GERAUD: what changed
Two fiscal 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.
GERAUD
Largest movements
- Cash +€90,184
up €90,184 (+29.8%), from €303,102 to €393,286
mainly Net result for the year (+€85,085) and Receivables within one year (+€37,121)
- Receivables within one year -€37,121
down €37,121 (-58.7%), from €63,203 to €26,082
of which Other amounts receivable: -€33,969
- Tangible fixed assets +€10,451
up €10,451 (+42.1%), from €24,817 to €35,269
of which Other tangible fixed assets: +€9,910
- Reserves +€63,642
up €63,642 (+24.2%), from €263,393 to €327,035
of which Distributable reserves: +€63,642
- Trade debts -€5,481
down €5,481 (-12.3%), from €44,685 to €39,204
- Gross operating margin -€52,013
down €52,013 (-7.4%), from €700,640 to €648,627
- Staff costs +€19,594
up €19,594 (+4.1%), from €473,888 to €493,482
- Taxes -€17,530
down €17,530 (-25.0%), from €70,004 to €52,475
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.
Cash bridge derived
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 | €474,312 | €536,854 | +€62,542 | +13.2% |
| Fixed assets | 21/28 | €35,913 | €48,092 | +€12,179 | +33.9% |
| Intangible fixed assets | 21 | €5,538 | €7,266 | +€1,728 | +31.2% |
| Tangible fixed assets | 22/27 | €24,817 | €35,269 | +€10,451 | +42.1% |
| Plant, machinery and equipment | 23 | €5,875 | €7,675 | +€1,801 | +30.7% |
| Furniture and vehicles | 24 | €2,986 | €1,727 | -€1,259 | -42.2% |
| Other tangible fixed assets | 26 | €15,957 | €25,866 | +€9,910 | +62.1% |
| Financial fixed assets | 28 | €5,557 | €5,557 | = | 0.0% |
| Current assets | 29/58 | €438,400 | €488,763 | +€50,363 | +11.5% |
| Stocks and contracts in progress | 3 | €68,001 | €64,736 | -€3,265 | -4.8% |
| Stocks | 30/36 | €68,001 | €64,736 | -€3,265 | -4.8% |
| Amounts receivable within one year | 40/41 | €63,203 | €26,082 | -€37,121 | -58.7% |
| Trade receivables | 40 | €3,203 | €51 | -€3,152 | -98.4% |
| Other amounts receivable | 41 | €59,999 | €26,030 | -€33,969 | -56.6% |
| Cash at bank and in hand | 54/58 | €303,102 | €393,286 | +€90,184 | +29.8% |
| Deferred charges and accrued income | 490/1 | €4,094 | €4,659 | +€565 | +13.8% |
| Total equity and liabilities | 10/49 | €474,312 | €536,854 | +€62,542 | +13.2% |
| Equity | 10/15 | €281,985 | €345,627 | +€63,642 | +22.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €263,393 | €327,035 | +€63,642 | +24.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €261,534 | €325,176 | +€63,642 | +24.3% |
| Amounts payable | 17/49 | €192,327 | €191,227 | -€1,100 | -0.6% |
| Amounts payable within one year | 42/48 | €192,327 | €191,227 | -€1,100 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €6,753 | €7,162 | +€409 | +6.1% |
| Trade debts | 44 | €44,685 | €39,204 | -€5,481 | -12.3% |
| Suppliers | 440/4 | €44,685 | €39,204 | -€5,481 | -12.3% |
| Taxes, remuneration and social security | 45 | €139,765 | €143,813 | +€4,048 | +2.9% |
| Taxes | 450/3 | €79,317 | €77,416 | -€1,900 | -2.4% |
| Remuneration and social security | 454/9 | €60,448 | €66,396 | +€5,948 | +9.8% |
| Other amounts payable | 47/48 | €1,124 | €1,048 | -€76 | -6.7% |
| Non-recurring operating income | 76A | - | €8,226 | +€8,226 | |
| Remuneration, social security and pensions | 62 | €473,888 | €493,482 | +€19,594 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,601 | €8,544 | +€2,943 | +52.6% |
| Other operating charges | 640/8 | €3,413 | €3,030 | -€383 | -11.2% |
| Non-recurring operating charges | 66A | €605 | - | -€605 | |
| Gross operating margin | 9900 | €700,640 | €648,627 | -€52,013 | -7.4% |
| Operating profit (loss) | 9901 | €217,133 | €143,571 | -€73,563 | -33.9% |
| Financial income | 75/76B | €3,595 | €6,470 | +€2,875 | +80.0% |
| Recurring financial income | 75 | €3,595 | €6,470 | +€2,875 | +80.0% |
| Financial charges | 65/66B | €6,622 | €12,481 | +€5,859 | +88.5% |
| Recurring financial charges | 65 | €6,622 | €12,481 | +€5,859 | +88.5% |
| Profit (loss) for the period before taxes | 9903 | €214,106 | €137,560 | -€76,547 | -35.8% |
| Income taxes | 67/77 | €70,004 | €52,475 | -€17,530 | -25.0% |
| Profit (loss) for the period | 9904 | €144,102 | €85,085 | -€59,017 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,102 | €85,085 | -€59,017 | -41.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.