GERAN: 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
GERAN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,474
2024 · €12,659-€7,185
Equity
€275,792
2024 · €265,781+€10,011
Cash
€47,296
2024 · €50,227-€2,930
Balance sheet total
€879,107
2024 · €909,818-€30,711
Largest movements
Assets
- Tangible fixed assets -€34,189
down €34,189 (-4.0%), from €858,649 to €824,461
of which Land and buildings: -€35,009
Equity and liabilities
- Debts after one year -€39,127
down €39,127 (-18.2%), from €214,870 to €175,743
of which Financial debts: -€39,127
- Reserves +€10,011
up €10,011 (+9.3%), from €107,129 to €117,140
of which Distributable reserves: +€6,422
Income statement
- Financial charges +€4,596
up €4,596 (+19.6%), from €23,484 to €28,080
- Depreciation +€1,877
up €1,877 (+3.1%), from €61,323 to €63,201
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
€12,659
Gross operating margin
-€739
Depreciation
-€1,877
Other operating charges
+€58
Financial income
+€117
Financial charges
-€4,596
Taxes
-€35
Deferred taxes and other
-€114
Result 2025
€5,474
raises the resultlowers the resultnot broken down further in the accounts
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
+€60,049
Investment
-€29,012
Financing
-€33,967
Cash 2024
€50,227
From operations (derived)
+€60,049
Net result for the year
+€5,474
Depreciation
+€63,201
Deferred charges and accrued income
-€6,408
Provisions
-€4,853
Trade debts
-€345
Tax, wage and social debts
+€757
Accrued charges and deferred income
+€2,224
Investment (derived)
-€29,012
Investment in fixed assets (net)
-€29,012
Financing
-€33,967
Debts after one year
-€39,127
Current portion of long-term debt
+€622
Contributions, distributions and other
+€4,537
Cash 2025
€47,296
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €909,818 | €879,107 | -€30,711 | -3.4% |
| Fixed assets | 21/28 | €858,649 | €824,461 | -€34,189 | -4.0% |
| Tangible fixed assets | 22/27 | €858,649 | €824,461 | -€34,189 | -4.0% |
| Land and buildings | 22 | €820,276 | €785,267 | -€35,009 | -4.3% |
| Plant, machinery and equipment | 23 | €38,373 | €39,194 | +€821 | +2.1% |
| Current assets | 29/58 | €51,169 | €54,647 | +€3,478 | +6.8% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €50,227 | €47,296 | -€2,930 | -5.8% |
| Deferred charges and accrued income | 490/1 | €943 | €7,351 | +€6,408 | +680% |
| Total equity and liabilities | 10/49 | €909,818 | €879,107 | -€30,711 | -3.4% |
| Equity | 10/15 | €265,781 | €275,792 | +€10,011 | +3.8% |
| Contributions | 10/11 | €158,652 | €158,652 | = | 0.0% |
| Capital | 10 | €158,652 | €158,652 | = | 0.0% |
| Issued capital | 100 | €158,652 | €158,652 | = | 0.0% |
| Reserves | 13 | €107,129 | €117,140 | +€10,011 | +9.3% |
| Non-distributable reserves | 130/1 | €15,865 | €15,865 | = | 0.0% |
| Legal reserve | 130 | €15,865 | €15,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,644 | €23,233 | +€3,589 | +18.3% |
| Distributable reserves | 133 | €71,620 | €78,042 | +€6,422 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €10,115 | €5,262 | -€4,853 | -48.0% |
| Deferred taxes | 168 | €10,115 | €5,262 | -€4,853 | -48.0% |
| Amounts payable | 17/49 | €633,923 | €598,054 | -€35,869 | -5.7% |
| Amounts payable after more than one year | 17 | €214,870 | €175,743 | -€39,127 | -18.2% |
| Financial debts | 170/4 | €208,425 | €169,298 | -€39,127 | -18.8% |
| Other amounts payable | 178/9 | €6,445 | €6,445 | = | 0.0% |
| Amounts payable within one year | 42/48 | €392,623 | €393,657 | +€1,034 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €38,505 | €39,127 | +€622 | +1.6% |
| Trade debts | 44 | €598 | €252 | -€345 | -57.8% |
| Suppliers | 440/4 | €598 | €252 | -€345 | -57.8% |
| Taxes, remuneration and social security | 45 | €2,781 | €3,538 | +€757 | +27.2% |
| Taxes | 450/3 | €2,781 | €3,538 | +€757 | +27.2% |
| Other amounts payable | 47/48 | €350,740 | €350,740 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €26,430 | €28,654 | +€2,224 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,323 | €63,201 | +€1,877 | +3.1% |
| Other operating charges | 640/8 | €8,512 | €8,455 | -€58 | -0.7% |
| Gross operating margin | 9900 | €105,550 | €104,811 | -€739 | -0.7% |
| Operating profit (loss) | 9901 | €35,714 | €33,156 | -€2,558 | -7.2% |
| Financial income | 75/76B | - | €117 | +€117 | |
| Recurring financial income | 75 | - | €117 | +€117 | |
| Financial charges | 65/66B | €23,484 | €28,080 | +€4,596 | +19.6% |
| Recurring financial charges | 65 | €23,484 | €28,080 | +€4,596 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €12,230 | €5,193 | -€7,037 | -57.5% |
| Transfer from deferred taxes | 780 | €430 | €316 | -€114 | -26.5% |
| Income taxes | 67/77 | - | €35 | +€35 | |
| Profit (loss) for the period | 9904 | €12,659 | €5,474 | -€7,185 | -56.8% |
| Transfer from tax-exempt reserves | 789 | €834 | €948 | +€114 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,494 | €6,422 | -€7,072 | -52.4% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.