GEUENS: 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.
GEUENS
Largest movements
- Stocks and contracts +€102,320
up €102,320 (+150%), from €68,403 to €170,723
of which Contracts in progress: +€100,952
- Cash +€50,941
up €50,941 (+86.3%), from €59,055 to €109,996
mainly Advances received (+€93,526) and Depreciation (+€53,766)
- Receivables within one year -€39,689
down €39,689 (-39.4%), from €100,716 to €61,027
of which Trade receivables: -€44,461
- Tangible fixed assets -€28,782
down €28,782 (-19.3%), from €149,022 to €120,240
of which Leasing and similar rights: -€21,531
- Advances received +€93,526
up €93,526 (+1,041%), from €8,985 to €102,511
- Reserves +€30,046
up €30,046 (+20.7%), from €145,123 to €175,169
of which Distributable reserves: +€30,046
- Debts after one year -€16,889
down €16,889 (-27.6%), from €61,156 to €44,267
- Short-term financial debts -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Current portion of long-term debt -€9,481
down €9,481 (-36.0%), from €26,371 to €16,890
- Gross operating margin +€44,513
up €44,513 (+19.0%), from €234,279 to €278,792
- Staff costs -€24,441
down €24,441 (-13.7%), from €178,056 to €153,615
- Depreciation +€15,796
up €15,796 (+41.6%), from €37,970 to €53,766
- Taxes +€14,765
up €14,765 (+1,603%), from €921 to €15,686
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 | €381,871 | €467,359 | +€85,488 | +22.4% |
| Fixed assets | 21/28 | €149,357 | €120,575 | -€28,782 | -19.3% |
| Tangible fixed assets | 22/27 | €149,022 | €120,240 | -€28,782 | -19.3% |
| Plant, machinery and equipment | 23 | €35,131 | €42,245 | +€7,114 | +20.2% |
| Furniture and vehicles | 24 | €28,904 | €14,539 | -€14,365 | -49.7% |
| Leasing and similar rights | 25 | €84,987 | €63,456 | -€21,531 | -25.3% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €232,514 | €346,784 | +€114,270 | +49.1% |
| Stocks and contracts in progress | 3 | €68,403 | €170,723 | +€102,320 | +150% |
| Stocks | 30/36 | €68,403 | €69,771 | +€1,368 | +2.0% |
| Contracts in progress | 37 | - | €100,952 | +€100,952 | |
| Amounts receivable within one year | 40/41 | €100,716 | €61,027 | -€39,689 | -39.4% |
| Trade receivables | 40 | €98,746 | €54,285 | -€44,461 | -45.0% |
| Other amounts receivable | 41 | €1,970 | €6,742 | +€4,772 | +242% |
| Current investments | 50/53 | €100 | €101 | +€1 | +1.0% |
| Cash at bank and in hand | 54/58 | €59,055 | €109,996 | +€50,941 | +86.3% |
| Deferred charges and accrued income | 490/1 | €4,240 | €4,937 | +€697 | +16.4% |
| Total equity and liabilities | 10/49 | €381,871 | €467,359 | +€85,488 | +22.4% |
| Equity | 10/15 | €175,844 | €206,169 | +€30,325 | +17.2% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €145,123 | €175,169 | +€30,046 | +20.7% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €142,023 | €172,069 | +€30,046 | +21.2% |
| Profit (loss) carried forward | 14 | -€279 | - | +€279 | |
| Amounts payable | 17/49 | €206,027 | €261,190 | +€55,163 | +26.8% |
| Amounts payable after more than one year | 17 | €61,156 | €44,267 | -€16,889 | -27.6% |
| Financial debts | 170/4 | €61,156 | €44,267 | -€16,889 | -27.6% |
| Amounts payable within one year | 42/48 | €144,127 | €216,923 | +€72,796 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €26,371 | €16,890 | -€9,481 | -36.0% |
| Financial debts | 43 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Credit institutions | 430/8 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Trade debts | 44 | €36,034 | €38,366 | +€2,332 | +6.5% |
| Suppliers | 440/4 | €36,034 | €38,366 | +€2,332 | +6.5% |
| Advances received on contracts in progress | 46 | €8,985 | €102,511 | +€93,526 | +1,041% |
| Taxes, remuneration and social security | 45 | €22,737 | €18,323 | -€4,414 | -19.4% |
| Taxes | 450/3 | €10,624 | €8,017 | -€2,607 | -24.5% |
| Remuneration and social security | 454/9 | €12,113 | €10,306 | -€1,807 | -14.9% |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €744 | - | -€744 | |
| Remuneration, social security and pensions | 62 | €178,056 | €153,615 | -€24,441 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,970 | €53,766 | +€15,796 | +41.6% |
| Other operating charges | 640/8 | €2,673 | €3,666 | +€993 | +37.1% |
| Non-recurring operating charges | 66A | - | €5,645 | +€5,645 | |
| Gross operating margin | 9900 | €234,279 | €278,792 | +€44,513 | +19.0% |
| Operating profit (loss) | 9901 | €15,580 | €62,100 | +€46,520 | +299% |
| Financial income | 75/76B | €4 | €99 | +€95 | +2,375% |
| Recurring financial income | 75 | €4 | €99 | +€95 | +2,375% |
| Financial charges | 65/66B | €14,942 | €15,355 | +€413 | +2.8% |
| Recurring financial charges | 65 | €14,942 | €15,355 | +€413 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €642 | €46,844 | +€46,202 | +7,197% |
| Income taxes | 67/77 | €921 | €15,686 | +€14,765 | +1,603% |
| Profit (loss) for the period | 9904 | -€279 | €31,158 | +€31,437 | |
| Profit (loss) for the period to be appropriated | 9905 | -€279 | €31,158 | +€31,437 |
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 22 October 2026 via checked.be.