GEERTHAYEN: 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.
GEERTHAYEN
Largest movements
- Tangible fixed assets +€171,274
up €171,274 (+33.9%), from €504,967 to €676,241
of which Land and buildings: +€171,414
- Receivables within one year -€61,081
down €61,081 (-60.0%), from €101,746 to €40,665
of which Trade receivables: -€57,746
- Other debts +€162,369
up €162,369 (+37.4%), from €433,616 to €595,985
- Profit (loss) carried forward -€29,130
down €29,130 (-27.2%), from €106,903 to €77,772
- Tax, wage and social debts -€15,973
down €15,973 (-92.3%), from €17,299 to €1,326
- Depreciation -€3,707
down €3,707 (-9.3%), from €40,002 to €36,295
- Financial charges -€2,627
down €2,627 (-22.7%), from €11,551 to €8,924
- Gross operating margin -€2,553
down €2,553 (-9.6%), from €26,504 to €23,950
- Other operating charges -€1,785
down €1,785 (-19.4%), from €9,197 to €7,412
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 | €608,435 | €721,295 | +€112,860 | +18.5% |
| Fixed assets | 21/28 | €504,967 | €676,241 | +€171,274 | +33.9% |
| Tangible fixed assets | 22/27 | €504,967 | €676,241 | +€171,274 | +33.9% |
| Land and buildings | 22 | €493,498 | €664,912 | +€171,414 | +34.7% |
| Other tangible fixed assets | 26 | €11,469 | €11,329 | -€140 | -1.2% |
| Current assets | 29/58 | €103,467 | €45,054 | -€58,414 | -56.5% |
| Amounts receivable within one year | 40/41 | €101,746 | €40,665 | -€61,081 | -60.0% |
| Trade receivables | 40 | €97,746 | €40,000 | -€57,746 | -59.1% |
| Other amounts receivable | 41 | €4,000 | €665 | -€3,335 | -83.4% |
| Cash at bank and in hand | 54/58 | €502 | €3,077 | +€2,575 | +513% |
| Deferred charges and accrued income | 490/1 | €1,219 | €1,312 | +€93 | +7.6% |
| Total equity and liabilities | 10/49 | €608,435 | €721,295 | +€112,860 | +18.5% |
| Equity | 10/15 | €143,933 | €114,803 | -€29,130 | -20.2% |
| Contributions | 10/11 | €12,605 | €12,605 | = | 0.0% |
| Reserves | 13 | €24,425 | €24,425 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,945 | €21,945 | = | 0.0% |
| Distributable reserves | 133 | €2,480 | €2,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,903 | €77,772 | -€29,130 | -27.2% |
| Amounts payable | 17/49 | €464,502 | €606,492 | +€141,990 | +30.6% |
| Amounts payable within one year | 42/48 | €453,237 | €597,855 | +€144,618 | +31.9% |
| Financial debts | 43 | €1,709 | €0 | -€1,709 | -100% |
| Credit institutions | 430/8 | €1,709 | €0 | -€1,709 | -100% |
| Trade debts | 44 | €614 | €544 | -€70 | -11.4% |
| Suppliers | 440/4 | €614 | €544 | -€70 | -11.4% |
| Taxes, remuneration and social security | 45 | €17,299 | €1,326 | -€15,973 | -92.3% |
| Taxes | 450/3 | €17,299 | €1,326 | -€15,973 | -92.3% |
| Other amounts payable | 47/48 | €433,616 | €595,985 | +€162,369 | +37.4% |
| Accrued charges and deferred income | 492/3 | €11,264 | €8,637 | -€2,627 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,002 | €36,295 | -€3,707 | -9.3% |
| Other operating charges | 640/8 | €9,197 | €7,412 | -€1,785 | -19.4% |
| Gross operating margin | 9900 | €26,504 | €23,950 | -€2,553 | -9.6% |
| Operating profit (loss) | 9901 | -€22,695 | -€19,757 | +€2,938 | +12.9% |
| Financial income | 75/76B | €1 | €1 | +€0 | +50.6% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +50.6% |
| Financial charges | 65/66B | €11,551 | €8,924 | -€2,627 | -22.7% |
| Recurring financial charges | 65 | €11,551 | €8,924 | -€2,627 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,245 | -€28,680 | +€5,565 | +16.3% |
| Income taxes | 67/77 | €363 | €450 | +€87 | +24.1% |
| Profit (loss) for the period | 9904 | -€34,608 | -€29,130 | +€5,477 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,608 | -€29,130 | +€5,477 | +15.8% |
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 25 October 2026 via checked.be.