuneration and social security | 45 | €14,983 | €19,152 | +€4,169 | +27.8% |
| Taxes | 450/3 | €14,983 | €19,152 | +€4,169 | +27.8% |
| Other amounts payable | 47/48 | €0 | €92,418 | +€92,418 | |
| Accrued charges and deferred income | 492/3 | €7,243 | €11,211 | +€3,968 | +54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,470 | €34,703 | +€3,233 | +10.3% |
| Other operating charges | 640/8 | €2,451 | €2,590 | +€140 | +5.7% |
| Gross operating margin | 9900 | €157,458 | €192,551 | +€35,093 | +22.3% |
| Operating profit (loss) | 9901 | €123,537 | €155,258 | +€31,721 | +25.7% |
| Financial income | 75/76B | €291 | €8 | -€283 | -97.2% |
| Recurring financial income | 75 | €291 | €8 | -€283 | -97.2% |
| Financial charges | 65/66B | €4,668 | €4,426 | -€241 | -5.2% |
| Recurring financial charges | 65 | €4,668 | €4,426 | -€241 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €119,160 | €150,840 | +€31,679 | +26.6% |
| Income taxes | 67/77 | €34,069 | €44,169 | +€10,100 | +29.6% |
| Profit (loss) for the period | 9904 | €85,092 | €106,671 | +€21,579 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €85,092 | €106,671 | +€21,579 | +25.4% |
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 29 October 2026 via checked.be.