Dr. Geert Tits: 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 Tits
Largest movements
- Current investments -€110,000
down €110,000 (-50.0%), from €220,000 to €110,000
- Cash +€98,515
up €98,515 (+122%), from €80,749 to €179,264
mainly Current investments (+€110,000) and Net result for the year (+€44,436)
- Receivables within one year -€15,297
down €15,297 (-87.9%), from €17,394 to €2,096
of which Other amounts receivable: -€16,133
- Tangible fixed assets -€14,685
down €14,685 (-13.9%), from €105,409 to €90,724
of which Furniture and vehicles: -€7,456
- Other debts -€32,756
down €32,756 (-34.2%), from €95,677 to €62,922
- Reserves -€9,981
down €9,981 (-2.9%), from €343,312 to €333,330
- Depreciation -€8,349
down €8,349 (-36.2%), from €23,034 to €14,685
- Gross operating margin -€8,170
down €8,170 (-9.8%), from €83,451 to €75,281
- Financial income +€5,531
up €5,531 (+318%), from €1,740 to €7,271
- Other operating charges -€3,804
down €3,804 (-55.4%), from €6,871 to €3,068
- Taxes +€1,317
up €1,317 (+6.9%), from €19,007 to €20,324
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 | €459,546 | €413,561 | -€45,986 | -10.0% |
| Fixed assets | 21/28 | €105,409 | €90,724 | -€14,685 | -13.9% |
| Tangible fixed assets | 22/27 | €105,409 | €90,724 | -€14,685 | -13.9% |
| Land and buildings | 22 | €84,383 | €80,962 | -€3,421 | -4.1% |
| Plant, machinery and equipment | 23 | €10,792 | €6,985 | -€3,808 | -35.3% |
| Furniture and vehicles | 24 | €8,343 | €887 | -€7,456 | -89.4% |
| Other tangible fixed assets | 26 | €1,890 | €1,890 | = | 0.0% |
| Current assets | 29/58 | €354,137 | €322,837 | -€31,301 | -8.8% |
| Amounts receivable within one year | 40/41 | €17,394 | €2,096 | -€15,297 | -87.9% |
| Trade receivables | 40 | €0 | €836 | +€836 | |
| Other amounts receivable | 41 | €17,394 | €1,261 | -€16,133 | -92.8% |
| Current investments | 50/53 | €220,000 | €110,000 | -€110,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €80,749 | €179,264 | +€98,515 | +122% |
| Deferred charges and accrued income | 490/1 | €35,995 | €31,476 | -€4,519 | -12.6% |
| Total equity and liabilities | 10/49 | €459,546 | €413,561 | -€45,986 | -10.0% |
| Equity | 10/15 | €355,712 | €345,730 | -€9,981 | -2.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €343,312 | €333,330 | -€9,981 | -2.9% |
| Distributable reserves | 133 | €343,312 | €333,330 | -€9,981 | -2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,835 | €67,831 | -€36,004 | -34.7% |
| Amounts payable within one year | 42/48 | €103,714 | €67,784 | -€35,930 | -34.6% |
| Trade debts | 44 | €4,715 | €1,541 | -€3,174 | -67.3% |
| Suppliers | 440/4 | €4,715 | €1,541 | -€3,174 | -67.3% |
| Taxes, remuneration and social security | 45 | €3,322 | €3,322 | = | 0.0% |
| Taxes | 450/3 | €3,322 | €3,322 | = | 0.0% |
| Other amounts payable | 47/48 | €95,677 | €62,922 | -€32,756 | -34.2% |
| Accrued charges and deferred income | 492/3 | €121 | €46 | -€74 | -61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,034 | €14,685 | -€8,349 | -36.2% |
| Other operating charges | 640/8 | €6,871 | €3,068 | -€3,804 | -55.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €83,451 | €75,281 | -€8,170 | -9.8% |
| Operating profit (loss) | 9901 | €53,547 | €57,529 | +€3,982 | +7.4% |
| Financial income | 75/76B | €1,740 | €7,271 | +€5,531 | +318% |
| Recurring financial income | 75 | €1,740 | €7,271 | +€5,531 | +318% |
| Financial charges | 65/66B | €135 | €40 | -€95 | -70.4% |
| Recurring financial charges | 65 | €135 | €40 | -€95 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €55,152 | €64,760 | +€9,608 | +17.4% |
| Income taxes | 67/77 | €19,007 | €20,324 | +€1,317 | +6.9% |
| Profit (loss) for the period | 9904 | €36,145 | €44,436 | +€8,291 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,145 | €44,436 | +€8,291 | +22.9% |
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 25 October 2026 via checked.be.