GEO: 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.
GEO
Largest movements
- Receivables within one year +€465,963
up €465,963 (+38.0%), from €1.2m to €1.7m
of which Trade receivables: +€448,014
- Cash -€210,703
down €210,703 (-29.0%), from €726,841 to €516,139
mainly Receivables within one year (-€465,963) and Debts after one year (-€168,518)
- Tangible fixed assets -€65,262
down €65,262 (-5.7%), from €1.1m to €1.1m
of which Land and buildings: -€41,787
- Advances received +€400,737
up €400,737 (+29.1%), from €1.4m to €1.8m
- Debts after one year -€168,518
down €168,518 (-21.2%), from €795,951 to €627,433
- Trade debts -€165,715
down €165,715 (-51.6%), from €321,330 to €155,614
- Other debts +€105,299
new in 2025: €105,299
- Current portion of long-term debt -€92,892
down €92,892 (-33.3%), from €278,777 to €185,885
- Taxes +€30,025
up €30,025 (+315%), from €9,530 to €39,555
- Depreciation +€8,127
up €8,127 (+10.8%), from €75,013 to €83,140
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 | €3,389,368 | €3,579,366 | +€189,998 | +5.6% |
| Fixed assets | 21/28 | €1,436,836 | €1,371,574 | -€65,262 | -4.5% |
| Tangible fixed assets | 22/27 | €1,149,654 | €1,084,391 | -€65,262 | -5.7% |
| Land and buildings | 22 | €951,856 | €910,069 | -€41,787 | -4.4% |
| Plant, machinery and equipment | 23 | €114,011 | €111,041 | -€2,969 | -2.6% |
| Furniture and vehicles | 24 | €83,787 | €63,281 | -€20,507 | -24.5% |
| Financial fixed assets | 28 | €287,182 | €287,182 | = | 0.0% |
| Current assets | 29/58 | €1,952,532 | €2,207,792 | +€255,260 | +13.1% |
| Amounts receivable within one year | 40/41 | €1,225,691 | €1,691,653 | +€465,963 | +38.0% |
| Trade receivables | 40 | €1,087,601 | €1,535,615 | +€448,014 | +41.2% |
| Other amounts receivable | 41 | €138,090 | €156,038 | +€17,949 | +13.0% |
| Cash at bank and in hand | 54/58 | €726,841 | €516,139 | -€210,703 | -29.0% |
| Total equity and liabilities | 10/49 | €3,389,368 | €3,579,366 | +€189,998 | +5.6% |
| Equity | 10/15 | €544,822 | €620,240 | +€75,418 | +13.8% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Capital | 10 | €68,171 | €68,171 | = | 0.0% |
| Issued capital | 100 | €68,171 | €68,171 | = | 0.0% |
| Revaluation surpluses | 12 | €381,000 | €381,000 | = | 0.0% |
| Reserves | 13 | €6,817 | €6,817 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,817 | €6,817 | = | 0.0% |
| Legal reserve | 130 | €6,817 | €6,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,834 | €164,252 | +€75,418 | +84.9% |
| Amounts payable | 17/49 | €2,844,546 | €2,959,126 | +€114,579 | +4.0% |
| Amounts payable after more than one year | 17 | €795,951 | €627,433 | -€168,518 | -21.2% |
| Financial debts | 170/4 | €795,951 | €627,433 | -€168,518 | -21.2% |
| Amounts payable within one year | 42/48 | €2,048,596 | €2,331,693 | +€283,097 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €278,777 | €185,885 | -€92,892 | -33.3% |
| Trade debts | 44 | €321,330 | €155,614 | -€165,715 | -51.6% |
| Suppliers | 440/4 | €321,330 | €155,614 | -€165,715 | -51.6% |
| Advances received on contracts in progress | 46 | €1,378,913 | €1,779,650 | +€400,737 | +29.1% |
| Taxes, remuneration and social security | 45 | €69,576 | €105,244 | +€35,668 | +51.3% |
| Taxes | 450/3 | €9,675 | €46,228 | +€36,553 | +378% |
| Remuneration and social security | 454/9 | €59,901 | €59,016 | -€885 | -1.5% |
| Other amounts payable | 47/48 | - | €105,299 | +€105,299 | |
| Remuneration, social security and pensions | 62 | €526,598 | €532,650 | +€6,051 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,013 | €83,140 | +€8,127 | +10.8% |
| Other operating charges | 640/8 | €18,329 | €16,057 | -€2,271 | -12.4% |
| Gross operating margin | 9900 | €787,961 | €780,126 | -€7,835 | -1.0% |
| Operating profit (loss) | 9901 | €168,021 | €148,279 | -€19,742 | -11.7% |
| Financial charges | 65/66B | €36,551 | €33,305 | -€3,245 | -8.9% |
| Recurring financial charges | 65 | €36,551 | €33,305 | -€3,245 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €131,471 | €114,974 | -€16,497 | -12.5% |
| Income taxes | 67/77 | €9,530 | €39,555 | +€30,025 | +315% |
| Profit (loss) for the period | 9904 | €121,941 | €75,418 | -€46,522 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €121,941 | €75,418 | -€46,522 | -38.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.