Georges & Madeleine: 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.
What changed
Georges & Madeleine
NACE 55.204, Guest rooms (bed and breakfast)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,865
2024 · -€13,977+€10,111
Equity
-€126,064
2024 · -€122,199-€3,865
Cash
€2,903
2024 · €2,331+€571
Balance sheet total
€649,402
2024 · €693,015-€43,613
Largest movements
Assets
- Tangible fixed assets -€42,452
down €42,452 (-6.2%), from €685,479 to €643,027
of which Other tangible fixed assets: -€28,780
Equity and liabilities
- Debts after one year -€45,937
down €45,937 (-10.6%), from €432,737 to €386,800
Income statement
- Gross operating margin +€10,355
up €10,355 (+25.1%), from €41,242 to €51,597
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.
Result 2024
-€13,977
Gross operating margin
+€10,355
Depreciation
-€73
Other operating charges
-€182
Financial charges
+€11
Result 2025
-€3,865
raises the resultlowers the result
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.
From operations
+€50,338
Investment
-€4,343
Financing
-€45,424
Cash 2024
€2,331
From operations (derived)
+€50,338
Net result for the year
-€3,865
Depreciation
+€47,645
Receivables within one year
+€934
Deferred charges and accrued income
-€52
Trade debts
+€1,885
Tax, wage and social debts
+€165
Other debts
+€3,626
Investment (derived)
-€4,343
Investment in fixed assets (net)
-€4,343
Financing
-€45,424
Debts after one year
-€45,937
Current portion of long-term debt
+€513
Cash 2025
€2,903
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €693,015 | €649,402 | -€43,613 | -6.3% |
| Fixed assets | 21/28 | €687,332 | €644,030 | -€43,302 | -6.3% |
| Intangible fixed assets | 21 | €1,854 | €1,004 | -€850 | -45.9% |
| Tangible fixed assets | 22/27 | €685,479 | €643,027 | -€42,452 | -6.2% |
| Land and buildings | 22 | €131,381 | €123,597 | -€7,784 | -5.9% |
| Plant, machinery and equipment | 23 | €4,399 | €3,425 | -€973 | -22.1% |
| Furniture and vehicles | 24 | €11,846 | €6,930 | -€4,915 | -41.5% |
| Other tangible fixed assets | 26 | €537,854 | €509,074 | -€28,780 | -5.4% |
| Current assets | 29/58 | €5,682 | €5,372 | -€311 | -5.5% |
| Amounts receivable within one year | 40/41 | €1,617 | €683 | -€934 | -57.8% |
| Trade receivables | 40 | €1,490 | €683 | -€808 | -54.2% |
| Other amounts receivable | 41 | €127 | - | -€127 | |
| Cash at bank and in hand | 54/58 | €2,331 | €2,903 | +€571 | +24.5% |
| Deferred charges and accrued income | 490/1 | €1,734 | €1,786 | +€52 | +3.0% |
| Total equity and liabilities | 10/49 | €693,015 | €649,402 | -€43,613 | -6.3% |
| Equity | 10/15 | -€122,199 | -€126,064 | -€3,865 | -3.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,199 | -€136,064 | -€3,865 | -2.9% |
| Amounts payable | 17/49 | €815,214 | €775,466 | -€39,747 | -4.9% |
| Amounts payable after more than one year | 17 | €432,737 | €386,800 | -€45,937 | -10.6% |
| Financial debts | 170/4 | €432,737 | €386,800 | -€45,937 | -10.6% |
| Amounts payable within one year | 42/48 | €382,476 | €388,666 | +€6,190 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €45,424 | €45,937 | +€513 | +1.1% |
| Trade debts | 44 | €13,264 | €15,150 | +€1,885 | +14.2% |
| Suppliers | 440/4 | €13,264 | €15,150 | +€1,885 | +14.2% |
| Taxes, remuneration and social security | 45 | - | €165 | +€165 | |
| Taxes | 450/3 | - | €165 | +€165 | |
| Other amounts payable | 47/48 | €323,788 | €327,415 | +€3,626 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,572 | €47,645 | +€73 | +0.2% |
| Other operating charges | 640/8 | €2,768 | €2,950 | +€182 | +6.6% |
| Gross operating margin | 9900 | €41,242 | €51,597 | +€10,355 | +25.1% |
| Operating profit (loss) | 9901 | -€9,099 | €1,001 | +€10,100 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €4,878 | €4,867 | -€11 | -0.2% |
| Recurring financial charges | 65 | €4,878 | €4,867 | -€11 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,977 | -€3,865 | +€10,111 | +72.3% |
| Profit (loss) for the period | 9904 | -€13,977 | -€3,865 | +€10,111 | +72.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,977 | -€3,865 | +€10,111 | +72.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.