GEERT VERBIEST: 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 VERBIEST
Largest movements
- Cash -€134,986
down €134,986 (-55.6%), from €242,674 to €107,688
mainly Investment in fixed assets (net) (-€180,745) and Debts after one year (-€164,099)
- Tangible fixed assets +€110,436
up €110,436 (+17.7%), from €625,557 to €735,994
of which Land and buildings: +€82,020
- Current portion of long-term debt +€200,460
up €200,460 (+249%), from €80,631 to €281,092
- Debts after one year -€164,099
down €164,099 (-30.6%), from €535,655 to €371,556
- Trade debts -€124,927
down €124,927 (-71.8%), from €173,906 to €48,979
- Reserves +€48,841
up €48,841 (+7.8%), from €623,457 to €672,298
of which Distributable reserves: +€96,473
- Tax, wage and social debts +€25,339
up €25,339 (+40.6%), from €62,459 to €87,798
of which Remuneration and social security: +€16,105
- Gross operating margin -€65,741
down €65,741 (-17.3%), from €380,714 to €314,973
- Staff costs +€17,628
up €17,628 (+11.7%), from €150,907 to €168,535
- Taxes -€10,935
down €10,935 (-32.4%), from €33,795 to €22,861
- Financial income -€8,222
down €8,222 (-55.7%), from €14,769 to €6,547
- Depreciation +€5,722
up €5,722 (+9.2%), from €62,158 to €67,880
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 | €1,525,941 | €1,500,874 | -€25,066 | -1.6% |
| Fixed assets | 21/28 | €628,346 | €741,211 | +€112,865 | +18.0% |
| Intangible fixed assets | 21 | - | €2,429 | +€2,429 | |
| Tangible fixed assets | 22/27 | €625,557 | €735,994 | +€110,436 | +17.7% |
| Land and buildings | 22 | €545,434 | €627,454 | +€82,020 | +15.0% |
| Plant, machinery and equipment | 23 | €29,586 | €21,364 | -€8,222 | -27.8% |
| Furniture and vehicles | 24 | €46,189 | €83,552 | +€37,363 | +80.9% |
| Other tangible fixed assets | 26 | €4,349 | €3,624 | -€725 | -16.7% |
| Financial fixed assets | 28 | €2,788 | €2,788 | = | 0.0% |
| Current assets | 29/58 | €897,595 | €759,664 | -€137,931 | -15.4% |
| Amounts receivable after more than one year | 29 | €268,618 | €268,618 | = | 0.0% |
| Other amounts receivable | 291 | €268,618 | €268,618 | = | 0.0% |
| Stocks and contracts in progress | 3 | €167,899 | €174,252 | +€6,353 | +3.8% |
| Stocks | 30/36 | €167,899 | €174,252 | +€6,353 | +3.8% |
| Amounts receivable within one year | 40/41 | €39,092 | €26,594 | -€12,497 | -32.0% |
| Trade receivables | 40 | €21,969 | €23,532 | +€1,563 | +7.1% |
| Other amounts receivable | 41 | €17,123 | €3,062 | -€14,060 | -82.1% |
| Current investments | 50/53 | €125,000 | €125,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €242,674 | €107,688 | -€134,986 | -55.6% |
| Deferred charges and accrued income | 490/1 | €54,312 | €57,511 | +€3,199 | +5.9% |
| Total equity and liabilities | 10/49 | €1,525,941 | €1,500,874 | -€25,066 | -1.6% |
| Equity | 10/15 | €642,049 | €690,890 | +€48,841 | +7.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €623,457 | €672,298 | +€48,841 | +7.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €247,628 | €199,996 | -€47,632 | -19.2% |
| Distributable reserves | 133 | €373,970 | €470,443 | +€96,473 | +25.8% |
| Provisions and deferred taxes | 16 | €29,992 | €14,054 | -€15,938 | -53.1% |
| Deferred taxes | 168 | €29,992 | €14,054 | -€15,938 | -53.1% |
| Amounts payable | 17/49 | €853,900 | €795,930 | -€57,970 | -6.8% |
| Amounts payable after more than one year | 17 | €535,655 | €371,556 | -€164,099 | -30.6% |
| Financial debts | 170/4 | €535,655 | €371,556 | -€164,099 | -30.6% |
| Amounts payable within one year | 42/48 | €318,245 | €417,869 | +€99,624 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €80,631 | €281,092 | +€200,460 | +249% |
| Trade debts | 44 | €173,906 | €48,979 | -€124,927 | -71.8% |
| Suppliers | 440/4 | €173,906 | €48,979 | -€124,927 | -71.8% |
| Taxes, remuneration and social security | 45 | €62,459 | €87,798 | +€25,339 | +40.6% |
| Taxes | 450/3 | €48,119 | €57,354 | +€9,234 | +19.2% |
| Remuneration and social security | 454/9 | €14,340 | €30,444 | +€16,105 | +112% |
| Other amounts payable | 47/48 | €1,248 | €0 | -€1,248 | -100% |
| Accrued charges and deferred income | 492/3 | - | €6,505 | +€6,505 | |
| Non-recurring operating income | 76A | €95,599 | €31,296 | -€64,304 | -67.3% |
| Remuneration, social security and pensions | 62 | €150,907 | €168,535 | +€17,628 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,158 | €67,880 | +€5,722 | +9.2% |
| Other operating charges | 640/8 | €7,019 | €6,239 | -€780 | -11.1% |
| Gross operating margin | 9900 | €380,714 | €314,973 | -€65,741 | -17.3% |
| Operating profit (loss) | 9901 | €160,630 | €72,319 | -€88,311 | -55.0% |
| Financial income | 75/76B | €14,769 | €6,547 | -€8,222 | -55.7% |
| Recurring financial income | 75 | €14,769 | €6,547 | -€8,222 | -55.7% |
| Financial charges | 65/66B | €17,970 | €23,102 | +€5,131 | +28.6% |
| Recurring financial charges | 65 | €17,970 | €23,102 | +€5,131 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €157,429 | €55,764 | -€101,665 | -64.6% |
| Transfer from deferred taxes | 780 | €968 | €15,938 | +€14,970 | +1,546% |
| Transfer to deferred taxes | 680 | €15,097 | €0 | -€15,097 | -100% |
| Income taxes | 67/77 | €33,795 | €22,861 | -€10,935 | -32.4% |
| Profit (loss) for the period | 9904 | €109,505 | €48,841 | -€60,664 | -55.4% |
| Transfer from tax-exempt reserves | 789 | €2,741 | €47,632 | +€44,891 | +1,638% |
| Transfer to tax-exempt reserves | 689 | €45,273 | €0 | -€45,273 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €66,973 | €96,473 | +€29,501 | +44.0% |
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 19 October 2026 via checked.be.