GHEERARDYN: 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.
GHEERARDYN
Largest movements
- Cash +€154,721
up €154,721 (+34.8%), from €444,698 to €599,420
mainly Net result for the year (+€280,038) and Other debts (+€127,078)
- Receivables within one year +€129,066
up €129,066 (+71.7%), from €180,000 to €309,066
of which Other amounts receivable: +€128,412
- Tangible fixed assets -€65,975
down €65,975 (-10.7%), from €615,181 to €549,206
of which Plant, machinery and equipment: -€34,678
- Other debts +€127,078
up €127,078 (+23.7%), from €535,747 to €662,824
- Reserves +€50,000
up €50,000 (+18.5%), from €270,000 to €320,000
- Tax, wage and social debts +€45,834
up €45,834 (+1,102%), from €4,158 to €49,992
of which Taxes: +€45,816
- Profit (loss) carried forward +€44,966
up €44,966 (+24.3%), from €185,072 to €230,038
- Debts after one year -€40,629
down €40,629 (-20.4%), from €199,568 to €158,939
- Gross operating margin +€66,691
up €66,691 (+14.9%), from €447,476 to €514,167
- Financial charges +€18,471
up €18,471 (+42.1%), from €43,895 to €62,365
- Taxes +€16,288
up €16,288 (+19.9%), from €81,679 to €97,966
- Depreciation -€8,755
down €8,755 (-10.4%), from €83,804 to €75,048
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 | €1,331,517 | €1,555,422 | +€223,905 | +16.8% |
| Fixed assets | 21/28 | €615,181 | €549,206 | -€65,975 | -10.7% |
| Tangible fixed assets | 22/27 | €615,181 | €549,206 | -€65,975 | -10.7% |
| Land and buildings | 22 | €372,719 | €355,238 | -€17,480 | -4.7% |
| Plant, machinery and equipment | 23 | €196,778 | €162,100 | -€34,678 | -17.6% |
| Furniture and vehicles | 24 | €45,685 | €31,868 | -€13,817 | -30.2% |
| Current assets | 29/58 | €716,336 | €1,006,216 | +€289,880 | +40.5% |
| Amounts receivable within one year | 40/41 | €180,000 | €309,066 | +€129,066 | +71.7% |
| Trade receivables | 40 | - | €654 | +€654 | |
| Other amounts receivable | 41 | €180,000 | €308,412 | +€128,412 | +71.3% |
| Cash at bank and in hand | 54/58 | €444,698 | €599,420 | +€154,721 | +34.8% |
| Deferred charges and accrued income | 490/1 | €91,637 | €97,731 | +€6,093 | +6.6% |
| Total equity and liabilities | 10/49 | €1,331,517 | €1,555,422 | +€223,905 | +16.8% |
| Equity | 10/15 | €548,072 | €643,038 | +€94,966 | +17.3% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €270,000 | €320,000 | +€50,000 | +18.5% |
| Distributable reserves | 133 | €270,000 | €320,000 | +€50,000 | +18.5% |
| Profit (loss) carried forward | 14 | €185,072 | €230,038 | +€44,966 | +24.3% |
| Amounts payable | 17/49 | €783,445 | €912,384 | +€128,939 | +16.5% |
| Amounts payable after more than one year | 17 | €199,568 | €158,939 | -€40,629 | -20.4% |
| Financial debts | 170/4 | €199,568 | €158,939 | -€40,629 | -20.4% |
| Amounts payable within one year | 42/48 | €583,878 | €753,446 | +€169,568 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €39,915 | €40,629 | +€714 | +1.8% |
| Trade debts | 44 | €4,058 | - | -€4,058 | |
| Suppliers | 440/4 | €4,058 | - | -€4,058 | |
| Taxes, remuneration and social security | 45 | €4,158 | €49,992 | +€45,834 | +1,102% |
| Taxes | 450/3 | €1,484 | €47,300 | +€45,816 | +3,087% |
| Remuneration and social security | 454/9 | €2,674 | €2,692 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €535,747 | €662,824 | +€127,078 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,804 | €75,048 | -€8,755 | -10.4% |
| Other operating charges | 640/8 | €3,675 | €294 | -€3,382 | -92.0% |
| Gross operating margin | 9900 | €447,476 | €514,167 | +€66,691 | +14.9% |
| Operating profit (loss) | 9901 | €359,997 | €438,825 | +€78,828 | +21.9% |
| Financial income | 75/76B | €648 | €1,544 | +€896 | +138% |
| Recurring financial income | 75 | €648 | €1,544 | +€896 | +138% |
| Financial charges | 65/66B | €43,895 | €62,365 | +€18,471 | +42.1% |
| Recurring financial charges | 65 | €43,895 | €62,365 | +€18,471 | +42.1% |
| Profit (loss) for the period before taxes | 9903 | €316,751 | €378,004 | +€61,253 | +19.3% |
| Income taxes | 67/77 | €81,679 | €97,966 | +€16,288 | +19.9% |
| Profit (loss) for the period | 9904 | €235,072 | €280,038 | +€44,966 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €235,072 | €280,038 | +€44,966 | +19.1% |
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 19 October 2026 via checked.be.