Geert Pensaert: 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 Pensaert
Largest movements
- Cash +€218,988
up €218,988 (+56.9%), from €384,882 to €603,870
mainly Net result for the year (+€424,039) and Stocks and contracts (+€74,834)
- Stocks and contracts -€74,834
down €74,834 (-36.4%), from €205,420 to €130,586
- Receivables within one year +€65,629
up €65,629 (+93.4%), from €70,239 to €135,867
of which Other amounts receivable: +€44,558
- Tangible fixed assets +€36,236
up €36,236 (+14.5%), from €250,186 to €286,422
of which Land and buildings: +€32,385
- Reserves +€399,455
up €399,455 (+93.1%), from €428,933 to €828,388
of which Distributable reserves: +€399,455
- Other debts -€86,038
down €86,038 (-43.6%), from €197,457 to €111,419
- Trade debts -€66,585
down €66,585 (-31.0%), from €215,016 to €148,431
- Gross operating margin +€364,403
up €364,403 (+98.8%), from €368,754 to €733,157
- Taxes +€123,006
up €123,006 (+163%), from €75,359 to €198,365
- Staff costs +€8,688
up €8,688 (+22.0%), from €39,403 to €48,092
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 | €917,090 | €1,164,582 | +€247,493 | +27.0% |
| Fixed assets | 21/28 | €250,186 | €286,422 | +€36,236 | +14.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €250,186 | €286,422 | +€36,236 | +14.5% |
| Land and buildings | 22 | €45,494 | €77,879 | +€32,385 | +71.2% |
| Plant, machinery and equipment | 23 | €201,567 | €208,544 | +€6,977 | +3.5% |
| Furniture and vehicles | 24 | €3,125 | €0 | -€3,125 | -100% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €666,904 | €878,160 | +€211,256 | +31.7% |
| Stocks and contracts in progress | 3 | €205,420 | €130,586 | -€74,834 | -36.4% |
| Stocks | 30/36 | €205,420 | €130,586 | -€74,834 | -36.4% |
| Amounts receivable within one year | 40/41 | €70,239 | €135,867 | +€65,629 | +93.4% |
| Trade receivables | 40 | €68,914 | €89,984 | +€21,070 | +30.6% |
| Other amounts receivable | 41 | €1,325 | €45,883 | +€44,558 | +3,364% |
| Cash at bank and in hand | 54/58 | €384,882 | €603,870 | +€218,988 | +56.9% |
| Deferred charges and accrued income | 490/1 | €6,363 | €7,837 | +€1,474 | +23.2% |
| Total equity and liabilities | 10/49 | €917,090 | €1,164,582 | +€247,493 | +27.0% |
| Equity | 10/15 | €453,933 | €853,388 | +€399,455 | +88.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €428,933 | €828,388 | +€399,455 | +93.1% |
| Non-distributable reserves | 130/1 | €7,400 | €7,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,400 | €7,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,791 | €3,791 | = | 0.0% |
| Distributable reserves | 133 | €417,742 | €817,197 | +€399,455 | +95.6% |
| Amounts payable | 17/49 | €463,157 | €311,194 | -€151,962 | -32.8% |
| Amounts payable within one year | 42/48 | €455,638 | €304,376 | -€151,261 | -33.2% |
| Trade debts | 44 | €215,016 | €148,431 | -€66,585 | -31.0% |
| Suppliers | 440/4 | €215,016 | €148,431 | -€66,585 | -31.0% |
| Advances received on contracts in progress | 46 | - | €2 | +€2 | |
| Taxes, remuneration and social security | 45 | €43,165 | €44,524 | +€1,359 | +3.1% |
| Taxes | 450/3 | €40,647 | €42,404 | +€1,757 | +4.3% |
| Remuneration and social security | 454/9 | €2,518 | €2,120 | -€398 | -15.8% |
| Other amounts payable | 47/48 | €197,457 | €111,419 | -€86,038 | -43.6% |
| Accrued charges and deferred income | 492/3 | €7,519 | €6,818 | -€701 | -9.3% |
| Remuneration, social security and pensions | 62 | €39,403 | €48,092 | +€8,688 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,787 | €51,262 | +€474 | +0.9% |
| Other operating charges | 640/8 | €5,598 | €7,409 | +€1,811 | +32.4% |
| Gross operating margin | 9900 | €368,754 | €733,157 | +€364,403 | +98.8% |
| Operating profit (loss) | 9901 | €272,965 | €626,394 | +€353,429 | +129% |
| Financial income | 75/76B | €975 | €3,852 | +€2,877 | +295% |
| Recurring financial income | 75 | €975 | €3,852 | +€2,877 | +295% |
| Financial charges | 65/66B | €11,353 | €7,842 | -€3,512 | -30.9% |
| Recurring financial charges | 65 | €11,353 | €7,842 | -€3,512 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €262,586 | €622,404 | +€359,818 | +137% |
| Income taxes | 67/77 | €75,359 | €198,365 | +€123,006 | +163% |
| Profit (loss) for the period | 9904 | €187,227 | €424,039 | +€236,813 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €187,227 | €424,039 | +€236,813 | +126% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.