GEORDEL: 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.
GEORDEL
Largest movements
- Tangible fixed assets +€215,310
up €215,310 (+26.8%), from €804,184 to €1.0m
- Stocks and contracts +€207,639
up €207,639 (+250.2%), from €82,985 to €290,624
- Receivables within one year -€18,089
down €18,089 (-56.0%), from €32,292 to €14,203
of which Other amounts receivable: -€14,142
- Cash -€13,440
down €13,440 (-65.3%), from €20,575 to €7,135
mainly Investment in fixed assets (net) (-€275,351) and Stocks and contracts (-€207,639)
- Other debts +€366,786
up €366,786 (+216.3%), from €169,546 to €536,332
- Short-term financial debts -€119,202
down €119,202 (-76.6%), from €155,656 to €36,454
- Debts after one year +€104,209
up €104,209 (+30.4%), from €342,618 to €446,827
- Trade debts +€27,950
up €27,950 (+139.5%), from €20,034 to €47,984
- Current portion of long-term debt +€16,527
up €16,527 (+28.1%), from €58,731 to €75,259
- Other operating charges +€8,332
up €8,332 (+74.8%), from €11,142 to €19,474
- Gross operating margin -€6,800
down €6,800 (-5.9%), from €116,230 to €109,430
- Taxes -€2,893
down €2,893 (-64.7%), from €4,470 to €1,577
- Write-downs +€2,313
new in 2025: €2,313
- Financial charges -€2,199
down €2,199 (-9.2%), from €24,008 to €21,809
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 | €940,036 | €1,334,529 | +€394,493 | +42.0% |
| Fixed assets | 21/28 | €804,184 | €1,019,494 | +€215,310 | +26.8% |
| Tangible fixed assets | 22/27 | €804,184 | €1,019,494 | +€215,310 | +26.8% |
| Land and buildings | 22 | €804,184 | €1,019,494 | +€215,310 | +26.8% |
| Current assets | 29/58 | €135,852 | €315,034 | +€179,183 | +131.9% |
| Stocks and contracts in progress | 3 | €82,985 | €290,624 | +€207,639 | +250.2% |
| Stocks | 30/36 | €82,985 | €290,624 | +€207,639 | +250.2% |
| Amounts receivable within one year | 40/41 | €32,292 | €14,203 | -€18,089 | -56.0% |
| Trade receivables | 40 | €16,353 | €12,406 | -€3,947 | -24.1% |
| Other amounts receivable | 41 | €15,939 | €1,797 | -€14,142 | -88.7% |
| Cash at bank and in hand | 54/58 | €20,575 | €7,135 | -€13,440 | -65.3% |
| Deferred charges and accrued income | 490/1 | - | €3,072 | +€3,072 | |
| Total equity and liabilities | 10/49 | €940,036 | €1,334,529 | +€394,493 | +42.0% |
| Equity | 10/15 | €178,653 | €182,869 | +€4,217 | +2.4% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €145,653 | €149,869 | +€4,217 | +2.9% |
| Distributable reserves | 133 | €145,653 | €149,869 | +€4,217 | +2.9% |
| Amounts payable | 17/49 | €761,383 | €1,151,660 | +€390,276 | +51.3% |
| Amounts payable after more than one year | 17 | €342,618 | €446,827 | +€104,209 | +30.4% |
| Financial debts | 170/4 | €342,618 | €446,827 | +€104,209 | +30.4% |
| Amounts payable within one year | 42/48 | €414,898 | €697,604 | +€282,706 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €58,731 | €75,259 | +€16,527 | +28.1% |
| Financial debts | 43 | €155,656 | €36,454 | -€119,202 | -76.6% |
| Credit institutions | 430/8 | €155,656 | €36,454 | -€119,202 | -76.6% |
| Trade debts | 44 | €20,034 | €47,984 | +€27,950 | +139.5% |
| Suppliers | 440/4 | €20,034 | €47,984 | +€27,950 | +139.5% |
| Taxes, remuneration and social security | 45 | €10,930 | €1,575 | -€9,355 | -85.6% |
| Taxes | 450/3 | €10,930 | €1,575 | -€9,355 | -85.6% |
| Other amounts payable | 47/48 | €169,546 | €536,332 | +€366,786 | +216.3% |
| Accrued charges and deferred income | 492/3 | €3,867 | €7,229 | +€3,362 | +86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,012 | €60,041 | -€971 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,313 | +€2,313 | |
| Other operating charges | 640/8 | €11,142 | €19,474 | +€8,332 | +74.8% |
| Gross operating margin | 9900 | €116,230 | €109,430 | -€6,800 | -5.9% |
| Operating profit (loss) | 9901 | €44,076 | €27,602 | -€16,474 | -37.4% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €24,008 | €21,809 | -€2,199 | -9.2% |
| Recurring financial charges | 65 | €24,008 | €21,809 | -€2,199 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €20,069 | €5,793 | -€14,276 | -71.1% |
| Income taxes | 67/77 | €4,470 | €1,577 | -€2,893 | -64.7% |
| Profit (loss) for the period | 9904 | €15,599 | €4,217 | -€11,383 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,599 | €4,217 | -€11,383 | -73.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.