GEERT BUYSE: what changed
GEERT BUYSE
Largest movements
- Cash +€77,300
up €77,300 (+65.1%), from €118,810 to €196,111
mainly Net result for the year (+€79,489) and Depreciation (+€47,958)
- Tangible fixed assets -€56,881
down €56,881 (-23.2%), from €245,220 to €188,339
of which Land and buildings: -€85,089
- Receivables within one year +€4,614
up €4,614 (+26.9%), from €17,166 to €21,780
of which Trade receivables: +€5,035
- Debts after one year -€65,277
down €65,277 (-44.8%), from €145,868 to €80,592
- Profit (loss) carried forward +€59,489
up €59,489 (+43.1%), from €137,934 to €197,423
- Reserves +€20,000
up €20,000 (+44.0%), from €45,407 to €65,407
of which Distributable reserves: +€20,000
- Other debts +€10,454
new in 2025: €10,454
- Gross operating margin +€76,428
up €76,428 (+84.7%), from €90,187 to €166,615
- Taxes +€19,331
up €19,331 (+159%), from €12,171 to €31,502
- Depreciation +€2,750
up €2,750 (+6.1%), from €45,208 to €47,958
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €398,690 | €423,808 | +€25,118 | +6.3% |
| Fixed assets | 21/28 | €245,433 | €188,552 | -€56,881 | -23.2% |
| Tangible fixed assets | 22/27 | €245,220 | €188,339 | -€56,881 | -23.2% |
| Land and buildings | 22 | €99,649 | €14,559 | -€85,089 | -85.4% |
| Plant, machinery and equipment | 23 | €62,251 | €46,782 | -€15,469 | -24.8% |
| Furniture and vehicles | 24 | €83,320 | €126,997 | +€43,677 | +52.4% |
| Financial fixed assets | 28 | €214 | €214 | = | 0.0% |
| Current assets | 29/58 | €153,256 | €235,256 | +€82,000 | +53.5% |
| Stocks and contracts in progress | 3 | €17,280 | €17,365 | +€85 | +0.5% |
| Stocks | 30/36 | €9,780 | €11,115 | +€1,335 | +13.7% |
| Contracts in progress | 37 | €7,500 | €6,250 | -€1,250 | -16.7% |
| Amounts receivable within one year | 40/41 | €17,166 | €21,780 | +€4,614 | +26.9% |
| Trade receivables | 40 | €11,925 | €16,960 | +€5,035 | +42.2% |
| Other amounts receivable | 41 | €5,241 | €4,820 | -€421 | -8.0% |
| Cash at bank and in hand | 54/58 | €118,810 | €196,111 | +€77,300 | +65.1% |
| Total equity and liabilities | 10/49 | €398,690 | €423,808 | +€25,118 | +6.3% |
| Equity | 10/15 | €201,942 | €281,430 | +€79,489 | +39.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,407 | €65,407 | +€20,000 | +44.0% |
| Tax-exempt reserves | 132 | €3,547 | €3,547 | = | 0.0% |
| Distributable reserves | 133 | €41,860 | €61,860 | +€20,000 | +47.8% |
| Profit (loss) carried forward | 14 | €137,934 | €197,423 | +€59,489 | +43.1% |
| Amounts payable | 17/49 | €196,748 | €142,378 | -€54,370 | -27.6% |
| Amounts payable after more than one year | 17 | €145,868 | €80,592 | -€65,277 | -44.8% |
| Financial debts | 170/4 | €145,868 | €80,592 | -€65,277 | -44.8% |
| Amounts payable within one year | 42/48 | €50,880 | €61,786 | +€10,906 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €38,076 | €38,968 | +€891 | +2.3% |
| Trade debts | 44 | €10,803 | €12,364 | +€1,561 | +14.4% |
| Suppliers | 440/4 | €10,803 | €12,364 | +€1,561 | +14.4% |
| Taxes, remuneration and social security | 45 | €2,000 | - | -€2,000 | |
| Taxes | 450/3 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | - | €10,454 | +€10,454 | |
| Non-recurring operating income | 76A | - | €28,110 | +€28,110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,208 | €47,958 | +€2,750 | +6.1% |
| Other operating charges | 640/8 | €2,744 | €1,772 | -€972 | -35.4% |
| Gross operating margin | 9900 | €90,187 | €166,615 | +€76,428 | +84.7% |
| Operating profit (loss) | 9901 | €42,235 | €116,885 | +€74,650 | +177% |
| Financial charges | 65/66B | €5,122 | €5,895 | +€772 | +15.1% |
| Recurring financial charges | 65 | €5,122 | €5,895 | +€772 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €37,113 | €110,991 | +€73,878 | +199% |
| Income taxes | 67/77 | €12,171 | €31,502 | +€19,331 | +159% |
| Profit (loss) for the period | 9904 | €24,942 | €79,489 | +€54,547 | +219% |
| Profit (loss) for the period to be appropriated | 9905 | €24,942 | €79,489 | +€54,547 | +219% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.