Georgy: 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.
Georgy
Largest movements
- Receivables within one year +€134,409
up €134,409 (+419%), from €32,100 to €166,509
of which Trade receivables: +€134,959
- Tangible fixed assets -€115,584
down €115,584 (-80.5%), from €143,600 to €28,016
of which Plant, machinery and equipment: -€93,562
- Current investments -€38,732
down €38,732 (-7.6%), from €510,703 to €471,971
- Cash +€31,516
up €31,516 (+197%), from €16,007 to €47,523
mainly Investment in fixed assets (net) (+€91,333) and Current investments (+€38,732)
- Reserves +€13,981
up €13,981 (+2.1%), from €675,069 to €689,050
- Gross operating margin +€59,675
up €59,675, from -€42,242 to €17,433
- Financial income -€51,235
down €51,235 (-70.0%), from €73,211 to €21,975
- Depreciation -€30,086
down €30,086 (-55.4%), from €54,337 to €24,250
- Taxes +€1,289
up €1,289, from -€1,023 to €266
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 | €710,694 | €720,873 | +€10,178 | +1.4% |
| Fixed assets | 21/28 | €148,730 | €33,146 | -€115,584 | -77.7% |
| Tangible fixed assets | 22/27 | €143,600 | €28,016 | -€115,584 | -80.5% |
| Plant, machinery and equipment | 23 | €96,336 | €2,775 | -€93,562 | -97.1% |
| Furniture and vehicles | 24 | €23,087 | €6,787 | -€16,299 | -70.6% |
| Other tangible fixed assets | 26 | €24,177 | €18,454 | -€5,723 | -23.7% |
| Financial fixed assets | 28 | €5,130 | €5,130 | = | 0.0% |
| Current assets | 29/58 | €561,965 | €687,726 | +€125,762 | +22.4% |
| Amounts receivable within one year | 40/41 | €32,100 | €166,509 | +€134,409 | +419% |
| Trade receivables | 40 | €19,041 | €154,000 | +€134,959 | +709% |
| Other amounts receivable | 41 | €13,059 | €12,509 | -€550 | -4.2% |
| Current investments | 50/53 | €510,703 | €471,971 | -€38,732 | -7.6% |
| Cash at bank and in hand | 54/58 | €16,007 | €47,523 | +€31,516 | +197% |
| Deferred charges and accrued income | 490/1 | €3,154 | €1,724 | -€1,431 | -45.4% |
| Total equity and liabilities | 10/49 | €710,694 | €720,873 | +€10,178 | +1.4% |
| Equity | 10/15 | €693,619 | €707,600 | +€13,981 | +2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €675,069 | €689,050 | +€13,981 | +2.1% |
| Distributable reserves | 133 | €675,069 | €689,050 | +€13,981 | +2.1% |
| Amounts payable | 17/49 | €17,076 | €13,273 | -€3,803 | -22.3% |
| Amounts payable within one year | 42/48 | €16,633 | €13,272 | -€3,360 | -20.2% |
| Trade debts | 44 | €3,126 | €1,019 | -€2,107 | -67.4% |
| Suppliers | 440/4 | €3,126 | €1,019 | -€2,107 | -67.4% |
| Taxes, remuneration and social security | 45 | €1,067 | €2,464 | +€1,397 | +131% |
| Taxes | 450/3 | €1,067 | €2,464 | +€1,397 | +131% |
| Other amounts payable | 47/48 | €12,440 | €9,790 | -€2,650 | -21.3% |
| Accrued charges and deferred income | 492/3 | €443 | €0 | -€443 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,337 | €24,250 | -€30,086 | -55.4% |
| Other operating charges | 640/8 | €672 | €757 | +€85 | +12.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€42,242 | €17,433 | +€59,675 | |
| Operating profit (loss) | 9901 | -€97,251 | -€7,574 | +€89,677 | +92.2% |
| Financial income | 75/76B | €73,211 | €21,975 | -€51,235 | -70.0% |
| Recurring financial income | 75 | €73,211 | €21,975 | -€51,235 | -70.0% |
| Financial charges | 65/66B | €83 | €154 | +€71 | +85.4% |
| Recurring financial charges | 65 | €83 | €154 | +€71 | +85.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,123 | €14,247 | +€38,370 | |
| Income taxes | 67/77 | -€1,023 | €266 | +€1,289 | |
| Profit (loss) for the period | 9904 | -€23,100 | €13,981 | +€37,081 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,100 | €13,981 | +€37,081 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.