GEERT VYNCKE: 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 VYNCKE
Largest movements
- Cash -€38,327
down €38,327 (-69.4%), from €55,213 to €16,886
mainly Investment in fixed assets (net) (-€31,629) and Receivables after one year (-€20,834)
- Receivables after one year +€20,834
up €20,834 (+139%), from €15,000 to €35,834
- Tangible fixed assets +€19,595
up €19,595 (+90.7%), from €21,594 to €41,189
of which Other tangible fixed assets: +€28,816
- Current investments +€2,500
new in 2025: €2,500
- Reserves +€20,492
up €20,492 (+35.7%), from €57,454 to €77,946
of which Distributable reserves: +€20,492
- Other debts -€13,032
down €13,032 (-40.0%), from €32,600 to €19,569
- Accrued charges and deferred income -€3,849
down €3,849 (-95.1%), from €4,047 to €198
- Tax, wage and social debts +€1,610
up €1,610 (+17.2%), from €9,352 to €10,962
- Current portion of long-term debt -€1,493
down €1,493 (-100%), from €1,493 to €0
- Gross operating margin -€39,566
down €39,566 (-47.4%), from €83,489 to €43,923
- Financial income +€19,955
up €19,955 (+3,755%), from €531 to €20,486
of which Non-recurring financial income: +€19,915
- Taxes -€5,356
down €5,356 (-26.5%), from €20,232 to €14,876
- Depreciation -€1,009
down €1,009 (-7.7%), from €13,043 to €12,034
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 | €127,244 | €131,431 | +€4,187 | +3.3% |
| Fixed assets | 21/28 | €21,594 | €41,189 | +€19,595 | +90.7% |
| Tangible fixed assets | 22/27 | €21,594 | €41,189 | +€19,595 | +90.7% |
| Plant, machinery and equipment | 23 | €7,834 | €5,137 | -€2,698 | -34.4% |
| Furniture and vehicles | 24 | €4,652 | €2,153 | -€2,498 | -53.7% |
| Leasing and similar rights | 25 | €4,026 | €0 | -€4,026 | -100% |
| Other tangible fixed assets | 26 | €5,083 | €33,899 | +€28,816 | +567% |
| Current assets | 29/58 | €105,650 | €90,242 | -€15,408 | -14.6% |
| Amounts receivable after more than one year | 29 | €15,000 | €35,834 | +€20,834 | +139% |
| Other amounts receivable | 291 | €15,000 | €35,834 | +€20,834 | +139% |
| Stocks and contracts in progress | 3 | €1,439 | €1,171 | -€268 | -18.6% |
| Stocks | 30/36 | €1,439 | €1,171 | -€268 | -18.6% |
| Amounts receivable within one year | 40/41 | €31,230 | €31,641 | +€411 | +1.3% |
| Trade receivables | 40 | €28,372 | €31,639 | +€3,267 | +11.5% |
| Other amounts receivable | 41 | €2,857 | €2 | -€2,855 | -99.9% |
| Current investments | 50/53 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €55,213 | €16,886 | -€38,327 | -69.4% |
| Deferred charges and accrued income | 490/1 | €2,769 | €2,211 | -€557 | -20.1% |
| Total equity and liabilities | 10/49 | €127,244 | €131,431 | +€4,187 | +3.3% |
| Equity | 10/15 | €76,054 | €96,546 | +€20,492 | +26.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,454 | €77,946 | +€20,492 | +35.7% |
| 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 | €36,844 | €57,336 | +€20,492 | +55.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,190 | €34,885 | -€16,305 | -31.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €47,143 | €34,687 | -€12,456 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €1,493 | €0 | -€1,493 | -100% |
| Financial debts | 43 | €199 | €143 | -€56 | -28.0% |
| Other loans | 439 | €199 | €143 | -€56 | -28.0% |
| Trade debts | 44 | €3,499 | €4,014 | +€514 | +14.7% |
| Suppliers | 440/4 | €3,499 | €4,014 | +€514 | +14.7% |
| Taxes, remuneration and social security | 45 | €9,352 | €10,962 | +€1,610 | +17.2% |
| Taxes | 450/3 | €9,352 | €10,962 | +€1,610 | +17.2% |
| Other amounts payable | 47/48 | €32,600 | €19,569 | -€13,032 | -40.0% |
| Accrued charges and deferred income | 492/3 | €4,047 | €198 | -€3,849 | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,043 | €12,034 | -€1,009 | -7.7% |
| Other operating charges | 640/8 | €1,066 | €876 | -€190 | -17.8% |
| Gross operating margin | 9900 | €83,489 | €43,923 | -€39,566 | -47.4% |
| Operating profit (loss) | 9901 | €69,379 | €31,013 | -€38,367 | -55.3% |
| Financial income | 75/76B | €531 | €20,486 | +€19,955 | +3,755% |
| Recurring financial income | 75 | €531 | €571 | +€39 | +7.4% |
| Non-recurring financial income | 76B | - | €19,915 | +€19,915 | |
| Financial charges | 65/66B | €1,102 | €1,845 | +€743 | +67.4% |
| Recurring financial charges | 65 | €1,102 | €1,845 | +€743 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €68,808 | €49,654 | -€19,155 | -27.8% |
| Income taxes | 67/77 | €20,232 | €14,876 | -€5,356 | -26.5% |
| Profit (loss) for the period | 9904 | €48,576 | €34,777 | -€13,799 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,576 | €34,777 | -€13,799 | -28.4% |
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 14 October 2026 via checked.be.