DR. MICHIEL GERITS: what changed
DR. MICHIEL GERITS
Largest movements
- Current investments +€29,641
up €29,641 (+11.8%), from €250,946 to €280,587
- Intangible fixed assets -€10,050
down €10,050 (-60.0%), from €16,750 to €6,700
- Cash +€8,663
up €8,663 (+17.8%), from €48,672 to €57,336
mainly Net result for the year (+€93,818) and Other debts (+€52,497)
- Tangible fixed assets -€7,567
down €7,567 (-10.7%), from €70,974 to €63,407
of which Land and buildings: -€6,752
- Receivables within one year -€6,081
down €6,081 (-53.4%), from €11,388 to €5,307
- Reserves -€60,747
down €60,747 (-16.3%), from €373,446 to €312,699
of which Distributable reserves: -€60,747
- Other debts +€52,497
new in 2025: €52,497
- Tax, wage and social debts +€13,935
up €13,935 (+146%), from €9,536 to €23,471
- Short-term financial debts +€7,500
new in 2025: €7,500
- Taxes +€12,426
up €12,426 (+42.1%), from €29,536 to €41,962
- Financial income +€5,371
up €5,371 (+51.4%), from €10,450 to €15,822
- Gross operating margin -€2,926
down €2,926 (-2.0%), from €147,427 to €144,501
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €401,824 | €414,868 | +€13,044 | +3.2% |
| Fixed assets | 21/28 | €87,724 | €70,107 | -€17,617 | -20.1% |
| Intangible fixed assets | 21 | €16,750 | €6,700 | -€10,050 | -60.0% |
| Tangible fixed assets | 22/27 | €70,974 | €63,407 | -€7,567 | -10.7% |
| Land and buildings | 22 | €38,658 | €31,905 | -€6,752 | -17.5% |
| Plant, machinery and equipment | 23 | €2,690 | €1,575 | -€1,115 | -41.5% |
| Furniture and vehicles | 24 | €29,626 | €29,927 | +€301 | +1.0% |
| Current assets | 29/58 | €314,100 | €344,761 | +€30,661 | +9.8% |
| Amounts receivable within one year | 40/41 | €11,388 | €5,307 | -€6,081 | -53.4% |
| Other amounts receivable | 41 | €11,388 | €5,307 | -€6,081 | -53.4% |
| Current investments | 50/53 | €250,946 | €280,587 | +€29,641 | +11.8% |
| Cash at bank and in hand | 54/58 | €48,672 | €57,336 | +€8,663 | +17.8% |
| Deferred charges and accrued income | 490/1 | €3,093 | €1,531 | -€1,562 | -50.5% |
| Total equity and liabilities | 10/49 | €401,824 | €414,868 | +€13,044 | +3.2% |
| Equity | 10/15 | €392,046 | €331,299 | -€60,747 | -15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,446 | €312,699 | -€60,747 | -16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €371,586 | €310,839 | -€60,747 | -16.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,778 | €83,570 | +€73,792 | +755% |
| Amounts payable within one year | 42/48 | €9,778 | €83,570 | +€73,792 | +755% |
| Financial debts | 43 | - | €7,500 | +€7,500 | |
| Credit institutions | 430/8 | - | €7,500 | +€7,500 | |
| Trade debts | 44 | €242 | €102 | -€140 | -58.0% |
| Suppliers | 440/4 | €242 | €102 | -€140 | -58.0% |
| Taxes, remuneration and social security | 45 | €9,536 | €23,471 | +€13,935 | +146% |
| Taxes | 450/3 | €9,536 | €23,471 | +€13,935 | +146% |
| Other amounts payable | 47/48 | - | €52,497 | +€52,497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,850 | €22,912 | +€62 | +0.3% |
| Other operating charges | 640/8 | €1,433 | €1,327 | -€106 | -7.4% |
| Gross operating margin | 9900 | €147,427 | €144,501 | -€2,926 | -2.0% |
| Operating profit (loss) | 9901 | €123,143 | €120,262 | -€2,881 | -2.3% |
| Financial income | 75/76B | €10,450 | €15,822 | +€5,371 | +51.4% |
| Recurring financial income | 75 | €10,450 | €15,822 | +€5,371 | +51.4% |
| Financial charges | 65/66B | €829 | €303 | -€526 | -63.4% |
| Recurring financial charges | 65 | €829 | €303 | -€526 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €132,765 | €135,780 | +€3,015 | +2.3% |
| Income taxes | 67/77 | €29,536 | €41,962 | +€12,426 | +42.1% |
| Profit (loss) for the period | 9904 | €103,229 | €93,818 | -€9,410 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €103,229 | €93,818 | -€9,410 | -9.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.