GEAT: 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.
GEAT
Largest movements
- Tangible fixed assets +€21,003
up €21,003 (+34.9%), from €60,260 to €81,262
of which Plant, machinery and equipment: +€12,242
- Receivables within one year -€19,299
down €19,299 (-16.8%), from €115,156 to €95,856
of which Trade receivables: -€17,231
- Cash +€19,225
up €19,225 (+33.2%), from €57,871 to €77,096
mainly Net result for the year (+€33,728) and Receivables within one year (+€19,299)
- Deferred charges and accrued income +€3,332
up €3,332 (+718.0%), from €464 to €3,796
- Reserves +€33,700
up €33,700 (+23.9%), from €140,960 to €174,660
of which Distributable reserves: +€33,700
- Debts after one year -€10,826
down €10,826 (-36.1%), from €29,980 to €19,154
- Tax, wage and social debts +€3,619
up €3,619 (+21.2%), from €17,082 to €20,702
of which Taxes: +€3,557
- Gross operating margin -€23,062
down €23,062 (-13.7%), from €168,014 to €144,951
- Taxes -€7,062
down €7,062 (-33.1%), from €21,318 to €14,256
- Staff costs +€3,027
up €3,027 (+4.2%), from €72,311 to €75,338
- Depreciation +€1,716
up €1,716 (+11.4%), from €14,998 to €16,714
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €233,810 | €258,070 | +€24,260 | +10.4% |
| Fixed assets | 21/28 | €60,320 | €81,322 | +€21,003 | +34.8% |
| Tangible fixed assets | 22/27 | €60,260 | €81,262 | +€21,003 | +34.9% |
| Plant, machinery and equipment | 23 | €36,070 | €48,312 | +€12,242 | +33.9% |
| Furniture and vehicles | 24 | €24,190 | €32,951 | +€8,761 | +36.2% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €173,491 | €176,748 | +€3,257 | +1.9% |
| Amounts receivable within one year | 40/41 | €115,156 | €95,856 | -€19,299 | -16.8% |
| Trade receivables | 40 | €103,771 | €86,539 | -€17,231 | -16.6% |
| Other amounts receivable | 41 | €11,385 | €9,317 | -€2,068 | -18.2% |
| Cash at bank and in hand | 54/58 | €57,871 | €77,096 | +€19,225 | +33.2% |
| Deferred charges and accrued income | 490/1 | €464 | €3,796 | +€3,332 | +718.0% |
| Total equity and liabilities | 10/49 | €233,810 | €258,070 | +€24,260 | +10.4% |
| Equity | 10/15 | €159,598 | €193,326 | +€33,728 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,960 | €174,660 | +€33,700 | +23.9% |
| 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 | €139,100 | €172,800 | +€33,700 | +24.2% |
| Profit (loss) carried forward | 14 | €38 | €66 | +€28 | +72.2% |
| Amounts payable | 17/49 | €74,212 | €64,744 | -€9,468 | -12.8% |
| Amounts payable after more than one year | 17 | €29,980 | €19,154 | -€10,826 | -36.1% |
| Financial debts | 170/4 | €29,980 | €19,154 | -€10,826 | -36.1% |
| Amounts payable within one year | 42/48 | €44,232 | €45,590 | +€1,358 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €15,033 | €14,622 | -€410 | -2.7% |
| Trade debts | 44 | €7,133 | €7,515 | +€382 | +5.4% |
| Suppliers | 440/4 | €7,133 | €7,515 | +€382 | +5.4% |
| Advances received on contracts in progress | 46 | €1,392 | - | -€1,392 | |
| Taxes, remuneration and social security | 45 | €17,082 | €20,702 | +€3,619 | +21.2% |
| Taxes | 450/3 | €8,150 | €11,707 | +€3,557 | +43.6% |
| Remuneration and social security | 454/9 | €8,932 | €8,995 | +€63 | +0.7% |
| Other amounts payable | 47/48 | €3,592 | €2,751 | -€841 | -23.4% |
| Remuneration, social security and pensions | 62 | €72,311 | €75,338 | +€3,027 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,998 | €16,714 | +€1,716 | +11.4% |
| Other operating charges | 640/8 | €2,195 | €2,338 | +€143 | +6.5% |
| Gross operating margin | 9900 | €168,014 | €144,951 | -€23,062 | -13.7% |
| Operating profit (loss) | 9901 | €78,509 | €50,562 | -€27,948 | -35.6% |
| Financial income | 75/76B | €1,795 | €206 | -€1,589 | -88.5% |
| Recurring financial income | 75 | €1,795 | €206 | -€1,589 | -88.5% |
| Financial charges | 65/66B | €3,125 | €2,784 | -€341 | -10.9% |
| Recurring financial charges | 65 | €3,125 | €2,784 | -€341 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €77,180 | €47,984 | -€29,196 | -37.8% |
| Income taxes | 67/77 | €21,318 | €14,256 | -€7,062 | -33.1% |
| Profit (loss) for the period | 9904 | €55,861 | €33,728 | -€22,134 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,861 | €33,728 | -€22,134 | -39.6% |
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 2 October 2026 via checked.be.