GEO: 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.
GEO
Largest movements
- Cash +€141,521
up €141,521 (+2566.0%), from €5,515 to €147,036
mainly Receivables within one year (+€91,677) and Net result for the year (+€83,574)
- Receivables within one year -€91,677
down €91,677 (-32.6%), from €281,231 to €189,554
of which Other amounts receivable: -€107,708
- Tangible fixed assets -€15,173
down €15,173 (-46.5%), from €32,629 to €17,456
of which Furniture and vehicles: -€13,195
- Advances received +€53,679
up €53,679 (+109.7%), from €48,919 to €102,598
- Profit (loss) carried forward +€36,574
up €36,574 (+78.1%), from €46,800 to €83,374
- Reserves -€24,489
down €24,489 (-35.9%), from €68,270 to €43,781
of which Distributable reserves: -€24,489
- Other debts -€16,126
down €16,126 (-18.7%), from €86,101 to €69,976
- Tax, wage and social debts -€9,305
down €9,305 (-22.1%), from €42,190 to €32,885
of which Taxes: -€4,837
- Gross operating margin +€31,044
up €31,044 (+16.4%), from €189,340 to €220,384
- Staff costs +€9,279
up €9,279 (+9.4%), from €98,568 to €107,847
- Taxes +€2,262
up €2,262 (+26.7%), from €8,465 to €10,727
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 | €328,714 | €360,918 | +€32,204 | +9.8% |
| Fixed assets | 21/28 | €40,102 | €22,976 | -€17,126 | -42.7% |
| Intangible fixed assets | 21 | €7,191 | €5,238 | -€1,953 | -27.2% |
| Tangible fixed assets | 22/27 | €32,629 | €17,456 | -€15,173 | -46.5% |
| Plant, machinery and equipment | 23 | €5,859 | €3,880 | -€1,979 | -33.8% |
| Furniture and vehicles | 24 | €26,770 | €13,575 | -€13,195 | -49.3% |
| Financial fixed assets | 28 | €283 | €283 | = | 0.0% |
| Current assets | 29/58 | €288,611 | €337,942 | +€49,331 | +17.1% |
| Amounts receivable within one year | 40/41 | €281,231 | €189,554 | -€91,677 | -32.6% |
| Trade receivables | 40 | €130,428 | €146,459 | +€16,030 | +12.3% |
| Other amounts receivable | 41 | €150,802 | €43,095 | -€107,708 | -71.4% |
| Cash at bank and in hand | 54/58 | €5,515 | €147,036 | +€141,521 | +2566.0% |
| Deferred charges and accrued income | 490/1 | €1,865 | €1,352 | -€513 | -27.5% |
| Total equity and liabilities | 10/49 | €328,714 | €360,918 | +€32,204 | +9.8% |
| Equity | 10/15 | €133,671 | €145,755 | +€12,084 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,270 | €43,781 | -€24,489 | -35.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €66,411 | €41,922 | -€24,489 | -36.9% |
| Profit (loss) carried forward | 14 | €46,800 | €83,374 | +€36,574 | +78.1% |
| Amounts payable | 17/49 | €195,043 | €215,163 | +€20,120 | +10.3% |
| Amounts payable within one year | 42/48 | €195,043 | €215,163 | +€20,120 | +10.3% |
| Trade debts | 44 | €17,833 | €9,705 | -€8,128 | -45.6% |
| Suppliers | 440/4 | €17,833 | €9,705 | -€8,128 | -45.6% |
| Advances received on contracts in progress | 46 | €48,919 | €102,598 | +€53,679 | +109.7% |
| Taxes, remuneration and social security | 45 | €42,190 | €32,885 | -€9,305 | -22.1% |
| Taxes | 450/3 | €21,639 | €16,802 | -€4,837 | -22.4% |
| Remuneration and social security | 454/9 | €20,552 | €16,083 | -€4,468 | -21.7% |
| Other amounts payable | 47/48 | €86,101 | €69,976 | -€16,126 | -18.7% |
| Non-recurring operating income | 76A | - | €1,864 | +€1,864 | |
| Remuneration, social security and pensions | 62 | €98,568 | €107,847 | +€9,279 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,008 | €17,126 | -€882 | -4.9% |
| Other operating charges | 640/8 | €1,364 | €1,248 | -€116 | -8.5% |
| Gross operating margin | 9900 | €189,340 | €220,384 | +€31,044 | +16.4% |
| Operating profit (loss) | 9901 | €71,399 | €94,162 | +€22,763 | +31.9% |
| Financial income | 75/76B | €308 | €804 | +€497 | +161.5% |
| Recurring financial income | 75 | €308 | €804 | +€497 | +161.5% |
| Financial charges | 65/66B | €869 | €666 | -€204 | -23.4% |
| Recurring financial charges | 65 | €869 | €666 | -€204 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €70,837 | €94,301 | +€23,463 | +33.1% |
| Income taxes | 67/77 | €8,465 | €10,727 | +€2,262 | +26.7% |
| Profit (loss) for the period | 9904 | €62,372 | €83,574 | +€21,201 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,372 | €83,574 | +€21,201 | +34.0% |
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 6 October 2026 via checked.be.