GEERT: 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.
GEERT
Largest movements
- Cash +€41,389
up €41,389 (+10.4%), from €397,185 to €438,573
mainly Net result for the year (+€112,230) and Other debts (+€90,197)
- Current investments -€22,837
down €22,837 (-18.3%), from €125,000 to €102,163
- Tangible fixed assets -€18,216
down €18,216 (-25.7%), from €70,824 to €52,608
of which Furniture and vehicles: -€26,963
- Debts after one year -€93,940
down €93,940 (-93.9%), from €100,000 to €6,060
- Other debts +€90,197
up €90,197 (+183%), from €49,181 to €139,377
- Trade debts -€14,130
down €14,130 (-56.5%), from €24,987 to €10,858
- Short-term financial debts +€7,968
new in 2025: €7,968
- Tax, wage and social debts +€7,129
up €7,129 (+31.1%), from €22,941 to €30,071
of which Taxes: +€8,572
- Gross operating margin +€74,815
up €74,815 (+40.1%), from €186,423 to €261,238
- Taxes +€32,201
up €32,201 (+154%), from €20,951 to €53,151
- Other operating charges -€13,434
down €13,434 (-97.7%), from €13,743 to €309
- Financial income +€7,570
up €7,570 (+243%), from €3,111 to €10,681
- Staff costs +€3,798
up €3,798 (+6.6%), from €57,780 to €61,579
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 | €679,777 | €687,253 | +€7,476 | +1.1% |
| Fixed assets | 21/28 | €74,465 | €55,853 | -€18,613 | -25.0% |
| Intangible fixed assets | 21 | €3,642 | €3,245 | -€397 | -10.9% |
| Tangible fixed assets | 22/27 | €70,824 | €52,608 | -€18,216 | -25.7% |
| Plant, machinery and equipment | 23 | €9,607 | €21,239 | +€11,632 | +121% |
| Furniture and vehicles | 24 | €50,581 | €23,618 | -€26,963 | -53.3% |
| Other tangible fixed assets | 26 | €10,636 | €7,751 | -€2,885 | -27.1% |
| Current assets | 29/58 | €605,311 | €631,400 | +€26,089 | +4.3% |
| Stocks and contracts in progress | 3 | €8,424 | €7,864 | -€560 | -6.6% |
| Stocks | 30/36 | €8,424 | €7,864 | -€560 | -6.6% |
| Amounts receivable within one year | 40/41 | €72,498 | €75,676 | +€3,178 | +4.4% |
| Trade receivables | 40 | €66,945 | €67,267 | +€322 | +0.5% |
| Other amounts receivable | 41 | €5,553 | €8,409 | +€2,856 | +51.4% |
| Current investments | 50/53 | €125,000 | €102,163 | -€22,837 | -18.3% |
| Cash at bank and in hand | 54/58 | €397,185 | €438,573 | +€41,389 | +10.4% |
| Deferred charges and accrued income | 490/1 | €2,205 | €7,124 | +€4,919 | +223% |
| Total equity and liabilities | 10/49 | €679,777 | €687,253 | +€7,476 | +1.1% |
| Equity | 10/15 | €482,668 | €487,958 | +€5,291 | +1.1% |
| Contributions | 10/11 | €49,368 | €49,368 | = | 0.0% |
| Reserves | 13 | €433,299 | €438,590 | +€5,291 | +1.2% |
| Distributable reserves | 133 | €433,299 | €438,590 | +€5,291 | +1.2% |
| Amounts payable | 17/49 | €197,109 | €199,295 | +€2,185 | +1.1% |
| Amounts payable after more than one year | 17 | €100,000 | €6,060 | -€93,940 | -93.9% |
| Financial debts | 170/4 | €100,000 | €6,060 | -€93,940 | -93.9% |
| Amounts payable within one year | 42/48 | €97,109 | €193,235 | +€96,125 | +99.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,961 | +€4,961 | |
| Financial debts | 43 | - | €7,968 | +€7,968 | |
| Credit institutions | 430/8 | - | €7,968 | +€7,968 | |
| Trade debts | 44 | €24,987 | €10,858 | -€14,130 | -56.5% |
| Suppliers | 440/4 | €24,987 | €10,858 | -€14,130 | -56.5% |
| Taxes, remuneration and social security | 45 | €22,941 | €30,071 | +€7,129 | +31.1% |
| Taxes | 450/3 | €12,266 | €20,838 | +€8,572 | +69.9% |
| Remuneration and social security | 454/9 | €10,676 | €9,233 | -€1,443 | -13.5% |
| Other amounts payable | 47/48 | €49,181 | €139,377 | +€90,197 | +183% |
| Remuneration, social security and pensions | 62 | €57,780 | €61,579 | +€3,798 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,353 | €39,905 | -€448 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,267 | +€2,267 | |
| Other operating charges | 640/8 | €13,743 | €309 | -€13,434 | -97.7% |
| Gross operating margin | 9900 | €186,423 | €261,238 | +€74,815 | +40.1% |
| Operating profit (loss) | 9901 | €74,547 | €157,178 | +€82,631 | +111% |
| Financial income | 75/76B | €3,111 | €10,681 | +€7,570 | +243% |
| Recurring financial income | 75 | €3,111 | €10,681 | +€7,570 | +243% |
| Financial charges | 65/66B | €827 | €2,478 | +€1,651 | +200% |
| Recurring financial charges | 65 | €827 | €2,478 | +€1,651 | +200% |
| Profit (loss) for the period before taxes | 9903 | €76,830 | €165,381 | +€88,551 | +115% |
| Income taxes | 67/77 | €20,951 | €53,151 | +€32,201 | +154% |
| Profit (loss) for the period | 9904 | €55,880 | €112,230 | +€56,350 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €55,880 | €112,230 | +€56,350 | +101% |
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 24 October 2026 via checked.be.