GEERT BUSSCHAERT: 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 BUSSCHAERT
Largest movements
- Receivables within one year +€630,793
up €630,793 (+1,126%), from €56,033 to €686,825
of which Other amounts receivable: +€630,309
- Cash -€442,946
down €442,946 (-52.2%), from €848,998 to €406,052
mainly Receivables within one year (-€630,793) and Investment in fixed assets (net) (-€349,013)
- Current investments +€259,989
up €259,989 (+19.1%), from €1.4m to €1.6m
- Tangible fixed assets +€228,790
up €228,790 (+11.2%), from €2.0m to €2.3m
of which Assets under construction and advance payments: +€328,076
- Reserves +€2.0m
up €2.0m (+58.5%), from €3.4m to €5.4m
of which Distributable reserves: +€1.8m
- Profit (loss) carried forward -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Financial income +€313,306
up €313,306 (+79.1%), from €396,247 to €709,553
- Taxes +€27,393
up €27,393 (+32.8%), from €83,558 to €110,952
- Financial charges +€8,679
up €8,679 (+291%), from €2,985 to €11,663
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 | €5,026,487 | €5,699,160 | +€672,673 | +13.4% |
| Fixed assets | 21/28 | €2,761,707 | €2,985,497 | +€223,790 | +8.1% |
| Tangible fixed assets | 22/27 | €2,034,096 | €2,262,886 | +€228,790 | +11.2% |
| Land and buildings | 22 | €1,757,798 | €1,674,338 | -€83,461 | -4.7% |
| Plant, machinery and equipment | 23 | €14,793 | €12,985 | -€1,808 | -12.2% |
| Furniture and vehicles | 24 | €35,604 | €21,586 | -€14,018 | -39.4% |
| Assets under construction and advance payments | 27 | €225,901 | €553,976 | +€328,076 | +145% |
| Financial fixed assets | 28 | €727,611 | €722,611 | -€5,000 | -0.7% |
| Current assets | 29/58 | €2,264,780 | €2,713,663 | +€448,884 | +19.8% |
| Amounts receivable within one year | 40/41 | €56,033 | €686,825 | +€630,793 | +1,126% |
| Trade receivables | 40 | €458 | €942 | +€484 | +106% |
| Other amounts receivable | 41 | €55,575 | €685,883 | +€630,309 | +1,134% |
| Current investments | 50/53 | €1,359,750 | €1,619,739 | +€259,989 | +19.1% |
| Cash at bank and in hand | 54/58 | €848,998 | €406,052 | -€442,946 | -52.2% |
| Deferred charges and accrued income | 490/1 | €0 | €1,048 | +€1,048 | |
| Total equity and liabilities | 10/49 | €5,026,487 | €5,699,160 | +€672,673 | +13.4% |
| Equity | 10/15 | €4,678,318 | €5,448,525 | +€770,207 | +16.5% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €3,417,850 | €5,417,525 | +€2.0m | +58.5% |
| Non-distributable reserves | 130/1 | €22,727 | €0 | -€22,727 | -100% |
| Reserves not available under the articles | 1311 | €22,727 | €0 | -€22,727 | -100% |
| Tax-exempt reserves | 132 | €229,250 | €439,750 | +€210,500 | +91.8% |
| Distributable reserves | 133 | €3,165,873 | €4,977,775 | +€1.8m | +57.2% |
| Profit (loss) carried forward | 14 | €1,229,468 | €0 | -€1.2m | -100% |
| Amounts payable | 17/49 | €348,169 | €250,635 | -€97,534 | -28.0% |
| Amounts payable after more than one year | 17 | €111,270 | €55,079 | -€56,190 | -50.5% |
| Financial debts | 170/4 | €111,270 | €55,079 | -€56,190 | -50.5% |
| Amounts payable within one year | 42/48 | €235,930 | €192,000 | -€43,931 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €56,190 | €56,190 | = | 0.0% |
| Trade debts | 44 | €3,968 | €8,795 | +€4,827 | +122% |
| Suppliers | 440/4 | €3,968 | €8,795 | +€4,827 | +122% |
| Taxes, remuneration and social security | 45 | €29,170 | €7,505 | -€21,665 | -74.3% |
| Taxes | 450/3 | €29,170 | €7,505 | -€21,665 | -74.3% |
| Other amounts payable | 47/48 | €146,602 | €119,509 | -€27,093 | -18.5% |
| Accrued charges and deferred income | 492/3 | €968 | €3,555 | +€2,587 | +267% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,001 | €125,223 | +€1,222 | +1.0% |
| Other operating charges | 640/8 | €9,191 | €6,976 | -€2,215 | -24.1% |
| Gross operating margin | 9900 | €314,048 | €315,468 | +€1,420 | +0.5% |
| Operating profit (loss) | 9901 | €180,856 | €183,269 | +€2,414 | +1.3% |
| Financial income | 75/76B | €396,247 | €709,553 | +€313,306 | +79.1% |
| Recurring financial income | 75 | €396,247 | €709,553 | +€313,306 | +79.1% |
| Financial charges | 65/66B | €2,985 | €11,663 | +€8,679 | +291% |
| Recurring financial charges | 65 | €2,985 | €11,663 | +€8,679 | +291% |
| Profit (loss) for the period before taxes | 9903 | €574,118 | €881,159 | +€307,041 | +53.5% |
| Income taxes | 67/77 | €83,558 | €110,952 | +€27,393 | +32.8% |
| Profit (loss) for the period | 9904 | €490,560 | €770,207 | +€279,648 | +57.0% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €280,060 | €559,707 | +€279,648 | +99.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.