GEORGE-LANSCH: 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.
GEORGE-LANSCH
Largest movements
- Cash -€42,833
down €42,833 (-45.6%), from €94,014 to €51,181
mainly Debts after one year (-€46,361) and Investment in fixed assets (net) (-€20,548)
- Tangible fixed assets -€37,506
down €37,506 (-6.8%), from €551,279 to €513,774
of which Land and buildings: -€24,969
- Receivables within one year +€13,645
up €13,645 (+30.2%), from €45,244 to €58,888
of which Trade receivables: +€18,194
- Debts after one year -€46,361
down €46,361 (-13.1%), from €354,464 to €308,103
- Reserves -€18,396
down €18,396 (-11.0%), from €166,658 to €148,263
- Trade debts -€17,265
down €17,265 (-28.7%), from €60,106 to €42,842
- Tax, wage and social debts +€15,082
up €15,082 (+91.4%), from €16,507 to €31,590
of which Remuneration and social security: +€18,286
- Staff costs +€32,935
up €32,935 (+36.5%), from €90,320 to €123,255
- Gross operating margin +€21,910
up €21,910 (+12.3%), from €178,057 to €199,967
- Depreciation +€5,312
up €5,312 (+10.0%), from €53,241 to €58,553
- Taxes -€2,219
down €2,219 (-74.2%), from €2,989 to €770
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 | €719,778 | €653,006 | -€66,772 | -9.3% |
| Fixed assets | 21/28 | €551,914 | €513,909 | -€38,006 | -6.9% |
| Tangible fixed assets | 22/27 | €551,279 | €513,774 | -€37,506 | -6.8% |
| Land and buildings | 22 | €441,165 | €416,196 | -€24,969 | -5.7% |
| Plant, machinery and equipment | 23 | €21,293 | €31,602 | +€10,309 | +48.4% |
| Furniture and vehicles | 24 | €5,689 | €4,211 | -€1,477 | -26.0% |
| Leasing and similar rights | 25 | €82,826 | €61,764 | -€21,062 | -25.4% |
| Other tangible fixed assets | 26 | €306 | - | -€306 | |
| Financial fixed assets | 28 | €635 | €135 | -€500 | -78.7% |
| Current assets | 29/58 | €167,864 | €139,098 | -€28,766 | -17.1% |
| Stocks and contracts in progress | 3 | €21,719 | €22,307 | +€588 | +2.7% |
| Stocks | 30/36 | €21,719 | €22,307 | +€588 | +2.7% |
| Amounts receivable within one year | 40/41 | €45,244 | €58,888 | +€13,645 | +30.2% |
| Trade receivables | 40 | €32,343 | €50,536 | +€18,194 | +56.3% |
| Other amounts receivable | 41 | €12,901 | €8,352 | -€4,549 | -35.3% |
| Cash at bank and in hand | 54/58 | €94,014 | €51,181 | -€42,833 | -45.6% |
| Deferred charges and accrued income | 490/1 | €6,888 | €6,722 | -€166 | -2.4% |
| Total equity and liabilities | 10/49 | €719,778 | €653,006 | -€66,772 | -9.3% |
| Equity | 10/15 | €218,828 | €200,314 | -€18,514 | -8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €166,658 | €148,263 | -€18,396 | -11.0% |
| Distributable reserves | 133 | €166,658 | €148,263 | -€18,396 | -11.0% |
| Profit (loss) carried forward | 14 | €15,589 | €15,589 | = | 0.0% |
| Investment grants | 15 | €17,981 | €17,863 | -€118 | -0.7% |
| Amounts payable | 17/49 | €500,950 | €452,692 | -€48,258 | -9.6% |
| Amounts payable after more than one year | 17 | €354,464 | €308,103 | -€46,361 | -13.1% |
| Financial debts | 170/4 | €354,464 | €308,103 | -€46,361 | -13.1% |
| Amounts payable within one year | 42/48 | €145,518 | €140,792 | -€4,726 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €45,849 | €46,361 | +€513 | +1.1% |
| Trade debts | 44 | €60,106 | €42,842 | -€17,265 | -28.7% |
| Suppliers | 440/4 | €60,106 | €42,842 | -€17,265 | -28.7% |
| Taxes, remuneration and social security | 45 | €16,507 | €31,590 | +€15,082 | +91.4% |
| Taxes | 450/3 | €3,743 | €540 | -€3,204 | -85.6% |
| Remuneration and social security | 454/9 | €12,764 | €31,050 | +€18,286 | +143% |
| Other amounts payable | 47/48 | €23,056 | €20,000 | -€3,056 | -13.3% |
| Accrued charges and deferred income | 492/3 | €968 | €3,797 | +€2,829 | +292% |
| Remuneration, social security and pensions | 62 | €90,320 | €123,255 | +€32,935 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,241 | €58,553 | +€5,312 | +10.0% |
| Other operating charges | 640/8 | €5,681 | €6,344 | +€663 | +11.7% |
| Gross operating margin | 9900 | €178,057 | €199,967 | +€21,910 | +12.3% |
| Operating profit (loss) | 9901 | €28,815 | €11,815 | -€17,000 | -59.0% |
| Financial income | 75/76B | €1,215 | €197 | -€1,017 | -83.7% |
| Recurring financial income | 75 | €1,215 | €197 | -€1,017 | -83.7% |
| Financial charges | 65/66B | €9,422 | €9,638 | +€217 | +2.3% |
| Recurring financial charges | 65 | €9,422 | €9,638 | +€217 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €20,608 | €2,374 | -€18,234 | -88.5% |
| Income taxes | 67/77 | €2,989 | €770 | -€2,219 | -74.2% |
| Profit (loss) for the period | 9904 | €17,619 | €1,604 | -€16,015 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,619 | €1,604 | -€16,015 | -90.9% |
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 31 October 2026 via checked.be.