GEERTS BEHEER: 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 BEHEER
Largest movements
- Current investments +€65,021
new in 2025: €65,021
- Receivables within one year -€50,115
down €50,115 (-60.7%), from €82,615 to €32,499
of which Trade receivables: -€38,042
- Cash -€16,836
down €16,836 (-72.3%), from €23,286 to €6,451
mainly Current investments (-€65,021) and Trade debts (-€49,875)
- Tangible fixed assets -€14,829
down €14,829 (-3.0%), from €497,170 to €482,341
of which Land and buildings: -€12,546
- Stocks and contracts +€8,148
up €8,148 (+71.0%), from €11,477 to €19,624
- Other debts +€52,609
up €52,609 (+96.4%), from €54,573 to €107,183
- Trade debts -€49,875
down €49,875 (-96.9%), from €51,469 to €1,594
- Debts after one year -€23,738
down €23,738 (-13.1%), from €181,658 to €157,920
- Reserves +€23,208
up €23,208 (+17.5%), from €132,487 to €155,695
of which Distributable reserves: +€23,208
- Short-term financial debts -€17,000
down €17,000 (-48.6%), from €35,000 to €18,000
- Gross operating margin +€87,038
up €87,038 (+291%), from €29,943 to €116,980
- Taxes +€29,133
up €29,133, from €0 to €29,133
- Financial charges -€5,492
down €5,492 (-47.9%), from €11,474 to €5,982
- Depreciation +€1,340
up €1,340 (+9.0%), from €14,833 to €16,173
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 | €623,046 | €609,711 | -€13,335 | -2.1% |
| Fixed assets | 21/28 | €501,107 | €484,934 | -€16,173 | -3.2% |
| Intangible fixed assets | 21 | €3,937 | €2,593 | -€1,344 | -34.1% |
| Tangible fixed assets | 22/27 | €497,170 | €482,341 | -€14,829 | -3.0% |
| Land and buildings | 22 | €493,260 | €480,714 | -€12,546 | -2.5% |
| Furniture and vehicles | 24 | €3,910 | €1,627 | -€2,283 | -58.4% |
| Current assets | 29/58 | €121,939 | €124,777 | +€2,837 | +2.3% |
| Stocks and contracts in progress | 3 | €11,477 | €19,624 | +€8,148 | +71.0% |
| Stocks | 30/36 | €11,477 | €19,624 | +€8,148 | +71.0% |
| Amounts receivable within one year | 40/41 | €82,615 | €32,499 | -€50,115 | -60.7% |
| Trade receivables | 40 | €65,737 | €27,695 | -€38,042 | -57.9% |
| Other amounts receivable | 41 | €16,878 | €4,804 | -€12,074 | -71.5% |
| Current investments | 50/53 | - | €65,021 | +€65,021 | |
| Cash at bank and in hand | 54/58 | €23,286 | €6,451 | -€16,836 | -72.3% |
| Deferred charges and accrued income | 490/1 | €4,562 | €1,182 | -€3,380 | -74.1% |
| Total equity and liabilities | 10/49 | €623,046 | €609,711 | -€13,335 | -2.1% |
| Equity | 10/15 | €266,404 | €290,177 | +€23,773 | +8.9% |
| Contributions | 10/11 | €134,481 | €134,481 | = | 0.0% |
| Reserves | 13 | €132,487 | €155,695 | +€23,208 | +17.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €132,487 | €155,695 | +€23,208 | +17.5% |
| Profit (loss) carried forward | 14 | -€565 | €0 | +€565 | |
| Amounts payable | 17/49 | €356,643 | €319,534 | -€37,108 | -10.4% |
| Amounts payable after more than one year | 17 | €181,658 | €157,920 | -€23,738 | -13.1% |
| Financial debts | 170/4 | €181,658 | €157,920 | -€23,738 | -13.1% |
| Amounts payable within one year | 42/48 | €166,330 | €161,614 | -€4,716 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €25,288 | €23,738 | -€1,550 | -6.1% |
| Financial debts | 43 | €35,000 | €18,000 | -€17,000 | -48.6% |
| Credit institutions | 430/8 | €35,000 | €18,000 | -€17,000 | -48.6% |
| Trade debts | 44 | €51,469 | €1,594 | -€49,875 | -96.9% |
| Suppliers | 440/4 | €51,469 | €1,594 | -€49,875 | -96.9% |
| Taxes, remuneration and social security | 45 | €0 | €11,100 | +€11,100 | |
| Taxes | 450/3 | €0 | €11,100 | +€11,100 | |
| Other amounts payable | 47/48 | €54,573 | €107,183 | +€52,609 | +96.4% |
| Accrued charges and deferred income | 492/3 | €8,655 | €0 | -€8,655 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,833 | €16,173 | +€1,340 | +9.0% |
| Other operating charges | 640/8 | €6,280 | €5,809 | -€471 | -7.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €29,943 | €116,980 | +€87,038 | +291% |
| Operating profit (loss) | 9901 | €8,830 | €94,999 | +€86,169 | +976% |
| Financial income | 75/76B | €646 | €110 | -€536 | -82.9% |
| Recurring financial income | 75 | €646 | €110 | -€536 | -82.9% |
| Financial charges | 65/66B | €11,474 | €5,982 | -€5,492 | -47.9% |
| Recurring financial charges | 65 | €11,474 | €5,982 | -€5,492 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,997 | €89,128 | +€91,125 | |
| Income taxes | 67/77 | €0 | €29,133 | +€29,133 | |
| Profit (loss) for the period | 9904 | -€1,997 | €59,994 | +€61,992 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,997 | €59,994 | +€61,992 |
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 28 October 2026 via checked.be.