GEERT VANBELLE: 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 VANBELLE
Largest movements
- Receivables within one year -€172,967
down €172,967 (-32.9%), from €526,188 to €353,221
of which Trade receivables: -€88,251
- Cash +€160,123
up €160,123 (+293%), from €54,574 to €214,697
mainly Receivables within one year (+€172,967) and Net result for the year (+€60,470)
- Stocks and contracts -€37,500
down €37,500 (-97.7%), from €38,375 to €875
of which Contracts in progress: -€37,500
- Tangible fixed assets -€12,499
down €12,499 (-56.8%), from €22,004 to €9,505
of which Plant, machinery and equipment: -€7,891
- Reserves -€58,181
down €58,181 (-10.8%), from €540,664 to €482,483
of which Distributable reserves: -€58,181
- Trade debts -€11,476
down €11,476 (-50.2%), from €22,868 to €11,391
- Current portion of long-term debt +€6,667
up €6,667, from €0 to €6,667
- Gross operating margin +€26,587
up €26,587 (+40.4%), from €65,828 to €92,415
- Taxes +€7,650
up €7,650 (+53.0%), from €14,429 to €22,079
- Financial income -€6,871
down €6,871 (-72.6%), from €9,469 to €2,598
- Other operating charges -€3,664
down €3,664 (-97.7%), from €3,751 to €87
- Staff costs -€2,186
down €2,186 (-1,746%), from -€125 to -€2,311
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 | €650,655 | €588,076 | -€62,578 | -9.6% |
| Fixed assets | 21/28 | €22,754 | €10,255 | -€12,499 | -54.9% |
| Tangible fixed assets | 22/27 | €22,004 | €9,505 | -€12,499 | -56.8% |
| Land and buildings | 22 | €9,518 | €5,809 | -€3,709 | -39.0% |
| Plant, machinery and equipment | 23 | €9,862 | €1,971 | -€7,891 | -80.0% |
| Furniture and vehicles | 24 | €2,624 | €1,725 | -€899 | -34.3% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €627,901 | €577,822 | -€50,079 | -8.0% |
| Stocks and contracts in progress | 3 | €38,375 | €875 | -€37,500 | -97.7% |
| Stocks | 30/36 | €875 | €875 | = | 0.0% |
| Contracts in progress | 37 | €37,500 | €0 | -€37,500 | -100% |
| Amounts receivable within one year | 40/41 | €526,188 | €353,221 | -€172,967 | -32.9% |
| Trade receivables | 40 | €154,948 | €66,697 | -€88,251 | -57.0% |
| Other amounts receivable | 41 | €371,240 | €286,524 | -€84,716 | -22.8% |
| Cash at bank and in hand | 54/58 | €54,574 | €214,697 | +€160,123 | +293% |
| Deferred charges and accrued income | 490/1 | €8,764 | €9,029 | +€265 | +3.0% |
| Total equity and liabilities | 10/49 | €650,655 | €588,076 | -€62,578 | -9.6% |
| Equity | 10/15 | €617,201 | €559,019 | -€58,181 | -9.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €540,664 | €482,483 | -€58,181 | -10.8% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €518,816 | €460,634 | -€58,181 | -11.2% |
| Profit (loss) carried forward | 14 | €45,550 | €45,550 | = | 0.0% |
| Amounts payable | 17/49 | €33,454 | €29,057 | -€4,397 | -13.1% |
| Amounts payable within one year | 42/48 | €33,454 | €29,057 | -€4,397 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €6,667 | +€6,667 | |
| Trade debts | 44 | €22,868 | €11,391 | -€11,476 | -50.2% |
| Suppliers | 440/4 | €22,868 | €11,391 | -€11,476 | -50.2% |
| Taxes, remuneration and social security | 45 | €3,586 | €3,999 | +€413 | +11.5% |
| Taxes | 450/3 | €3,586 | €1,911 | -€1,675 | -46.7% |
| Remuneration and social security | 454/9 | - | €2,088 | +€2,088 | |
| Other amounts payable | 47/48 | €7,000 | €7,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | -€125 | -€2,311 | -€2,186 | -1,746% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,487 | €13,787 | -€700 | -4.8% |
| Other operating charges | 640/8 | €3,751 | €87 | -€3,664 | -97.7% |
| Gross operating margin | 9900 | €65,828 | €92,415 | +€26,587 | +40.4% |
| Operating profit (loss) | 9901 | €47,716 | €80,853 | +€33,137 | +69.4% |
| Financial income | 75/76B | €9,469 | €2,598 | -€6,871 | -72.6% |
| Recurring financial income | 75 | €9,469 | €2,598 | -€6,871 | -72.6% |
| Financial charges | 65/66B | €277 | €902 | +€625 | +226% |
| Recurring financial charges | 65 | €277 | €902 | +€625 | +226% |
| Profit (loss) for the period before taxes | 9903 | €56,907 | €82,549 | +€25,642 | +45.1% |
| Income taxes | 67/77 | €14,429 | €22,079 | +€7,650 | +53.0% |
| Profit (loss) for the period | 9904 | €42,479 | €60,470 | +€17,992 | +42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,479 | €60,470 | +€17,992 | +42.4% |
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 27 October 2026 via checked.be.