Karoline Geerts: 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.
Karoline Geerts
Largest movements
- Cash +€134,440
up €134,440 (+48.9%), from €274,995 to €409,435
mainly Net result for the year (+€157,108) and Depreciation (+€96,292)
- Tangible fixed assets +€92,876
up €92,876 (+19.3%), from €481,787 to €574,663
of which Land and buildings: +€125,989
- Intangible fixed assets -€36,530
down €36,530 (-30.0%), from €121,867 to €85,337
- Receivables within one year -€12,686
down €12,686 (-99.8%), from €12,718 to €32
of which Trade receivables: -€12,718
- Reserves +€155,108
up €155,108 (+21.9%), from €709,517 to €864,624
- Tax, wage and social debts +€17,281
up €17,281 (+18.5%), from €93,283 to €110,564
of which Taxes: +€29,910
- Trade debts +€15,796
up €15,796, from €0 to €15,796
- Gross operating margin +€59,756
up €59,756 (+10.2%), from €584,816 to €644,572
- Staff costs +€54,309
up €54,309 (+20.9%), from €260,043 to €314,352
- Depreciation +€6,508
up €6,508 (+7.2%), from €89,784 to €96,292
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 | €911,599 | €1,097,939 | +€186,340 | +20.4% |
| Fixed assets | 21/28 | €604,653 | €661,000 | +€56,346 | +9.3% |
| Intangible fixed assets | 21 | €121,867 | €85,337 | -€36,530 | -30.0% |
| Tangible fixed assets | 22/27 | €481,787 | €574,663 | +€92,876 | +19.3% |
| Land and buildings | 22 | €386,173 | €512,162 | +€125,989 | +32.6% |
| Plant, machinery and equipment | 23 | €25,772 | €18,127 | -€7,645 | -29.7% |
| Furniture and vehicles | 24 | €63,142 | €37,674 | -€25,468 | -40.3% |
| Other tangible fixed assets | 26 | €6,700 | €6,700 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €306,945 | €436,939 | +€129,993 | +42.4% |
| Amounts receivable within one year | 40/41 | €12,718 | €32 | -€12,686 | -99.8% |
| Trade receivables | 40 | €12,718 | €0 | -€12,718 | -100% |
| Other amounts receivable | 41 | - | €32 | +€32 | |
| Current investments | 50/53 | €5,036 | €6,932 | +€1,897 | +37.7% |
| Cash at bank and in hand | 54/58 | €274,995 | €409,435 | +€134,440 | +48.9% |
| Deferred charges and accrued income | 490/1 | €14,197 | €20,539 | +€6,343 | +44.7% |
| Total equity and liabilities | 10/49 | €911,599 | €1,097,939 | +€186,340 | +20.4% |
| Equity | 10/15 | €721,917 | €877,024 | +€155,108 | +21.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €709,517 | €864,624 | +€155,108 | +21.9% |
| Distributable reserves | 133 | €709,517 | €864,624 | +€155,108 | +21.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €189,682 | €220,914 | +€31,232 | +16.5% |
| Amounts payable after more than one year | 17 | €34,833 | €27,784 | -€7,050 | -20.2% |
| Financial debts | 170/4 | €34,833 | €27,784 | -€7,050 | -20.2% |
| Amounts payable within one year | 42/48 | €148,522 | €186,751 | +€38,229 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €6,970 | €7,050 | +€80 | +1.1% |
| Trade debts | 44 | €0 | €15,796 | +€15,796 | |
| Suppliers | 440/4 | €0 | €15,796 | +€15,796 | |
| Taxes, remuneration and social security | 45 | €93,283 | €110,564 | +€17,281 | +18.5% |
| Taxes | 450/3 | €40,210 | €70,119 | +€29,910 | +74.4% |
| Remuneration and social security | 454/9 | €53,073 | €40,444 | -€12,629 | -23.8% |
| Other amounts payable | 47/48 | €48,270 | €53,341 | +€5,071 | +10.5% |
| Accrued charges and deferred income | 492/3 | €6,327 | €6,380 | +€53 | +0.8% |
| Remuneration, social security and pensions | 62 | €260,043 | €314,352 | +€54,309 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,784 | €96,292 | +€6,508 | +7.2% |
| Other operating charges | 640/8 | €1,749 | €1,658 | -€91 | -5.2% |
| Non-recurring operating charges | 66A | €269 | €1,355 | +€1,086 | +404% |
| Gross operating margin | 9900 | €584,816 | €644,572 | +€59,756 | +10.2% |
| Operating profit (loss) | 9901 | €232,971 | €230,916 | -€2,055 | -0.9% |
| Financial income | 75/76B | €2,447 | €1,785 | -€662 | -27.0% |
| Recurring financial income | 75 | €2,447 | €1,785 | -€662 | -27.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,158 | €5,115 | -€3,043 | -37.3% |
| Recurring financial charges | 65 | €8,158 | €5,115 | -€3,043 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €227,260 | €227,586 | +€326 | +0.1% |
| Income taxes | 67/77 | €70,607 | €70,478 | -€129 | -0.2% |
| Profit (loss) for the period | 9904 | €156,653 | €157,108 | +€455 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €156,653 | €157,108 | +€455 | +0.3% |
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 24 October 2026 via checked.be.