GEERS-VANKERKVOORDE: 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.
GEERS-VANKERKVOORDE
Largest movements
- Cash -€60,952
down €60,952 (-46.5%), from €130,943 to €69,991
mainly Receivables within one year (-€36,679) and Tax, wage and social debts (-€35,605)
- Receivables within one year +€36,679
up €36,679 (+60.7%), from €60,400 to €97,079
of which Trade receivables: +€23,352
- Stocks and contracts +€8,337
up €8,337 (+72.8%), from €11,454 to €19,791
- Deferred charges and accrued income +€6,457
up €6,457 (+36,315%), from €18 to €6,475
- Tangible fixed assets +€5,301
up €5,301 (+7.4%), from €71,309 to €76,611
of which Land and buildings: +€17,932
- Tax, wage and social debts -€35,605
down €35,605 (-79.6%), from €44,725 to €9,120
of which Remuneration and social security: -€22,294
- Trade debts +€29,641
up €29,641 (+164%), from €18,085 to €47,726
- Debts after one year -€13,158
down €13,158 (-19.6%), from €67,082 to €53,924
- Reserves +€9,741
up €9,741 (+9.2%), from €105,634 to €115,374
- Accrued charges and deferred income -€7,212
no longer reported in 2025 (was €7,212)
- Gross operating margin -€197,770
down €197,770 (-62.8%), from €315,124 to €117,354
- Staff costs -€153,811
down €153,811 (-69.1%), from €222,739 to €68,928
- Taxes -€16,633
down €16,633 (-76.2%), from €21,833 to €5,200
- Depreciation +€7,183
up €7,183 (+41.5%), from €17,292 to €24,475
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 | €277,873 | €273,836 | -€4,037 | -1.5% |
| Fixed assets | 21/28 | €75,059 | €80,501 | +€5,441 | +7.2% |
| Tangible fixed assets | 22/27 | €71,309 | €76,611 | +€5,301 | +7.4% |
| Land and buildings | 22 | - | €17,932 | +€17,932 | |
| Plant, machinery and equipment | 23 | €58,020 | €49,315 | -€8,705 | -15.0% |
| Furniture and vehicles | 24 | €13,289 | €9,364 | -€3,925 | -29.5% |
| Financial fixed assets | 28 | €3,750 | €3,890 | +€140 | +3.7% |
| Current assets | 29/58 | €202,814 | €193,336 | -€9,478 | -4.7% |
| Stocks and contracts in progress | 3 | €11,454 | €19,791 | +€8,337 | +72.8% |
| Stocks | 30/36 | €11,454 | €19,791 | +€8,337 | +72.8% |
| Amounts receivable within one year | 40/41 | €60,400 | €97,079 | +€36,679 | +60.7% |
| Trade receivables | 40 | €59,649 | €83,001 | +€23,352 | +39.1% |
| Other amounts receivable | 41 | €750 | €14,078 | +€13,328 | +1,776% |
| Cash at bank and in hand | 54/58 | €130,943 | €69,991 | -€60,952 | -46.5% |
| Deferred charges and accrued income | 490/1 | €18 | €6,475 | +€6,457 | +36,315% |
| Total equity and liabilities | 10/49 | €277,873 | €273,836 | -€4,037 | -1.5% |
| Equity | 10/15 | €111,834 | €121,574 | +€9,741 | +8.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,634 | €115,374 | +€9,741 | +9.2% |
| Distributable reserves | 133 | €105,634 | €115,374 | +€9,741 | +9.2% |
| Amounts payable | 17/49 | €166,040 | €152,262 | -€13,778 | -8.3% |
| Amounts payable after more than one year | 17 | €67,082 | €53,924 | -€13,158 | -19.6% |
| Financial debts | 170/4 | €67,082 | €53,924 | -€13,158 | -19.6% |
| Amounts payable within one year | 42/48 | €91,745 | €98,339 | +€6,593 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €18,977 | €24,945 | +€5,968 | +31.4% |
| Trade debts | 44 | €18,085 | €47,726 | +€29,641 | +164% |
| Suppliers | 440/4 | €18,085 | €47,726 | +€29,641 | +164% |
| Taxes, remuneration and social security | 45 | €44,725 | €9,120 | -€35,605 | -79.6% |
| Taxes | 450/3 | €22,139 | €8,828 | -€13,311 | -60.1% |
| Remuneration and social security | 454/9 | €22,585 | €292 | -€22,294 | -98.7% |
| Other amounts payable | 47/48 | €9,959 | €16,548 | +€6,589 | +66.2% |
| Accrued charges and deferred income | 492/3 | €7,212 | - | -€7,212 | |
| Remuneration, social security and pensions | 62 | €222,739 | €68,928 | -€153,811 | -69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,292 | €24,475 | +€7,183 | +41.5% |
| Other operating charges | 640/8 | €2,033 | €3,537 | +€1,505 | +74.0% |
| Gross operating margin | 9900 | €315,124 | €117,354 | -€197,770 | -62.8% |
| Operating profit (loss) | 9901 | €73,061 | €20,414 | -€52,647 | -72.1% |
| Financial income | 75/76B | €71 | €107 | +€35 | +49.6% |
| Recurring financial income | 75 | €71 | €107 | +€35 | +49.6% |
| Financial charges | 65/66B | €5,756 | €5,580 | -€176 | -3.1% |
| Recurring financial charges | 65 | €5,756 | €5,580 | -€176 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €67,376 | €14,940 | -€52,436 | -77.8% |
| Income taxes | 67/77 | €21,833 | €5,200 | -€16,633 | -76.2% |
| Profit (loss) for the period | 9904 | €45,543 | €9,741 | -€35,802 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,543 | €9,741 | -€35,802 | -78.6% |
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 31 October 2026 via checked.be.