GERD SCHELFHOUT: 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.
GERD SCHELFHOUT
Largest movements
- Cash -€36,638
down €36,638 (-91.2%), from €40,166 to €3,528
mainly Net result for the year (-€36,073) and Current investments (-€12,541)
- Tangible fixed assets -€35,207
down €35,207 (-20.8%), from €169,405 to €134,198
of which Land and buildings: -€22,954
- Current investments +€12,541
up €12,541 (+430%), from €2,919 to €15,460
- Receivables within one year +€6,425
up €6,425 (+22.6%), from €28,372 to €34,797
of which Other amounts receivable: +€15,880
- Profit (loss) carried forward -€36,073
down €36,073, from €8,303 to -€27,769
- Tax, wage and social debts -€9,180
down €9,180 (-89.3%), from €10,282 to €1,102
- Debts after one year -€7,983
down €7,983 (-12.1%), from €66,174 to €58,192
- Gross operating margin -€27,534
down €27,534 (-58.9%), from €46,721 to €19,187
- Other operating charges +€2,731
up €2,731 (+87.4%), from €3,126 to €5,857
- Depreciation +€1,126
up €1,126 (+2.8%), from €39,749 to €40,875
- Financial charges -€894
down €894 (-12.8%), from €6,984 to €6,090
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 | €242,035 | €187,984 | -€54,052 | -22.3% |
| Fixed assets | 21/28 | €169,405 | €134,198 | -€35,207 | -20.8% |
| Tangible fixed assets | 22/27 | €169,405 | €134,198 | -€35,207 | -20.8% |
| Land and buildings | 22 | €114,152 | €91,198 | -€22,954 | -20.1% |
| Plant, machinery and equipment | 23 | €31,260 | €22,064 | -€9,196 | -29.4% |
| Furniture and vehicles | 24 | €23,993 | €20,936 | -€3,057 | -12.7% |
| Current assets | 29/58 | €72,630 | €53,785 | -€18,845 | -25.9% |
| Amounts receivable within one year | 40/41 | €28,372 | €34,797 | +€6,425 | +22.6% |
| Trade receivables | 40 | €16,270 | €6,815 | -€9,454 | -58.1% |
| Other amounts receivable | 41 | €12,102 | €27,982 | +€15,880 | +131% |
| Current investments | 50/53 | €2,919 | €15,460 | +€12,541 | +430% |
| Cash at bank and in hand | 54/58 | €40,166 | €3,528 | -€36,638 | -91.2% |
| Deferred charges and accrued income | 490/1 | €1,173 | - | -€1,173 | |
| Total equity and liabilities | 10/49 | €242,035 | €187,984 | -€54,052 | -22.3% |
| Equity | 10/15 | €154,512 | €118,439 | -€36,073 | -23.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €140,008 | €140,008 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €138,008 | €138,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,303 | -€27,769 | -€36,073 | |
| Amounts payable | 17/49 | €87,524 | €69,545 | -€17,979 | -20.5% |
| Amounts payable after more than one year | 17 | €66,174 | €58,192 | -€7,983 | -12.1% |
| Financial debts | 170/4 | €66,174 | €58,192 | -€7,983 | -12.1% |
| Amounts payable within one year | 42/48 | €21,350 | €11,353 | -€9,997 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €7,550 | €7,891 | +€341 | +4.5% |
| Financial debts | 43 | €563 | €803 | +€240 | +42.7% |
| Credit institutions | 430/8 | €563 | €803 | +€240 | +42.7% |
| Trade debts | 44 | €2,956 | €1,558 | -€1,398 | -47.3% |
| Suppliers | 440/4 | €2,956 | €1,558 | -€1,398 | -47.3% |
| Taxes, remuneration and social security | 45 | €10,282 | €1,102 | -€9,180 | -89.3% |
| Taxes | 450/3 | €10,282 | €1,102 | -€9,180 | -89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,749 | €40,875 | +€1,126 | +2.8% |
| Other operating charges | 640/8 | €3,126 | €5,857 | +€2,731 | +87.4% |
| Non-recurring operating charges | 66A | - | €2,243 | +€2,243 | |
| Gross operating margin | 9900 | €46,721 | €19,187 | -€27,534 | -58.9% |
| Operating profit (loss) | 9901 | €3,846 | -€29,789 | -€33,635 | |
| Financial income | 75/76B | €336 | - | -€336 | |
| Recurring financial income | 75 | €336 | - | -€336 | |
| Financial charges | 65/66B | €6,984 | €6,090 | -€894 | -12.8% |
| Recurring financial charges | 65 | €6,984 | €6,090 | -€894 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,802 | -€35,879 | -€33,077 | -1,181% |
| Income taxes | 67/77 | €194 | €194 | +€0 | +0.2% |
| Profit (loss) for the period | 9904 | -€2,995 | -€36,073 | -€33,077 | -1,104% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,995 | -€36,073 | -€33,077 | -1,104% |
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 15 October 2026 via checked.be.