Geerts Raf: 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 Raf
Largest movements
- Cash -€47,959
down €47,959 (-19.3%), from €248,400 to €200,441
mainly Contributions, distributions and other (-€28,095) and Debts after one year (-€20,805)
- Deferred charges and accrued income +€7,519
up €7,519 (+69.5%), from €10,815 to €18,334
- Current investments +€5,500
up €5,500 (+19.0%), from €28,999 to €34,499
- Reserves -€37,212
down €37,212 (-11.9%), from €312,609 to €275,397
- Debts after one year -€20,805
down €20,805 (-13.8%), from €151,220 to €130,415
- Profit (loss) carried forward +€10,218
no longer reported in 2025 (was -€10,218)
- Gross operating margin +€15,977
up €15,977 (+121%), from €13,176 to €29,153
- Financial charges +€3,477
up €3,477 (+177%), from €1,966 to €5,443
- Depreciation +€759
up €759 (+4.0%), from €18,904 to €19,663
- Other operating charges +€458
up €458 (+18.2%), from €2,518 to €2,976
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 | €472,592 | €433,048 | -€39,543 | -8.4% |
| Fixed assets | 21/28 | €178,044 | €173,994 | -€4,050 | -2.3% |
| Tangible fixed assets | 22/27 | €178,044 | €173,994 | -€4,050 | -2.3% |
| Land and buildings | 22 | €141,991 | €149,020 | +€7,029 | +5.0% |
| Plant, machinery and equipment | 23 | €3,136 | €2,283 | -€853 | -27.2% |
| Furniture and vehicles | 24 | €2,642 | €1,533 | -€1,108 | -42.0% |
| Leasing and similar rights | 25 | €30,276 | €21,157 | -€9,119 | -30.1% |
| Current assets | 29/58 | €294,547 | €259,054 | -€35,493 | -12.0% |
| Amounts receivable within one year | 40/41 | €6,333 | €5,781 | -€552 | -8.7% |
| Trade receivables | 40 | €3,940 | €4,160 | +€220 | +5.6% |
| Other amounts receivable | 41 | €2,393 | €1,621 | -€772 | -32.3% |
| Current investments | 50/53 | €28,999 | €34,499 | +€5,500 | +19.0% |
| Cash at bank and in hand | 54/58 | €248,400 | €200,441 | -€47,959 | -19.3% |
| Deferred charges and accrued income | 490/1 | €10,815 | €18,334 | +€7,519 | +69.5% |
| Total equity and liabilities | 10/49 | €472,592 | €433,048 | -€39,543 | -8.4% |
| Equity | 10/15 | €303,391 | €276,397 | -€26,994 | -8.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €312,609 | €275,397 | -€37,212 | -11.9% |
| Distributable reserves | 133 | €312,609 | €275,397 | -€37,212 | -11.9% |
| Profit (loss) carried forward | 14 | -€10,218 | - | +€10,218 | |
| Amounts payable | 17/49 | €169,201 | €156,652 | -€12,549 | -7.4% |
| Amounts payable after more than one year | 17 | €151,220 | €130,415 | -€20,805 | -13.8% |
| Financial debts | 170/4 | €151,220 | €130,415 | -€20,805 | -13.8% |
| Amounts payable within one year | 42/48 | €17,980 | €25,321 | +€7,341 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €17,431 | €19,400 | +€1,969 | +11.3% |
| Trade debts | 44 | €378 | €1,661 | +€1,283 | +339% |
| Suppliers | 440/4 | €378 | €1,661 | +€1,283 | +339% |
| Taxes, remuneration and social security | 45 | €171 | €157 | -€15 | -8.5% |
| Taxes | 450/3 | €171 | €157 | -€15 | -8.5% |
| Other amounts payable | 47/48 | - | €4,103 | +€4,103 | |
| Accrued charges and deferred income | 492/3 | - | €916 | +€916 | |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,904 | €19,663 | +€759 | +4.0% |
| Other operating charges | 640/8 | €2,518 | €2,976 | +€458 | +18.2% |
| Gross operating margin | 9900 | €13,176 | €29,153 | +€15,977 | +121% |
| Operating profit (loss) | 9901 | -€8,246 | €6,514 | +€14,759 | |
| Financial income | 75/76B | €165 | €187 | +€21 | +12.9% |
| Recurring financial income | 75 | €165 | €187 | +€21 | +12.9% |
| Financial charges | 65/66B | €1,966 | €5,443 | +€3,477 | +177% |
| Recurring financial charges | 65 | €1,966 | €5,443 | +€3,477 | +177% |
| Profit (loss) for the period before taxes | 9903 | -€10,046 | €1,257 | +€11,304 | |
| Income taxes | 67/77 | €171 | €157 | -€15 | -8.5% |
| Profit (loss) for the period | 9904 | -€10,218 | €1,100 | +€11,318 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,218 | €1,100 | +€11,318 |
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 15 October 2026 via checked.be.