GEORGALEX: 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.
GEORGALEX
Largest movements
- Current investments +€1.3m
up €1.3m (+134%), from €1.0m to €2.3m
- Tangible fixed assets +€283,848
up €283,848 (+2.3%), from €12.2m to €12.5m
of which Land and buildings: +€333,416
- Debts after one year +€1.7m
up €1.7m (+17.5%), from €9.4m to €11.1m
- Profit (loss) carried forward -€265,551
down €265,551 (-7.4%), from €3.6m to €3.3m
- Gross operating margin -€281,272
down €281,272 (-82.2%), from €342,384 to €61,112
- Financial income +€217,104
up €217,104 (+496%), from €43,735 to €260,839
- Financial charges +€164,299
up €164,299 (+6,983%), from €2,353 to €166,652
- Depreciation +€22,186
up €22,186 (+6.2%), from €358,010 to €380,196
- Staff costs -€19,652
down €19,652 (-45.1%), from €43,580 to €23,928
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 | €13,542,426 | €14,977,527 | +€1.4m | +10.6% |
| Fixed assets | 21/28 | €12,230,821 | €12,514,669 | +€283,848 | +2.3% |
| Tangible fixed assets | 22/27 | €12,230,821 | €12,514,669 | +€283,848 | +2.3% |
| Land and buildings | 22 | €11,946,111 | €12,279,527 | +€333,416 | +2.8% |
| Plant, machinery and equipment | 23 | €27,022 | €35,151 | +€8,129 | +30.1% |
| Furniture and vehicles | 24 | €243,217 | €189,573 | -€53,644 | -22.1% |
| Other tangible fixed assets | 26 | €14,471 | €10,418 | -€4,053 | -28.0% |
| Current assets | 29/58 | €1,311,605 | €2,462,858 | +€1.2m | +87.8% |
| Amounts receivable within one year | 40/41 | €86,451 | €27,602 | -€58,849 | -68.1% |
| Other amounts receivable | 41 | €86,451 | €27,602 | -€58,849 | -68.1% |
| Current investments | 50/53 | €1,000,000 | €2,336,227 | +€1.3m | +134% |
| Cash at bank and in hand | 54/58 | €225,154 | €99,029 | -€126,125 | -56.0% |
| Total equity and liabilities | 10/49 | €13,542,426 | €14,977,527 | +€1.4m | +10.6% |
| Equity | 10/15 | €4,039,235 | €3,773,684 | -€265,551 | -6.6% |
| Contributions | 10/11 | €272,683 | €272,683 | = | 0.0% |
| Capital | 10 | €272,683 | €272,683 | = | 0.0% |
| Issued capital | 100 | €272,683 | €272,683 | = | 0.0% |
| Reserves | 13 | €177,268 | €177,268 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Legal reserve | 130 | €27,268 | €27,268 | = | 0.0% |
| Tax-exempt reserves | 132 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,589,284 | €3,323,733 | -€265,551 | -7.4% |
| Amounts payable | 17/49 | €9,503,191 | €11,203,843 | +€1.7m | +17.9% |
| Amounts payable after more than one year | 17 | €9,425,000 | €11,075,000 | +€1.7m | +17.5% |
| Financial debts | 170/4 | €9,425,000 | €11,075,000 | +€1.7m | +17.5% |
| Amounts payable within one year | 42/48 | €78,191 | €128,843 | +€50,652 | +64.8% |
| Trade debts | 44 | €42,802 | €95,920 | +€53,118 | +124% |
| Suppliers | 440/4 | €42,802 | €95,920 | +€53,118 | +124% |
| Taxes, remuneration and social security | 45 | €35,389 | €32,525 | -€2,864 | -8.1% |
| Taxes | 450/3 | €29,288 | €32,525 | +€3,237 | +11.1% |
| Remuneration and social security | 454/9 | €6,101 | - | -€6,101 | |
| Other amounts payable | 47/48 | - | €398 | +€398 | |
| Non-recurring operating income | 76A | - | €29,017 | +€29,017 | |
| Remuneration, social security and pensions | 62 | €43,580 | €23,928 | -€19,652 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €358,010 | €380,196 | +€22,186 | +6.2% |
| Other operating charges | 640/8 | €7,606 | €15,977 | +€8,371 | +110% |
| Gross operating margin | 9900 | €342,384 | €61,112 | -€281,272 | -82.2% |
| Operating profit (loss) | 9901 | -€66,812 | -€358,989 | -€292,177 | -437% |
| Financial income | 75/76B | €43,735 | €260,839 | +€217,104 | +496% |
| Recurring financial income | 75 | €43,735 | €260,839 | +€217,104 | +496% |
| Financial charges | 65/66B | €2,353 | €166,652 | +€164,299 | +6,983% |
| Recurring financial charges | 65 | €2,353 | €166,652 | +€164,299 | +6,983% |
| Profit (loss) for the period before taxes | 9903 | -€25,430 | -€264,802 | -€239,372 | -941% |
| Income taxes | 67/77 | €361 | €749 | +€388 | +107% |
| Profit (loss) for the period | 9904 | -€25,791 | -€265,551 | -€239,760 | -930% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,791 | -€265,551 | -€239,760 | -930% |
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 13 October 2026 via checked.be.