Dr. Geurts Ghislain: 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. Geurts Ghislain
Largest movements
- Current investments +€64,401
up €64,401 (+44.7%), from €144,164 to €208,566
- Cash +€30,878
up €30,878 (+53.6%), from €57,645 to €88,523
mainly Net result for the year (+€129,087) and Receivables within one year (+€7,705)
- Receivables within one year -€7,705
down €7,705 (-29.7%), from €25,952 to €18,247
- Deferred charges and accrued income +€7,129
up €7,129 (+570%), from €1,250 to €8,379
- Tangible fixed assets +€4,180
up €4,180 (+146%), from €2,864 to €7,044
of which Furniture and vehicles: +€4,766
- Reserves +€104,087
up €104,087 (+46.6%), from €223,126 to €327,213
- Tax, wage and social debts -€4,981
down €4,981 (-100%), from €4,981 to €0
- Gross operating margin +€11,887
up €11,887 (+7.6%), from €157,020 to €168,908
- Taxes -€2,374
down €2,374 (-5.9%), from €40,117 to €37,743
- Other operating charges -€2,226
down €2,226 (-77.6%), from €2,869 to €643
- Financial charges +€1,712
up €1,712 (+143%), from €1,200 to €2,912
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 | €231,875 | €330,758 | +€98,884 | +42.6% |
| Fixed assets | 21/28 | €2,864 | €7,044 | +€4,180 | +146% |
| Tangible fixed assets | 22/27 | €2,864 | €7,044 | +€4,180 | +146% |
| Plant, machinery and equipment | 23 | €2,864 | €2,278 | -€586 | -20.5% |
| Furniture and vehicles | 24 | - | €4,766 | +€4,766 | |
| Current assets | 29/58 | €229,011 | €323,715 | +€94,704 | +41.4% |
| Amounts receivable within one year | 40/41 | €25,952 | €18,247 | -€7,705 | -29.7% |
| Other amounts receivable | 41 | €25,952 | €18,247 | -€7,705 | -29.7% |
| Current investments | 50/53 | €144,164 | €208,566 | +€64,401 | +44.7% |
| Cash at bank and in hand | 54/58 | €57,645 | €88,523 | +€30,878 | +53.6% |
| Deferred charges and accrued income | 490/1 | €1,250 | €8,379 | +€7,129 | +570% |
| Total equity and liabilities | 10/49 | €231,875 | €330,758 | +€98,884 | +42.6% |
| Equity | 10/15 | €226,626 | €330,713 | +€104,087 | +45.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €223,126 | €327,213 | +€104,087 | +46.6% |
| Distributable reserves | 133 | €223,126 | €327,213 | +€104,087 | +46.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,248 | €45 | -€5,203 | -99.1% |
| Amounts payable within one year | 42/48 | €5,248 | €45 | -€5,203 | -99.1% |
| Trade debts | 44 | €268 | €45 | -€223 | -83.2% |
| Suppliers | 440/4 | €268 | €45 | -€223 | -83.2% |
| Taxes, remuneration and social security | 45 | €4,981 | €0 | -€4,981 | -100% |
| Taxes | 450/3 | €4,981 | €0 | -€4,981 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €4,207 | +€4,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67 | €659 | +€591 | +877% |
| Other operating charges | 640/8 | €2,869 | €643 | -€2,226 | -77.6% |
| Gross operating margin | 9900 | €157,020 | €168,908 | +€11,887 | +7.6% |
| Operating profit (loss) | 9901 | €154,084 | €167,606 | +€13,522 | +8.8% |
| Financial income | 75/76B | €455 | €2,136 | +€1,681 | +369% |
| Recurring financial income | 75 | €455 | €2,136 | +€1,681 | +369% |
| Financial charges | 65/66B | €1,200 | €2,912 | +€1,712 | +143% |
| Recurring financial charges | 65 | €1,200 | €2,912 | +€1,712 | +143% |
| Profit (loss) for the period before taxes | 9903 | €153,339 | €166,830 | +€13,490 | +8.8% |
| Income taxes | 67/77 | €40,117 | €37,743 | -€2,374 | -5.9% |
| Profit (loss) for the period | 9904 | €113,222 | €129,087 | +€15,865 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,222 | €129,087 | +€15,865 | +14.0% |
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 29 October 2026 via checked.be.