GEERTS: what changed
Two fiscal 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
- Stocks and contracts +€61,031
up €61,031 (+15.7%), from €389,436 to €450,466
- Cash -€28,012
down €28,012 (-56.1%), from €49,921 to €21,910
mainly Stocks and contracts (-€61,031) and Investment in fixed assets (net) (-€19,430)
- Receivables within one year -€14,662
down €14,662 (-47.3%), from €30,994 to €16,332
of which Other amounts receivable: -€13,688
- Deferred charges and accrued income +€7,752
up €7,752 (+496.9%), from €1,560 to €9,312
- Trade debts +€41,986
up €41,986 (+13591.6%), from €309 to €42,295
- Current portion of long-term debt -€15,233
down €15,233 (-71.0%), from €21,464 to €6,231
- Other debts +€11,852
up €11,852 (+4.0%), from €297,533 to €309,385
- Gross operating margin -€199,450
down €199,450 (-70.3%), from €283,774 to €84,324
- Taxes -€40,769
down €40,769 (-95.6%), from €42,626 to €1,857
- Staff costs -€2,890
down €2,890 (-4.2%), from €69,436 to €66,546
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.
Cash bridge derived
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 | €646,173 | €678,800 | +€32,627 | +5.0% |
| Fixed assets | 21/28 | €174,261 | €180,780 | +€6,518 | +3.7% |
| Tangible fixed assets | 22/27 | €173,161 | €179,680 | +€6,518 | +3.8% |
| Land and buildings | 22 | €158,674 | €158,782 | +€108 | +0.1% |
| Plant, machinery and equipment | 23 | €13,767 | €7,491 | -€6,276 | -45.6% |
| Furniture and vehicles | 24 | €721 | €13,406 | +€12,686 | +1760.7% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €471,911 | €498,020 | +€26,109 | +5.5% |
| Stocks and contracts in progress | 3 | €389,436 | €450,466 | +€61,031 | +15.7% |
| Stocks | 30/36 | €389,436 | €450,466 | +€61,031 | +15.7% |
| Amounts receivable within one year | 40/41 | €30,994 | €16,332 | -€14,662 | -47.3% |
| Trade receivables | 40 | €10,597 | €9,623 | -€974 | -9.2% |
| Other amounts receivable | 41 | €20,397 | €6,709 | -€13,688 | -67.1% |
| Cash at bank and in hand | 54/58 | €49,921 | €21,910 | -€28,012 | -56.1% |
| Deferred charges and accrued income | 490/1 | €1,560 | €9,312 | +€7,752 | +496.9% |
| Total equity and liabilities | 10/49 | €646,173 | €678,800 | +€32,627 | +5.0% |
| Equity | 10/15 | €184,383 | €188,612 | +€4,229 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €342,571 | €346,801 | +€4,229 | +1.2% |
| 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 | €22,149 | €22,149 | = | 0.0% |
| Distributable reserves | 133 | €318,563 | €322,792 | +€4,229 | +1.3% |
| Profit (loss) carried forward | 14 | -€176,789 | -€176,789 | = | 0.0% |
| Amounts payable | 17/49 | €461,790 | €490,188 | +€28,398 | +6.1% |
| Amounts payable after more than one year | 17 | €78,153 | €71,922 | -€6,231 | -8.0% |
| Financial debts | 170/4 | €78,153 | €71,922 | -€6,231 | -8.0% |
| Amounts payable within one year | 42/48 | €383,596 | €418,266 | +€34,670 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €21,464 | €6,231 | -€15,233 | -71.0% |
| Financial debts | 43 | €6,779 | €1,511 | -€5,268 | -77.7% |
| Credit institutions | 430/8 | €21 | €1,511 | +€1,490 | +7099.2% |
| Other loans | 439 | €6,758 | - | -€6,758 | |
| Trade debts | 44 | €309 | €42,295 | +€41,986 | +13591.6% |
| Suppliers | 440/4 | €309 | €42,295 | +€41,986 | +13591.6% |
| Taxes, remuneration and social security | 45 | €57,511 | €58,844 | +€1,333 | +2.3% |
| Taxes | 450/3 | €47,455 | €42,621 | -€4,834 | -10.2% |
| Remuneration and social security | 454/9 | €10,056 | €16,223 | +€6,167 | +61.3% |
| Other amounts payable | 47/48 | €297,533 | €309,385 | +€11,852 | +4.0% |
| Accrued charges and deferred income | 492/3 | €41 | - | -€41 | |
| Remuneration, social security and pensions | 62 | €69,436 | €66,546 | -€2,890 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,454 | €12,912 | -€543 | -4.0% |
| Other operating charges | 640/8 | €2,013 | €1,861 | -€152 | -7.6% |
| Gross operating margin | 9900 | €283,774 | €84,324 | -€199,450 | -70.3% |
| Operating profit (loss) | 9901 | €198,871 | €3,006 | -€195,866 | -98.5% |
| Financial income | 75/76B | €4,891 | €5,755 | +€864 | +17.7% |
| Recurring financial income | 75 | €4,891 | €5,755 | +€864 | +17.7% |
| Financial charges | 65/66B | €4,128 | €2,674 | -€1,455 | -35.2% |
| Recurring financial charges | 65 | €4,128 | €2,674 | -€1,455 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €199,634 | €6,087 | -€193,548 | -97.0% |
| Income taxes | 67/77 | €42,626 | €1,857 | -€40,769 | -95.6% |
| Profit (loss) for the period | 9904 | €157,008 | €4,229 | -€152,779 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €157,008 | €4,229 | -€152,779 | -97.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.