Georges Veldeman: what changed
What changed
Georges Veldeman
NACE 77.392, Rental and leasing activities
filed annual accounts (NBB)
Net result for the year
€218,714
2024 · €673,951-€455,237
Equity
€12.8m
2024 · €12.5m+€218,714
Cash
€879,494
2024 · €882,935-€3,440
Balance sheet total
€39.8m
2024 · €39.1m+€711,095
Largest movements
Assets
- Financial fixed assets +€5.2m
up €5.2m (+25.1%), from €20.6m to €25.8m
- Receivables within one year -€3.6m
down €3.6m (-54.3%), from €6.6m to €3.0m
of which Other amounts receivable: -€4.2m
- Tangible fixed assets -€1.1m
down €1.1m (-10.3%), from €10.4m to €9.3m
of which Other tangible fixed assets: -€1.2m
Equity and liabilities
- Other debts -€2.9m
down €2.9m (-98.5%), from €3.0m to €44,189
- Short-term financial debts +€1.7m
new in 2025: €1.7m
- Trade debts +€1.1m
up €1.1m (+57.6%), from €2.0m to €3.1m
- Current portion of long-term debt +€612,773
up €612,773 (+34.5%), from €1.8m to €2.4m
Income statement
- Turnover -€1.1m
down €1.1m (-6.9%), from €16.4m to €15.3m
- Services and other goods -€614,380
down €614,380 (-15.2%), from €4.1m to €3.4m
- Goods and materials -€608,840
down €608,840 (-8.7%), from €7.0m to €6.4m
of which Purchases: -€657,461
- Financial income -€355,736
down €355,736 (-24.0%), from €1.5m to €1.1m
of which Non-recurring financial income: -€1.3m
- Depreciation +€299,814
up €299,814 (+11.4%), from €2.6m to €2.9m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€673,951
Turnover
-€1.1m
Other operating income
+€94,117
Goods and materials
+€608,840
Services and other goods
+€614,380
Staff costs
+€80,036
Depreciation
-€299,814
Write-downs
-€179,559
Provisions
-€10,113
Other operating charges
+€188,473
Financial income
-€355,736
Financial charges
-€114,038
Taxes
+€58,087
Result 2025
€218,714
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€5.2m
Investment
-€7.2m
Financing
+€2.0m
Cash 2024
€882,935
From operations (derived)
+€5.2m
Net result for the year
+€218,714
Depreciation
+€2.9m
Stocks and contracts
+€20,189
Receivables within one year
+€3.6m
Smaller working-capital items
+€5,693
Trade debts
+€1.1m
Tax, wage and social debts
+€24,819
Other debts
-€2.9m
Accrued charges and deferred income
+€232,545
Investment (derived)
-€7.2m
Investment in fixed assets (net)
-€7.2m
Financing
+€2.0m
Debts after one year
-€340,242
Current portion of long-term debt
+€612,773
Short-term financial debts
+€1.7m
Cash 2025
€879,494
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,126,148 | €39,837,243 | +€711,095 | +1.8% |
| Fixed assets | 21/28 | €31,177,955 | €35,492,365 | +€4.3m | +13.8% |
| Intangible fixed assets | 21 | €229,313 | €436,900 | +€207,587 | +90.5% |
| Tangible fixed assets | 22/27 | €10,350,093 | €9,285,994 | -€1.1m | -10.3% |
| Land and buildings | 22 | €2,845,246 | €3,086,798 | +€241,552 | +8.5% |
| Plant, machinery and equipment | 23 | €91,327 | €168,463 | +€77,135 | +84.5% |
| Furniture and vehicles | 24 | €242,146 | €153,158 | -€88,987 | -36.7% |
| Leasing and similar rights | 25 | €2,005,164 | €1,924,928 | -€80,237 | -4.0% |
| Other tangible fixed assets | 26 | €5,166,210 | €3,952,647 | -€1.2m | -23.5% |
| Financial fixed assets | 28 | €20,598,548 | €25,769,471 | +€5.2m | +25.1% |
| Affiliated companies | 280/1 | €20,598,548 | €25,769,471 | +€5.2m | +25.1% |
| Participating interests | 280 | €19,908,730 | €19,847,397 | -€61,333 | -0.3% |
| Amounts receivable | 281 | €689,819 | €5,922,075 | +€5.2m | +758% |
| Current assets | 29/58 | €7,948,193 | €4,344,878 | -€3.6m | -45.3% |
| Stocks and contracts in progress | 3 | €411,191 | €391,003 | -€20,189 | -4.9% |
| Stocks | 30/36 | €411,191 | €391,003 | -€20,189 | -4.9% |
| Raw materials and consumables | 30/31 | €411,191 | €391,003 | -€20,189 | -4.9% |
| Amounts receivable within one year | 40/41 | €6,582,868 | €3,008,403 | -€3.6m | -54.3% |
| Trade receivables | 40 | €2,419,127 | €3,003,794 | +€584,667 | +24.2% |
| Other amounts receivable | 41 | €4,163,741 | €4,609 | -€4.2m | -99.9% |
| Cash at bank and in hand | 54/58 | €882,935 | €879,494 | -€3,440 | -0.4% |
| Deferred charges and accrued income | 490/1 | €71,199 | €65,978 | -€5,221 | -7.3% |
| Total equity and liabilities | 10/49 | €39,126,148 | €39,837,243 | +€711,095 | +1.8% |
| Equity | 10/15 | €12,548,088 | €12,766,801 | +€218,714 | +1.7% |
| Contributions | 10/11 | €2,311,266 | €2,311,266 | = | 0.0% |
| Capital | 10 | €2,311,266 | €2,311,266 | = | 0.0% |
| Issued capital | 100 | €2,311,266 | €2,311,266 | = | 0.0% |
| Revaluation surpluses | 12 | €1,468,259 | €1,435,635 | -€32,625 | -2.2% |
| Reserves | 13 | €4,878,504 | €4,911,129 | +€32,625 | +0.7% |
| Non-distributable reserves | 130/1 | €271,315 | €271,315 | = | 0.0% |
| Legal reserve | 130 | €271,315 | €271,315 | = | 0.0% |
| Distributable reserves | 133 | €4,607,190 | €4,639,814 | +€32,625 | +0.7% |
| Profit (loss) carried forward | 14 | €3,890,058 | €4,108,772 | +€218,714 | +5.6% |
| Provisions and deferred taxes | 16 | €5,033 | €5,505 | +€472 | +9.4% |
| Provisions for liabilities and charges | 160/5 | €5,033 | €5,505 | +€472 | +9.4% |
| Pensions and similar obligations | 160 | €5,033 | €5,505 | +€472 | +9.4% |
| Amounts payable | 17/49 | €26,573,027 | €27,064,936 | +€491,909 | +1.9% |
| Amounts payable after more than one year | 17 | €18,836,256 | €18,496,014 | -€340,242 | -1.8% |
| Financial debts | 170/4 | €18,836,256 | €18,496,014 | -€340,242 | -1.8% |
| Leasing and similar obligations | 172 | €1,118,398 | €981,130 | -€137,269 | -12.3% |
| Credit institutions | 173 | €17,717,857 | €15,304,089 | -€2.4m | -13.6% |
| Other loans | 174 | - | €2,210,796 | +€2.2m | |
| Amounts payable within one year | 42/48 | €7,113,244 | €7,712,849 | +€599,605 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €1,774,567 | €2,387,339 | +€612,773 | +34.5% |
| Financial debts | 43 | - | €1,748,893 | +€1.7m | |
| Credit institutions | 430/8 | - | €1,748,893 | +€1.7m | |
| Trade debts | 44 | €1,974,876 | €3,112,506 | +€1.1m | +57.6% |
| Suppliers | 440/4 | €1,974,876 | €3,112,506 | +€1.1m | +57.6% |
| Taxes, remuneration and social security | 45 | €395,102 | €419,921 | +€24,819 | +6.3% |
| Taxes | 450/3 | €13,458 | €39,795 | +€26,337 | +196% |
| Remuneration and social security | 454/9 | €381,644 | €380,126 | -€1,518 | -0.4% |
| Other amounts payable | 47/48 | €2,968,698 | €44,189 | -€2.9m | -98.5% |
| Accrued charges and deferred income | 492/3 | €623,528 | €856,073 | +€232,545 | +37.3% |
| Operating income | 70/76A | €16,939,369 | €15,893,577 | -€1.0m | -6.2% |
| Turnover | 70 | €16,422,035 | €15,282,126 | -€1.1m | -6.9% |
| Other operating income | 74 | €517,334 | €611,451 | +€94,117 | +18.2% |
| Operating charges | 60/66A | €16,675,334 | €15,673,092 | -€1.0m | -6.0% |
| Goods for resale, raw materials and consumables | 60 | €6,992,786 | €6,383,947 | -€608,840 | -8.7% |
| Purchases | 600/8 | €7,021,219 | €6,363,758 | -€657,461 | -9.4% |
| Change in stocks: decrease (increase) | 609 | -€28,433 | €20,189 | +€48,621 | |
| Services and other goods | 61 | €4,050,095 | €3,435,715 | -€614,380 | -15.2% |
| Remuneration, social security and pensions | 62 | €2,911,887 | €2,831,851 | -€80,036 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,630,883 | €2,930,697 | +€299,814 | +11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€172,929 | €6,630 | +€179,559 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,641 | €472 | +€10,113 | |
| Other operating charges | 640/8 | €272,253 | €83,780 | -€188,473 | -69.2% |
| Operating profit (loss) | 9901 | €264,035 | €220,485 | -€43,550 | -16.5% |
| Financial income | 75/76B | €1,483,769 | €1,128,033 | -€355,736 | -24.0% |
| Recurring financial income | 75 | €161,672 | €1,128,033 | +€966,361 | +598% |
| Income from financial fixed assets | 750 | - | €1,055,561 | +€1.1m | |
| Income from current assets | 751 | €131,669 | €34,390 | -€97,278 | -73.9% |
| Other financial income | 752/9 | €30,004 | €38,082 | +€8,078 | +26.9% |
| Non-recurring financial income | 76B | €1,322,097 | - | -€1.3m | |
| Financial charges | 65/66B | €1,073,853 | €1,187,891 | +€114,038 | +10.6% |
| Recurring financial charges | 65 | €1,073,853 | €1,187,891 | +€114,038 | +10.6% |
| Debt charges | 650 | €1,024,187 | €1,186,500 | +€162,313 | +15.8% |
| Other financial charges | 652/9 | €49,666 | €1,391 | -€48,275 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €673,951 | €160,627 | -€513,324 | -76.2% |
| Income taxes | 67/77 | - | -€58,087 | -€58,087 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €58,087 | +€58,087 | |
| Profit (loss) for the period | 9904 | €673,951 | €218,714 | -€455,237 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €673,951 | €218,714 | -€455,237 | -67.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.