GEO - BENELUX: 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 - BENELUX
Largest movements
- Stocks and contracts +€77,806
up €77,806 (+23.8%), from €327,443 to €405,249
- Receivables within one year +€31,875
up €31,875 (+470.5%), from €6,774 to €38,649
of which Trade receivables: +€35,899
- Cash +€31,013
up €31,013 (+121.4%), from €25,546 to €56,560
mainly Net result for the year (+€106,626) and Other debts (+€66,980)
- Other debts +€66,980
up €66,980 (+83.7%), from €80,063 to €147,043
- Reserves +€47,080
up €47,080 (+23.1%), from €203,750 to €250,830
- Advances received +€27,617
new in 2025: €27,617
- Debts after one year -€8,193
down €8,193 (-79.9%), from €10,259 to €2,066
- Gross operating margin +€71,759
up €71,759 (+73.1%), from €98,215 to €169,974
- Taxes +€23,796
up €23,796 (+87.4%), from €27,214 to €51,009
- Depreciation -€5,886
down €5,886 (-40.3%), from €14,605 to €8,719
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 | €387,255 | €524,307 | +€137,052 | +35.4% |
| Fixed assets | 21/28 | €27,491 | €23,848 | -€3,643 | -13.3% |
| Tangible fixed assets | 22/27 | €27,491 | €23,848 | -€3,643 | -13.3% |
| Land and buildings | 22 | €17,215 | €15,902 | -€1,313 | -7.6% |
| Plant, machinery and equipment | 23 | €4,466 | €5,370 | +€904 | +20.2% |
| Furniture and vehicles | 24 | €5,811 | €2,577 | -€3,234 | -55.7% |
| Current assets | 29/58 | €359,764 | €500,458 | +€140,695 | +39.1% |
| Stocks and contracts in progress | 3 | €327,443 | €405,249 | +€77,806 | +23.8% |
| Stocks | 30/36 | €327,443 | €405,249 | +€77,806 | +23.8% |
| Amounts receivable within one year | 40/41 | €6,774 | €38,649 | +€31,875 | +470.5% |
| Trade receivables | 40 | €500 | €36,399 | +€35,899 | +7179.8% |
| Other amounts receivable | 41 | €6,274 | €2,250 | -€4,024 | -64.1% |
| Cash at bank and in hand | 54/58 | €25,546 | €56,560 | +€31,013 | +121.4% |
| Total equity and liabilities | 10/49 | €387,255 | €524,307 | +€137,052 | +35.4% |
| Equity | 10/15 | €222,750 | €269,830 | +€47,080 | +21.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €203,750 | €250,830 | +€47,080 | +23.1% |
| Distributable reserves | 133 | €203,750 | €250,830 | +€47,080 | +23.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €164,505 | €254,477 | +€89,972 | +54.7% |
| Amounts payable after more than one year | 17 | €10,259 | €2,066 | -€8,193 | -79.9% |
| Financial debts | 170/4 | €10,259 | €2,066 | -€8,193 | -79.9% |
| Amounts payable within one year | 42/48 | €154,245 | €252,411 | +€98,165 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | €35,034 | €34,167 | -€867 | -2.5% |
| Trade debts | 44 | €25,775 | €25,770 | -€5 | 0.0% |
| Suppliers | 440/4 | €25,775 | €25,770 | -€5 | 0.0% |
| Advances received on contracts in progress | 46 | - | €27,617 | +€27,617 | |
| Taxes, remuneration and social security | 45 | €13,374 | €17,814 | +€4,440 | +33.2% |
| Taxes | 450/3 | €13,374 | €17,814 | +€4,440 | +33.2% |
| Other amounts payable | 47/48 | €80,063 | €147,043 | +€66,980 | +83.7% |
| Remuneration, social security and pensions | 62 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,605 | €8,719 | -€5,886 | -40.3% |
| Other operating charges | 640/8 | €1,555 | €1,650 | +€95 | +6.1% |
| Gross operating margin | 9900 | €98,215 | €169,974 | +€71,759 | +73.1% |
| Operating profit (loss) | 9901 | €82,055 | €159,578 | +€77,523 | +94.5% |
| Financial income | 75/76B | €1,080 | €989 | -€91 | -8.4% |
| Recurring financial income | 75 | €1,080 | €989 | -€91 | -8.4% |
| Financial charges | 65/66B | €2,298 | €2,932 | +€634 | +27.6% |
| Recurring financial charges | 65 | €2,298 | €2,932 | +€634 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €80,837 | €157,635 | +€76,799 | +95.0% |
| Income taxes | 67/77 | €27,214 | €51,009 | +€23,796 | +87.4% |
| Profit (loss) for the period | 9904 | €53,623 | €106,626 | +€53,003 | +98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,623 | €106,626 | +€53,003 | +98.8% |
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 9 October 2026 via checked.be.