FERNAND GEORGES: what changed
Two fiscal 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.
What changed
FERNAND GEORGES
NACE 46.841, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€731,127
2024 · -€964,278+€233,151
Equity
€189,748
2024 · €213,612-€23,864
Cash
€131,160
2024 · €117,780+€13,381
Balance sheet total
€12.4m
2024 · €12.6m-€218,275
Largest movements
Assets
- Stocks and contracts -€642,958
down €642,958 (-8.8%), from €7.3m to €6.7m
- Tangible fixed assets +€469,520
up €469,520 (+82.8%), from €567,241 to €1.0m
of which Plant, machinery and equipment: +€499,694
- Receivables within one year -€247,804
down €247,804 (-7.6%), from €3.2m to €3.0m
of which Trade receivables: -€249,085
- Deferred charges and accrued income +€164,471
up €164,471 (+220.7%), from €74,509 to €238,979
Equity and liabilities
- Profit (loss) carried forward -€731,127
down €731,127 (-42.1%), from -€1.7m to -€2.5m
- Contributions +€709,854
up €709,854 (+39.0%), from €1.8m to €2.5m
- Short-term financial debts -€629,416
down €629,416 (-9.2%), from €6.8m to €6.2m
- Accrued charges and deferred income +€570,024
up €570,024 (+4143.7%), from €13,756 to €583,780
- Debts after one year -€150,818
down €150,818 (-28.2%), from €535,575 to €384,757
Income statement
- Staff costs -€772,612
down €772,612 (-9.7%), from €7.9m to €7.2m
- Turnover -€659,860
down €659,860 (-2.1%), from €30.9m to €30.3m
- Goods and materials -€604,482
down €604,482 (-3.0%), from €20.1m to €19.5m
of which Purchases: -€1.2m
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.
Result 2024
-€964,278
Turnover
-€659,860
Other operating income
+€154,120
Goods and materials
+€604,482
Services and other goods
-€140,567
Staff costs
+€772,612
Depreciation
-€152,862
Write-downs
+€55,481
Other operating charges
+€11,815
Other operating items
-€359,907
Financial income
-€54,900
Financial charges
+€6,685
Taxes
-€3,948
Result 2025
-€731,127
Cash bridge derived
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.
From operations
+€1.2m
Investment
-€1.0m
Financing
-€146,460
Cash 2024
€117,780
From operations (derived)
+€1.2m
Net result for the year
-€731,127
Depreciation
+€523,181
Stocks and contracts
+€642,958
Receivables within one year
+€247,804
Deferred charges and accrued income
-€164,471
Trade debts
+€142,756
Tax, wage and social debts
-€144,583
Advances received
+€38,840
Other debts
+€52,274
Accrued charges and deferred income
+€570,024
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€146,460
Debts after one year
-€150,818
Current portion of long-term debt
-€73,489
Short-term financial debts
-€629,416
Contributions, distributions and other
+€707,263
Cash 2025
€131,160
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,589,012 | €12,370,737 | -€218,275 | -1.7% |
| Formation expenses | 20 | €339,693 | €368,080 | +€28,387 | +8.4% |
| Fixed assets | 21/28 | €1,484,828 | €1,951,076 | +€466,249 | +31.4% |
| Intangible fixed assets | 21 | €571,050 | €577,362 | +€6,312 | +1.1% |
| Tangible fixed assets | 22/27 | €567,241 | €1,036,760 | +€469,520 | +82.8% |
| Plant, machinery and equipment | 23 | €437,618 | €937,313 | +€499,694 | +114.2% |
| Furniture and vehicles | 24 | €129,622 | €99,448 | -€30,174 | -23.3% |
| Financial fixed assets | 28 | €346,537 | €336,954 | -€9,583 | -2.8% |
| Affiliated companies | 280/1 | €239,655 | €239,655 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Amounts receivable | 281 | €239,654 | €239,654 | = | 0.0% |
| Other financial fixed assets | 284/8 | €106,882 | €97,299 | -€9,583 | -9.0% |
| Shares | 284 | €4,163 | €4,163 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €102,719 | €93,136 | -€9,583 | -9.3% |
| Current assets | 29/58 | €10,764,492 | €10,051,581 | -€712,911 | -6.6% |
| Stocks and contracts in progress | 3 | €7,325,320 | €6,682,361 | -€642,958 | -8.8% |
| Stocks | 30/36 | €7,325,320 | €6,682,361 | -€642,958 | -8.8% |
| Goods purchased for resale | 34 | €7,325,320 | €6,682,361 | -€642,958 | -8.8% |
| Amounts receivable within one year | 40/41 | €3,246,884 | €2,999,079 | -€247,804 | -7.6% |
| Trade receivables | 40 | €3,229,322 | €2,980,237 | -€249,085 | -7.7% |
| Other amounts receivable | 41 | €17,562 | €18,843 | +€1,281 | +7.3% |
| Cash at bank and in hand | 54/58 | €117,780 | €131,160 | +€13,381 | +11.4% |
| Deferred charges and accrued income | 490/1 | €74,509 | €238,979 | +€164,471 | +220.7% |
| Total equity and liabilities | 10/49 | €12,589,012 | €12,370,737 | -€218,275 | -1.7% |
| Equity | 10/15 | €213,612 | €189,748 | -€23,864 | -11.2% |
| Contributions | 10/11 | €1,822,009 | €2,531,863 | +€709,854 | +39.0% |
| Capital | 10 | €1,822,009 | €2,531,863 | +€709,854 | +39.0% |
| Issued capital | 100 | €1,822,009 | €2,531,863 | +€709,854 | +39.0% |
| Reserves | 13 | €125,000 | €125,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Legal reserve | 130 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,735,988 | -€2,467,115 | -€731,127 | -42.1% |
| Investment grants | 15 | €2,591 | - | -€2,591 | |
| Amounts payable | 17/49 | €12,375,400 | €12,180,988 | -€194,411 | -1.6% |
| Amounts payable after more than one year | 17 | €535,575 | €384,757 | -€150,818 | -28.2% |
| Financial debts | 170/4 | €535,575 | €384,757 | -€150,818 | -28.2% |
| Subordinated loans | 170 | €210,185 | €100,000 | -€110,185 | -52.4% |
| Credit institutions | 173 | €325,390 | €214,757 | -€110,633 | -34.0% |
| Other loans | 174 | - | €70,000 | +€70,000 | |
| Amounts payable within one year | 42/48 | €11,826,069 | €11,212,451 | -€613,618 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €364,301 | €290,812 | -€73,489 | -20.2% |
| Financial debts | 43 | €6,829,416 | €6,200,000 | -€629,416 | -9.2% |
| Credit institutions | 430/8 | €6,829,416 | €6,200,000 | -€629,416 | -9.2% |
| Trade debts | 44 | €2,577,008 | €2,719,764 | +€142,756 | +5.5% |
| Suppliers | 440/4 | €2,077,008 | €2,719,764 | +€642,756 | +30.9% |
| Bills of exchange payable | 441 | €500,000 | - | -€500,000 | |
| Advances received on contracts in progress | 46 | €166,752 | €205,592 | +€38,840 | +23.3% |
| Taxes, remuneration and social security | 45 | €1,763,091 | €1,618,508 | -€144,583 | -8.2% |
| Taxes | 450/3 | €491,932 | €384,648 | -€107,284 | -21.8% |
| Remuneration and social security | 454/9 | €1,271,159 | €1,233,861 | -€37,299 | -2.9% |
| Other amounts payable | 47/48 | €125,500 | €177,774 | +€52,274 | +41.7% |
| Accrued charges and deferred income | 492/3 | €13,756 | €583,780 | +€570,024 | +4143.7% |
| Operating income | 70/76A | €31,387,145 | €30,861,190 | -€525,955 | -1.7% |
| Turnover | 70 | €30,931,466 | €30,271,606 | -€659,860 | -2.1% |
| Own construction capitalised | 72 | €198,363 | €186,826 | -€11,537 | -5.8% |
| Other operating income | 74 | €245,745 | €399,865 | +€154,120 | +62.7% |
| Non-recurring operating income | 76A | €11,570 | €2,893 | -€8,678 | -75.0% |
| Operating charges | 60/66A | €32,096,666 | €31,285,398 | -€811,268 | -2.5% |
| Goods for resale, raw materials and consumables | 60 | €20,131,749 | €19,527,268 | -€604,482 | -3.0% |
| Purchases | 600/8 | €20,009,399 | €18,850,234 | -€1.2m | -5.8% |
| Change in stocks: decrease (increase) | 609 | €122,351 | €677,034 | +€554,683 | +453.4% |
| Services and other goods | 61 | €3,919,855 | €4,060,422 | +€140,567 | +3.6% |
| Remuneration, social security and pensions | 62 | €7,944,563 | €7,171,951 | -€772,612 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370,319 | €523,181 | +€152,862 | +41.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,406 | -€34,075 | -€55,481 | |
| Other operating charges | 640/8 | €48,467 | €36,652 | -€11,815 | -24.4% |
| Operating charges capitalised as restructuring costs | 649 | -€339,693 | - | +€339,693 | |
| Operating profit (loss) | 9901 | -€709,522 | -€424,208 | +€285,314 | +40.2% |
| Financial income | 75/76B | €329,652 | €274,752 | -€54,900 | -16.7% |
| Recurring financial income | 75 | €329,652 | €274,752 | -€54,900 | -16.7% |
| Income from financial fixed assets | 750 | - | €11,983 | +€11,983 | |
| Income from current assets | 751 | €11,983 | - | -€11,983 | |
| Other financial income | 752/9 | €317,669 | €262,769 | -€54,900 | -17.3% |
| Financial charges | 65/66B | €572,041 | €565,356 | -€6,685 | -1.2% |
| Recurring financial charges | 65 | €572,041 | €565,356 | -€6,685 | -1.2% |
| Debt charges | 650 | €456,590 | €446,243 | -€10,347 | -2.3% |
| Other financial charges | 652/9 | €115,451 | €119,113 | +€3,662 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€951,911 | -€714,812 | +€237,099 | +24.9% |
| Income taxes | 67/77 | €12,367 | €16,315 | +€3,948 | +31.9% |
| Taxes | 670/3 | €14,608 | €16,315 | +€1,706 | +11.7% |
| Tax adjustments and reversals of tax provisions | 77 | €2,241 | - | -€2,241 | |
| Profit (loss) for the period | 9904 | -€964,278 | -€731,127 | +€233,151 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€964,278 | -€731,127 | +€233,151 | +24.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.