GEUDENS KOEN: 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.
GEUDENS KOEN
Largest movements
- Receivables within one year -€138,730
down €138,730 (-9.6%), from €1.4m to €1.3m
of which Trade receivables: -€260,750
- Tangible fixed assets +€29,030
up €29,030 (+20.7%), from €140,254 to €169,284
of which Other tangible fixed assets: +€40,322
- Cash +€22,221
up €22,221 (+105%), from €21,083 to €43,303
mainly Receivables within one year (+€138,730) and Depreciation (+€49,081)
- Trade debts -€84,759
down €84,759 (-11.3%), from €746,891 to €662,132
- Gross operating margin -€200,610
down €200,610 (-38.8%), from €517,474 to €316,864
- Taxes -€52,532
down €52,532 (-91.5%), from €57,389 to €4,857
- Staff costs -€51,537
down €51,537 (-18.5%), from €279,153 to €227,617
- Other operating charges +€9,860
up €9,860 (+108%), from €9,140 to €19,000
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 | €1,643,503 | €1,555,783 | -€87,721 | -5.3% |
| Fixed assets | 21/28 | €140,254 | €169,284 | +€29,030 | +20.7% |
| Tangible fixed assets | 22/27 | €140,254 | €169,284 | +€29,030 | +20.7% |
| Plant, machinery and equipment | 23 | €17,480 | €8,283 | -€9,197 | -52.6% |
| Furniture and vehicles | 24 | €14,297 | €19,593 | +€5,295 | +37.0% |
| Leasing and similar rights | 25 | €102,510 | €95,119 | -€7,390 | -7.2% |
| Other tangible fixed assets | 26 | €5,967 | €46,289 | +€40,322 | +676% |
| Current assets | 29/58 | €1,503,249 | €1,386,498 | -€116,751 | -7.8% |
| Stocks and contracts in progress | 3 | €28,380 | €27,860 | -€520 | -1.8% |
| Stocks | 30/36 | €28,380 | €27,860 | -€520 | -1.8% |
| Amounts receivable within one year | 40/41 | €1,447,688 | €1,308,959 | -€138,730 | -9.6% |
| Trade receivables | 40 | €1,175,155 | €914,405 | -€260,750 | -22.2% |
| Other amounts receivable | 41 | €272,534 | €394,554 | +€122,020 | +44.8% |
| Cash at bank and in hand | 54/58 | €21,083 | €43,303 | +€22,221 | +105% |
| Deferred charges and accrued income | 490/1 | €6,098 | €6,376 | +€278 | +4.6% |
| Total equity and liabilities | 10/49 | €1,643,503 | €1,555,783 | -€87,721 | -5.3% |
| Equity | 10/15 | €547,724 | €552,799 | +€5,075 | +0.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €535,224 | €540,299 | +€5,075 | +0.9% |
| Distributable reserves | 133 | €535,224 | €540,299 | +€5,075 | +0.9% |
| Amounts payable | 17/49 | €1,095,780 | €1,002,984 | -€92,796 | -8.5% |
| Amounts payable after more than one year | 17 | €72,064 | €65,055 | -€7,009 | -9.7% |
| Financial debts | 170/4 | €72,064 | €65,055 | -€7,009 | -9.7% |
| Amounts payable within one year | 42/48 | €1,023,716 | €927,896 | -€95,819 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €65,979 | €63,272 | -€2,707 | -4.1% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €746,891 | €662,132 | -€84,759 | -11.3% |
| Suppliers | 440/4 | €746,891 | €662,132 | -€84,759 | -11.3% |
| Taxes, remuneration and social security | 45 | €58,095 | €49,742 | -€8,353 | -14.4% |
| Taxes | 450/3 | €44,459 | €30,373 | -€14,086 | -31.7% |
| Remuneration and social security | 454/9 | €13,637 | €19,370 | +€5,733 | +42.0% |
| Other amounts payable | 47/48 | €2,750 | €2,750 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €10,032 | +€10,032 | |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Remuneration, social security and pensions | 62 | €279,153 | €227,617 | -€51,537 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,181 | €49,081 | +€1,900 | +4.0% |
| Other operating charges | 640/8 | €9,140 | €19,000 | +€9,860 | +108% |
| Non-recurring operating charges | 66A | - | €9,485 | +€9,485 | |
| Gross operating margin | 9900 | €517,474 | €316,864 | -€200,610 | -38.8% |
| Operating profit (loss) | 9901 | €182,000 | €11,681 | -€170,319 | -93.6% |
| Financial income | 75/76B | €11,296 | €15,462 | +€4,167 | +36.9% |
| Recurring financial income | 75 | €11,296 | €15,462 | +€4,167 | +36.9% |
| Financial charges | 65/66B | €12,135 | €17,211 | +€5,076 | +41.8% |
| Recurring financial charges | 65 | €12,135 | €17,211 | +€5,076 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €181,160 | €9,932 | -€171,228 | -94.5% |
| Income taxes | 67/77 | €57,389 | €4,857 | -€52,532 | -91.5% |
| Profit (loss) for the period | 9904 | €123,771 | €5,075 | -€118,696 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,771 | €5,075 | -€118,696 | -95.9% |
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 1 November 2026 via checked.be.