GEURS: 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.
GEURS
Largest movements
- Cash -€186,945
down €186,945 (-71.1%), from €262,793 to €75,848
mainly Net result for the year (-€96,682) and Trade debts (-€88,161)
- Stocks and contracts -€40,754
down €40,754 (-26.4%), from €154,399 to €113,644
of which Contracts in progress: -€35,893
- Receivables within one year -€31,717
down €31,717 (-40.6%), from €78,183 to €46,466
of which Trade receivables: -€44,418
- Tangible fixed assets -€25,999
down €25,999 (-31.7%), from €82,085 to €56,086
of which Plant, machinery and equipment: -€16,900
- Profit (loss) carried forward -€96,682
new in 2025: -€96,682
- Trade debts -€88,161
down €88,161 (-66.1%), from €133,320 to €45,159
- Other debts -€61,916
down €61,916 (-31.8%), from €194,912 to €132,996
- Tax, wage and social debts -€24,454
down €24,454 (-72.5%), from €33,743 to €9,290
of which Remuneration and social security: -€19,060
- Debts after one year -€17,169
down €17,169 (-79.5%), from €21,584 to €4,414
- Gross operating margin -€229,314
down €229,314 (-48.5%), from €472,896 to €243,582
- Staff costs -€61,216
down €61,216 (-17.1%), from €357,979 to €296,762
- Taxes -€18,416
down €18,416 (-97.9%), from €18,814 to €399
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 | €580,227 | €296,586 | -€283,640 | -48.9% |
| Fixed assets | 21/28 | €82,085 | €56,086 | -€25,999 | -31.7% |
| Tangible fixed assets | 22/27 | €82,085 | €56,086 | -€25,999 | -31.7% |
| Land and buildings | 22 | €5,833 | €5,833 | = | 0.0% |
| Plant, machinery and equipment | 23 | €55,211 | €38,311 | -€16,900 | -30.6% |
| Furniture and vehicles | 24 | €21,041 | €11,942 | -€9,099 | -43.2% |
| Current assets | 29/58 | €498,141 | €240,500 | -€257,641 | -51.7% |
| Stocks and contracts in progress | 3 | €154,399 | €113,644 | -€40,754 | -26.4% |
| Stocks | 30/36 | €20,506 | €15,644 | -€4,862 | -23.7% |
| Contracts in progress | 37 | €133,893 | €98,000 | -€35,893 | -26.8% |
| Amounts receivable within one year | 40/41 | €78,183 | €46,466 | -€31,717 | -40.6% |
| Trade receivables | 40 | €73,588 | €29,170 | -€44,418 | -60.4% |
| Other amounts receivable | 41 | €4,595 | €17,296 | +€12,702 | +276% |
| Cash at bank and in hand | 54/58 | €262,793 | €75,848 | -€186,945 | -71.1% |
| Deferred charges and accrued income | 490/1 | €2,767 | €4,542 | +€1,775 | +64.2% |
| Total equity and liabilities | 10/49 | €580,227 | €296,586 | -€283,640 | -48.9% |
| Equity | 10/15 | €179,593 | €82,911 | -€96,682 | -53.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €161,001 | €161,001 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,537 | €18,537 | = | 0.0% |
| Distributable reserves | 133 | €142,464 | €142,464 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€96,682 | -€96,682 | |
| Amounts payable | 17/49 | €400,634 | €213,676 | -€186,958 | -46.7% |
| Amounts payable after more than one year | 17 | €21,584 | €4,414 | -€17,169 | -79.5% |
| Financial debts | 170/4 | €21,584 | €4,414 | -€17,169 | -79.5% |
| Amounts payable within one year | 42/48 | €378,897 | €204,613 | -€174,284 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €16,922 | €17,169 | +€247 | +1.5% |
| Trade debts | 44 | €133,320 | €45,159 | -€88,161 | -66.1% |
| Suppliers | 440/4 | €133,320 | €45,159 | -€88,161 | -66.1% |
| Taxes, remuneration and social security | 45 | €33,743 | €9,290 | -€24,454 | -72.5% |
| Taxes | 450/3 | €14,683 | €9,290 | -€5,394 | -36.7% |
| Remuneration and social security | 454/9 | €19,060 | - | -€19,060 | |
| Other amounts payable | 47/48 | €194,912 | €132,996 | -€61,916 | -31.8% |
| Accrued charges and deferred income | 492/3 | €153 | €4,648 | +€4,495 | +2,939% |
| Remuneration, social security and pensions | 62 | €357,979 | €296,762 | -€61,216 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,848 | €35,836 | -€3,012 | -7.8% |
| Other operating charges | 640/8 | €7,708 | €5,296 | -€2,412 | -31.3% |
| Gross operating margin | 9900 | €472,896 | €243,582 | -€229,314 | -48.5% |
| Operating profit (loss) | 9901 | €68,361 | -€94,312 | -€162,673 | |
| Financial income | 75/76B | €385 | €38 | -€347 | -90.1% |
| Recurring financial income | 75 | €385 | €38 | -€347 | -90.1% |
| Financial charges | 65/66B | €2,568 | €2,010 | -€558 | -21.7% |
| Recurring financial charges | 65 | €2,568 | €2,010 | -€558 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €66,178 | -€96,284 | -€162,462 | |
| Income taxes | 67/77 | €18,814 | €399 | -€18,416 | -97.9% |
| Profit (loss) for the period | 9904 | €47,363 | -€96,682 | -€144,046 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,363 | -€96,682 | -€144,046 |
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.