GEERT VAN BAEL: 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 VAN BAEL
Largest movements
- Deferred charges and accrued income +€16,332
up €16,332 (+2,995%), from €545 to €16,877
- Cash +€13,646
up €13,646 (+11.2%), from €122,324 to €135,970
mainly Net result for the year (+€21,932) and Depreciation (+€10,452)
- Tangible fixed assets -€4,445
down €4,445 (-18.0%), from €24,712 to €20,268
of which Furniture and vehicles: -€2,311
- Intangible fixed assets -€4,167
down €4,167 (-12.5%), from €33,334 to €29,168
- Receivables within one year -€4,093
no longer reported in 2025 (was €4,093)
- Reserves +€21,932
up €21,932 (+114%), from €19,291 to €41,223
- Tax, wage and social debts +€4,452
up €4,452 (+101%), from €4,406 to €8,857
of which Remuneration and social security: +€4,000
- Other debts -€4,024
down €4,024 (-8.4%), from €48,061 to €44,037
- Trade debts -€3,087
down €3,087 (-49.4%), from €6,252 to €3,165
- Gross operating margin +€19,298
up €19,298 (+78.4%), from €24,622 to €43,920
- Taxes +€5,452
up €5,452 (+124%), from €4,406 to €9,857
- Financial charges -€711
down €711 (-88.6%), from €803 to €92
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 | €185,010 | €202,283 | +€17,273 | +9.3% |
| Fixed assets | 21/28 | €58,047 | €49,435 | -€8,611 | -14.8% |
| Intangible fixed assets | 21 | €33,334 | €29,168 | -€4,167 | -12.5% |
| Tangible fixed assets | 22/27 | €24,712 | €20,268 | -€4,445 | -18.0% |
| Land and buildings | 22 | €14,095 | €12,306 | -€1,789 | -12.7% |
| Plant, machinery and equipment | 23 | €1,418 | €1,234 | -€184 | -13.0% |
| Furniture and vehicles | 24 | €8,878 | €6,567 | -€2,311 | -26.0% |
| Other tangible fixed assets | 26 | €320 | €160 | -€160 | -50.0% |
| Current assets | 29/58 | €126,963 | €152,847 | +€25,884 | +20.4% |
| Amounts receivable within one year | 40/41 | €4,093 | - | -€4,093 | |
| Other amounts receivable | 41 | €4,093 | - | -€4,093 | |
| Cash at bank and in hand | 54/58 | €122,324 | €135,970 | +€13,646 | +11.2% |
| Deferred charges and accrued income | 490/1 | €545 | €16,877 | +€16,332 | +2,995% |
| Total equity and liabilities | 10/49 | €185,010 | €202,283 | +€17,273 | +9.3% |
| Equity | 10/15 | €124,291 | €146,223 | +€21,932 | +17.6% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €19,291 | €41,223 | +€21,932 | +114% |
| Distributable reserves | 133 | €19,291 | €41,223 | +€21,932 | +114% |
| Amounts payable | 17/49 | €60,719 | €56,060 | -€4,659 | -7.7% |
| Amounts payable within one year | 42/48 | €58,719 | €56,060 | -€2,659 | -4.5% |
| Trade debts | 44 | €6,252 | €3,165 | -€3,087 | -49.4% |
| Suppliers | 440/4 | €6,252 | €3,165 | -€3,087 | -49.4% |
| Taxes, remuneration and social security | 45 | €4,406 | €8,857 | +€4,452 | +101% |
| Taxes | 450/3 | €4,406 | €4,857 | +€452 | +10.3% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €48,061 | €44,037 | -€4,024 | -8.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,827 | €10,452 | -€375 | -3.5% |
| Other operating charges | 640/8 | €932 | €1,191 | +€259 | +27.8% |
| Non-recurring operating charges | 66A | - | €396 | +€396 | |
| Gross operating margin | 9900 | €24,622 | €43,920 | +€19,298 | +78.4% |
| Operating profit (loss) | 9901 | €12,862 | €31,880 | +€19,018 | +148% |
| Financial income | 75/76B | €4 | €1 | -€3 | -79.4% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -79.4% |
| Financial charges | 65/66B | €803 | €92 | -€711 | -88.6% |
| Recurring financial charges | 65 | €803 | €92 | -€711 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | €12,063 | €31,789 | +€19,726 | +164% |
| Income taxes | 67/77 | €4,406 | €9,857 | +€5,452 | +124% |
| Profit (loss) for the period | 9904 | €7,658 | €21,932 | +€14,274 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €7,658 | €21,932 | +€14,274 | +186% |
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.