GEERTS: 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.
GEERTS
Largest movements
- Tangible fixed assets +€13,528
up €13,528 (+5.1%), from €265,228 to €278,756
- Reserves +€45,821
up €45,821 (+9.0%), from €506,405 to €552,226
of which Distributable reserves: +€47,088
- Other debts -€39,205
down €39,205 (-100.0%), from €39,207 to €2
- Tax, wage and social debts +€8,960
up €8,960 (+111%), from €8,092 to €17,052
- Gross operating margin +€3,299
up €3,299 (+3.8%), from €87,062 to €90,361
- Taxes +€919
up €919 (+4.3%), from €21,119 to €22,038
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 | €617,116 | €632,312 | +€15,196 | +2.5% |
| Fixed assets | 21/28 | €265,228 | €278,756 | +€13,528 | +5.1% |
| Tangible fixed assets | 22/27 | €265,228 | €278,756 | +€13,528 | +5.1% |
| Land and buildings | 22 | €265,228 | €278,756 | +€13,528 | +5.1% |
| Current assets | 29/58 | €351,888 | €353,556 | +€1,668 | +0.5% |
| Cash at bank and in hand | 54/58 | €349,172 | €350,761 | +€1,589 | +0.5% |
| Deferred charges and accrued income | 490/1 | €2,716 | €2,795 | +€80 | +2.9% |
| Total equity and liabilities | 10/49 | €617,116 | €632,312 | +€15,196 | +2.5% |
| Equity | 10/15 | €567,905 | €613,726 | +€45,821 | +8.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €506,405 | €552,226 | +€45,821 | +9.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,086 | €14,819 | -€1,267 | -7.9% |
| Distributable reserves | 133 | €484,169 | €531,257 | +€47,088 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,211 | €18,586 | -€30,625 | -62.2% |
| Amounts payable within one year | 42/48 | €49,211 | €18,586 | -€30,625 | -62.2% |
| Trade debts | 44 | €1,912 | €1,532 | -€381 | -19.9% |
| Suppliers | 440/4 | €1,912 | €1,532 | -€381 | -19.9% |
| Taxes, remuneration and social security | 45 | €8,092 | €17,052 | +€8,960 | +111% |
| Taxes | 450/3 | €8,092 | €17,052 | +€8,960 | +111% |
| Other amounts payable | 47/48 | €39,207 | €2 | -€39,205 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,256 | €13,587 | +€332 | +2.5% |
| Other operating charges | 640/8 | €9,049 | €9,441 | +€392 | +4.3% |
| Gross operating margin | 9900 | €87,062 | €90,361 | +€3,299 | +3.8% |
| Operating profit (loss) | 9901 | €64,757 | €67,333 | +€2,576 | +4.0% |
| Financial income | 75/76B | €419 | €596 | +€177 | +42.3% |
| Recurring financial income | 75 | €419 | €596 | +€177 | +42.3% |
| Financial charges | 65/66B | €68 | €70 | +€2 | +2.2% |
| Recurring financial charges | 65 | €68 | €70 | +€2 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €65,108 | €67,859 | +€2,752 | +4.2% |
| Income taxes | 67/77 | €21,119 | €22,038 | +€919 | +4.3% |
| Profit (loss) for the period | 9904 | €43,988 | €45,821 | +€1,833 | +4.2% |
| Transfer from tax-exempt reserves | 789 | €1,267 | €1,267 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,255 | €47,088 | +€1,833 | +4.1% |
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 16 October 2026 via checked.be.