GEERT MAESELE: 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 MAESELE
Largest movements
- Current investments +€67,500
new in 2025: €67,500
- Cash -€11,232
down €11,232 (-10.8%), from €104,274 to €93,042
mainly Current investments (-€67,500) and Tax, wage and social debts (-€7,081)
- Tangible fixed assets -€8,705
down €8,705 (-33.7%), from €25,812 to €17,107
- Receivables within one year -€2,396
no longer reported in 2025 (was €2,396)
of which Trade receivables: -€2,393
- Profit (loss) carried forward +€50,004
new in 2025: €50,004
- Tax, wage and social debts -€7,081
down €7,081 (-23.6%), from €29,948 to €22,867
- Accrued charges and deferred income +€4,337
up €4,337 (+114%), from €3,804 to €8,141
- Trade debts -€4,218
down €4,218 (-99.6%), from €4,236 to €18
- Other debts +€2,497
up €2,497 (+44.1%), from €5,662 to €8,159
- Taxes -€7,032
down €7,032 (-34.3%), from €20,518 to €13,486
- Depreciation +€6,941
up €6,941 (+394%), from €1,764 to €8,705
- Gross operating margin -€4,201
down €4,201 (-5.5%), from €76,151 to €71,950
- Financial charges -€1,280
down €1,280 (-70.5%), from €1,815 to €535
- Financial income +€924
new in 2025: €924
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 | €132,966 | €178,438 | +€45,472 | +34.2% |
| Fixed assets | 21/28 | €25,812 | €17,107 | -€8,705 | -33.7% |
| Tangible fixed assets | 22/27 | €25,812 | €17,107 | -€8,705 | -33.7% |
| Furniture and vehicles | 24 | €25,812 | €17,107 | -€8,705 | -33.7% |
| Current assets | 29/58 | €107,154 | €161,331 | +€54,177 | +50.6% |
| Amounts receivable within one year | 40/41 | €2,396 | - | -€2,396 | |
| Trade receivables | 40 | €2,393 | - | -€2,393 | |
| Other amounts receivable | 41 | €3 | - | -€3 | |
| Current investments | 50/53 | - | €67,500 | +€67,500 | |
| Cash at bank and in hand | 54/58 | €104,274 | €93,042 | -€11,232 | -10.8% |
| Deferred charges and accrued income | 490/1 | €484 | €789 | +€305 | +62.9% |
| Total equity and liabilities | 10/49 | €132,966 | €178,438 | +€45,472 | +34.2% |
| Equity | 10/15 | €89,249 | €139,253 | +€50,004 | +56.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €85,249 | €85,249 | = | 0.0% |
| Distributable reserves | 133 | €85,249 | €85,249 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €50,004 | +€50,004 | |
| Amounts payable | 17/49 | €43,717 | €39,185 | -€4,532 | -10.4% |
| Amounts payable within one year | 42/48 | €39,912 | €31,044 | -€8,869 | -22.2% |
| Financial debts | 43 | €67 | - | -€67 | |
| Credit institutions | 430/8 | €67 | - | -€67 | |
| Trade debts | 44 | €4,236 | €18 | -€4,218 | -99.6% |
| Suppliers | 440/4 | €4,236 | €18 | -€4,218 | -99.6% |
| Taxes, remuneration and social security | 45 | €29,948 | €22,867 | -€7,081 | -23.6% |
| Taxes | 450/3 | €29,948 | €22,867 | -€7,081 | -23.6% |
| Other amounts payable | 47/48 | €5,662 | €8,159 | +€2,497 | +44.1% |
| Accrued charges and deferred income | 492/3 | €3,804 | €8,141 | +€4,337 | +114% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,764 | €8,705 | +€6,941 | +394% |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Gross operating margin | 9900 | €76,151 | €71,950 | -€4,201 | -5.5% |
| Operating profit (loss) | 9901 | €74,387 | €63,101 | -€11,286 | -15.2% |
| Financial income | 75/76B | - | €924 | +€924 | |
| Recurring financial income | 75 | - | €924 | +€924 | |
| Financial charges | 65/66B | €1,815 | €535 | -€1,280 | -70.5% |
| Recurring financial charges | 65 | €1,815 | €535 | -€1,280 | -70.5% |
| Profit (loss) for the period before taxes | 9903 | €72,572 | €63,490 | -€9,082 | -12.5% |
| Income taxes | 67/77 | €20,518 | €13,486 | -€7,032 | -34.3% |
| Profit (loss) for the period | 9904 | €52,054 | €50,004 | -€2,050 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,054 | €50,004 | -€2,050 | -3.9% |
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 25 October 2026 via checked.be.