FRANK DE GEETER: 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.
FRANK DE GEETER
Largest movements
- Cash +€25,215
up €25,215 (+35.2%), from €71,618 to €96,833
mainly Net result for the year (+€49,801) and Receivables within one year (+€17,323)
- Receivables within one year -€17,323
down €17,323 (-8.4%), from €205,257 to €187,934
of which Other amounts receivable: -€33,534
- Tangible fixed assets -€9,839
down €9,839 (-16.6%), from €59,136 to €49,297
- Debts after one year -€14,582
down €14,582 (-36.5%), from €39,920 to €25,338
- Reserves +€6,419
up €6,419 (+2.4%), from €269,007 to €275,425
- Financial charges +€19,299
up €19,299 (+58.0%), from €33,296 to €52,595
- Gross operating margin +€7,653
up €7,653 (+5.9%), from €129,446 to €137,099
- Taxes -€4,667
down €4,667 (-19.2%), from €24,324 to €19,657
- Depreciation +€2,829
up €2,829 (+24.2%), from €11,670 to €14,498
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 | €336,321 | €334,099 | -€2,223 | -0.7% |
| Fixed assets | 21/28 | €59,136 | €49,297 | -€9,839 | -16.6% |
| Tangible fixed assets | 22/27 | €59,136 | €49,297 | -€9,839 | -16.6% |
| Furniture and vehicles | 24 | €59,136 | €49,297 | -€9,839 | -16.6% |
| Current assets | 29/58 | €277,185 | €284,802 | +€7,617 | +2.7% |
| Amounts receivable within one year | 40/41 | €205,257 | €187,934 | -€17,323 | -8.4% |
| Trade receivables | 40 | €14,479 | €30,690 | +€16,211 | +112% |
| Other amounts receivable | 41 | €190,778 | €157,244 | -€33,534 | -17.6% |
| Cash at bank and in hand | 54/58 | €71,618 | €96,833 | +€25,215 | +35.2% |
| Deferred charges and accrued income | 490/1 | €310 | €35 | -€275 | -88.7% |
| Total equity and liabilities | 10/49 | €336,321 | €334,099 | -€2,223 | -0.7% |
| Equity | 10/15 | €269,007 | €275,425 | +€6,419 | +2.4% |
| Reserves | 13 | €269,007 | €275,425 | +€6,419 | +2.4% |
| Distributable reserves | 133 | €269,007 | €275,425 | +€6,419 | +2.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €67,315 | €58,673 | -€8,642 | -12.8% |
| Amounts payable after more than one year | 17 | €39,920 | €25,338 | -€14,582 | -36.5% |
| Financial debts | 170/4 | €39,920 | €25,338 | -€14,582 | -36.5% |
| Amounts payable within one year | 42/48 | €27,394 | €33,335 | +€5,941 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €14,135 | €14,582 | +€448 | +3.2% |
| Financial debts | 43 | €2,364 | €4,049 | +€1,685 | +71.3% |
| Credit institutions | 430/8 | €2,364 | €4,049 | +€1,685 | +71.3% |
| Trade debts | 44 | €914 | €2,152 | +€1,237 | +135% |
| Suppliers | 440/4 | €914 | €2,152 | +€1,237 | +135% |
| Taxes, remuneration and social security | 45 | €9,981 | €12,552 | +€2,572 | +25.8% |
| Taxes | 450/3 | €9,981 | €12,552 | +€2,572 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,670 | €14,498 | +€2,829 | +24.2% |
| Other operating charges | 640/8 | €1,239 | €735 | -€503 | -40.6% |
| Gross operating margin | 9900 | €129,446 | €137,099 | +€7,653 | +5.9% |
| Operating profit (loss) | 9901 | €116,538 | €121,866 | +€5,328 | +4.6% |
| Financial income | 75/76B | €67 | €188 | +€121 | +179% |
| Recurring financial income | 75 | €67 | €188 | +€121 | +179% |
| Financial charges | 65/66B | €33,296 | €52,595 | +€19,299 | +58.0% |
| Recurring financial charges | 65 | €33,296 | €52,595 | +€19,299 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €83,309 | €69,458 | -€13,850 | -16.6% |
| Income taxes | 67/77 | €24,324 | €19,657 | -€4,667 | -19.2% |
| Profit (loss) for the period | 9904 | €58,985 | €49,801 | -€9,184 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,985 | €49,801 | -€9,184 | -15.6% |
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 20 October 2026 via checked.be.