GEERT COLLARD: 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 COLLARD
Largest movements
- Cash +€114,928
up €114,928 (+47.0%), from €244,580 to €359,508
mainly Net result for the year (+€87,881) and Depreciation (+€26,698)
- Tangible fixed assets -€26,698
down €26,698 (-14.2%), from €187,592 to €160,894
of which Land and buildings: -€14,814
- Current investments +€19,439
up €19,439 (+9.7%), from €200,561 to €220,000
- Reserves +€87,881
up €87,881 (+17.2%), from €511,567 to €599,448
- Tax, wage and social debts +€9,471
up €9,471 (+41.7%), from €22,720 to €32,191
- Gross operating margin -€12,750
down €12,750 (-7.6%), from €168,492 to €155,742
- Taxes -€4,668
down €4,668 (-11.6%), from €40,194 to €35,526
- Staff costs -€2,368
down €2,368 (-47.9%), from €4,946 to €2,578
- Financial income -€2,293
down €2,293 (-30.4%), from €7,550 to €5,256
- Depreciation +€2,036
up €2,036 (+8.3%), from €24,662 to €26,698
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 | €652,808 | €755,355 | +€102,547 | +15.7% |
| Fixed assets | 21/28 | €187,592 | €160,894 | -€26,698 | -14.2% |
| Tangible fixed assets | 22/27 | €187,592 | €160,894 | -€26,698 | -14.2% |
| Land and buildings | 22 | €139,510 | €124,696 | -€14,814 | -10.6% |
| Plant, machinery and equipment | 23 | €994 | €307 | -€687 | -69.1% |
| Furniture and vehicles | 24 | €47,088 | €35,891 | -€11,197 | -23.8% |
| Current assets | 29/58 | €465,216 | €594,461 | +€129,245 | +27.8% |
| Amounts receivable within one year | 40/41 | €19,513 | €14,249 | -€5,264 | -27.0% |
| Trade receivables | 40 | €18,903 | €13,603 | -€5,300 | -28.0% |
| Other amounts receivable | 41 | €610 | €646 | +€36 | +5.9% |
| Current investments | 50/53 | €200,561 | €220,000 | +€19,439 | +9.7% |
| Cash at bank and in hand | 54/58 | €244,580 | €359,508 | +€114,928 | +47.0% |
| Deferred charges and accrued income | 490/1 | €562 | €704 | +€142 | +25.3% |
| Total equity and liabilities | 10/49 | €652,808 | €755,355 | +€102,547 | +15.7% |
| Equity | 10/15 | €523,967 | €611,848 | +€87,881 | +16.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €511,567 | €599,448 | +€87,881 | +17.2% |
| Distributable reserves | 133 | €511,567 | €599,448 | +€87,881 | +17.2% |
| Amounts payable | 17/49 | €128,841 | €143,507 | +€14,666 | +11.4% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,987 | €91,056 | +€14,069 | +18.3% |
| Trade debts | 44 | €298 | €148 | -€150 | -50.2% |
| Suppliers | 440/4 | €298 | €148 | -€150 | -50.2% |
| Taxes, remuneration and social security | 45 | €22,720 | €32,191 | +€9,471 | +41.7% |
| Taxes | 450/3 | €22,720 | €32,191 | +€9,471 | +41.7% |
| Other amounts payable | 47/48 | €53,969 | €58,716 | +€4,747 | +8.8% |
| Accrued charges and deferred income | 492/3 | €1,854 | €2,451 | +€597 | +32.2% |
| Non-recurring operating income | 76A | €8,145 | - | -€8,145 | |
| Remuneration, social security and pensions | 62 | €4,946 | €2,578 | -€2,368 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,662 | €26,698 | +€2,036 | +8.3% |
| Other operating charges | 640/8 | €2,069 | €2,012 | -€57 | -2.7% |
| Gross operating margin | 9900 | €168,492 | €155,742 | -€12,750 | -7.6% |
| Operating profit (loss) | 9901 | €136,815 | €124,454 | -€12,361 | -9.0% |
| Financial income | 75/76B | €7,550 | €5,256 | -€2,293 | -30.4% |
| Recurring financial income | 75 | €7,550 | €5,256 | -€2,293 | -30.4% |
| Financial charges | 65/66B | €6,327 | €6,303 | -€24 | -0.4% |
| Recurring financial charges | 65 | €6,327 | €6,303 | -€24 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €138,038 | €123,407 | -€14,631 | -10.6% |
| Income taxes | 67/77 | €40,194 | €35,526 | -€4,668 | -11.6% |
| Profit (loss) for the period | 9904 | €97,844 | €87,881 | -€9,963 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97,844 | €87,881 | -€9,963 | -10.2% |
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 22 October 2026 via checked.be.