Dr. Edwin Geelen: 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. Edwin Geelen
Largest movements
- Receivables within one year -€18,813
down €18,813 (-33.8%), from €55,579 to €36,766
- Profit (loss) carried forward +€62,861
up €62,861 (+26.6%), from €236,471 to €299,332
- Debts after one year -€46,443
down €46,443 (-43.4%), from €107,053 to €60,610
- Accrued charges and deferred income -€27,951
down €27,951 (-88.8%), from €31,472 to €3,521
- Current portion of long-term debt +€23,626
new in 2025: €23,626
- Other debts -€20,000
down €20,000 (-66.7%), from €30,000 to €10,000
- Gross operating margin +€17,860
up €17,860 (+25.6%), from €69,773 to €87,634
- Depreciation -€5,415
down €5,415 (-31.2%), from €17,337 to €11,921
- Taxes +€1,249
up €1,249 (+9.4%), from €13,348 to €14,597
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 | €483,309 | €467,977 | -€15,333 | -3.2% |
| Fixed assets | 21/28 | €375,620 | €376,743 | +€1,123 | +0.3% |
| Tangible fixed assets | 22/27 | €375,620 | €376,743 | +€1,123 | +0.3% |
| Land and buildings | 22 | €366,438 | €356,101 | -€10,337 | -2.8% |
| Plant, machinery and equipment | 23 | €9,182 | €20,643 | +€11,461 | +125% |
| Current assets | 29/58 | €107,690 | €91,234 | -€16,456 | -15.3% |
| Amounts receivable within one year | 40/41 | €55,579 | €36,766 | -€18,813 | -33.8% |
| Other amounts receivable | 41 | €55,579 | €36,766 | -€18,813 | -33.8% |
| Cash at bank and in hand | 54/58 | €52,110 | €54,467 | +€2,357 | +4.5% |
| Total equity and liabilities | 10/49 | €483,309 | €467,977 | -€15,333 | -3.2% |
| Equity | 10/15 | €309,552 | €366,338 | +€56,786 | +18.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €66,883 | €60,809 | -€6,074 | -9.1% |
| Tax-exempt reserves | 132 | €66,883 | €60,809 | -€6,074 | -9.1% |
| Profit (loss) carried forward | 14 | €236,471 | €299,332 | +€62,861 | +26.6% |
| Amounts payable | 17/49 | €173,758 | €101,639 | -€72,119 | -41.5% |
| Amounts payable after more than one year | 17 | €107,053 | €60,610 | -€46,443 | -43.4% |
| Financial debts | 170/4 | €107,053 | €60,610 | -€46,443 | -43.4% |
| Amounts payable within one year | 42/48 | €35,233 | €37,508 | +€2,275 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | - | €23,626 | +€23,626 | |
| Trade debts | 44 | €5,233 | €3,882 | -€1,351 | -25.8% |
| Suppliers | 440/4 | €5,233 | €3,882 | -€1,351 | -25.8% |
| Other amounts payable | 47/48 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Accrued charges and deferred income | 492/3 | €31,472 | €3,521 | -€27,951 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,337 | €11,921 | -€5,415 | -31.2% |
| Other operating charges | 640/8 | €147 | €849 | +€702 | +477% |
| Gross operating margin | 9900 | €69,773 | €87,634 | +€17,860 | +25.6% |
| Operating profit (loss) | 9901 | €52,290 | €74,863 | +€22,574 | +43.2% |
| Financial charges | 65/66B | €3,188 | €3,480 | +€292 | +9.2% |
| Recurring financial charges | 65 | €3,188 | €3,480 | +€292 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €49,102 | €71,383 | +€22,282 | +45.4% |
| Income taxes | 67/77 | €13,348 | €14,597 | +€1,249 | +9.4% |
| Profit (loss) for the period | 9904 | €35,754 | €56,786 | +€21,032 | +58.8% |
| Transfer from tax-exempt reserves | 789 | €5,126 | €6,074 | +€949 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,880 | €62,861 | +€21,981 | +53.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.