GEO-SAED: 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-SAED
Largest movements
- Tangible fixed assets +€15,329
up €15,329 (+88.7%), from €17,281 to €32,610
of which Furniture and vehicles: +€18,809
- Cash -€3,073
down €3,073 (-19.4%), from €15,856 to €12,783
mainly Investment in fixed assets (net) (-€21,106) and Trade debts (-€14,455)
- Debts after one year +€15,338
new in 2025: €15,338
- Trade debts -€14,455
down €14,455 (-61.2%), from €23,622 to €9,166
- Other debts +€12,873
up €12,873 (+96.6%), from €13,330 to €26,204
- Tax, wage and social debts -€8,052
down €8,052 (-30.0%), from €26,836 to €18,784
of which Remuneration and social security: -€4,783
- Short-term financial debts +€6,314
new in 2025: €6,314
- Staff costs -€5,340
down €5,340 (-4.4%), from €121,666 to €116,326
- Depreciation -€1,780
down €1,780 (-23.6%), from €7,557 to €5,777
- Gross operating margin +€1,745
up €1,745 (+1.4%), from €125,427 to €127,172
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 | €96,461 | €109,119 | +€12,658 | +13.1% |
| Fixed assets | 21/28 | €17,281 | €32,610 | +€15,329 | +88.7% |
| Tangible fixed assets | 22/27 | €17,281 | €32,610 | +€15,329 | +88.7% |
| Plant, machinery and equipment | 23 | €13,818 | €10,338 | -€3,480 | -25.2% |
| Furniture and vehicles | 24 | €3,463 | €22,273 | +€18,809 | +543% |
| Current assets | 29/58 | €79,180 | €76,509 | -€2,671 | -3.4% |
| Amounts receivable within one year | 40/41 | €63,324 | €63,725 | +€401 | +0.6% |
| Trade receivables | 40 | €63,324 | €63,694 | +€370 | +0.6% |
| Other amounts receivable | 41 | - | €31 | +€31 | |
| Cash at bank and in hand | 54/58 | €15,856 | €12,783 | -€3,073 | -19.4% |
| Total equity and liabilities | 10/49 | €96,461 | €109,119 | +€12,658 | +13.1% |
| Equity | 10/15 | €28,207 | €28,651 | +€445 | +1.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €23,424 | €23,424 | = | 0.0% |
| Distributable reserves | 133 | €23,424 | €23,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,218 | -€4,773 | +€445 | +8.5% |
| Amounts payable | 17/49 | €68,254 | €80,468 | +€12,213 | +17.9% |
| Amounts payable after more than one year | 17 | - | €15,338 | +€15,338 | |
| Financial debts | 170/4 | - | €15,338 | +€15,338 | |
| Amounts payable within one year | 42/48 | €68,254 | €65,129 | -€3,125 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €4,467 | €4,662 | +€195 | +4.4% |
| Financial debts | 43 | - | €6,314 | +€6,314 | |
| Credit institutions | 430/8 | - | €6,314 | +€6,314 | |
| Trade debts | 44 | €23,622 | €9,166 | -€14,455 | -61.2% |
| Suppliers | 440/4 | €23,622 | €9,166 | -€14,455 | -61.2% |
| Taxes, remuneration and social security | 45 | €26,836 | €18,784 | -€8,052 | -30.0% |
| Taxes | 450/3 | €7,661 | €4,392 | -€3,269 | -42.7% |
| Remuneration and social security | 454/9 | €19,174 | €14,392 | -€4,783 | -24.9% |
| Other amounts payable | 47/48 | €13,330 | €26,204 | +€12,873 | +96.6% |
| Remuneration, social security and pensions | 62 | €121,666 | €116,326 | -€5,340 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,557 | €5,777 | -€1,780 | -23.6% |
| Other operating charges | 640/8 | €1,150 | €1,176 | +€25 | +2.2% |
| Gross operating margin | 9900 | €125,427 | €127,172 | +€1,745 | +1.4% |
| Operating profit (loss) | 9901 | -€4,946 | €3,894 | +€8,840 | |
| Financial income | 75/76B | €3 | €30 | +€26 | +849% |
| Recurring financial income | 75 | €3 | €30 | +€26 | +849% |
| Financial charges | 65/66B | €2,683 | €2,931 | +€248 | +9.2% |
| Recurring financial charges | 65 | €2,683 | €2,931 | +€248 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,626 | €992 | +€8,619 | |
| Income taxes | 67/77 | €431 | €548 | +€117 | +27.2% |
| Profit (loss) for the period | 9904 | -€8,057 | €445 | +€8,502 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,057 | €445 | +€8,502 |
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 23 October 2026 via checked.be.