HET GEUZENBOS: 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.
What changed
HET GEUZENBOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,470
2024 · €77,407+€3,063
Equity
€794,305
2024 · €773,835+€20,470
Cash
€9,818
2024 · €9,642+€176
Balance sheet total
€1.2m
2024 · €1.2m+€14,202
Largest movements
Assets
- Receivables within one year +€14,667
up €14,667 (+74.2%), from €19,766 to €34,433
Equity and liabilities
- Current portion of long-term debt -€72,010
down €72,010 (-90.8%), from €79,321 to €7,310
- Other debts +€60,000
new in 2025: €60,000
- Reserves +€20,470
up €20,470 (+6.8%), from €301,860 to €322,330
Income statement
- Financial charges -€2,341
down €2,341 (-50.0%), from €4,682 to €2,342
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.
Result 2024
€77,407
Gross operating margin
+€422
Other operating charges
-€33
Financial income
+€872
Financial charges
+€2,341
Taxes
-€539
Result 2025
€80,470
raises the resultlowers the result
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.
From operations
+€124,308
Investment
+€640
Financing
-€124,773
Cash 2024
€9,642
From operations (derived)
+€124,308
Net result for the year
+€80,470
Receivables within one year
-€14,667
Trade debts
-€803
Tax, wage and social debts
-€692
Other debts
+€60,000
Investment (derived)
+€640
Current investments
+€640
Financing
-€124,773
Debts after one year
+€7,238
Current portion of long-term debt
-€72,010
Contributions, distributions and other
-€60,000
Cash 2025
€9,818
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,161,212 | €1,175,414 | +€14,202 | +1.2% |
| Fixed assets | 21/28 | €1,130,740 | €1,130,740 | = | 0.0% |
| Financial fixed assets | 28 | €1,130,740 | €1,130,740 | = | 0.0% |
| Current assets | 29/58 | €30,472 | €44,674 | +€14,202 | +46.6% |
| Amounts receivable within one year | 40/41 | €19,766 | €34,433 | +€14,667 | +74.2% |
| Other amounts receivable | 41 | €19,766 | €34,433 | +€14,667 | +74.2% |
| Current investments | 50/53 | €1,064 | €424 | -€640 | -60.2% |
| Cash at bank and in hand | 54/58 | €9,642 | €9,818 | +€176 | +1.8% |
| Total equity and liabilities | 10/49 | €1,161,212 | €1,175,414 | +€14,202 | +1.2% |
| Equity | 10/15 | €773,835 | €794,305 | +€20,470 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €301,860 | €322,330 | +€20,470 | +6.8% |
| Distributable reserves | 133 | €301,860 | €322,330 | +€20,470 | +6.8% |
| Profit (loss) carried forward | 14 | €453,375 | €453,375 | = | 0.0% |
| Amounts payable | 17/49 | €387,377 | €381,109 | -€6,268 | -1.6% |
| Amounts payable after more than one year | 17 | €295,387 | €302,624 | +€7,238 | +2.5% |
| Financial debts | 170/4 | €14,637 | €0 | -€14,637 | -100% |
| Other amounts payable | 178/9 | €280,749 | €302,624 | +€21,875 | +7.8% |
| Amounts payable within one year | 42/48 | €91,991 | €78,485 | -€13,506 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €79,321 | €7,310 | -€72,010 | -90.8% |
| Trade debts | 44 | €803 | €0 | -€803 | -100% |
| Suppliers | 440/4 | €803 | €0 | -€803 | -100% |
| Taxes, remuneration and social security | 45 | €11,867 | €11,175 | -€692 | -5.8% |
| Taxes | 450/3 | €11,867 | €11,175 | -€692 | -5.8% |
| Other amounts payable | 47/48 | - | €60,000 | +€60,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €108,412 | €108,834 | +€422 | +0.4% |
| Operating profit (loss) | 9901 | €107,319 | €107,708 | +€389 | +0.4% |
| Financial income | 75/76B | €573 | €1,446 | +€872 | +152% |
| Recurring financial income | 75 | €573 | €1,446 | +€872 | +152% |
| Financial charges | 65/66B | €4,682 | €2,342 | -€2,341 | -50.0% |
| Recurring financial charges | 65 | €4,682 | €2,342 | -€2,341 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €103,210 | €106,812 | +€3,602 | +3.5% |
| Income taxes | 67/77 | €25,803 | €26,342 | +€539 | +2.1% |
| Profit (loss) for the period | 9904 | €77,407 | €80,470 | +€3,063 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,407 | €80,470 | +€3,063 | +4.0% |
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 29 October 2026 via checked.be.