Geert Velo: 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 Velo
Largest movements
- Stocks and contracts +€61,879
up €61,879 (+10.7%), from €578,338 to €640,218
- Receivables within one year -€35,750
down €35,750 (-52.2%), from €68,505 to €32,755
of which Other amounts receivable: -€29,891
- Tangible fixed assets -€25,506
down €25,506 (-19.0%), from €133,991 to €108,485
of which Other tangible fixed assets: -€17,299
- Reserves +€95,175
up €95,175 (+15.8%), from €603,030 to €698,205
- Short-term financial debts -€85,285
down €85,285 (-100%), from €85,285 to €0
- Debts after one year -€14,665
down €14,665 (-10.3%), from €141,938 to €127,274
- Gross operating margin +€47,538
up €47,538 (+21.9%), from €217,542 to €265,080
- Taxes +€22,863
up €22,863 (+86.8%), from €26,347 to €49,210
- Staff costs +€5,375
up €5,375 (+5.6%), from €96,659 to €102,034
- Financial income +€2,931
up €2,931 (+17.5%), from €16,783 to €19,714
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 | €909,786 | €912,505 | +€2,719 | +0.3% |
| Fixed assets | 21/28 | €133,991 | €108,485 | -€25,506 | -19.0% |
| Tangible fixed assets | 22/27 | €133,991 | €108,485 | -€25,506 | -19.0% |
| Plant, machinery and equipment | 23 | €20,437 | €13,757 | -€6,681 | -32.7% |
| Furniture and vehicles | 24 | €1,654 | €127 | -€1,527 | -92.3% |
| Other tangible fixed assets | 26 | €111,899 | €94,601 | -€17,299 | -15.5% |
| Current assets | 29/58 | €775,796 | €804,021 | +€28,225 | +3.6% |
| Stocks and contracts in progress | 3 | €578,338 | €640,218 | +€61,879 | +10.7% |
| Stocks | 30/36 | €578,338 | €640,218 | +€61,879 | +10.7% |
| Amounts receivable within one year | 40/41 | €68,505 | €32,755 | -€35,750 | -52.2% |
| Trade receivables | 40 | €34,789 | €28,930 | -€5,859 | -16.8% |
| Other amounts receivable | 41 | €33,716 | €3,825 | -€29,891 | -88.7% |
| Cash at bank and in hand | 54/58 | €125,953 | €127,950 | +€1,998 | +1.6% |
| Deferred charges and accrued income | 490/1 | €3,000 | €3,098 | +€98 | +3.3% |
| Total equity and liabilities | 10/49 | €909,786 | €912,505 | +€2,719 | +0.3% |
| Equity | 10/15 | €621,630 | €716,805 | +€95,175 | +15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €603,030 | €698,205 | +€95,175 | +15.8% |
| Distributable reserves | 133 | €603,030 | €698,205 | +€95,175 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €288,157 | €195,701 | -€92,456 | -32.1% |
| Amounts payable after more than one year | 17 | €141,938 | €127,274 | -€14,665 | -10.3% |
| Financial debts | 170/4 | €141,938 | €127,274 | -€14,665 | -10.3% |
| Amounts payable within one year | 42/48 | €141,669 | €64,554 | -€77,116 | -54.4% |
| Current portion of amounts payable after more than one year | 42 | €8,258 | €8,349 | +€90 | +1.1% |
| Financial debts | 43 | €85,285 | €0 | -€85,285 | -100% |
| Credit institutions | 430/8 | €85,285 | €0 | -€85,285 | -100% |
| Trade debts | 44 | €19,167 | €25,371 | +€6,204 | +32.4% |
| Suppliers | 440/4 | €19,167 | €25,371 | +€6,204 | +32.4% |
| Advances received on contracts in progress | 46 | €4,252 | €2,105 | -€2,147 | -50.5% |
| Taxes, remuneration and social security | 45 | €20,134 | €28,729 | +€8,595 | +42.7% |
| Taxes | 450/3 | €8,065 | €15,459 | +€7,395 | +91.7% |
| Remuneration and social security | 454/9 | €12,069 | €13,269 | +€1,200 | +9.9% |
| Other amounts payable | 47/48 | €4,573 | €0 | -€4,573 | -100% |
| Accrued charges and deferred income | 492/3 | €4,549 | €3,874 | -€675 | -14.8% |
| Remuneration, social security and pensions | 62 | €96,659 | €102,034 | +€5,375 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,353 | €25,506 | +€153 | +0.6% |
| Other operating charges | 640/8 | €1,390 | €3,903 | +€2,513 | +181% |
| Gross operating margin | 9900 | €217,542 | €265,080 | +€47,538 | +21.9% |
| Operating profit (loss) | 9901 | €94,140 | €133,637 | +€39,497 | +42.0% |
| Financial income | 75/76B | €16,783 | €19,714 | +€2,931 | +17.5% |
| Recurring financial income | 75 | €16,783 | €19,714 | +€2,931 | +17.5% |
| Financial charges | 65/66B | €12,771 | €10,270 | -€2,501 | -19.6% |
| Recurring financial charges | 65 | €12,771 | €10,270 | -€2,501 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €98,153 | €143,081 | +€44,929 | +45.8% |
| Income taxes | 67/77 | €26,347 | €49,210 | +€22,863 | +86.8% |
| Profit (loss) for the period | 9904 | €71,805 | €93,871 | +€22,066 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,805 | €93,871 | +€22,066 | +30.7% |
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 20 October 2026 via checked.be.