Laurent GEURTEN: what changed
Laurent GEURTEN
Largest movements
- Tangible fixed assets +€34,028
up €34,028 (+738%), from €4,610 to €38,638
of which Furniture and vehicles: +€33,988
- Stocks and contracts +€25,577
up €25,577 (+29.4%), from €86,879 to €112,455
- Receivables within one year +€12,212
up €12,212 (+88.0%), from €13,880 to €26,092
of which Other amounts receivable: +€7,636
- Cash +€7,418
up €7,418 (+9.7%), from €76,220 to €83,638
mainly Net result for the year (+€35,170) and Debts after one year (+€22,149)
- Reserves +€34,311
up €34,311 (+49.9%), from €68,694 to €103,004
- Debts after one year +€22,149
up €22,149 (+28.2%), from €78,631 to €100,780
of which Financial debts: +€17,604
- Trade debts +€15,407
up €15,407 (+174%), from €8,867 to €24,274
of which Suppliers: +€15,407
- Current portion of long-term debt +€6,920
new in 2025: €6,920
- Gross operating margin +€35,937
up €35,937 (+80.1%), from €44,838 to €80,775
- Depreciation +€7,749
up €7,749 (+388%), from €1,998 to €9,748
- Taxes +€7,207
up €7,207 (+95.2%), from €7,574 to €14,781
- Staff costs +€6,558
up €6,558 (+86.6%), from €7,569 to €14,128
- Write-downs -€1,049
down €1,049 (-100%), from €1,049 to €0
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 | €184,387 | €263,637 | +€79,250 | +43.0% |
| Formation expenses | 20 | €221 | €0 | -€221 | -100% |
| Fixed assets | 21/28 | €4,746 | €38,773 | +€34,028 | +717% |
| Tangible fixed assets | 22/27 | €4,610 | €38,638 | +€34,028 | +738% |
| Plant, machinery and equipment | 23 | €4,610 | €2,834 | -€1,776 | -38.5% |
| Furniture and vehicles | 24 | - | €33,988 | +€33,988 | |
| Other tangible fixed assets | 26 | - | €1,816 | +€1,816 | |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €179,420 | €224,863 | +€45,443 | +25.3% |
| Stocks and contracts in progress | 3 | €86,879 | €112,455 | +€25,577 | +29.4% |
| Stocks | 30/36 | €86,879 | €112,455 | +€25,577 | +29.4% |
| Amounts receivable within one year | 40/41 | €13,880 | €26,092 | +€12,212 | +88.0% |
| Trade receivables | 40 | €8,870 | €13,446 | +€4,576 | +51.6% |
| Other amounts receivable | 41 | €5,010 | €12,645 | +€7,636 | +152% |
| Cash at bank and in hand | 54/58 | €76,220 | €83,638 | +€7,418 | +9.7% |
| Deferred charges and accrued income | 490/1 | €2,442 | €2,678 | +€236 | +9.7% |
| Total equity and liabilities | 10/49 | €184,387 | €263,637 | +€79,250 | +43.0% |
| Equity | 10/15 | €89,694 | €124,004 | +€34,311 | +38.3% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €68,694 | €103,004 | +€34,311 | +49.9% |
| Distributable reserves | 133 | €68,694 | €103,004 | +€34,311 | +49.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €94,693 | €139,632 | +€44,939 | +47.5% |
| Amounts payable after more than one year | 17 | €78,631 | €100,780 | +€22,149 | +28.2% |
| Financial debts | 170/4 | - | €17,604 | +€17,604 | |
| Other amounts payable | 178/9 | €78,631 | €83,177 | +€4,546 | +5.8% |
| Amounts payable within one year | 42/48 | €16,002 | €38,426 | +€22,424 | +140% |
| Current portion of amounts payable after more than one year | 42 | - | €6,920 | +€6,920 | |
| Trade debts | 44 | €8,867 | €24,274 | +€15,407 | +174% |
| Suppliers | 440/4 | €8,867 | €24,274 | +€15,407 | +174% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,302 | €6,374 | +€72 | +1.1% |
| Taxes | 450/3 | €4,986 | €3,584 | -€1,402 | -28.1% |
| Remuneration and social security | 454/9 | €1,317 | €2,790 | +€1,473 | +112% |
| Other amounts payable | 47/48 | €833 | €859 | +€26 | +3.1% |
| Accrued charges and deferred income | 492/3 | €60 | €426 | +€365 | +607% |
| Non-recurring operating income | 76A | - | €9,500 | +€9,500 | |
| Remuneration, social security and pensions | 62 | €7,569 | €14,128 | +€6,558 | +86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,998 | €9,748 | +€7,749 | +388% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,049 | €0 | -€1,049 | -100% |
| Other operating charges | 640/8 | €243 | €440 | +€197 | +80.8% |
| Gross operating margin | 9900 | €44,838 | €80,775 | +€35,937 | +80.1% |
| Operating profit (loss) | 9901 | €33,977 | €56,459 | +€22,482 | +66.2% |
| Financial income | 75/76B | €103 | €20 | -€83 | -80.8% |
| Recurring financial income | 75 | €103 | €20 | -€83 | -80.8% |
| Financial charges | 65/66B | €6,293 | €6,529 | +€235 | +3.7% |
| Recurring financial charges | 65 | €6,293 | €6,529 | +€235 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €27,787 | €49,951 | +€22,164 | +79.8% |
| Income taxes | 67/77 | €7,574 | €14,781 | +€7,207 | +95.2% |
| Profit (loss) for the period | 9904 | €20,213 | €35,170 | +€14,956 | +74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,213 | €35,170 | +€14,956 | +74.0% |
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 1 November 2026 via checked.be.