GEERT STROBBE: 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 STROBBE
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+380%), from €500,046 to €2.4m
- Current investments -€600,000
down €600,000 (-100%), from €600,000 to €0
- Cash -€545,720
down €545,720 (-70.6%), from €772,870 to €227,150
mainly Investment in fixed assets (net) (-€1.9m) and Provisions (-€140,168)
- Receivables within one year +€138,010
up €138,010 (+3,524%), from €3,916 to €141,926
of which Other amounts receivable: +€129,826
- Other debts +€595,216
up €595,216 (+207%), from €287,679 to €882,895
- Debts after one year +€307,038
up €307,038 (+484%), from €63,463 to €370,502
of which Financial debts: +€307,038
- Provisions -€140,168
down €140,168 (-100%), from €140,168 to €0
- Current portion of long-term debt +€105,376
up €105,376 (+405%), from €26,000 to €131,376
- Financial income -€702,192
down €702,192 (-99.5%), from €706,000 to €3,809
- Gross operating margin -€319,087
down €319,087, from €271,035 to -€48,052
- Provisions -€140,168
down €140,168, from €0 to -€140,168
- Taxes -€117,686
down €117,686 (-88.4%), from €133,202 to €15,516
- Financial charges +€11,507
up €11,507 (+833%), from €1,382 to €12,889
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 | €2,775,725 | €3,635,689 | +€859,964 | +31.0% |
| Fixed assets | 21/28 | €1,395,024 | €3,263,060 | +€1.9m | +134% |
| Tangible fixed assets | 22/27 | €894,978 | €863,014 | -€31,964 | -3.6% |
| Land and buildings | 22 | €862,261 | €831,302 | -€30,958 | -3.6% |
| Furniture and vehicles | 24 | €32,717 | €31,712 | -€1,005 | -3.1% |
| Financial fixed assets | 28 | €500,046 | €2,400,046 | +€1.9m | +380% |
| Current assets | 29/58 | €1,380,701 | €372,629 | -€1.0m | -73.0% |
| Amounts receivable within one year | 40/41 | €3,916 | €141,926 | +€138,010 | +3,524% |
| Trade receivables | 40 | €3,916 | €12,100 | +€8,184 | +209% |
| Other amounts receivable | 41 | - | €129,826 | +€129,826 | |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100% |
| Cash at bank and in hand | 54/58 | €772,870 | €227,150 | -€545,720 | -70.6% |
| Deferred charges and accrued income | 490/1 | €3,915 | €3,553 | -€361 | -9.2% |
| Total equity and liabilities | 10/49 | €2,775,725 | €3,635,689 | +€859,964 | +31.0% |
| Equity | 10/15 | €2,027,347 | €2,048,333 | +€20,986 | +1.0% |
| Contributions | 10/11 | €513,099 | €513,099 | = | 0.0% |
| Reserves | 13 | €1,514,248 | €1,535,234 | +€20,986 | +1.4% |
| Distributable reserves | 133 | €1,514,248 | €1,535,234 | +€20,986 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €140,168 | €0 | -€140,168 | -100% |
| Provisions for liabilities and charges | 160/5 | €140,168 | €0 | -€140,168 | -100% |
| Pensions and similar obligations | 160 | €140,168 | €0 | -€140,168 | -100% |
| Amounts payable | 17/49 | €608,210 | €1,587,356 | +€979,146 | +161% |
| Amounts payable after more than one year | 17 | €63,463 | €370,502 | +€307,038 | +484% |
| Financial debts | 170/4 | €61,000 | €368,038 | +€307,038 | +503% |
| Other amounts payable | 178/9 | €2,463 | €2,463 | = | 0.0% |
| Amounts payable within one year | 42/48 | €448,371 | €1,120,479 | +€672,108 | +150% |
| Current portion of amounts payable after more than one year | 42 | €26,000 | €131,376 | +€105,376 | +405% |
| Trade debts | 44 | €8,390 | €4,886 | -€3,504 | -41.8% |
| Suppliers | 440/4 | €8,390 | €4,886 | -€3,504 | -41.8% |
| Taxes, remuneration and social security | 45 | €126,302 | €101,322 | -€24,980 | -19.8% |
| Taxes | 450/3 | €123,420 | €98,440 | -€24,980 | -20.2% |
| Remuneration and social security | 454/9 | €2,882 | €2,882 | = | 0.0% |
| Other amounts payable | 47/48 | €287,679 | €882,895 | +€595,216 | +207% |
| Accrued charges and deferred income | 492/3 | €96,376 | €96,376 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,260 | €38,154 | +€894 | +2.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€140,168 | -€140,168 | |
| Other operating charges | 640/8 | €8,164 | €8,380 | +€216 | +2.7% |
| Gross operating margin | 9900 | €271,035 | -€48,052 | -€319,087 | |
| Operating profit (loss) | 9901 | €225,612 | €45,582 | -€180,029 | -79.8% |
| Financial income | 75/76B | €706,000 | €3,809 | -€702,192 | -99.5% |
| Recurring financial income | 75 | €706,000 | €3,809 | -€702,192 | -99.5% |
| Financial charges | 65/66B | €1,382 | €12,889 | +€11,507 | +833% |
| Recurring financial charges | 65 | €1,382 | €12,889 | +€11,507 | +833% |
| Profit (loss) for the period before taxes | 9903 | €930,230 | €36,502 | -€893,728 | -96.1% |
| Income taxes | 67/77 | €133,202 | €15,516 | -€117,686 | -88.4% |
| Profit (loss) for the period | 9904 | €797,028 | €20,986 | -€776,042 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €797,028 | €20,986 | -€776,042 | -97.4% |
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 13 October 2026 via checked.be.