GEERT CARLIER: 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 CARLIER
Largest movements
- Cash -€187,386
down €187,386 (-82.8%), from €226,301 to €38,915
mainly Advances received (-€179,776) and Net result for the year (-€20,753)
- Tangible fixed assets -€27,864
down €27,864 (-26.1%), from €106,608 to €78,745
of which Land and buildings: -€15,184
- Advances received -€179,776
down €179,776 (-92.6%), from €194,122 to €14,345
- Profit (loss) carried forward -€20,753
down €20,753 (-360%), from -€5,764 to -€26,517
- Debts after one year -€12,464
down €12,464 (-33.9%), from €36,797 to €24,333
- Other debts -€4,039
down €4,039 (-100%), from €4,039 to €0
- Gross operating margin -€5,174
down €5,174 (-10.1%), from €51,205 to €46,031
- Staff costs +€2,261
up €2,261 (+7.9%), from €28,475 to €30,736
- Other operating charges -€1,790
down €1,790 (-22.2%), from €8,068 to €6,278
- Depreciation -€1,056
down €1,056 (-3.7%), from €28,919 to €27,864
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 | €400,411 | €185,268 | -€215,142 | -53.7% |
| Fixed assets | 21/28 | €106,608 | €78,745 | -€27,864 | -26.1% |
| Tangible fixed assets | 22/27 | €106,608 | €78,745 | -€27,864 | -26.1% |
| Land and buildings | 22 | €60,622 | €45,438 | -€15,184 | -25.0% |
| Furniture and vehicles | 24 | €3,453 | €1,633 | -€1,820 | -52.7% |
| Leasing and similar rights | 25 | €42,533 | €31,674 | -€10,860 | -25.5% |
| Current assets | 29/58 | €293,803 | €106,524 | -€187,279 | -63.7% |
| Amounts receivable within one year | 40/41 | €60,926 | €62,392 | +€1,466 | +2.4% |
| Trade receivables | 40 | €52,885 | €48,916 | -€3,968 | -7.5% |
| Other amounts receivable | 41 | €8,041 | €13,476 | +€5,434 | +67.6% |
| Cash at bank and in hand | 54/58 | €226,301 | €38,915 | -€187,386 | -82.8% |
| Deferred charges and accrued income | 490/1 | €6,576 | €5,217 | -€1,359 | -20.7% |
| Total equity and liabilities | 10/49 | €400,411 | €185,268 | -€215,142 | -53.7% |
| Equity | 10/15 | €143,605 | €122,852 | -€20,753 | -14.5% |
| Contributions | 10/11 | €48,000 | €48,000 | = | 0.0% |
| Reserves | 13 | €101,369 | €101,369 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,852 | €10,852 | = | 0.0% |
| Distributable reserves | 133 | €90,517 | €90,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,764 | -€26,517 | -€20,753 | -360% |
| Amounts payable | 17/49 | €256,806 | €62,416 | -€194,390 | -75.7% |
| Amounts payable after more than one year | 17 | €36,797 | €24,333 | -€12,464 | -33.9% |
| Financial debts | 170/4 | €36,797 | €24,333 | -€12,464 | -33.9% |
| Amounts payable within one year | 42/48 | €220,009 | €38,083 | -€181,926 | -82.7% |
| Current portion of amounts payable after more than one year | 42 | €11,985 | €12,464 | +€478 | +4.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,233 | €2,290 | -€943 | -29.2% |
| Suppliers | 440/4 | €3,233 | €2,290 | -€943 | -29.2% |
| Advances received on contracts in progress | 46 | €194,122 | €14,345 | -€179,776 | -92.6% |
| Taxes, remuneration and social security | 45 | €6,630 | €8,983 | +€2,354 | +35.5% |
| Taxes | 450/3 | €2,102 | €1,414 | -€688 | -32.7% |
| Remuneration and social security | 454/9 | €4,528 | €7,569 | +€3,041 | +67.2% |
| Other amounts payable | 47/48 | €4,039 | €0 | -€4,039 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €28,475 | €30,736 | +€2,261 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,919 | €27,864 | -€1,056 | -3.7% |
| Other operating charges | 640/8 | €8,068 | €6,278 | -€1,790 | -22.2% |
| Gross operating margin | 9900 | €51,205 | €46,031 | -€5,174 | -10.1% |
| Operating profit (loss) | 9901 | -€14,257 | -€18,847 | -€4,590 | -32.2% |
| Financial income | 75/76B | €138 | €268 | +€130 | +93.8% |
| Recurring financial income | 75 | €138 | €268 | +€130 | +93.8% |
| Financial charges | 65/66B | €2,312 | €2,006 | -€306 | -13.2% |
| Recurring financial charges | 65 | €2,312 | €2,006 | -€306 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,431 | -€20,585 | -€4,154 | -25.3% |
| Income taxes | 67/77 | €174 | €168 | -€7 | -3.9% |
| Profit (loss) for the period | 9904 | -€16,605 | -€20,753 | -€4,147 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,605 | -€20,753 | -€4,147 | -25.0% |
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 30 October 2026 via checked.be.