DR. GEERT EVERAERT: 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. GEERT EVERAERT
Largest movements
- Cash -€466,476
down €466,476 (-81.9%), from €569,571 to €103,096
mainly Receivables after one year (-€400,000) and Investment in fixed assets (net) (-€194,986)
- Receivables after one year +€400,000
up €400,000 (+500%), from €80,000 to €480,000
- Tangible fixed assets +€186,591
up €186,591 (+1,231%), from €15,163 to €201,754
of which Other tangible fixed assets: +€149,705
- Receivables within one year +€60,526
up €60,526 (+104%), from €58,069 to €118,594
of which Trade receivables: +€109,550
- Reserves +€159,382
up €159,382 (+24.1%), from €661,833 to €821,216
of which Distributable reserves: +€159,382
- Trade debts +€23,547
up €23,547 (+209%), from €11,285 to €34,831
- Gross operating margin -€33,901
down €33,901 (-9.9%), from €341,092 to €307,191
- Financial charges -€9,608
down €9,608 (-95.3%), from €10,080 to €472
- Taxes -€8,015
down €8,015 (-7.7%), from €104,172 to €96,156
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 | €728,421 | €907,314 | +€178,894 | +24.6% |
| Fixed assets | 21/28 | €15,163 | €201,754 | +€186,591 | +1,231% |
| Tangible fixed assets | 22/27 | €15,163 | €201,754 | +€186,591 | +1,231% |
| Plant, machinery and equipment | 23 | €3,811 | €3,038 | -€773 | -20.3% |
| Furniture and vehicles | 24 | €11,352 | €49,010 | +€37,658 | +332% |
| Other tangible fixed assets | 26 | - | €149,705 | +€149,705 | |
| Current assets | 29/58 | €713,258 | €705,561 | -€7,697 | -1.1% |
| Amounts receivable after more than one year | 29 | €80,000 | €480,000 | +€400,000 | +500% |
| Other amounts receivable | 291 | €80,000 | €480,000 | +€400,000 | +500% |
| Amounts receivable within one year | 40/41 | €58,069 | €118,594 | +€60,526 | +104% |
| Trade receivables | 40 | - | €109,550 | +€109,550 | |
| Other amounts receivable | 41 | €58,069 | €9,044 | -€49,024 | -84.4% |
| Cash at bank and in hand | 54/58 | €569,571 | €103,096 | -€466,476 | -81.9% |
| Deferred charges and accrued income | 490/1 | €5,618 | €3,871 | -€1,747 | -31.1% |
| Total equity and liabilities | 10/49 | €728,421 | €907,314 | +€178,894 | +24.6% |
| Equity | 10/15 | €661,833 | €821,216 | +€159,382 | +24.1% |
| Reserves | 13 | €661,833 | €821,216 | +€159,382 | +24.1% |
| Tax-exempt reserves | 132 | €15,170 | €15,170 | = | 0.0% |
| Distributable reserves | 133 | €646,664 | €806,046 | +€159,382 | +24.6% |
| Amounts payable | 17/49 | €66,587 | €86,099 | +€19,511 | +29.3% |
| Amounts payable within one year | 42/48 | €65,463 | €85,459 | +€19,995 | +30.5% |
| Trade debts | 44 | €11,285 | €34,831 | +€23,547 | +209% |
| Suppliers | 440/4 | €11,285 | €34,831 | +€23,547 | +209% |
| Taxes, remuneration and social security | 45 | €54,178 | €50,627 | -€3,551 | -6.6% |
| Taxes | 450/3 | €54,178 | €50,627 | -€3,551 | -6.6% |
| Accrued charges and deferred income | 492/3 | €1,124 | €640 | -€484 | -43.1% |
| Non-recurring operating income | 76A | €120,670 | - | -€120,670 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,236 | €8,395 | +€2,159 | +34.6% |
| Other operating charges | 640/8 | €363 | €2,737 | +€2,374 | +654% |
| Gross operating margin | 9900 | €341,092 | €307,191 | -€33,901 | -9.9% |
| Operating profit (loss) | 9901 | €334,493 | €296,059 | -€38,434 | -11.5% |
| Financial income | 75/76B | €3,559 | €4,711 | +€1,152 | +32.4% |
| Recurring financial income | 75 | €3,559 | €4,711 | +€1,152 | +32.4% |
| Financial charges | 65/66B | €10,080 | €472 | -€9,608 | -95.3% |
| Recurring financial charges | 65 | €10,080 | €472 | -€9,608 | -95.3% |
| Profit (loss) for the period before taxes | 9903 | €327,971 | €300,298 | -€27,674 | -8.4% |
| Income taxes | 67/77 | €104,172 | €96,156 | -€8,015 | -7.7% |
| Profit (loss) for the period | 9904 | €223,800 | €204,141 | -€19,658 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €223,800 | €204,141 | -€19,658 | -8.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.