GEUBBELMANS: 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.
GEUBBELMANS
Largest movements
- Stocks and contracts +€14,231
up €14,231 (+10.9%), from €130,222 to €144,453
- Cash -€9,470
down €9,470 (-19.8%), from €47,709 to €38,239
mainly Stocks and contracts (-€14,231) and Investment in fixed assets (net) (-€8,617)
- Receivables within one year +€6,073
up €6,073 (+9.8%), from €62,226 to €68,298
of which Other amounts receivable: +€5,547
- Tangible fixed assets -€3,451
down €3,451 (-25.4%), from €13,561 to €10,110
of which Leasing and similar rights: -€9,679
- Accrued charges and deferred income +€15,298
new in 2025: €15,298
- Tax, wage and social debts -€5,882
down €5,882 (-44.3%), from €13,289 to €7,408
of which Taxes: -€8,682
- Other debts -€3,906
down €3,906 (-7.7%), from €50,911 to €47,005
- Gross operating margin -€23,003
down €23,003 (-48.4%), from €47,486 to €24,483
- Taxes -€7,313
down €7,313 (-96.5%), from €7,580 to €267
- Staff costs -€1,313
down €1,313 (-24.5%), from €5,350 to €4,037
- Depreciation +€952
up €952 (+8.2%), from €11,615 to €12,568
- Financial charges -€636
down €636 (-15.2%), from €4,176 to €3,540
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 | €261,285 | €268,332 | +€7,046 | +2.7% |
| Fixed assets | 21/28 | €17,560 | €13,609 | -€3,951 | -22.5% |
| Intangible fixed assets | 21 | €3,999 | €3,499 | -€500 | -12.5% |
| Tangible fixed assets | 22/27 | €13,561 | €10,110 | -€3,451 | -25.4% |
| Land and buildings | 22 | €1,306 | €8,788 | +€7,481 | +573% |
| Plant, machinery and equipment | 23 | €626 | €276 | -€350 | -55.9% |
| Furniture and vehicles | 24 | €1,950 | €1,046 | -€903 | -46.3% |
| Leasing and similar rights | 25 | €9,679 | - | -€9,679 | |
| Current assets | 29/58 | €243,726 | €254,723 | +€10,997 | +4.5% |
| Stocks and contracts in progress | 3 | €130,222 | €144,453 | +€14,231 | +10.9% |
| Stocks | 30/36 | €130,222 | €144,453 | +€14,231 | +10.9% |
| Amounts receivable within one year | 40/41 | €62,226 | €68,298 | +€6,073 | +9.8% |
| Trade receivables | 40 | €12,825 | €13,351 | +€525 | +4.1% |
| Other amounts receivable | 41 | €49,400 | €54,947 | +€5,547 | +11.2% |
| Cash at bank and in hand | 54/58 | €47,709 | €38,239 | -€9,470 | -19.8% |
| Deferred charges and accrued income | 490/1 | €3,569 | €3,732 | +€163 | +4.6% |
| Total equity and liabilities | 10/49 | €261,285 | €268,332 | +€7,046 | +2.7% |
| Equity | 10/15 | €196,378 | €196,937 | +€560 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €190,178 | €190,737 | +€560 | +0.3% |
| Distributable reserves | 133 | €190,178 | €190,737 | +€560 | +0.3% |
| Amounts payable | 17/49 | €64,908 | €71,394 | +€6,486 | +10.0% |
| Amounts payable within one year | 42/48 | €64,908 | €56,096 | -€8,812 | -13.6% |
| Trade debts | 44 | €708 | €1,684 | +€976 | +138% |
| Suppliers | 440/4 | €708 | €1,684 | +€976 | +138% |
| Taxes, remuneration and social security | 45 | €13,289 | €7,408 | -€5,882 | -44.3% |
| Taxes | 450/3 | €13,289 | €4,608 | -€8,682 | -65.3% |
| Remuneration and social security | 454/9 | - | €2,800 | +€2,800 | |
| Other amounts payable | 47/48 | €50,911 | €47,005 | -€3,906 | -7.7% |
| Accrued charges and deferred income | 492/3 | - | €15,298 | +€15,298 | |
| Non-recurring operating income | 76A | €2,710 | - | -€2,710 | |
| Remuneration, social security and pensions | 62 | €5,350 | €4,037 | -€1,313 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,615 | €12,568 | +€952 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,999 | €3,528 | +€529 | +17.6% |
| Other operating charges | 640/8 | €366 | €306 | -€60 | -16.4% |
| Gross operating margin | 9900 | €47,486 | €24,483 | -€23,003 | -48.4% |
| Operating profit (loss) | 9901 | €27,156 | €4,045 | -€23,112 | -85.1% |
| Financial income | 75/76B | €218 | €322 | +€104 | +47.8% |
| Recurring financial income | 75 | €218 | €322 | +€104 | +47.8% |
| Financial charges | 65/66B | €4,176 | €3,540 | -€636 | -15.2% |
| Recurring financial charges | 65 | €4,176 | €3,540 | -€636 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €23,198 | €827 | -€22,371 | -96.4% |
| Income taxes | 67/77 | €7,580 | €267 | -€7,313 | -96.5% |
| Profit (loss) for the period | 9904 | €15,618 | €560 | -€15,058 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,618 | €560 | -€15,058 | -96.4% |
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 13 October 2026 via checked.be.