JOSEPH GEERS: 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.
JOSEPH GEERS
Largest movements
- Tangible fixed assets +€648,595
up €648,595 (+41.7%), from €1.6m to €2.2m
of which Land and buildings: +€691,852
- Cash +€483,352
up €483,352 (+237%), from €204,196 to €687,548
mainly Debts after one year (+€456,277) and Current investments (+€306,500)
- Current investments -€306,500
down €306,500 (-92.9%), from €329,939 to €23,439
- Receivables within one year -€155,953
down €155,953 (-35.1%), from €443,699 to €287,746
of which Trade receivables: -€158,822
- Debts after one year +€456,277
up €456,277 (+52.3%), from €871,759 to €1.3m
- Reserves +€225,642
up €225,642 (+69.2%), from €326,211 to €551,854
of which Distributable reserves: +€225,642
- Profit (loss) carried forward -€178,571
down €178,571 (-25.2%), from €710,022 to €531,451
- Other debts +€144,410
up €144,410 (+53.6%), from €269,510 to €413,920
- Gross operating margin +€166,355
up €166,355 (+27.8%), from €597,639 to €763,994
- Depreciation +€119,903
up €119,903 (+70.5%), from €170,099 to €290,002
- Staff costs +€18,226
up €18,226 (+21.0%), from €86,587 to €104,813
- Financial charges +€9,015
up €9,015 (+33.9%), from €26,564 to €35,580
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 | €2,569,386 | €3,240,929 | +€671,543 | +26.1% |
| Fixed assets | 21/28 | €1,555,885 | €2,204,480 | +€648,595 | +41.7% |
| Tangible fixed assets | 22/27 | €1,554,085 | €2,202,680 | +€648,595 | +41.7% |
| Land and buildings | 22 | €489,965 | €1,181,816 | +€691,852 | +141% |
| Plant, machinery and equipment | 23 | €946,855 | €872,645 | -€74,210 | -7.8% |
| Furniture and vehicles | 24 | €117,265 | €148,218 | +€30,953 | +26.4% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,013,501 | €1,036,449 | +€22,948 | +2.3% |
| Stocks and contracts in progress | 3 | €34,555 | €32,660 | -€1,894 | -5.5% |
| Stocks | 30/36 | €34,555 | €32,660 | -€1,894 | -5.5% |
| Amounts receivable within one year | 40/41 | €443,699 | €287,746 | -€155,953 | -35.1% |
| Trade receivables | 40 | €425,063 | €266,242 | -€158,822 | -37.4% |
| Other amounts receivable | 41 | €18,635 | €21,505 | +€2,869 | +15.4% |
| Current investments | 50/53 | €329,939 | €23,439 | -€306,500 | -92.9% |
| Cash at bank and in hand | 54/58 | €204,196 | €687,548 | +€483,352 | +237% |
| Deferred charges and accrued income | 490/1 | €1,113 | €5,056 | +€3,943 | +354% |
| Total equity and liabilities | 10/49 | €2,569,386 | €3,240,929 | +€671,543 | +26.1% |
| Equity | 10/15 | €1,098,234 | €1,145,305 | +€47,071 | +4.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €326,211 | €551,854 | +€225,642 | +69.2% |
| Non-distributable reserves | 130/1 | €6,325 | €6,325 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €125 | €125 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,470 | €32,470 | = | 0.0% |
| Distributable reserves | 133 | €287,417 | €513,059 | +€225,642 | +78.5% |
| Profit (loss) carried forward | 14 | €710,022 | €531,451 | -€178,571 | -25.2% |
| Amounts payable | 17/49 | €1,471,152 | €2,095,624 | +€624,472 | +42.4% |
| Amounts payable after more than one year | 17 | €871,759 | €1,328,037 | +€456,277 | +52.3% |
| Financial debts | 170/4 | €871,759 | €1,328,037 | +€456,277 | +52.3% |
| Amounts payable within one year | 42/48 | €577,095 | €766,817 | +€189,721 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €79,936 | €111,274 | +€31,338 | +39.2% |
| Trade debts | 44 | €101,522 | €100,932 | -€590 | -0.6% |
| Suppliers | 440/4 | €101,522 | €100,932 | -€590 | -0.6% |
| Taxes, remuneration and social security | 45 | €126,127 | €140,691 | +€14,563 | +11.5% |
| Taxes | 450/3 | €119,181 | €135,230 | +€16,049 | +13.5% |
| Remuneration and social security | 454/9 | €6,946 | €5,461 | -€1,485 | -21.4% |
| Other amounts payable | 47/48 | €269,510 | €413,920 | +€144,410 | +53.6% |
| Accrued charges and deferred income | 492/3 | €22,297 | €771 | -€21,526 | -96.5% |
| Non-recurring operating income | 76A | - | €12,267 | +€12,267 | |
| Remuneration, social security and pensions | 62 | €86,587 | €104,813 | +€18,226 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,099 | €290,002 | +€119,903 | +70.5% |
| Other operating charges | 640/8 | €12,684 | €13,539 | +€855 | +6.7% |
| Gross operating margin | 9900 | €597,639 | €763,994 | +€166,355 | +27.8% |
| Operating profit (loss) | 9901 | €328,269 | €355,641 | +€27,372 | +8.3% |
| Financial income | 75/76B | €10,426 | €8,327 | -€2,100 | -20.1% |
| Recurring financial income | 75 | €10,344 | €8,327 | -€2,017 | -19.5% |
| Non-recurring financial income | 76B | €83 | - | -€83 | |
| Financial charges | 65/66B | €26,564 | €35,580 | +€9,015 | +33.9% |
| Recurring financial charges | 65 | €26,564 | €35,580 | +€9,015 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €312,131 | €328,388 | +€16,257 | +5.2% |
| Income taxes | 67/77 | €103,666 | €102,745 | -€921 | -0.9% |
| Profit (loss) for the period | 9904 | €208,465 | €225,642 | +€17,178 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €208,465 | €225,642 | +€17,178 | +8.2% |
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 31 October 2026 via checked.be.