Geert De Win: what changed
Two fiscal 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 De Win
Largest movements
- Tangible fixed assets -€19,321
down €19,321 (-34.3%), from €56,300 to €36,979
of which Furniture and vehicles: -€17,909
- Current investments -€16,628
down €16,628 (-40.2%), from €41,357 to €24,729
- Receivables within one year -€5,817
no longer reported in 2025 (was €5,817)
- Cash +€4,234
up €4,234 (+4.4%), from €97,024 to €101,257
mainly Net result for the year (+€49,139) and Depreciation (+€20,191)
- Reserves -€48,525
down €48,525 (-34.2%), from €142,044 to €93,519
- Other debts +€17,329
up €17,329 (+272.5%), from €6,359 to €23,688
- Debts after one year -€10,266
down €10,266 (-49.3%), from €20,811 to €10,546
- Trade debts +€2,227
up €2,227 (+32.8%), from €6,783 to €9,010
- Financial income +€6,985
up €6,985 (+2494.5%), from €280 to €7,266
- Taxes +€1,489
up €1,489 (+8.2%), from €18,110 to €19,599
- Gross operating margin -€1,407
down €1,407 (-1.7%), from €84,018 to €82,610
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.
Cash bridge derived
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 | €201,229 | €163,696 | -€37,533 | -18.7% |
| Fixed assets | 21/28 | €56,300 | €36,979 | -€19,321 | -34.3% |
| Tangible fixed assets | 22/27 | €56,300 | €36,979 | -€19,321 | -34.3% |
| Plant, machinery and equipment | 23 | €4,369 | €3,029 | -€1,340 | -30.7% |
| Furniture and vehicles | 24 | €51,248 | €33,339 | -€17,909 | -34.9% |
| Other tangible fixed assets | 26 | €683 | €611 | -€72 | -10.6% |
| Current assets | 29/58 | €144,929 | €126,717 | -€18,212 | -12.6% |
| Amounts receivable within one year | 40/41 | €5,817 | - | -€5,817 | |
| Other amounts receivable | 41 | €5,817 | - | -€5,817 | |
| Current investments | 50/53 | €41,357 | €24,729 | -€16,628 | -40.2% |
| Cash at bank and in hand | 54/58 | €97,024 | €101,257 | +€4,234 | +4.4% |
| Deferred charges and accrued income | 490/1 | €731 | €731 | = | 0.0% |
| Total equity and liabilities | 10/49 | €201,229 | €163,696 | -€37,533 | -18.7% |
| Equity | 10/15 | €148,244 | €99,719 | -€48,525 | -32.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €142,044 | €93,519 | -€48,525 | -34.2% |
| Distributable reserves | 133 | €142,044 | €93,519 | -€48,525 | -34.2% |
| Amounts payable | 17/49 | €52,985 | €63,977 | +€10,992 | +20.7% |
| Amounts payable after more than one year | 17 | €20,811 | €10,546 | -€10,266 | -49.3% |
| Financial debts | 170/4 | €20,811 | €10,546 | -€10,266 | -49.3% |
| Amounts payable within one year | 42/48 | €32,174 | €53,432 | +€21,257 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | €9,993 | €10,266 | +€273 | +2.7% |
| Trade debts | 44 | €6,783 | €9,010 | +€2,227 | +32.8% |
| Suppliers | 440/4 | €6,783 | €9,010 | +€2,227 | +32.8% |
| Taxes, remuneration and social security | 45 | €9,039 | €10,468 | +€1,429 | +15.8% |
| Taxes | 450/3 | €9,039 | €10,468 | +€1,429 | +15.8% |
| Other amounts payable | 47/48 | €6,359 | €23,688 | +€17,329 | +272.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,541 | €20,191 | -€350 | -1.7% |
| Other operating charges | 640/8 | €226 | €163 | -€63 | -27.8% |
| Gross operating margin | 9900 | €84,018 | €82,610 | -€1,407 | -1.7% |
| Operating profit (loss) | 9901 | €63,250 | €62,256 | -€995 | -1.6% |
| Financial income | 75/76B | €280 | €7,266 | +€6,985 | +2494.5% |
| Recurring financial income | 75 | €280 | €7,266 | +€6,985 | +2494.5% |
| Financial charges | 65/66B | €1,041 | €783 | -€258 | -24.8% |
| Recurring financial charges | 65 | €1,041 | €783 | -€258 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €62,490 | €68,739 | +€6,249 | +10.0% |
| Income taxes | 67/77 | €18,110 | €19,599 | +€1,489 | +8.2% |
| Profit (loss) for the period | 9904 | €44,380 | €49,139 | +€4,759 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,380 | €49,139 | +€4,759 | +10.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.