GEERT VEKEMAN: 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 VEKEMAN
Largest movements
- Cash -€92,768
down €92,768 (-94.5%), from €98,123 to €5,355
mainly Stocks and contracts (-€35,573) and Receivables within one year (-€34,806)
- Stocks and contracts +€35,573
up €35,573 (+17.9%), from €198,558 to €234,131
- Receivables within one year +€34,806
up €34,806 (+22,421%), from €155 to €34,961
of which Trade receivables: +€34,961
- Tangible fixed assets -€10,555
down €10,555 (-22.0%), from €48,016 to €37,460
of which Land and buildings: -€12,041
- Reserves -€16,813
down €16,813 (-84.2%), from €19,959 to €3,146
of which Distributable reserves: -€16,813
- Trade debts -€10,095
down €10,095 (-42.3%), from €23,884 to €13,790
- Debts after one year -€7,000
down €7,000 (-3.2%), from €221,000 to €214,000
- Gross operating margin +€14,946
up €14,946 (+86.9%), from -€17,191 to -€2,244
- Depreciation +€736
up €736 (+6.0%), from €12,262 to €12,999
- Financial charges -€514
down €514 (-62.1%), from €827 to €314
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €346,100 | €313,404 | -€32,697 | -9.4% |
| Fixed assets | 21/28 | €48,016 | €37,460 | -€10,555 | -22.0% |
| Tangible fixed assets | 22/27 | €48,016 | €37,460 | -€10,555 | -22.0% |
| Land and buildings | 22 | €47,289 | €35,248 | -€12,041 | -25.5% |
| Plant, machinery and equipment | 23 | €726 | €412 | -€314 | -43.2% |
| Furniture and vehicles | 24 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €298,085 | €275,943 | -€22,142 | -7.4% |
| Stocks and contracts in progress | 3 | €198,558 | €234,131 | +€35,573 | +17.9% |
| Stocks | 30/36 | €198,558 | €234,131 | +€35,573 | +17.9% |
| Amounts receivable within one year | 40/41 | €155 | €34,961 | +€34,806 | +22,421% |
| Trade receivables | 40 | - | €34,961 | +€34,961 | |
| Other amounts receivable | 41 | €155 | - | -€155 | |
| Cash at bank and in hand | 54/58 | €98,123 | €5,355 | -€92,768 | -94.5% |
| Deferred charges and accrued income | 490/1 | €1,248 | €1,497 | +€248 | +19.9% |
| Total equity and liabilities | 10/49 | €346,100 | €313,404 | -€32,697 | -9.4% |
| Equity | 10/15 | €99,959 | €83,146 | -€16,813 | -16.8% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €19,959 | €3,146 | -€16,813 | -84.2% |
| Tax-exempt reserves | 132 | €440 | €440 | = | 0.0% |
| Distributable reserves | 133 | €19,519 | €2,706 | -€16,813 | -86.1% |
| Amounts payable | 17/49 | €246,142 | €230,258 | -€15,884 | -6.5% |
| Amounts payable after more than one year | 17 | €221,000 | €214,000 | -€7,000 | -3.2% |
| Financial debts | 170/4 | €221,000 | €214,000 | -€7,000 | -3.2% |
| Amounts payable within one year | 42/48 | €25,142 | €16,258 | -€8,884 | -35.3% |
| Trade debts | 44 | €23,884 | €13,790 | -€10,095 | -42.3% |
| Suppliers | 440/4 | €23,884 | €13,790 | -€10,095 | -42.3% |
| Advances received on contracts in progress | 46 | - | €27 | +€27 | |
| Taxes, remuneration and social security | 45 | - | €1,196 | +€1,196 | |
| Taxes | 450/3 | - | €1,196 | +€1,196 | |
| Other amounts payable | 47/48 | €1,257 | €1,245 | -€12 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,262 | €12,999 | +€736 | +6.0% |
| Other operating charges | 640/8 | €1,175 | €1,256 | +€81 | +6.9% |
| Gross operating margin | 9900 | -€17,191 | -€2,244 | +€14,946 | +86.9% |
| Operating profit (loss) | 9901 | -€30,628 | -€16,499 | +€14,129 | +46.1% |
| Financial charges | 65/66B | €827 | €314 | -€514 | -62.1% |
| Recurring financial charges | 65 | €827 | €314 | -€514 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,456 | -€16,813 | +€14,643 | +46.6% |
| Profit (loss) for the period | 9904 | -€31,456 | -€16,813 | +€14,643 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,456 | -€16,813 | +€14,643 | +46.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.