GEORGES: 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.
GEORGES
Largest movements
- Receivables after one year +€509,107
new in 2025: €509,107
- Cash -€246,874
down €246,874 (-42.3%), from €583,855 to €336,981
mainly Receivables after one year (-€509,107) and Contributions, distributions and other (-€59,711)
- Receivables within one year -€48,382
down €48,382 (-79.9%), from €60,534 to €12,152
of which Trade receivables: -€52,258
- Reserves +€152,009
up €152,009 (+15.2%), from €1.0m to €1.2m
- Other debts +€46,893
up €46,893 (+202%), from €23,252 to €70,145
- Financial income +€55,744
up €55,744 (+572%), from €9,752 to €65,496
- Gross operating margin -€12,910
down €12,910 (-5.1%), from €254,934 to €242,024
- Taxes +€4,473
up €4,473 (+5.9%), from €76,233 to €80,706
- Depreciation -€2,882
down €2,882 (-19.6%), from €14,737 to €11,855
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 | €1,416,188 | €1,618,727 | +€202,540 | +14.3% |
| Fixed assets | 21/28 | €770,285 | €759,534 | -€10,751 | -1.4% |
| Tangible fixed assets | 22/27 | €31,272 | €20,521 | -€10,751 | -34.4% |
| Plant, machinery and equipment | 23 | €1,505 | €1,004 | -€502 | -33.3% |
| Furniture and vehicles | 24 | €29,766 | €19,517 | -€10,249 | -34.4% |
| Financial fixed assets | 28 | €739,013 | €739,013 | = | 0.0% |
| Current assets | 29/58 | €645,902 | €859,193 | +€213,290 | +33.0% |
| Amounts receivable after more than one year | 29 | - | €509,107 | +€509,107 | |
| Other amounts receivable | 291 | - | €509,107 | +€509,107 | |
| Amounts receivable within one year | 40/41 | €60,534 | €12,152 | -€48,382 | -79.9% |
| Trade receivables | 40 | €58,842 | €6,583 | -€52,258 | -88.8% |
| Other amounts receivable | 41 | €1,692 | €5,568 | +€3,876 | +229% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €583,855 | €336,981 | -€246,874 | -42.3% |
| Deferred charges and accrued income | 490/1 | €1,513 | €953 | -€560 | -37.0% |
| Total equity and liabilities | 10/49 | €1,416,188 | €1,618,727 | +€202,540 | +14.3% |
| Equity | 10/15 | €1,370,892 | €1,522,901 | +€152,009 | +11.1% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Reserves | 13 | €1,000,892 | €1,152,901 | +€152,009 | +15.2% |
| Distributable reserves | 133 | €1,000,892 | €1,152,901 | +€152,009 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,295 | €95,826 | +€50,531 | +112% |
| Amounts payable within one year | 42/48 | €44,453 | €94,183 | +€49,730 | +112% |
| Trade debts | 44 | €3,018 | €10,155 | +€7,138 | +237% |
| Suppliers | 440/4 | €3,018 | €10,155 | +€7,138 | +237% |
| Taxes, remuneration and social security | 45 | €18,183 | €13,882 | -€4,300 | -23.6% |
| Taxes | 450/3 | €18,183 | €13,882 | -€4,300 | -23.6% |
| Other amounts payable | 47/48 | €23,252 | €70,145 | +€46,893 | +202% |
| Accrued charges and deferred income | 492/3 | €843 | €1,643 | +€800 | +94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,737 | €11,855 | -€2,882 | -19.6% |
| Other operating charges | 640/8 | €1,155 | €1,166 | +€11 | +0.9% |
| Gross operating margin | 9900 | €254,934 | €242,024 | -€12,910 | -5.1% |
| Operating profit (loss) | 9901 | €239,042 | €229,003 | -€10,039 | -4.2% |
| Financial income | 75/76B | €9,752 | €65,496 | +€55,744 | +572% |
| Recurring financial income | 75 | €9,752 | €65,496 | +€55,744 | +572% |
| Financial charges | 65/66B | €1,413 | €2,073 | +€660 | +46.7% |
| Recurring financial charges | 65 | €1,413 | €2,073 | +€660 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €247,381 | €292,426 | +€45,045 | +18.2% |
| Income taxes | 67/77 | €76,233 | €80,706 | +€4,473 | +5.9% |
| Profit (loss) for the period | 9904 | €171,147 | €211,720 | +€40,572 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €171,147 | €211,720 | +€40,572 | +23.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.