GEENEN: 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.
GEENEN
Largest movements
- Tangible fixed assets -€300,472
down €300,472 (-18.6%), from €1.6m to €1.3m
of which Leasing and similar rights: -€282,683
- Receivables within one year +€124,897
up €124,897 (+30.6%), from €408,625 to €533,522
of which Trade receivables: +€125,174
- Deferred charges and accrued income +€59,480
up €59,480 (+63.2%), from €94,088 to €153,568
- Cash +€42,811
up €42,811 (+315%), from €13,574 to €56,385
mainly Depreciation (+€396,376) and Trade debts (+€174,606)
- Debts after one year -€254,797
down €254,797 (-30.1%), from €847,140 to €592,343
- Trade debts +€174,606
up €174,606 (+27.3%), from €639,061 to €813,667
- Tax, wage and social debts +€97,831
up €97,831 (+108%), from €90,961 to €188,791
of which Taxes: +€51,160
- Current portion of long-term debt -€40,678
down €40,678 (-12.8%), from €318,543 to €277,865
- Short-term financial debts -€30,809
down €30,809 (-99.9%), from €30,835 to €27
- Gross operating margin +€204,464
up €204,464 (+22.6%), from €903,412 to €1.1m
- Staff costs +€96,822
up €96,822 (+19.9%), from €485,465 to €582,287
- Depreciation +€80,606
up €80,606 (+25.5%), from €315,770 to €396,376
- Financial charges +€17,828
up €17,828 (+25.7%), from €69,446 to €87,274
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 | €2,187,235 | €2,115,401 | -€71,835 | -3.3% |
| Fixed assets | 21/28 | €1,652,998 | €1,352,526 | -€300,472 | -18.2% |
| Tangible fixed assets | 22/27 | €1,613,998 | €1,313,526 | -€300,472 | -18.6% |
| Plant, machinery and equipment | 23 | €204,078 | €194,069 | -€10,009 | -4.9% |
| Furniture and vehicles | 24 | €108,387 | €100,606 | -€7,781 | -7.2% |
| Leasing and similar rights | 25 | €1,301,533 | €1,018,850 | -€282,683 | -21.7% |
| Financial fixed assets | 28 | €39,000 | €39,000 | = | 0.0% |
| Current assets | 29/58 | €534,237 | €762,875 | +€228,638 | +42.8% |
| Stocks and contracts in progress | 3 | €17,950 | €19,400 | +€1,450 | +8.1% |
| Stocks | 30/36 | €17,950 | €19,400 | +€1,450 | +8.1% |
| Amounts receivable within one year | 40/41 | €408,625 | €533,522 | +€124,897 | +30.6% |
| Trade receivables | 40 | €396,074 | €521,248 | +€125,174 | +31.6% |
| Other amounts receivable | 41 | €12,551 | €12,274 | -€277 | -2.2% |
| Cash at bank and in hand | 54/58 | €13,574 | €56,385 | +€42,811 | +315% |
| Deferred charges and accrued income | 490/1 | €94,088 | €153,568 | +€59,480 | +63.2% |
| Total equity and liabilities | 10/49 | €2,187,235 | €2,115,401 | -€71,835 | -3.3% |
| Equity | 10/15 | €260,695 | €238,918 | -€21,777 | -8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €242,095 | €220,318 | -€21,777 | -9.0% |
| Distributable reserves | 133 | €242,095 | €220,318 | -€21,777 | -9.0% |
| Amounts payable | 17/49 | €1,926,540 | €1,876,483 | -€50,057 | -2.6% |
| Amounts payable after more than one year | 17 | €847,140 | €592,343 | -€254,797 | -30.1% |
| Financial debts | 170/4 | €847,140 | €592,343 | -€254,797 | -30.1% |
| Amounts payable within one year | 42/48 | €1,079,400 | €1,280,350 | +€200,950 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €318,543 | €277,865 | -€40,678 | -12.8% |
| Financial debts | 43 | €30,835 | €27 | -€30,809 | -99.9% |
| Credit institutions | 430/8 | €30,835 | €27 | -€30,809 | -99.9% |
| Trade debts | 44 | €639,061 | €813,667 | +€174,606 | +27.3% |
| Suppliers | 440/4 | €639,061 | €813,667 | +€174,606 | +27.3% |
| Taxes, remuneration and social security | 45 | €90,961 | €188,791 | +€97,831 | +108% |
| Taxes | 450/3 | €48,875 | €100,035 | +€51,160 | +105% |
| Remuneration and social security | 454/9 | €42,085 | €88,756 | +€46,671 | +111% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €3,789 | +€3,789 | |
| Non-recurring operating income | 76A | €39,955 | €45,500 | +€5,545 | +13.9% |
| Remuneration, social security and pensions | 62 | €485,465 | €582,287 | +€96,822 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315,770 | €396,376 | +€80,606 | +25.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €64,367 | €64,268 | -€99 | -0.2% |
| Non-recurring operating charges | 66A | €26,134 | €0 | -€26,134 | -100% |
| Gross operating margin | 9900 | €903,412 | €1,107,876 | +€204,464 | +22.6% |
| Operating profit (loss) | 9901 | €11,676 | €64,944 | +€53,268 | +456% |
| Financial income | 75/76B | €154 | €552 | +€398 | +258% |
| Recurring financial income | 75 | €154 | €552 | +€398 | +258% |
| Financial charges | 65/66B | €69,446 | €87,274 | +€17,828 | +25.7% |
| Recurring financial charges | 65 | €69,446 | €87,274 | +€17,828 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,615 | -€21,777 | +€35,838 | +62.2% |
| Profit (loss) for the period | 9904 | -€57,615 | -€21,777 | +€35,838 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,615 | -€21,777 | +€35,838 | +62.2% |
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 21 October 2026 via checked.be.