GEERCA: 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.
GEERCA
Largest movements
- Cash +€530,500
up €530,500 (+82.3%), from €644,299 to €1.2m
mainly Net result for the year (+€546,048) and Other debts (+€251,054)
- Current investments +€72,348
up €72,348 (+3.7%), from €1.9m to €2.0m
- Stocks and contracts +€54,741
up €54,741 (+26.7%), from €205,059 to €259,800
- Reserves +€293,930
up €293,930 (+10.6%), from €2.8m to €3.1m
- Other debts +€251,054
up €251,054 (+132.6%), from €189,375 to €440,429
- Tax, wage and social debts +€79,905
up €79,905 (+199.4%), from €40,067 to €119,972
of which Taxes: +€60,216
- Trade debts +€72,964
up €72,964 (+71.9%), from €101,494 to €174,458
- Gross operating margin +€193,398
up €193,398 (+22.6%), from €853,964 to €1.0m
- Staff costs +€84,506
up €84,506 (+54.6%), from €154,674 to €239,179
- Financial income +€41,880
up €41,880 (+212.8%), from €19,680 to €61,560
- Taxes +€39,240
up €39,240 (+18.8%), from €208,369 to €247,610
- Depreciation +€12,607
up €12,607 (+45.5%), from €27,727 to €40,334
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 | €3,147,542 | €3,852,145 | +€704,603 | +22.4% |
| Fixed assets | 21/28 | €82,824 | €97,110 | +€14,286 | +17.2% |
| Tangible fixed assets | 22/27 | €82,824 | €97,110 | +€14,286 | +17.2% |
| Plant, machinery and equipment | 23 | €9,600 | €39,725 | +€30,125 | +313.8% |
| Furniture and vehicles | 24 | €47,858 | €32,544 | -€15,314 | -32.0% |
| Other tangible fixed assets | 26 | €25,366 | €24,841 | -€525 | -2.1% |
| Current assets | 29/58 | €3,064,718 | €3,755,035 | +€690,316 | +22.5% |
| Stocks and contracts in progress | 3 | €205,059 | €259,800 | +€54,741 | +26.7% |
| Stocks | 30/36 | €205,059 | €259,800 | +€54,741 | +26.7% |
| Amounts receivable within one year | 40/41 | €278,782 | €313,122 | +€34,340 | +12.3% |
| Trade receivables | 40 | €262,315 | €307,201 | +€44,886 | +17.1% |
| Other amounts receivable | 41 | €16,467 | €5,921 | -€10,546 | -64.0% |
| Current investments | 50/53 | €1,934,968 | €2,007,315 | +€72,348 | +3.7% |
| Cash at bank and in hand | 54/58 | €644,299 | €1,174,798 | +€530,500 | +82.3% |
| Deferred charges and accrued income | 490/1 | €1,611 | €0 | -€1,611 | -100.0% |
| Total equity and liabilities | 10/49 | €3,147,542 | €3,852,145 | +€704,603 | +22.4% |
| Equity | 10/15 | €2,797,561 | €3,091,491 | +€293,930 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,785,161 | €3,079,091 | +€293,930 | +10.6% |
| Distributable reserves | 133 | €2,785,161 | €3,079,091 | +€293,930 | +10.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €349,981 | €760,654 | +€410,673 | +117.3% |
| Amounts payable within one year | 42/48 | €330,936 | €734,859 | +€403,923 | +122.1% |
| Trade debts | 44 | €101,494 | €174,458 | +€72,964 | +71.9% |
| Suppliers | 440/4 | €101,494 | €174,458 | +€72,964 | +71.9% |
| Taxes, remuneration and social security | 45 | €40,067 | €119,972 | +€79,905 | +199.4% |
| Taxes | 450/3 | €27,007 | €87,223 | +€60,216 | +223.0% |
| Remuneration and social security | 454/9 | €13,060 | €32,749 | +€19,689 | +150.8% |
| Other amounts payable | 47/48 | €189,375 | €440,429 | +€251,054 | +132.6% |
| Accrued charges and deferred income | 492/3 | €19,045 | €25,795 | +€6,750 | +35.4% |
| Remuneration, social security and pensions | 62 | €154,674 | €239,179 | +€84,506 | +54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,727 | €40,334 | +€12,607 | +45.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,377 | +€3,377 | |
| Other operating charges | 640/8 | €2,880 | €1,388 | -€1,492 | -51.8% |
| Gross operating margin | 9900 | €853,964 | €1,047,362 | +€193,398 | +22.6% |
| Operating profit (loss) | 9901 | €668,683 | €763,083 | +€94,400 | +14.1% |
| Financial income | 75/76B | €19,680 | €61,560 | +€41,880 | +212.8% |
| Recurring financial income | 75 | €19,680 | €61,560 | +€41,880 | +212.8% |
| Financial charges | 65/66B | €18,859 | €30,986 | +€12,126 | +64.3% |
| Recurring financial charges | 65 | €18,859 | €30,986 | +€12,126 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €669,504 | €793,657 | +€124,154 | +18.5% |
| Income taxes | 67/77 | €208,369 | €247,610 | +€39,240 | +18.8% |
| Profit (loss) for the period | 9904 | €461,134 | €546,048 | +€84,913 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €461,134 | €546,048 | +€84,913 | +18.4% |
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 4 October 2026 via checked.be.