George: 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.
George
Largest movements
- Tangible fixed assets -€74,197
down €74,197 (-8.9%), from €832,665 to €758,468
of which Land and buildings: -€54,913
- Cash +€38,720
up €38,720 (+1041.9%), from €3,716 to €42,436
mainly Depreciation (+€74,197) and Trade debts (+€4,072)
- Debts after one year -€17,480
down €17,480 (-6.7%), from €262,629 to €245,149
- Profit (loss) carried forward -€15,769
down €15,769 (-37.3%), from -€42,248 to -€58,017
- Depreciation -€5,891
down €5,891 (-7.4%), from €80,087 to €74,197
- Gross operating margin -€4,131
down €4,131 (-4.9%), from €83,522 to €79,392
- Other operating charges +€1,343
up €1,343 (+18.6%), from €7,234 to €8,577
- Financial charges -€839
down €839 (-6.4%), from €13,050 to €12,211
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 | €836,672 | €800,980 | -€35,692 | -4.3% |
| Fixed assets | 21/28 | €832,740 | €758,543 | -€74,197 | -8.9% |
| Tangible fixed assets | 22/27 | €832,665 | €758,468 | -€74,197 | -8.9% |
| Land and buildings | 22 | €700,361 | €645,448 | -€54,913 | -7.8% |
| Plant, machinery and equipment | 23 | €127,601 | €112,923 | -€14,677 | -11.5% |
| Furniture and vehicles | 24 | €4,703 | €97 | -€4,606 | -97.9% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €3,932 | €42,436 | +€38,504 | +979.3% |
| Cash at bank and in hand | 54/58 | €3,716 | €42,436 | +€38,720 | +1041.9% |
| Deferred charges and accrued income | 490/1 | €216 | €0 | -€216 | -100.0% |
| Total equity and liabilities | 10/49 | €836,672 | €800,980 | -€35,692 | -4.3% |
| Equity | 10/15 | €158,271 | €142,502 | -€15,769 | -10.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €181,927 | €181,927 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,736 | €17,736 | = | 0.0% |
| Distributable reserves | 133 | €164,190 | €164,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,248 | -€58,017 | -€15,769 | -37.3% |
| Amounts payable | 17/49 | €678,401 | €658,478 | -€19,923 | -2.9% |
| Amounts payable after more than one year | 17 | €262,629 | €245,149 | -€17,480 | -6.7% |
| Financial debts | 170/4 | €262,629 | €245,149 | -€17,480 | -6.7% |
| Amounts payable within one year | 42/48 | €406,417 | €404,379 | -€2,038 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €21,926 | €17,480 | -€4,446 | -20.3% |
| Trade debts | 44 | €1,250 | €5,322 | +€4,072 | +325.7% |
| Suppliers | 440/4 | €1,250 | €5,322 | +€4,072 | +325.7% |
| Taxes, remuneration and social security | 45 | €339 | €351 | +€12 | +3.5% |
| Taxes | 450/3 | €339 | €351 | +€12 | +3.5% |
| Other amounts payable | 47/48 | €382,902 | €381,227 | -€1,676 | -0.4% |
| Accrued charges and deferred income | 492/3 | €9,355 | €8,950 | -€405 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,087 | €74,197 | -€5,891 | -7.4% |
| Other operating charges | 640/8 | €7,234 | €8,577 | +€1,343 | +18.6% |
| Gross operating margin | 9900 | €83,522 | €79,392 | -€4,131 | -4.9% |
| Operating profit (loss) | 9901 | -€3,799 | -€3,382 | +€417 | +11.0% |
| Financial charges | 65/66B | €13,050 | €12,211 | -€839 | -6.4% |
| Recurring financial charges | 65 | €13,050 | €12,211 | -€839 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,849 | -€15,593 | +€1,256 | +7.5% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€17,023 | -€15,769 | +€1,255 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,023 | -€15,769 | +€1,255 | +7.4% |
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 5 October 2026 via checked.be.