GEERT SEYNAEVE: 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 SEYNAEVE
Largest movements
- Cash -€76,264
down €76,264 (-67.1%), from €113,698 to €37,434
mainly Contributions, distributions and other (-€102,500) and Receivables after one year (-€19,276)
- Tangible fixed assets -€22,846
down €22,846 (-18.5%), from €123,527 to €100,681
of which Furniture and vehicles: -€17,683
- Receivables after one year +€19,276
up €19,276 (+5.8%), from €331,125 to €350,401
- Reserves -€85,600
down €85,600 (-15.6%), from €547,360 to €461,760
- Depreciation -€13,452
down €13,452 (-34.4%), from €39,154 to €25,703
- Taxes +€2,505
up €2,505 (+39.0%), from €6,417 to €8,922
- Financial income -€1,794
down €1,794 (-31.9%), from €5,622 to €3,828
- Gross operating margin -€1,450
down €1,450 (-2.9%), from €49,912 to €48,462
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 | €597,308 | €512,661 | -€84,647 | -14.2% |
| Fixed assets | 21/28 | €129,527 | €106,681 | -€22,846 | -17.6% |
| Tangible fixed assets | 22/27 | €123,527 | €100,681 | -€22,846 | -18.5% |
| Land and buildings | 22 | €61,566 | €54,027 | -€7,539 | -12.2% |
| Plant, machinery and equipment | 23 | €220 | €2,596 | +€2,376 | +1,081% |
| Furniture and vehicles | 24 | €61,742 | €44,059 | -€17,683 | -28.6% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €467,781 | €405,980 | -€61,801 | -13.2% |
| Amounts receivable after more than one year | 29 | €331,125 | €350,401 | +€19,276 | +5.8% |
| Other amounts receivable | 291 | €331,125 | €350,401 | +€19,276 | +5.8% |
| Amounts receivable within one year | 40/41 | €83 | €715 | +€632 | +764% |
| Other amounts receivable | 41 | €83 | €715 | +€632 | +764% |
| Current investments | 50/53 | €5,106 | - | -€5,106 | |
| Cash at bank and in hand | 54/58 | €113,698 | €37,434 | -€76,264 | -67.1% |
| Deferred charges and accrued income | 490/1 | €17,769 | €17,429 | -€340 | -1.9% |
| Total equity and liabilities | 10/49 | €597,308 | €512,661 | -€84,647 | -14.2% |
| Equity | 10/15 | €588,680 | €503,175 | -€85,505 | -14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €547,360 | €461,760 | -€85,600 | -15.6% |
| Distributable reserves | 133 | €547,360 | €461,760 | -€85,600 | -15.6% |
| Profit (loss) carried forward | 14 | €22,720 | €22,815 | +€95 | +0.4% |
| Amounts payable | 17/49 | €8,627 | €9,486 | +€858 | +9.9% |
| Amounts payable within one year | 42/48 | €8,627 | €9,486 | +€858 | +9.9% |
| Trade debts | 44 | €2,574 | €563 | -€2,011 | -78.1% |
| Suppliers | 440/4 | €2,574 | €563 | -€2,011 | -78.1% |
| Taxes, remuneration and social security | 45 | €6,054 | €8,922 | +€2,869 | +47.4% |
| Taxes | 450/3 | €6,054 | €8,922 | +€2,869 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,154 | €25,703 | -€13,452 | -34.4% |
| Other operating charges | 640/8 | €598 | €615 | +€17 | +2.8% |
| Gross operating margin | 9900 | €49,912 | €48,462 | -€1,450 | -2.9% |
| Operating profit (loss) | 9901 | €10,160 | €22,144 | +€11,984 | +118% |
| Financial income | 75/76B | €5,622 | €3,828 | -€1,794 | -31.9% |
| Recurring financial income | 75 | €5,622 | €3,828 | -€1,794 | -31.9% |
| Financial charges | 65/66B | €188 | €54 | -€134 | -71.2% |
| Recurring financial charges | 65 | €188 | €54 | -€134 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | €15,593 | €25,918 | +€10,324 | +66.2% |
| Income taxes | 67/77 | €6,417 | €8,922 | +€2,505 | +39.0% |
| Profit (loss) for the period | 9904 | €9,177 | €16,995 | +€7,819 | +85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,177 | €16,995 | +€7,819 | +85.2% |
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.