GEERT CRIEL: 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 CRIEL
Largest movements
- Cash +€92,998
up €92,998 (+52.7%), from €176,546 to €269,544
mainly Net result for the year (+€343,056) and Receivables within one year (+€32,667)
- Current investments +€64,487
up €64,487 (+18.1%), from €356,753 to €421,240
- Receivables after one year +€50,000
up €50,000 (+66.7%), from €75,000 to €125,000
- Receivables within one year -€32,667
down €32,667 (-9.6%), from €340,066 to €307,399
of which Trade receivables: -€32,702
- Reserves +€259,450
up €259,450 (+26.1%), from €994,147 to €1.3m
of which Distributable reserves: +€259,450
- Tax, wage and social debts -€75,621
down €75,621 (-43.8%), from €172,544 to €96,923
- Debts after one year -€22,834
down €22,834 (-35.8%), from €63,721 to €40,887
- Accrued charges and deferred income +€15,931
up €15,931 (+75,611%), from €21 to €15,952
- Gross operating margin +€35,475
up €35,475 (+8.1%), from €439,222 to €474,697
- Financial income +€19,614
up €19,614 (+367%), from €5,340 to €24,954
- Taxes +€13,861
up €13,861 (+10.3%), from €134,854 to €148,715
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 | €1,353,082 | €1,527,159 | +€174,077 | +12.9% |
| Fixed assets | 21/28 | €385,721 | €384,512 | -€1,209 | -0.3% |
| Tangible fixed assets | 22/27 | €325,721 | €324,512 | -€1,209 | -0.4% |
| Land and buildings | 22 | €322,391 | €322,391 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,005 | €1,570 | -€435 | -21.7% |
| Furniture and vehicles | 24 | €1,324 | €551 | -€773 | -58.4% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €967,362 | €1,142,647 | +€175,285 | +18.1% |
| Amounts receivable after more than one year | 29 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Other amounts receivable | 291 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Amounts receivable within one year | 40/41 | €340,066 | €307,399 | -€32,667 | -9.6% |
| Trade receivables | 40 | €340,066 | €307,364 | -€32,702 | -9.6% |
| Other amounts receivable | 41 | €0 | €35 | +€35 | |
| Current investments | 50/53 | €356,753 | €421,240 | +€64,487 | +18.1% |
| Cash at bank and in hand | 54/58 | €176,546 | €269,544 | +€92,998 | +52.7% |
| Deferred charges and accrued income | 490/1 | €18,997 | €19,464 | +€467 | +2.5% |
| Total equity and liabilities | 10/49 | €1,353,082 | €1,527,159 | +€174,077 | +12.9% |
| Equity | 10/15 | €1,006,547 | €1,265,997 | +€259,450 | +25.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €994,147 | €1,253,597 | +€259,450 | +26.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €992,287 | €1,251,737 | +€259,450 | +26.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €346,535 | €261,162 | -€85,374 | -24.6% |
| Amounts payable after more than one year | 17 | €63,721 | €40,887 | -€22,834 | -35.8% |
| Financial debts | 170/4 | €63,721 | €40,887 | -€22,834 | -35.8% |
| Amounts payable within one year | 42/48 | €282,794 | €204,322 | -€78,471 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €20,499 | €20,834 | +€335 | +1.6% |
| Financial debts | 43 | €1,083 | €805 | -€278 | -25.7% |
| Other loans | 439 | €1,083 | €805 | -€278 | -25.7% |
| Trade debts | 44 | €4,101 | €776 | -€3,325 | -81.1% |
| Suppliers | 440/4 | €4,101 | €776 | -€3,325 | -81.1% |
| Taxes, remuneration and social security | 45 | €172,544 | €96,923 | -€75,621 | -43.8% |
| Taxes | 450/3 | €172,544 | €96,923 | -€75,621 | -43.8% |
| Other amounts payable | 47/48 | €84,567 | €84,984 | +€417 | +0.5% |
| Accrued charges and deferred income | 492/3 | €21 | €15,952 | +€15,931 | +75,611% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,560 | €1,209 | -€351 | -22.5% |
| Other operating charges | 640/8 | €1,229 | €1,247 | +€18 | +1.5% |
| Gross operating margin | 9900 | €439,222 | €474,697 | +€35,475 | +8.1% |
| Operating profit (loss) | 9901 | €436,434 | €472,241 | +€35,807 | +8.2% |
| Financial income | 75/76B | €5,340 | €24,954 | +€19,614 | +367% |
| Recurring financial income | 75 | €5,340 | €24,954 | +€19,614 | +367% |
| Financial charges | 65/66B | €5,801 | €5,424 | -€378 | -6.5% |
| Recurring financial charges | 65 | €5,801 | €5,424 | -€378 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €435,972 | €491,771 | +€55,799 | +12.8% |
| Income taxes | 67/77 | €134,854 | €148,715 | +€13,861 | +10.3% |
| Profit (loss) for the period | 9904 | €301,118 | €343,056 | +€41,938 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €301,118 | €343,056 | +€41,938 | +13.9% |
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 17 October 2026 via checked.be.