GEERT MEEUWS: 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 MEEUWS
Largest movements
- Cash -€153,936
down €153,936 (-80.9%), from €190,162 to €36,227
mainly Other debts (-€191,859) and Contributions, distributions and other (-€82,031)
- Receivables within one year +€51,127
up €51,127 (+138%), from €36,918 to €88,045
of which Trade receivables: +€51,127
- Current investments -€25,988
down €25,988 (-3.3%), from €780,828 to €754,840
- Tangible fixed assets -€21,657
down €21,657 (-19.3%), from €112,393 to €90,736
of which Furniture and vehicles: -€14,182
- Other debts -€191,859
down €191,859 (-39.3%), from €487,908 to €296,049
- Reserves +€84,734
up €84,734 (+13.5%), from €627,073 to €711,807
of which Distributable reserves: +€84,734
- Trade debts -€48,348
down €48,348 (-75.6%), from €63,960 to €15,612
- Gross operating margin +€28,916
up €28,916 (+11.5%), from €251,981 to €280,897
- Taxes +€12,386
up €12,386 (+21.5%), from €57,518 to €69,904
- Financial income +€7,106
up €7,106 (+40.6%), from €17,522 to €24,629
- Financial charges -€3,935
down €3,935 (-10.5%), from €37,591 to €33,656
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 | €1,256,276 | €1,110,296 | -€145,980 | -11.6% |
| Fixed assets | 21/28 | €112,393 | €90,736 | -€21,657 | -19.3% |
| Tangible fixed assets | 22/27 | €112,393 | €90,736 | -€21,657 | -19.3% |
| Plant, machinery and equipment | 23 | €21,966 | €27,399 | +€5,433 | +24.7% |
| Furniture and vehicles | 24 | €30,705 | €16,523 | -€14,182 | -46.2% |
| Other tangible fixed assets | 26 | €59,722 | €46,814 | -€12,908 | -21.6% |
| Current assets | 29/58 | €1,143,883 | €1,019,559 | -€124,323 | -10.9% |
| Stocks and contracts in progress | 3 | €128,737 | €134,190 | +€5,453 | +4.2% |
| Stocks | 30/36 | €128,737 | €134,190 | +€5,453 | +4.2% |
| Amounts receivable within one year | 40/41 | €36,918 | €88,045 | +€51,127 | +138% |
| Trade receivables | 40 | €36,910 | €88,037 | +€51,127 | +139% |
| Other amounts receivable | 41 | €8 | €8 | = | 0.0% |
| Current investments | 50/53 | €780,828 | €754,840 | -€25,988 | -3.3% |
| Cash at bank and in hand | 54/58 | €190,162 | €36,227 | -€153,936 | -80.9% |
| Deferred charges and accrued income | 490/1 | €7,238 | €6,258 | -€980 | -13.5% |
| Total equity and liabilities | 10/49 | €1,256,276 | €1,110,296 | -€145,980 | -11.6% |
| Equity | 10/15 | €652,073 | €736,807 | +€84,734 | +13.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €627,073 | €711,807 | +€84,734 | +13.5% |
| Non-distributable reserves | 130/1 | €22,550 | €22,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,550 | €22,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €588,523 | €673,257 | +€84,734 | +14.4% |
| Amounts payable | 17/49 | €604,203 | €373,489 | -€230,713 | -38.2% |
| Amounts payable within one year | 42/48 | €578,517 | €350,620 | -€227,897 | -39.4% |
| Trade debts | 44 | €63,960 | €15,612 | -€48,348 | -75.6% |
| Suppliers | 440/4 | €63,960 | €15,612 | -€48,348 | -75.6% |
| Taxes, remuneration and social security | 45 | €26,648 | €38,959 | +€12,311 | +46.2% |
| Taxes | 450/3 | €26,648 | €38,959 | +€12,311 | +46.2% |
| Other amounts payable | 47/48 | €487,908 | €296,049 | -€191,859 | -39.3% |
| Accrued charges and deferred income | 492/3 | €25,686 | €22,869 | -€2,817 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,521 | €32,016 | +€495 | +1.6% |
| Other operating charges | 640/8 | €3,244 | €3,185 | -€59 | -1.8% |
| Gross operating margin | 9900 | €251,981 | €280,897 | +€28,916 | +11.5% |
| Operating profit (loss) | 9901 | €217,217 | €245,696 | +€28,480 | +13.1% |
| Financial income | 75/76B | €17,522 | €24,629 | +€7,106 | +40.6% |
| Recurring financial income | 75 | €17,522 | €24,629 | +€7,106 | +40.6% |
| Financial charges | 65/66B | €37,591 | €33,656 | -€3,935 | -10.5% |
| Recurring financial charges | 65 | €37,591 | €33,656 | -€3,935 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €197,147 | €236,669 | +€39,522 | +20.0% |
| Income taxes | 67/77 | €57,518 | €69,904 | +€12,386 | +21.5% |
| Profit (loss) for the period | 9904 | €139,629 | €166,765 | +€27,135 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,629 | €166,765 | +€27,135 | +19.4% |
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 30 October 2026 via checked.be.