GEYBELS: what changed
Two fiscal 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.
GEYBELS
Largest movements
- Receivables within one year -€93,160
down €93,160 (-48.5%), from €192,251 to €99,092
of which Trade receivables: -€94,623
- Cash +€57,731
up €57,731 (+15.1%), from €383,034 to €440,765
mainly Receivables within one year (+€93,160) and Net result for the year (+€86,427)
- Tangible fixed assets +€15,574
up €15,574 (+1620.9%), from €961 to €16,535
- Trade debts -€18,346
down €18,346 (-16.4%), from €111,542 to €93,196
- Financial income -€26,409
down €26,409 (-93.0%), from €28,396 to €1,986
- Taxes -€13,821
down €13,821 (-29.0%), from €47,727 to €33,906
- Write-downs +€8,908
up €8,908, from €0 to €8,908
- Gross operating margin -€4,528
down €4,528 (-3.2%), from €139,895 to €135,367
- Depreciation +€2,894
up €2,894 (+9147.5%), from €32 to €2,926
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.
Cash bridge derived
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 | €585,931 | €572,579 | -€13,353 | -2.3% |
| Fixed assets | 21/28 | €1,096 | €16,670 | +€15,574 | +1421.2% |
| Tangible fixed assets | 22/27 | €961 | €16,535 | +€15,574 | +1620.9% |
| Plant, machinery and equipment | 23 | €961 | €16,535 | +€15,574 | +1620.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €584,836 | €555,909 | -€28,927 | -4.9% |
| Stocks and contracts in progress | 3 | €9,551 | €10,799 | +€1,248 | +13.1% |
| Stocks | 30/36 | €9,551 | €10,799 | +€1,248 | +13.1% |
| Amounts receivable within one year | 40/41 | €192,251 | €99,092 | -€93,160 | -48.5% |
| Trade receivables | 40 | €187,949 | €93,326 | -€94,623 | -50.3% |
| Other amounts receivable | 41 | €4,302 | €5,766 | +€1,464 | +34.0% |
| Cash at bank and in hand | 54/58 | €383,034 | €440,765 | +€57,731 | +15.1% |
| Deferred charges and accrued income | 490/1 | - | €5,254 | +€5,254 | |
| Total equity and liabilities | 10/49 | €585,931 | €572,579 | -€13,353 | -2.3% |
| Equity | 10/15 | €456,413 | €458,355 | +€1,942 | +0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €437,821 | €439,763 | +€1,942 | +0.4% |
| Non-distributable reserves | 130/1 | - | €1,859 | +€1,859 | |
| Own shares acquired | 1312 | - | €1,859 | +€1,859 | |
| Tax-exempt reserves | 132 | €23,550 | €23,550 | = | 0.0% |
| Distributable reserves | 133 | €414,271 | €414,354 | +€82 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €129,518 | €114,224 | -€15,294 | -11.8% |
| Amounts payable within one year | 42/48 | €129,518 | €114,224 | -€15,294 | -11.8% |
| Trade debts | 44 | €111,542 | €93,196 | -€18,346 | -16.4% |
| Suppliers | 440/4 | €111,542 | €93,196 | -€18,346 | -16.4% |
| Taxes, remuneration and social security | 45 | €13,002 | €13,994 | +€992 | +7.6% |
| Taxes | 450/3 | €13,002 | €13,994 | +€992 | +7.6% |
| Other amounts payable | 47/48 | €4,974 | €7,034 | +€2,059 | +41.4% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €261 | €981 | +€720 | +276.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32 | €2,926 | +€2,894 | +9147.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €8,908 | +€8,908 | |
| Other operating charges | 640/8 | €4,898 | €3,033 | -€1,865 | -38.1% |
| Gross operating margin | 9900 | €139,895 | €135,367 | -€4,528 | -3.2% |
| Operating profit (loss) | 9901 | €134,705 | €119,519 | -€15,186 | -11.3% |
| Financial income | 75/76B | €28,396 | €1,986 | -€26,409 | -93.0% |
| Recurring financial income | 75 | €28,396 | €1,986 | -€26,409 | -93.0% |
| Financial charges | 65/66B | €126 | €1,172 | +€1,046 | +826.8% |
| Recurring financial charges | 65 | €126 | €1,172 | +€1,046 | +826.8% |
| Profit (loss) for the period before taxes | 9903 | €162,974 | €120,333 | -€42,641 | -26.2% |
| Income taxes | 67/77 | €47,727 | €33,906 | -€13,821 | -29.0% |
| Profit (loss) for the period | 9904 | €115,246 | €86,427 | -€28,820 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,246 | €86,427 | -€28,820 | -25.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.