GERT VREBOS: 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.
GERT VREBOS
Largest movements
- Receivables within one year +€37,550
up €37,550 (+57.4%), from €65,452 to €103,002
of which Trade receivables: +€40,349
- Cash -€10,065
down €10,065 (-84.4%), from €11,925 to €1,859
mainly Receivables within one year (-€37,550) and Investment in fixed assets (net) (-€9,489)
- Tangible fixed assets +€6,997
up €6,997 (+171%), from €4,098 to €11,095
of which Land and buildings: +€7,101
- Other debts +€17,983
up €17,983 (+47.4%), from €37,919 to €55,902
- Reserves +€14,226
up €14,226 (+256%), from €5,564 to €19,790
- Trade debts +€7,546
up €7,546 (+136%), from €5,549 to €13,095
- Tax, wage and social debts -€4,948
down €4,948 (-35.7%), from €13,843 to €8,894
- Gross operating margin +€29,678
up €29,678, from -€7,881 to €21,797
- Taxes +€2,133
new in 2025: €2,133
- Financial charges +€422
up €422 (+88.0%), from €479 to €901
- Staff costs -€320
down €320 (-16.7%), from €1,920 to €1,600
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 | €81,475 | €116,281 | +€34,806 | +42.7% |
| Fixed assets | 21/28 | €4,098 | €11,095 | +€6,997 | +171% |
| Tangible fixed assets | 22/27 | €4,098 | €11,095 | +€6,997 | +171% |
| Land and buildings | 22 | €773 | €7,874 | +€7,101 | +918% |
| Plant, machinery and equipment | 23 | €3,325 | €2,376 | -€948 | -28.5% |
| Furniture and vehicles | 24 | - | €844 | +€844 | |
| Current assets | 29/58 | €77,377 | €105,186 | +€27,809 | +35.9% |
| Amounts receivable within one year | 40/41 | €65,452 | €103,002 | +€37,550 | +57.4% |
| Trade receivables | 40 | €58,528 | €98,877 | +€40,349 | +68.9% |
| Other amounts receivable | 41 | €6,924 | €4,125 | -€2,799 | -40.4% |
| Cash at bank and in hand | 54/58 | €11,925 | €1,859 | -€10,065 | -84.4% |
| Deferred charges and accrued income | 490/1 | - | €325 | +€325 | |
| Total equity and liabilities | 10/49 | €81,475 | €116,281 | +€34,806 | +42.7% |
| Equity | 10/15 | €24,164 | €38,390 | +€14,226 | +58.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,564 | €19,790 | +€14,226 | +256% |
| Distributable reserves | 133 | €5,564 | €19,790 | +€14,226 | +256% |
| Amounts payable | 17/49 | €57,311 | €77,891 | +€20,580 | +35.9% |
| Amounts payable within one year | 42/48 | €57,311 | €77,891 | +€20,580 | +35.9% |
| Trade debts | 44 | €5,549 | €13,095 | +€7,546 | +136% |
| Suppliers | 440/4 | €5,549 | €13,095 | +€7,546 | +136% |
| Taxes, remuneration and social security | 45 | €13,843 | €8,894 | -€4,948 | -35.7% |
| Taxes | 450/3 | €13,843 | €8,894 | -€4,948 | -35.7% |
| Other amounts payable | 47/48 | €37,919 | €55,902 | +€17,983 | +47.4% |
| Remuneration, social security and pensions | 62 | €1,920 | €1,600 | -€320 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,362 | €2,493 | +€131 | +5.5% |
| Other operating charges | 640/8 | €505 | €445 | -€60 | -11.9% |
| Gross operating margin | 9900 | -€7,881 | €21,797 | +€29,678 | |
| Operating profit (loss) | 9901 | -€12,669 | €17,260 | +€29,928 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €479 | €901 | +€422 | +88.0% |
| Recurring financial charges | 65 | €479 | €901 | +€422 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,146 | €16,359 | +€29,504 | |
| Income taxes | 67/77 | - | €2,133 | +€2,133 | |
| Profit (loss) for the period | 9904 | -€13,146 | €14,226 | +€27,371 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,146 | €14,226 | +€27,371 |
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 28 October 2026 via checked.be.