Geert Vos: 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 Vos
Largest movements
- Cash +€100,728
up €100,728 (+50.2%), from €200,553 to €301,281
mainly Depreciation (+€71,493) and Receivables after one year (+€47,000)
- Receivables after one year -€47,000
down €47,000 (-16.7%), from €282,000 to €235,000
of which Trade receivables: -€282,000
- Receivables within one year -€37,044
down €37,044 (-11.7%), from €315,855 to €278,811
of which Trade receivables: -€37,478
- Other debts -€42,433
down €42,433 (-100%), from €42,433 to €0
- Reserves +€35,694
up €35,694 (+5.3%), from €679,466 to €715,160
of which Distributable reserves: +€35,694
- Current portion of long-term debt +€16,424
up €16,424 (+32.0%), from €51,325 to €67,749
- Tax, wage and social debts +€15,149
up €15,149 (+413%), from €3,669 to €18,818
of which Remuneration and social security: +€9,773
- Gross operating margin +€89,741
up €89,741 (+18.0%), from €499,271 to €589,012
- Staff costs +€44,927
up €44,927 (+12.0%), from €375,094 to €420,020
- Taxes +€35,781
up €35,781 (+179%), from €19,950 to €55,731
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 | €1,028,632 | €1,046,974 | +€18,342 | +1.8% |
| Fixed assets | 21/28 | €190,165 | €183,640 | -€6,525 | -3.4% |
| Tangible fixed assets | 22/27 | €190,165 | €183,640 | -€6,525 | -3.4% |
| Plant, machinery and equipment | 23 | €17,686 | €13,913 | -€3,773 | -21.3% |
| Furniture and vehicles | 24 | €158,862 | €166,051 | +€7,188 | +4.5% |
| Other tangible fixed assets | 26 | €13,616 | €3,676 | -€9,940 | -73.0% |
| Current assets | 29/58 | €838,467 | €863,334 | +€24,867 | +3.0% |
| Amounts receivable after more than one year | 29 | €282,000 | €235,000 | -€47,000 | -16.7% |
| Trade receivables | 290 | €282,000 | €0 | -€282,000 | -100% |
| Other amounts receivable | 291 | €0 | €235,000 | +€235,000 | |
| Stocks and contracts in progress | 3 | €22,698 | €22,698 | = | 0.0% |
| Stocks | 30/36 | €22,698 | €22,698 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €315,855 | €278,811 | -€37,044 | -11.7% |
| Trade receivables | 40 | €285,205 | €247,727 | -€37,478 | -13.1% |
| Other amounts receivable | 41 | €30,650 | €31,085 | +€435 | +1.4% |
| Cash at bank and in hand | 54/58 | €200,553 | €301,281 | +€100,728 | +50.2% |
| Deferred charges and accrued income | 490/1 | €17,361 | €25,544 | +€8,183 | +47.1% |
| Total equity and liabilities | 10/49 | €1,028,632 | €1,046,974 | +€18,342 | +1.8% |
| Equity | 10/15 | €685,666 | €721,360 | +€35,694 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €679,466 | €715,160 | +€35,694 | +5.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €658,856 | €694,550 | +€35,694 | +5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €342,966 | €325,614 | -€17,352 | -5.1% |
| Amounts payable after more than one year | 17 | €73,074 | €75,554 | +€2,481 | +3.4% |
| Financial debts | 170/4 | €73,074 | €75,554 | +€2,481 | +3.4% |
| Amounts payable within one year | 42/48 | €269,892 | €250,060 | -€19,832 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €51,325 | €67,749 | +€16,424 | +32.0% |
| Trade debts | 44 | €172,465 | €163,493 | -€8,972 | -5.2% |
| Suppliers | 440/4 | €172,465 | €163,493 | -€8,972 | -5.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,669 | €18,818 | +€15,149 | +413% |
| Taxes | 450/3 | €1,038 | €6,414 | +€5,376 | +518% |
| Remuneration and social security | 454/9 | €2,631 | €12,404 | +€9,773 | +371% |
| Other amounts payable | 47/48 | €42,433 | €0 | -€42,433 | -100% |
| Non-recurring operating income | 76A | €5,077 | €11,274 | +€6,197 | +122% |
| Remuneration, social security and pensions | 62 | €375,094 | €420,020 | +€44,927 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,380 | €71,493 | +€3,113 | +4.6% |
| Other operating charges | 640/8 | €4,964 | €3,982 | -€982 | -19.8% |
| Non-recurring operating charges | 66A | €283 | €0 | -€283 | -100% |
| Gross operating margin | 9900 | €499,271 | €589,012 | +€89,741 | +18.0% |
| Operating profit (loss) | 9901 | €50,551 | €93,517 | +€42,966 | +85.0% |
| Financial income | 75/76B | €7,540 | €6,792 | -€748 | -9.9% |
| Recurring financial income | 75 | €7,540 | €6,792 | -€748 | -9.9% |
| Financial charges | 65/66B | €7,699 | €8,884 | +€1,185 | +15.4% |
| Recurring financial charges | 65 | €7,699 | €8,884 | +€1,185 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €50,392 | €91,425 | +€41,033 | +81.4% |
| Income taxes | 67/77 | €19,950 | €55,731 | +€35,781 | +179% |
| Profit (loss) for the period | 9904 | €30,442 | €35,694 | +€5,252 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,442 | €35,694 | +€5,252 | +17.3% |
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.