Elke Geraerts: 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.
Elke Geraerts
Largest movements
- Cash +€45,768
up €45,768 (+67.6%), from €67,680 to €113,449
mainly Depreciation (+€34,679) and Tax, wage and social debts (+€27,229)
- Tangible fixed assets -€34,679
down €34,679 (-22.8%), from €152,245 to €117,565
of which Leasing and similar rights: -€19,471
- Receivables within one year +€15,665
up €15,665 (+74.2%), from €21,116 to €36,781
of which Trade receivables: +€16,427
- Tax, wage and social debts +€27,229
up €27,229 (+241%), from €11,277 to €38,506
of which Remuneration and social security: +€18,224
- Debts after one year -€25,214
down €25,214 (-20.8%), from €121,433 to €96,219
- Other debts +€24,272
up €24,272 (+352%), from €6,895 to €31,167
- Accrued charges and deferred income +€5,310
up €5,310 (+506%), from €1,050 to €6,360
- Reserves -€3,275
down €3,275 (-6.3%), from €52,119 to €48,843
- Gross operating margin +€5,072
up €5,072 (+11.9%), from €42,466 to €47,538
- Depreciation +€1,337
up €1,337 (+4.0%), from €33,342 to €34,679
- Financial charges -€1,087
down €1,087 (-22.4%), from €4,841 to €3,755
- Taxes +€762
up €762 (+53.4%), from €1,426 to €2,187
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 | €241,041 | €267,795 | +€26,754 | +11.1% |
| Fixed assets | 21/28 | €152,245 | €117,565 | -€34,679 | -22.8% |
| Tangible fixed assets | 22/27 | €152,245 | €117,565 | -€34,679 | -22.8% |
| Plant, machinery and equipment | 23 | €10,806 | €9,318 | -€1,488 | -13.8% |
| Furniture and vehicles | 24 | €9,980 | €7,754 | -€2,226 | -22.3% |
| Leasing and similar rights | 25 | €60,547 | €41,076 | -€19,471 | -32.2% |
| Other tangible fixed assets | 26 | €70,911 | €59,418 | -€11,494 | -16.2% |
| Current assets | 29/58 | €88,796 | €150,229 | +€61,433 | +69.2% |
| Amounts receivable within one year | 40/41 | €21,116 | €36,781 | +€15,665 | +74.2% |
| Trade receivables | 40 | €16,042 | €32,468 | +€16,427 | +102% |
| Other amounts receivable | 41 | €5,074 | €4,313 | -€762 | -15.0% |
| Cash at bank and in hand | 54/58 | €67,680 | €113,449 | +€45,768 | +67.6% |
| Total equity and liabilities | 10/49 | €241,041 | €267,795 | +€26,754 | +11.1% |
| Equity | 10/15 | €72,119 | €68,843 | -€3,275 | -4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €52,119 | €48,843 | -€3,275 | -6.3% |
| Distributable reserves | 133 | €52,119 | €48,843 | -€3,275 | -6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,922 | €198,952 | +€30,029 | +17.8% |
| Amounts payable after more than one year | 17 | €121,433 | €96,219 | -€25,214 | -20.8% |
| Financial debts | 170/4 | €121,433 | €96,219 | -€25,214 | -20.8% |
| Amounts payable within one year | 42/48 | €46,440 | €96,373 | +€49,933 | +108% |
| Current portion of amounts payable after more than one year | 42 | €25,035 | €25,727 | +€691 | +2.8% |
| Trade debts | 44 | €3,232 | €972 | -€2,260 | -69.9% |
| Suppliers | 440/4 | €3,232 | €972 | -€2,260 | -69.9% |
| Taxes, remuneration and social security | 45 | €11,277 | €38,506 | +€27,229 | +241% |
| Taxes | 450/3 | €3,267 | €12,272 | +€9,005 | +276% |
| Remuneration and social security | 454/9 | €8,010 | €26,235 | +€18,224 | +228% |
| Other amounts payable | 47/48 | €6,895 | €31,167 | +€24,272 | +352% |
| Accrued charges and deferred income | 492/3 | €1,050 | €6,360 | +€5,310 | +506% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,342 | €34,679 | +€1,337 | +4.0% |
| Other operating charges | 640/8 | €546 | €720 | +€174 | +31.8% |
| Non-recurring operating charges | 66A | -€428 | €0 | +€428 | |
| Gross operating margin | 9900 | €42,466 | €47,538 | +€5,072 | +11.9% |
| Operating profit (loss) | 9901 | €9,005 | €12,138 | +€3,133 | +34.8% |
| Financial charges | 65/66B | €4,841 | €3,755 | -€1,087 | -22.4% |
| Recurring financial charges | 65 | €4,841 | €3,755 | -€1,087 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €4,163 | €8,383 | +€4,220 | +101% |
| Income taxes | 67/77 | €1,426 | €2,187 | +€762 | +53.4% |
| Profit (loss) for the period | 9904 | €2,738 | €6,196 | +€3,458 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €2,738 | €6,196 | +€3,458 | +126% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.