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
- Tangible fixed assets +€110,373
up €110,373 (+615.8%), from €17,924 to €128,297
of which Leasing and similar rights: +€120,565
- Cash +€42,185
up €42,185 (+75.9%), from €55,557 to €97,741
mainly Debts after one year (+€76,199) and Net result for the year (+€69,161)
- Debts after one year +€76,199
new in 2025: €76,199
- Reserves +€47,274
up €47,274 (+347.3%), from €13,612 to €60,886
of which Tax-exempt reserves: +€28,510
- Profit (loss) carried forward +€21,887
up €21,887 (+116.6%), from €18,765 to €40,652
- Current portion of long-term debt +€20,260
new in 2025: €20,260
- Other debts -€14,500
down €14,500 (-93.2%), from €15,554 to €1,054
- Gross operating margin +€48,785
up €48,785 (+88.6%), from €55,051 to €103,836
- Depreciation +€12,371
up €12,371 (+106.6%), from €11,606 to €23,977
- Financial charges +€1,650
up €1,650 (+409.7%), from €403 to €2,053
- Taxes -€1,465
down €1,465 (-17.5%), from €8,350 to €6,884
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 | €82,806 | €235,420 | +€152,614 | +184.3% |
| Fixed assets | 21/28 | €18,134 | €128,507 | +€110,373 | +608.6% |
| Tangible fixed assets | 22/27 | €17,924 | €128,297 | +€110,373 | +615.8% |
| Plant, machinery and equipment | 23 | €620 | €482 | -€139 | -22.4% |
| Furniture and vehicles | 24 | €17,304 | €7,251 | -€10,053 | -58.1% |
| Leasing and similar rights | 25 | - | €120,565 | +€120,565 | |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €64,672 | €106,913 | +€42,241 | +65.3% |
| Amounts receivable within one year | 40/41 | €7,593 | €7,278 | -€315 | -4.1% |
| Trade receivables | 40 | €7,593 | €7,157 | -€435 | -5.7% |
| Other amounts receivable | 41 | - | €120 | +€120 | |
| Cash at bank and in hand | 54/58 | €55,557 | €97,741 | +€42,185 | +75.9% |
| Deferred charges and accrued income | 490/1 | €1,522 | €1,894 | +€371 | +24.4% |
| Total equity and liabilities | 10/49 | €82,806 | €235,420 | +€152,614 | +184.3% |
| Equity | 10/15 | €54,376 | €123,538 | +€69,161 | +127.2% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €13,612 | €60,886 | +€47,274 | +347.3% |
| Tax-exempt reserves | 132 | - | €28,510 | +€28,510 | |
| Distributable reserves | 133 | €13,612 | €32,376 | +€18,765 | +137.9% |
| Profit (loss) carried forward | 14 | €18,765 | €40,652 | +€21,887 | +116.6% |
| Amounts payable | 17/49 | €28,430 | €111,883 | +€83,453 | +293.5% |
| Amounts payable after more than one year | 17 | - | €76,199 | +€76,199 | |
| Financial debts | 170/4 | - | €76,199 | +€76,199 | |
| Amounts payable within one year | 42/48 | €28,430 | €35,684 | +€7,254 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | - | €20,260 | +€20,260 | |
| Trade debts | 44 | €462 | €3,431 | +€2,969 | +642.8% |
| Suppliers | 440/4 | €462 | €3,431 | +€2,969 | +642.8% |
| Taxes, remuneration and social security | 45 | €12,413 | €10,939 | -€1,475 | -11.9% |
| Taxes | 450/3 | €9,926 | €8,445 | -€1,481 | -14.9% |
| Remuneration and social security | 454/9 | €2,487 | €2,494 | +€6 | +0.3% |
| Other amounts payable | 47/48 | €15,554 | €1,054 | -€14,500 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,606 | €23,977 | +€12,371 | +106.6% |
| Other operating charges | 640/8 | €1,428 | €1,776 | +€348 | +24.3% |
| Gross operating margin | 9900 | €55,051 | €103,836 | +€48,785 | +88.6% |
| Operating profit (loss) | 9901 | €42,017 | €78,083 | +€36,066 | +85.8% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €403 | €2,053 | +€1,650 | +409.7% |
| Recurring financial charges | 65 | €403 | €2,053 | +€1,650 | +409.7% |
| Profit (loss) for the period before taxes | 9903 | €41,614 | €76,046 | +€34,431 | +82.7% |
| Income taxes | 67/77 | €8,350 | €6,884 | -€1,465 | -17.5% |
| Profit (loss) for the period | 9904 | €33,265 | €69,161 | +€35,897 | +107.9% |
| Transfer to tax-exempt reserves | 689 | - | €28,510 | +€28,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,265 | €40,652 | +€7,387 | +22.2% |
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.