HAERENS GEERT: what changed
HAERENS GEERT
Largest movements
- Cash +€168,061
up €168,061 (+75.9%), from €221,482 to €389,543
mainly Receivables within one year (+€102,302) and Current investments (+€100,000)
- Receivables within one year -€102,302
down €102,302 (-75.5%), from €135,553 to €33,250
of which Trade receivables: -€115,179
- Current investments -€100,000
down €100,000 (-40.0%), from €250,000 to €150,000
- Tangible fixed assets +€28,084
up €28,084 (+47.8%), from €58,793 to €86,877
of which Leasing and similar rights: +€30,076
- Reserves -€35,896
down €35,896 (-6.2%), from €578,562 to €542,667
- Tax, wage and social debts -€25,216
down €25,216 (-48.5%), from €51,962 to €26,746
- Trade debts +€23,030
up €23,030 (+155%), from €14,864 to €37,894
- Debts after one year +€16,966
up €16,966 (+71.8%), from €23,635 to €40,601
- Current portion of long-term debt +€10,534
up €10,534 (+122%), from €8,605 to €19,139
- Gross operating margin -€89,104
down €89,104 (-39.4%), from €225,929 to €136,825
- Taxes -€29,528
down €29,528 (-46.7%), from €63,168 to €33,640
- Depreciation +€7,428
up €7,428 (+60.8%), from €12,223 to €19,651
- Financial income +€4,276
up €4,276 (+207%), from €2,061 to €6,337
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €693,814 | €685,036 | -€8,778 | -1.3% |
| Fixed assets | 21/28 | €58,793 | €86,877 | +€28,084 | +47.8% |
| Tangible fixed assets | 22/27 | €58,793 | €86,877 | +€28,084 | +47.8% |
| Land and buildings | 22 | €4,425 | €3,594 | -€830 | -18.8% |
| Plant, machinery and equipment | 23 | €20,658 | €18,727 | -€1,931 | -9.3% |
| Furniture and vehicles | 24 | €875 | €1,644 | +€769 | +88.0% |
| Leasing and similar rights | 25 | €32,836 | €62,912 | +€30,076 | +91.6% |
| Current assets | 29/58 | €635,021 | €598,159 | -€36,862 | -5.8% |
| Stocks and contracts in progress | 3 | €22,910 | €19,373 | -€3,537 | -15.4% |
| Stocks | 30/36 | €22,910 | €19,373 | -€3,537 | -15.4% |
| Amounts receivable within one year | 40/41 | €135,553 | €33,250 | -€102,302 | -75.5% |
| Trade receivables | 40 | €135,553 | €20,374 | -€115,179 | -85.0% |
| Other amounts receivable | 41 | €0 | €12,877 | +€12,877 | |
| Current investments | 50/53 | €250,000 | €150,000 | -€100,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €221,482 | €389,543 | +€168,061 | +75.9% |
| Deferred charges and accrued income | 490/1 | €5,076 | €5,993 | +€917 | +18.1% |
| Total equity and liabilities | 10/49 | €693,814 | €685,036 | -€8,778 | -1.3% |
| Equity | 10/15 | €590,962 | €555,067 | -€35,896 | -6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €578,562 | €542,667 | -€35,896 | -6.2% |
| Distributable reserves | 133 | €578,562 | €542,667 | -€35,896 | -6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €102,852 | €129,970 | +€27,118 | +26.4% |
| Amounts payable after more than one year | 17 | €23,635 | €40,601 | +€16,966 | +71.8% |
| Financial debts | 170/4 | €23,635 | €40,601 | +€16,966 | +71.8% |
| Amounts payable within one year | 42/48 | €79,217 | €89,369 | +€10,152 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €8,605 | €19,139 | +€10,534 | +122% |
| Trade debts | 44 | €14,864 | €37,894 | +€23,030 | +155% |
| Suppliers | 440/4 | €14,864 | €37,894 | +€23,030 | +155% |
| Taxes, remuneration and social security | 45 | €51,962 | €26,746 | -€25,216 | -48.5% |
| Taxes | 450/3 | €51,962 | €26,746 | -€25,216 | -48.5% |
| Other amounts payable | 47/48 | €3,786 | €5,589 | +€1,803 | +47.6% |
| Non-recurring operating income | 76A | €18,500 | €8,678 | -€9,822 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,223 | €19,651 | +€7,428 | +60.8% |
| Other operating charges | 640/8 | €1,499 | €1,972 | +€473 | +31.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €225,929 | €136,825 | -€89,104 | -39.4% |
| Operating profit (loss) | 9901 | €212,206 | €115,201 | -€97,005 | -45.7% |
| Financial income | 75/76B | €2,061 | €6,337 | +€4,276 | +207% |
| Recurring financial income | 75 | €2,061 | €6,337 | +€4,276 | +207% |
| Financial charges | 65/66B | €2,351 | €2,494 | +€143 | +6.1% |
| Recurring financial charges | 65 | €2,351 | €2,494 | +€143 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €211,916 | €119,044 | -€92,871 | -43.8% |
| Income taxes | 67/77 | €63,168 | €33,640 | -€29,528 | -46.7% |
| Profit (loss) for the period | 9904 | €148,748 | €85,404 | -€63,344 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €148,748 | €85,404 | -€63,344 | -42.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.