GEOFFREY NINANE: 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.
GEOFFREY NINANE
Largest movements
- Cash +€25,117
up €25,117 (+24.9%), from €100,795 to €125,913
mainly Net result for the year (+€50,140) and Depreciation (+€9,869)
- Tangible fixed assets -€7,513
down €7,513 (-20.3%), from €37,093 to €29,580
- Receivables within one year -€7,046
down €7,046 (-20.1%), from €34,987 to €27,941
of which Trade receivables: -€12,331
- Reserves +€25,900
up €25,900 (+20.6%), from €125,800 to €151,700
- Other debts -€6,842
down €6,842 (-60.7%), from €11,269 to €4,427
- Trade debts -€6,507
down €6,507 (-73.5%), from €8,857 to €2,350
- Debts after one year -€6,243
down €6,243 (-38.7%), from €16,112 to €9,869
- Tax, wage and social debts +€6,004
up €6,004 (+193.3%), from €3,106 to €9,110
- Gross operating margin +€19,292
up €19,292 (+31.7%), from €60,846 to €80,138
- Taxes +€2,902
up €2,902 (+18.3%), from €15,814 to €18,715
- Depreciation +€2,584
up €2,584 (+35.5%), from €7,285 to €9,869
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 | €172,876 | €185,234 | +€12,358 | +7.1% |
| Fixed assets | 21/28 | €37,093 | €29,580 | -€7,513 | -20.3% |
| Tangible fixed assets | 22/27 | €37,093 | €29,580 | -€7,513 | -20.3% |
| Furniture and vehicles | 24 | €37,093 | €29,580 | -€7,513 | -20.3% |
| Current assets | 29/58 | €135,783 | €155,654 | +€19,871 | +14.6% |
| Amounts receivable within one year | 40/41 | €34,987 | €27,941 | -€7,046 | -20.1% |
| Trade receivables | 40 | €34,782 | €22,452 | -€12,331 | -35.5% |
| Other amounts receivable | 41 | €205 | €5,490 | +€5,285 | +2577.9% |
| Cash at bank and in hand | 54/58 | €100,795 | €125,913 | +€25,117 | +24.9% |
| Deferred charges and accrued income | 490/1 | - | €1,800 | +€1,800 | |
| Total equity and liabilities | 10/49 | €172,876 | €185,234 | +€12,358 | +7.1% |
| Equity | 10/15 | €127,545 | €153,235 | +€25,690 | +20.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €125,800 | €151,700 | +€25,900 | +20.6% |
| Distributable reserves | 133 | €125,800 | €151,700 | +€25,900 | +20.6% |
| Profit (loss) carried forward | 14 | €245 | €35 | -€210 | -85.6% |
| Amounts payable | 17/49 | €45,331 | €31,999 | -€13,332 | -29.4% |
| Amounts payable after more than one year | 17 | €16,112 | €9,869 | -€6,243 | -38.7% |
| Financial debts | 170/4 | €16,112 | €9,869 | -€6,243 | -38.7% |
| Amounts payable within one year | 42/48 | €29,219 | €22,130 | -€7,089 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €5,987 | €6,243 | +€256 | +4.3% |
| Trade debts | 44 | €8,857 | €2,350 | -€6,507 | -73.5% |
| Suppliers | 440/4 | €8,857 | €2,350 | -€6,507 | -73.5% |
| Taxes, remuneration and social security | 45 | €3,106 | €9,110 | +€6,004 | +193.3% |
| Taxes | 450/3 | €3,106 | €9,110 | +€6,004 | +193.3% |
| Other amounts payable | 47/48 | €11,269 | €4,427 | -€6,842 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,285 | €9,869 | +€2,584 | +35.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €60,846 | €80,138 | +€19,292 | +31.7% |
| Operating profit (loss) | 9901 | €53,173 | €69,869 | +€16,696 | +31.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €755 | €1,013 | +€259 | +34.3% |
| Recurring financial charges | 65 | €755 | €1,013 | +€259 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €52,419 | €68,856 | +€16,437 | +31.4% |
| Income taxes | 67/77 | €15,814 | €18,715 | +€2,902 | +18.3% |
| Profit (loss) for the period | 9904 | €36,605 | €50,140 | +€13,535 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,605 | €50,140 | +€13,535 | +37.0% |
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 8 October 2026 via checked.be.