GEERDENS: 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.
GEERDENS
Largest movements
- Tangible fixed assets -€132,171
down €132,171 (-17.7%), from €744,760 to €612,589
of which Land and buildings: -€80,375
- Receivables within one year +€45,269
up €45,269 (+11.9%), from €379,416 to €424,685
of which Trade receivables: +€188,487
- Deferred charges and accrued income -€44,723
down €44,723 (-37.6%), from €118,983 to €74,260
- Other debts +€149,762
up €149,762 (+6,858%), from €2,184 to €151,946
- Current portion of long-term debt -€136,857
down €136,857 (-59.0%), from €231,924 to €95,067
- Trade debts -€99,925
down €99,925 (-55.8%), from €179,212 to €79,286
- Debts after one year -€99,888
down €99,888 (-18.3%), from €544,746 to €444,857
- Reserves +€44,101
up €44,101 (+19.7%), from €223,418 to €267,519
of which Distributable reserves: +€44,101
- Gross operating margin +€357,247
up €357,247 (+308%), from €116,115 to €473,362
- Other operating charges +€70,243
up €70,243 (+610%), from €11,521 to €81,765
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 | €1,397,658 | €1,266,726 | -€130,933 | -9.4% |
| Fixed assets | 21/28 | €899,260 | €767,089 | -€132,171 | -14.7% |
| Tangible fixed assets | 22/27 | €744,760 | €612,589 | -€132,171 | -17.7% |
| Land and buildings | 22 | €620,977 | €540,602 | -€80,375 | -12.9% |
| Plant, machinery and equipment | 23 | €10,877 | €1,030 | -€9,847 | -90.5% |
| Leasing and similar rights | 25 | €74,129 | €32,179 | -€41,950 | -56.6% |
| Other tangible fixed assets | 26 | €38,777 | €38,777 | = | 0.0% |
| Financial fixed assets | 28 | €154,500 | €154,500 | = | 0.0% |
| Current assets | 29/58 | €498,399 | €499,637 | +€1,238 | +0.2% |
| Amounts receivable within one year | 40/41 | €379,416 | €424,685 | +€45,269 | +11.9% |
| Trade receivables | 40 | €196,456 | €384,943 | +€188,487 | +95.9% |
| Other amounts receivable | 41 | €182,960 | €39,742 | -€143,218 | -78.3% |
| Cash at bank and in hand | 54/58 | - | €692 | +€692 | |
| Deferred charges and accrued income | 490/1 | €118,983 | €74,260 | -€44,723 | -37.6% |
| Total equity and liabilities | 10/49 | €1,397,658 | €1,266,726 | -€130,933 | -9.4% |
| Equity | 10/15 | €433,994 | €478,095 | +€44,101 | +10.2% |
| Contributions | 10/11 | €210,576 | €210,576 | = | 0.0% |
| Capital | 10 | €210,576 | €210,576 | = | 0.0% |
| Issued capital | 100 | €210,576 | €210,576 | = | 0.0% |
| Reserves | 13 | €223,418 | €267,519 | +€44,101 | +19.7% |
| Non-distributable reserves | 130/1 | €21,058 | €21,058 | = | 0.0% |
| Legal reserve | 130 | €21,058 | €21,058 | = | 0.0% |
| Distributable reserves | 133 | €202,360 | €246,461 | +€44,101 | +21.8% |
| Amounts payable | 17/49 | €963,665 | €788,631 | -€175,034 | -18.2% |
| Amounts payable after more than one year | 17 | €544,746 | €444,857 | -€99,888 | -18.3% |
| Financial debts | 170/4 | €544,746 | €444,857 | -€99,888 | -18.3% |
| Amounts payable within one year | 42/48 | €418,840 | €343,762 | -€75,078 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €231,924 | €95,067 | -€136,857 | -59.0% |
| Financial debts | 43 | €4 | €0 | -€4 | -100% |
| Credit institutions | 430/8 | €4 | €0 | -€4 | -100% |
| Trade debts | 44 | €179,212 | €79,286 | -€99,925 | -55.8% |
| Suppliers | 440/4 | €179,212 | €79,286 | -€99,925 | -55.8% |
| Taxes, remuneration and social security | 45 | €5,518 | €17,463 | +€11,946 | +217% |
| Taxes | 450/3 | €5,518 | €17,463 | +€11,946 | +217% |
| Other amounts payable | 47/48 | €2,184 | €151,946 | +€149,762 | +6,858% |
| Accrued charges and deferred income | 492/3 | €78 | €11 | -€67 | -85.5% |
| Non-recurring operating income | 76A | €5,132 | €0 | -€5,132 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,861 | €132,171 | -€691 | -0.5% |
| Other operating charges | 640/8 | €11,521 | €81,765 | +€70,243 | +610% |
| Non-recurring operating charges | 66A | - | €181,217 | +€181,217 | |
| Gross operating margin | 9900 | €116,115 | €473,362 | +€357,247 | +308% |
| Operating profit (loss) | 9901 | -€28,268 | €78,210 | +€106,478 | |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €32,515 | €29,721 | -€2,794 | -8.6% |
| Recurring financial charges | 65 | €32,515 | €29,721 | -€2,794 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€60,783 | €48,501 | +€109,284 | |
| Income taxes | 67/77 | - | €4,400 | +€4,400 | |
| Profit (loss) for the period | 9904 | -€60,783 | €44,101 | +€104,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,783 | €44,101 | +€104,884 |
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 22 October 2026 via checked.be.