Emmanuel Goeseels: 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.
Emmanuel Goeseels
Largest movements
- Cash +€1.1m
up €1.1m (+598%), from €176,446 to €1.2m
mainly Current investments (+€809,000) and Other debts (+€383,143)
- Current investments -€809,000
no longer reported in 2025 (was €809,000)
- Receivables within one year +€41,188
up €41,188 (+38.4%), from €107,399 to €148,587
of which Trade receivables: +€25,148
- Other debts +€383,143
up €383,143 (+164%), from €233,216 to €616,359
- Reserves -€97,500
down €97,500 (-13.0%), from €747,660 to €650,160
of which Distributable reserves: -€97,500
- Gross operating margin +€128,277
up €128,277 (+41.2%), from €311,675 to €439,953
- Taxes +€41,331
up €41,331 (+45.8%), from €90,150 to €131,481
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 | €1,155,948 | €1,435,356 | +€279,408 | +24.2% |
| Fixed assets | 21/28 | €62,803 | €54,464 | -€8,339 | -13.3% |
| Tangible fixed assets | 22/27 | €62,803 | €54,464 | -€8,339 | -13.3% |
| Land and buildings | 22 | €61,500 | €53,813 | -€7,688 | -12.5% |
| Furniture and vehicles | 24 | €1,303 | €652 | -€652 | -50.0% |
| Current assets | 29/58 | €1,093,145 | €1,380,892 | +€287,747 | +26.3% |
| Amounts receivable within one year | 40/41 | €107,399 | €148,587 | +€41,188 | +38.4% |
| Trade receivables | 40 | €90,089 | €115,237 | +€25,148 | +27.9% |
| Other amounts receivable | 41 | €17,310 | €33,350 | +€16,040 | +92.7% |
| Current investments | 50/53 | €809,000 | - | -€809,000 | |
| Cash at bank and in hand | 54/58 | €176,446 | €1,232,005 | +€1.1m | +598% |
| Deferred charges and accrued income | 490/1 | €300 | €300 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,155,948 | €1,435,356 | +€279,408 | +24.2% |
| Equity | 10/15 | €855,467 | €758,377 | -€97,090 | -11.3% |
| Contributions | 10/11 | €102,400 | €102,400 | = | 0.0% |
| Reserves | 13 | €747,660 | €650,160 | -€97,500 | -13.0% |
| Non-distributable reserves | 130/1 | €10,860 | €10,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,860 | €10,860 | = | 0.0% |
| Distributable reserves | 133 | €736,800 | €639,300 | -€97,500 | -13.2% |
| Profit (loss) carried forward | 14 | €5,407 | €5,817 | +€410 | +7.6% |
| Amounts payable | 17/49 | €300,481 | €676,980 | +€376,499 | +125% |
| Amounts payable after more than one year | 17 | €33,742 | €21,849 | -€11,894 | -35.2% |
| Financial debts | 170/4 | €33,742 | €21,849 | -€11,894 | -35.2% |
| Amounts payable within one year | 42/48 | €266,739 | €655,131 | +€388,392 | +146% |
| Current portion of amounts payable after more than one year | 42 | €11,482 | €11,894 | +€412 | +3.6% |
| Trade debts | 44 | €12,902 | €12,993 | +€91 | +0.7% |
| Suppliers | 440/4 | €12,902 | €12,993 | +€91 | +0.7% |
| Taxes, remuneration and social security | 45 | €9,139 | €13,886 | +€4,746 | +51.9% |
| Taxes | 450/3 | €9,139 | €13,886 | +€4,746 | +51.9% |
| Other amounts payable | 47/48 | €233,216 | €616,359 | +€383,143 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,339 | €8,339 | = | 0.0% |
| Other operating charges | 640/8 | €12,858 | €8,576 | -€4,282 | -33.3% |
| Gross operating margin | 9900 | €311,675 | €439,953 | +€128,277 | +41.2% |
| Operating profit (loss) | 9901 | €290,478 | €423,037 | +€132,559 | +45.6% |
| Financial income | 75/76B | €9,429 | €5,795 | -€3,634 | -38.5% |
| Recurring financial income | 75 | €9,429 | €5,795 | -€3,634 | -38.5% |
| Financial charges | 65/66B | €2,706 | €1,942 | -€765 | -28.3% |
| Recurring financial charges | 65 | €2,706 | €1,942 | -€765 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €297,201 | €426,891 | +€129,689 | +43.6% |
| Income taxes | 67/77 | €90,150 | €131,481 | +€41,331 | +45.8% |
| Profit (loss) for the period | 9904 | €207,051 | €295,410 | +€88,358 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €207,051 | €295,410 | +€88,358 | +42.7% |
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.