DR. INGE GEUDENS: 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. INGE GEUDENS
Largest movements
- Current investments -€205,068
down €205,068 (-15.4%), from €1.3m to €1.1m
- Cash +€155,761
up €155,761 (+180%), from €86,727 to €242,488
mainly Other debts (+€390,211) and Current investments (+€205,068)
- Reserves -€413,439
down €413,439 (-29.2%), from €1.4m to €1.0m
- Other debts +€390,211
up €390,211 (+938%), from €41,584 to €431,795
- Tax, wage and social debts -€22,239
down €22,239 (-54.2%), from €41,070 to €18,830
- Gross operating margin -€234,592
down €234,592 (-47.0%), from €499,235 to €264,643
- Taxes -€76,305
down €76,305 (-46.5%), from €163,923 to €87,618
- Financial income -€43,253
down €43,253 (-52.4%), from €82,560 to €39,308
- Financial charges -€17,798
down €17,798 (-92.7%), from €19,204 to €1,406
- Other operating charges -€6,605
down €6,605 (-94.6%), from €6,980 to €375
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 | €1,521,139 | €1,467,824 | -€53,315 | -3.5% |
| Fixed assets | 21/28 | €10,583 | €3,376 | -€7,207 | -68.1% |
| Tangible fixed assets | 22/27 | €10,583 | €3,376 | -€7,207 | -68.1% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €10,583 | €3,376 | -€7,207 | -68.1% |
| Current assets | 29/58 | €1,510,556 | €1,464,448 | -€46,108 | -3.1% |
| Amounts receivable within one year | 40/41 | - | €4,122 | +€4,122 | |
| Trade receivables | 40 | - | €4,122 | +€4,122 | |
| Current investments | 50/53 | €1,335,019 | €1,129,951 | -€205,068 | -15.4% |
| Cash at bank and in hand | 54/58 | €86,727 | €242,488 | +€155,761 | +180% |
| Deferred charges and accrued income | 490/1 | €88,810 | €87,887 | -€923 | -1.0% |
| Total equity and liabilities | 10/49 | €1,521,139 | €1,467,824 | -€53,315 | -3.5% |
| Equity | 10/15 | €1,430,638 | €1,017,199 | -€413,439 | -28.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,418,238 | €1,004,799 | -€413,439 | -29.2% |
| Distributable reserves | 133 | €1,418,238 | €1,004,799 | -€413,439 | -29.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,502 | €450,625 | +€360,124 | +398% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €90,502 | €450,625 | +€360,124 | +398% |
| Current portion of amounts payable after more than one year | 42 | €5,326 | €0 | -€5,326 | -100% |
| Trade debts | 44 | €2,521 | €0 | -€2,521 | -100% |
| Suppliers | 440/4 | €2,521 | €0 | -€2,521 | -100% |
| Taxes, remuneration and social security | 45 | €41,070 | €18,830 | -€22,239 | -54.2% |
| Taxes | 450/3 | €41,070 | €18,830 | -€22,239 | -54.2% |
| Other amounts payable | 47/48 | €41,584 | €431,795 | +€390,211 | +938% |
| Remuneration, social security and pensions | 62 | €8,947 | €8,334 | -€613 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,207 | €7,207 | = | 0.0% |
| Other operating charges | 640/8 | €6,980 | €375 | -€6,605 | -94.6% |
| Gross operating margin | 9900 | €499,235 | €264,643 | -€234,592 | -47.0% |
| Operating profit (loss) | 9901 | €476,101 | €248,727 | -€227,374 | -47.8% |
| Financial income | 75/76B | €82,560 | €39,308 | -€43,253 | -52.4% |
| Recurring financial income | 75 | €82,560 | €39,308 | -€43,253 | -52.4% |
| Financial charges | 65/66B | €19,204 | €1,406 | -€17,798 | -92.7% |
| Recurring financial charges | 65 | €19,204 | €1,406 | -€17,798 | -92.7% |
| Profit (loss) for the period before taxes | 9903 | €539,458 | €286,629 | -€252,828 | -46.9% |
| Income taxes | 67/77 | €163,923 | €87,618 | -€76,305 | -46.5% |
| Profit (loss) for the period | 9904 | €375,535 | €199,011 | -€176,524 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €375,535 | €199,011 | -€176,524 | -47.0% |
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 26 October 2026 via checked.be.