GEERT RENIERS: 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 RENIERS
Largest movements
- Tangible fixed assets -€22,864
down €22,864 (-3.9%), from €590,482 to €567,618
of which Furniture and vehicles: -€13,949
- Receivables within one year -€11,371
down €11,371 (-37.0%), from €30,731 to €19,360
of which Other amounts receivable: -€11,371
- Current investments +€11,000
up €11,000 (+15.0%), from €73,204 to €84,204
- Other debts +€226,841
up €226,841 (+163%), from €139,301 to €366,141
- Reserves -€219,514
down €219,514 (-46.7%), from €470,339 to €250,825
- Debts after one year -€39,850
down €39,850 (-32.8%), from €121,318 to €81,468
- Tax, wage and social debts +€21,450
up €21,450 (+168%), from €12,740 to €34,189
of which Taxes: +€21,450
- Accrued charges and deferred income -€11,189
down €11,189 (-62.4%), from €17,917 to €6,729
- Financial income -€157,656
down €157,656 (-98.4%), from €160,148 to €2,492
of which Non-recurring financial income: -€159,473
- Gross operating margin +€77,896
up €77,896 (+214%), from €36,341 to €114,237
- Financial charges -€17,954
down €17,954 (-59.1%), from €30,375 to €12,420
- Taxes +€8,042
up €8,042 (+62.1%), from €12,955 to €20,997
- Depreciation -€1,928
down €1,928 (-7.8%), from €24,792 to €22,864
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 | €823,041 | €802,170 | -€20,872 | -2.5% |
| Fixed assets | 21/28 | €657,956 | €635,092 | -€22,864 | -3.5% |
| Tangible fixed assets | 22/27 | €590,482 | €567,618 | -€22,864 | -3.9% |
| Land and buildings | 22 | €541,798 | €532,883 | -€8,915 | -1.6% |
| Furniture and vehicles | 24 | €48,684 | €34,735 | -€13,949 | -28.7% |
| Financial fixed assets | 28 | €67,474 | €67,474 | +€1 | 0.0% |
| Current assets | 29/58 | €165,085 | €167,077 | +€1,992 | +1.2% |
| Amounts receivable within one year | 40/41 | €30,731 | €19,360 | -€11,371 | -37.0% |
| Trade receivables | 40 | €19,360 | €19,360 | = | 0.0% |
| Other amounts receivable | 41 | €11,371 | €0 | -€11,371 | -100% |
| Current investments | 50/53 | €73,204 | €84,204 | +€11,000 | +15.0% |
| Cash at bank and in hand | 54/58 | €55,660 | €58,750 | +€3,090 | +5.6% |
| Deferred charges and accrued income | 490/1 | €5,490 | €4,763 | -€727 | -13.2% |
| Total equity and liabilities | 10/49 | €823,041 | €802,170 | -€20,872 | -2.5% |
| Equity | 10/15 | €488,939 | €269,425 | -€219,514 | -44.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €470,339 | €250,825 | -€219,514 | -46.7% |
| Distributable reserves | 133 | €470,339 | €250,825 | -€219,514 | -46.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €334,102 | €532,745 | +€198,643 | +59.5% |
| Amounts payable after more than one year | 17 | €121,318 | €81,468 | -€39,850 | -32.8% |
| Financial debts | 170/4 | €121,318 | €81,468 | -€39,850 | -32.8% |
| Amounts payable within one year | 42/48 | €194,867 | €444,548 | +€249,681 | +128% |
| Current portion of amounts payable after more than one year | 42 | €38,782 | €39,850 | +€1,068 | +2.8% |
| Trade debts | 44 | €4,046 | €4,368 | +€322 | +8.0% |
| Suppliers | 440/4 | €4,046 | €4,368 | +€322 | +8.0% |
| Taxes, remuneration and social security | 45 | €12,740 | €34,189 | +€21,450 | +168% |
| Taxes | 450/3 | €12,740 | €34,189 | +€21,450 | +168% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €139,301 | €366,141 | +€226,841 | +163% |
| Accrued charges and deferred income | 492/3 | €17,917 | €6,729 | -€11,189 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,792 | €22,864 | -€1,928 | -7.8% |
| Other operating charges | 640/8 | €2,039 | €2,975 | +€935 | +45.9% |
| Gross operating margin | 9900 | €36,341 | €114,237 | +€77,896 | +214% |
| Operating profit (loss) | 9901 | €9,509 | €88,398 | +€78,889 | +830% |
| Financial income | 75/76B | €160,148 | €2,492 | -€157,656 | -98.4% |
| Recurring financial income | 75 | €676 | €2,492 | +€1,817 | +269% |
| Non-recurring financial income | 76B | €159,473 | €0 | -€159,473 | -100% |
| Financial charges | 65/66B | €30,375 | €12,420 | -€17,954 | -59.1% |
| Recurring financial charges | 65 | €30,375 | €12,420 | -€17,954 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €139,283 | €78,470 | -€60,813 | -43.7% |
| Income taxes | 67/77 | €12,955 | €20,997 | +€8,042 | +62.1% |
| Profit (loss) for the period | 9904 | €126,328 | €57,474 | -€68,854 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €126,328 | €57,474 | -€68,854 | -54.5% |
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 27 October 2026 via checked.be.