GEERAERD: 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.
GEERAERD
Largest movements
- Cash -€140,628
down €140,628 (-90.9%), from €154,672 to €14,045
mainly Investment in fixed assets (net) (-€143,775) and Debts after one year (-€25,387)
- Tangible fixed assets +€98,922
up €98,922 (+10.8%), from €919,919 to €1.0m
of which Plant, machinery and equipment: +€130,796
- Receivables within one year +€18,158
up €18,158 (+37.1%), from €48,918 to €67,076
of which Trade receivables: +€17,036
- Debts after one year -€25,387
down €25,387 (-70.0%), from €36,256 to €10,868
- Depreciation +€10,277
up €10,277 (+29.1%), from €35,343 to €45,620
- Gross operating margin -€3,934
down €3,934 (-7.6%), from €51,611 to €47,677
- Financial charges -€1,240
down €1,240 (-36.8%), from €3,369 to €2,129
- Financial income +€734
new in 2025: €734
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 | €1,125,307 | €1,100,761 | -€24,546 | -2.2% |
| Fixed assets | 21/28 | €920,686 | €1,018,841 | +€98,155 | +10.7% |
| Tangible fixed assets | 22/27 | €919,919 | €1,018,841 | +€98,922 | +10.8% |
| Land and buildings | 22 | €904,632 | €872,758 | -€31,874 | -3.5% |
| Plant, machinery and equipment | 23 | €15,287 | €146,083 | +€130,796 | +856% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Financial fixed assets | 28 | €767 | - | -€767 | |
| Current assets | 29/58 | €204,621 | €81,920 | -€122,701 | -60.0% |
| Amounts receivable within one year | 40/41 | €48,918 | €67,076 | +€18,158 | +37.1% |
| Trade receivables | 40 | €46,225 | €63,261 | +€17,036 | +36.9% |
| Other amounts receivable | 41 | €2,693 | €3,815 | +€1,122 | +41.7% |
| Cash at bank and in hand | 54/58 | €154,672 | €14,045 | -€140,628 | -90.9% |
| Deferred charges and accrued income | 490/1 | €1,031 | €799 | -€232 | -22.5% |
| Total equity and liabilities | 10/49 | €1,125,307 | €1,100,761 | -€24,546 | -2.2% |
| Equity | 10/15 | €1,049,956 | €1,040,119 | -€9,837 | -0.9% |
| Contributions | 10/11 | €1,357,040 | €1,357,040 | = | 0.0% |
| Capital | 10 | €1,357,040 | €1,357,040 | = | 0.0% |
| Issued capital | 100 | €1,357,040 | €1,357,040 | = | 0.0% |
| Reserves | 13 | €184,018 | €184,018 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,018 | €41,018 | = | 0.0% |
| Legal reserve | 130 | €41,018 | €41,018 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,000 | €18,000 | = | 0.0% |
| Distributable reserves | 133 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€491,101 | -€500,939 | -€9,837 | -2.0% |
| Amounts payable | 17/49 | €75,351 | €60,642 | -€14,709 | -19.5% |
| Amounts payable after more than one year | 17 | €36,256 | €10,868 | -€25,387 | -70.0% |
| Financial debts | 170/4 | €36,256 | €10,868 | -€25,387 | -70.0% |
| Amounts payable within one year | 42/48 | €39,095 | €49,773 | +€10,678 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €24,434 | €25,387 | +€953 | +3.9% |
| Trade debts | 44 | €10,446 | €19,399 | +€8,953 | +85.7% |
| Suppliers | 440/4 | €10,446 | €19,399 | +€8,953 | +85.7% |
| Taxes, remuneration and social security | 45 | €1,275 | €1,938 | +€663 | +52.0% |
| Taxes | 450/3 | €275 | €938 | +€663 | +242% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €2,940 | €3,049 | +€109 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,343 | €45,620 | +€10,277 | +29.1% |
| Other operating charges | 640/8 | €10,169 | €10,499 | +€331 | +3.3% |
| Non-recurring operating charges | 66A | €155 | - | -€155 | |
| Gross operating margin | 9900 | €51,611 | €47,677 | -€3,934 | -7.6% |
| Operating profit (loss) | 9901 | €5,945 | -€8,442 | -€14,387 | |
| Financial income | 75/76B | - | €734 | +€734 | |
| Recurring financial income | 75 | - | €734 | +€734 | |
| Financial charges | 65/66B | €3,369 | €2,129 | -€1,240 | -36.8% |
| Recurring financial charges | 65 | €3,369 | €2,129 | -€1,240 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €2,576 | -€9,837 | -€12,414 | |
| Profit (loss) for the period | 9904 | €2,576 | -€9,837 | -€12,414 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,576 | -€9,837 | -€12,414 |
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 19 October 2026 via checked.be.