GEERT KEIRSE: 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 KEIRSE
Largest movements
- Current investments +€538,947
up €538,947 (+47.9%), from €1.1m to €1.7m
- Cash +€121,569
up €121,569 (+20.4%), from €596,716 to €718,285
mainly Net result for the year (+€761,512) and Other debts (+€138,034)
- Receivables within one year +€121,330
up €121,330 (+52.0%), from €233,295 to €354,625
of which Other amounts receivable: +€151,215
- Reserves +€761,512
up €761,512 (+37.1%), from €2.1m to €2.8m
- Other debts +€138,034
up €138,034 (+7,138%), from €1,934 to €139,968
- Trade debts -€58,807
down €58,807 (-99.4%), from €59,158 to €352
- Tax, wage and social debts -€41,360
down €41,360 (-98.2%), from €42,103 to €743
of which Remuneration and social security: -€21,523
- Gross operating margin +€569,752
up €569,752 (+103%), from €553,232 to €1.1m
- Taxes +€209,730
up €209,730 (+143%), from €146,651 to €356,380
- Staff costs -€79,356
down €79,356 (-70.0%), from €113,297 to €33,941
- Financial charges +€31,188
up €31,188, from -€30,296 to €892
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 | €2,215,107 | €2,981,514 | +€766,407 | +34.6% |
| Fixed assets | 21/28 | €91,921 | €84,595 | -€7,327 | -8.0% |
| Intangible fixed assets | 21 | €5,842 | €0 | -€5,842 | -100% |
| Tangible fixed assets | 22/27 | €4,026 | €2,541 | -€1,485 | -36.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,026 | €2,541 | -€1,485 | -36.9% |
| Financial fixed assets | 28 | €82,054 | €82,054 | = | 0.0% |
| Current assets | 29/58 | €2,123,186 | €2,896,920 | +€773,734 | +36.4% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €233,295 | €354,625 | +€121,330 | +52.0% |
| Trade receivables | 40 | €31,885 | €2,000 | -€29,885 | -93.7% |
| Other amounts receivable | 41 | €201,410 | €352,625 | +€151,215 | +75.1% |
| Current investments | 50/53 | €1,124,749 | €1,663,697 | +€538,947 | +47.9% |
| Cash at bank and in hand | 54/58 | €596,716 | €718,285 | +€121,569 | +20.4% |
| Deferred charges and accrued income | 490/1 | €18,425 | €10,313 | -€8,112 | -44.0% |
| Total equity and liabilities | 10/49 | €2,215,107 | €2,981,514 | +€766,407 | +34.6% |
| Equity | 10/15 | €2,078,199 | €2,839,711 | +€761,512 | +36.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,053,199 | €2,814,711 | +€761,512 | +37.1% |
| Distributable reserves | 133 | €2,053,199 | €2,814,711 | +€761,512 | +37.1% |
| Amounts payable | 17/49 | €136,908 | €141,803 | +€4,895 | +3.6% |
| Amounts payable within one year | 42/48 | €132,634 | €141,062 | +€8,429 | +6.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €59,158 | €352 | -€58,807 | -99.4% |
| Suppliers | 440/4 | €59,158 | €352 | -€58,807 | -99.4% |
| Advances received on contracts in progress | 46 | €29,439 | €0 | -€29,439 | -100% |
| Taxes, remuneration and social security | 45 | €42,103 | €743 | -€41,360 | -98.2% |
| Taxes | 450/3 | €20,580 | €743 | -€19,837 | -96.4% |
| Remuneration and social security | 454/9 | €21,523 | €0 | -€21,523 | -100% |
| Other amounts payable | 47/48 | €1,934 | €139,968 | +€138,034 | +7,138% |
| Accrued charges and deferred income | 492/3 | €4,275 | €741 | -€3,534 | -82.7% |
| Non-recurring operating income | 76A | - | €953,810 | +€953,810 | |
| Remuneration, social security and pensions | 62 | €113,297 | €33,941 | -€79,356 | -70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,296 | €1,485 | -€5,811 | -79.6% |
| Other operating charges | 640/8 | €3,874 | €3,788 | -€86 | -2.2% |
| Non-recurring operating charges | 66A | €181 | €0 | -€181 | -100% |
| Gross operating margin | 9900 | €553,232 | €1,122,984 | +€569,752 | +103% |
| Operating profit (loss) | 9901 | €428,585 | €1,083,770 | +€655,185 | +153% |
| Financial income | 75/76B | €30,907 | €35,015 | +€4,108 | +13.3% |
| Recurring financial income | 75 | €30,907 | €35,015 | +€4,108 | +13.3% |
| Financial charges | 65/66B | -€30,296 | €892 | +€31,188 | |
| Recurring financial charges | 65 | -€30,296 | €892 | +€31,188 | |
| Profit (loss) for the period before taxes | 9903 | €489,788 | €1,117,892 | +€628,105 | +128% |
| Income taxes | 67/77 | €146,651 | €356,380 | +€209,730 | +143% |
| Profit (loss) for the period | 9904 | €343,137 | €761,512 | +€418,375 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €343,137 | €761,512 | +€418,375 | +122% |
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 30 October 2026 via checked.be.