GEERAERTS: 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.
GEERAERTS
Largest movements
- Cash +€40,041
up €40,041 (+79.3%), from €50,509 to €90,550
mainly Depreciation (+€24,388) and Net result for the year (+€24,307)
- Receivables within one year -€10,399
down €10,399 (-7.1%), from €145,529 to €135,130
of which Trade receivables: -€13,848
- Stocks and contracts +€7,432
up €7,432 (+167.4%), from €4,440 to €11,872
- Tangible fixed assets +€5,062
up €5,062 (+5.1%), from €100,085 to €105,147
of which Furniture and vehicles: +€22,356
- Reserves +€24,307
up €24,307 (+11.5%), from €212,058 to €236,365
of which Distributable reserves: +€24,307
- Debts after one year +€15,490
up €15,490 (+138.0%), from €11,222 to €26,712
- Gross operating margin +€19,699
up €19,699 (+11.5%), from €170,974 to €190,673
- Staff costs +€14,622
up €14,622 (+13.2%), from €110,673 to €125,295
- Depreciation -€5,183
down €5,183 (-17.5%), from €29,571 to €24,388
- Financial charges +€3,178
up €3,178 (+133.4%), from €2,383 to €5,561
of which Non-recurring financial charges: +€2,442
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 | €301,379 | €343,565 | +€42,186 | +14.0% |
| Fixed assets | 21/28 | €100,456 | €105,519 | +€5,062 | +5.0% |
| Tangible fixed assets | 22/27 | €100,085 | €105,147 | +€5,062 | +5.1% |
| Land and buildings | 22 | €33,089 | €31,735 | -€1,354 | -4.1% |
| Plant, machinery and equipment | 23 | €48,273 | €32,333 | -€15,940 | -33.0% |
| Furniture and vehicles | 24 | €18,723 | €41,079 | +€22,356 | +119.4% |
| Financial fixed assets | 28 | €371 | €371 | = | 0.0% |
| Current assets | 29/58 | €200,923 | €238,046 | +€37,124 | +18.5% |
| Stocks and contracts in progress | 3 | €4,440 | €11,872 | +€7,432 | +167.4% |
| Stocks | 30/36 | €4,440 | €11,872 | +€7,432 | +167.4% |
| Amounts receivable within one year | 40/41 | €145,529 | €135,130 | -€10,399 | -7.1% |
| Trade receivables | 40 | €39,923 | €26,075 | -€13,848 | -34.7% |
| Other amounts receivable | 41 | €105,606 | €109,055 | +€3,449 | +3.3% |
| Cash at bank and in hand | 54/58 | €50,509 | €90,550 | +€40,041 | +79.3% |
| Deferred charges and accrued income | 490/1 | €445 | €494 | +€50 | +11.1% |
| Total equity and liabilities | 10/49 | €301,379 | €343,565 | +€42,186 | +14.0% |
| Equity | 10/15 | €230,650 | €254,957 | +€24,307 | +10.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €212,058 | €236,365 | +€24,307 | +11.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €210,199 | €234,506 | +€24,307 | +11.6% |
| Amounts payable | 17/49 | €70,729 | €88,607 | +€17,879 | +25.3% |
| Amounts payable after more than one year | 17 | €11,222 | €26,712 | +€15,490 | +138.0% |
| Financial debts | 170/4 | €11,222 | €26,712 | +€15,490 | +138.0% |
| Amounts payable within one year | 42/48 | €57,569 | €61,246 | +€3,677 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €7,028 | €10,075 | +€3,047 | +43.4% |
| Trade debts | 44 | €6,400 | €6,111 | -€290 | -4.5% |
| Suppliers | 440/4 | €6,400 | €6,111 | -€290 | -4.5% |
| Taxes, remuneration and social security | 45 | €44,140 | €45,059 | +€919 | +2.1% |
| Taxes | 450/3 | €24,706 | €21,087 | -€3,619 | -14.6% |
| Remuneration and social security | 454/9 | €19,434 | €23,972 | +€4,538 | +23.4% |
| Accrued charges and deferred income | 492/3 | €1,938 | €650 | -€1,288 | -66.5% |
| Remuneration, social security and pensions | 62 | €110,673 | €125,295 | +€14,622 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,571 | €24,388 | -€5,183 | -17.5% |
| Other operating charges | 640/8 | €1,379 | €2,467 | +€1,088 | +78.9% |
| Gross operating margin | 9900 | €170,974 | €190,673 | +€19,699 | +11.5% |
| Operating profit (loss) | 9901 | €29,351 | €38,523 | +€9,172 | +31.3% |
| Financial income | 75/76B | €6,182 | €5,750 | -€432 | -7.0% |
| Recurring financial income | 75 | €6,182 | €5,750 | -€432 | -7.0% |
| Financial charges | 65/66B | €2,383 | €5,561 | +€3,178 | +133.4% |
| Recurring financial charges | 65 | €2,383 | €3,119 | +€737 | +30.9% |
| Non-recurring financial charges | 66B | - | €2,442 | +€2,442 | |
| Profit (loss) for the period before taxes | 9903 | €33,150 | €38,713 | +€5,562 | +16.8% |
| Income taxes | 67/77 | €12,807 | €14,406 | +€1,599 | +12.5% |
| Profit (loss) for the period | 9904 | €20,344 | €24,307 | +€3,963 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,344 | €24,307 | +€3,963 | +19.5% |
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 8 October 2026 via checked.be.