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
- Cash +€13,160
up €13,160 (+12.4%), from €106,355 to €119,515
mainly Net result for the year (+€32,807) and Receivables within one year (+€12,026)
- Receivables within one year -€12,026
down €12,026 (-38.6%), from €31,169 to €19,143
of which Trade receivables: -€12,690
- Tangible fixed assets +€2,977
up €2,977 (+6.3%), from €47,129 to €50,106
of which Land and buildings: +€2,259
- Reserves +€14,222
up €14,222 (+12.7%), from €111,996 to €126,218
- Trade debts -€4,313
down €4,313 (-56.8%), from €7,599 to €3,286
- Other debts -€3,844
down €3,844 (-9.0%), from €42,689 to €38,845
- Tax, wage and social debts -€2,015
down €2,015 (-34.7%), from €5,807 to €3,792
- Gross operating margin -€3,268
down €3,268 (-6.3%), from €51,620 to €48,353
- Taxes -€824
down €824 (-6.0%), from €13,688 to €12,863
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €186,641 | €190,691 | +€4,050 | +2.2% |
| Fixed assets | 21/28 | €47,129 | €50,106 | +€2,977 | +6.3% |
| Tangible fixed assets | 22/27 | €47,129 | €50,106 | +€2,977 | +6.3% |
| Land and buildings | 22 | €47,029 | €49,288 | +€2,259 | +4.8% |
| Plant, machinery and equipment | 23 | €101 | €818 | +€718 | +714% |
| Current assets | 29/58 | €139,512 | €140,585 | +€1,074 | +0.8% |
| Stocks and contracts in progress | 3 | €1,988 | €1,565 | -€422 | -21.2% |
| Stocks | 30/36 | €1,988 | €1,565 | -€422 | -21.2% |
| Amounts receivable within one year | 40/41 | €31,169 | €19,143 | -€12,026 | -38.6% |
| Trade receivables | 40 | €28,727 | €16,037 | -€12,690 | -44.2% |
| Other amounts receivable | 41 | €2,442 | €3,106 | +€664 | +27.2% |
| Cash at bank and in hand | 54/58 | €106,355 | €119,515 | +€13,160 | +12.4% |
| Deferred charges and accrued income | 490/1 | - | €363 | +€363 | |
| Total equity and liabilities | 10/49 | €186,641 | €190,691 | +€4,050 | +2.2% |
| Equity | 10/15 | €130,546 | €144,768 | +€14,222 | +10.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €111,996 | €126,218 | +€14,222 | +12.7% |
| Distributable reserves | 133 | €111,996 | €126,218 | +€14,222 | +12.7% |
| Amounts payable | 17/49 | €56,095 | €45,923 | -€10,172 | -18.1% |
| Amounts payable within one year | 42/48 | €56,095 | €45,923 | -€10,172 | -18.1% |
| Trade debts | 44 | €7,599 | €3,286 | -€4,313 | -56.8% |
| Suppliers | 440/4 | €7,599 | €3,286 | -€4,313 | -56.8% |
| Taxes, remuneration and social security | 45 | €5,807 | €3,792 | -€2,015 | -34.7% |
| Taxes | 450/3 | €5,807 | €3,792 | -€2,015 | -34.7% |
| Other amounts payable | 47/48 | €42,689 | €38,845 | -€3,844 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,296 | €2,710 | +€414 | +18.0% |
| Other operating charges | 640/8 | €376 | €301 | -€75 | -19.9% |
| Gross operating margin | 9900 | €51,620 | €48,353 | -€3,268 | -6.3% |
| Operating profit (loss) | 9901 | €48,949 | €45,342 | -€3,607 | -7.4% |
| Financial income | 75/76B | €427 | €420 | -€7 | -1.5% |
| Recurring financial income | 75 | €427 | €420 | -€7 | -1.5% |
| Financial charges | 65/66B | €53 | €92 | +€38 | +71.6% |
| Recurring financial charges | 65 | €53 | €92 | +€38 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €49,323 | €45,670 | -€3,652 | -7.4% |
| Income taxes | 67/77 | €13,688 | €12,863 | -€824 | -6.0% |
| Profit (loss) for the period | 9904 | €35,635 | €32,807 | -€2,828 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,635 | €32,807 | -€2,828 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.