GEERT WELLEMAN: 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 WELLEMAN
Largest movements
- Tangible fixed assets +€11,148
up €11,148 (+9.9%), from €112,644 to €123,791
of which Land and buildings: +€11,307
- Receivables within one year -€5,915
no longer reported in 2025 (was €5,915)
- Cash +€1,894
up €1,894 (+40.2%), from €4,711 to €6,605
mainly Other debts (+€15,007) and Depreciation (+€13,222)
- Other debts +€15,007
up €15,007 (+34.6%), from €43,324 to €58,331
- Profit (loss) carried forward -€8,231
down €8,231 (-15.9%), from €51,736 to €43,505
- Gross operating margin +€8,856
up €8,856, from -€1,639 to €7,218
- Depreciation -€843
down €843 (-6.0%), from €14,065 to €13,222
- Financial charges -€218
down €218 (-33.9%), from €643 to €425
- Financial income -€140
down €140 (-96.7%), from €145 to €5
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 | €124,521 | €131,707 | +€7,187 | +5.8% |
| Fixed assets | 21/28 | €112,644 | €123,791 | +€11,148 | +9.9% |
| Tangible fixed assets | 22/27 | €112,644 | €123,791 | +€11,148 | +9.9% |
| Land and buildings | 22 | €112,362 | €123,670 | +€11,307 | +10.1% |
| Plant, machinery and equipment | 23 | €281 | €122 | -€160 | -56.7% |
| Current assets | 29/58 | €11,877 | €7,916 | -€3,961 | -33.4% |
| Amounts receivable within one year | 40/41 | €5,915 | - | -€5,915 | |
| Other amounts receivable | 41 | €5,915 | - | -€5,915 | |
| Cash at bank and in hand | 54/58 | €4,711 | €6,605 | +€1,894 | +40.2% |
| Deferred charges and accrued income | 490/1 | €1,251 | €1,310 | +€60 | +4.8% |
| Total equity and liabilities | 10/49 | €124,521 | €131,707 | +€7,187 | +5.8% |
| Equity | 10/15 | €81,196 | €72,965 | -€8,231 | -10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,860 | €10,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,736 | €43,505 | -€8,231 | -15.9% |
| Amounts payable | 17/49 | €43,324 | €58,742 | +€15,418 | +35.6% |
| Amounts payable within one year | 42/48 | €43,324 | €58,742 | +€15,418 | +35.6% |
| Trade debts | 44 | - | €411 | +€411 | |
| Suppliers | 440/4 | - | €411 | +€411 | |
| Other amounts payable | 47/48 | €43,324 | €58,331 | +€15,007 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,065 | €13,222 | -€843 | -6.0% |
| Other operating charges | 640/8 | €1,752 | €1,806 | +€54 | +3.1% |
| Gross operating margin | 9900 | -€1,639 | €7,218 | +€8,856 | |
| Operating profit (loss) | 9901 | -€17,455 | -€7,810 | +€9,645 | +55.3% |
| Financial income | 75/76B | €145 | €5 | -€140 | -96.7% |
| Recurring financial income | 75 | €145 | €5 | -€140 | -96.7% |
| Financial charges | 65/66B | €643 | €425 | -€218 | -33.9% |
| Recurring financial charges | 65 | €643 | €425 | -€218 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,953 | -€8,230 | +€9,723 | +54.2% |
| Income taxes | 67/77 | €1 | €1 | +€1 | +94.5% |
| Profit (loss) for the period | 9904 | -€17,953 | -€8,231 | +€9,722 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,953 | -€8,231 | +€9,722 | +54.2% |
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 1 November 2026 via checked.be.