LEEN 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.
LEEN GEERTS
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€107,830
down €107,830 (-38.1%), from €283,061 to €175,231
mainly Current investments (-€200,000) and Deferred charges and accrued income (-€32,651)
- Financial fixed assets -€75,000
down €75,000 (-11.1%), from €675,000 to €600,000
- Deferred charges and accrued income +€32,651
up €32,651 (+286%), from €11,403 to €44,053
- Receivables within one year +€22,371
up €22,371 (+166%), from €13,515 to €35,886
of which Trade receivables: +€17,519
- Reserves +€62,742
up €62,742 (+5.6%), from €1.1m to €1.2m
of which Distributable reserves: +€62,742
- Debts after one year -€24,048
down €24,048 (-18.5%), from €130,239 to €106,190
- Advances received +€18,150
new in 2025: €18,150
- Financial income +€20,778
up €20,778 (+42.1%), from €49,339 to €70,117
- Depreciation +€20,603
up €20,603 (+168%), from €12,262 to €32,865
- Gross operating margin -€13,741
down €13,741 (-19.6%), from €69,998 to €56,257
- Taxes +€6,695
up €6,695 (+39.2%), from €17,093 to €23,788
- Financial charges +€811
up €811 (+18.0%), from €4,517 to €5,328
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 | €1,301,955 | €1,353,394 | +€51,439 | +4.0% |
| Fixed assets | 21/28 | €993,976 | €898,223 | -€95,754 | -9.6% |
| Tangible fixed assets | 22/27 | €318,976 | €298,223 | -€20,754 | -6.5% |
| Land and buildings | 22 | €141,066 | €137,973 | -€3,092 | -2.2% |
| Plant, machinery and equipment | 23 | €82,076 | €82,753 | +€677 | +0.8% |
| Furniture and vehicles | 24 | €88,635 | €70,297 | -€18,338 | -20.7% |
| Other tangible fixed assets | 26 | €7,200 | €7,200 | = | 0.0% |
| Financial fixed assets | 28 | €675,000 | €600,000 | -€75,000 | -11.1% |
| Current assets | 29/58 | €307,978 | €455,171 | +€147,192 | +47.8% |
| Amounts receivable within one year | 40/41 | €13,515 | €35,886 | +€22,371 | +166% |
| Trade receivables | 40 | €1,017 | €18,536 | +€17,519 | +1,723% |
| Other amounts receivable | 41 | €12,498 | €17,350 | +€4,852 | +38.8% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €283,061 | €175,231 | -€107,830 | -38.1% |
| Deferred charges and accrued income | 490/1 | €11,403 | €44,053 | +€32,651 | +286% |
| Total equity and liabilities | 10/49 | €1,301,955 | €1,353,394 | +€51,439 | +4.0% |
| Equity | 10/15 | €1,136,792 | €1,199,534 | +€62,742 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,118,192 | €1,180,934 | +€62,742 | +5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €136,446 | €136,446 | = | 0.0% |
| Distributable reserves | 133 | €979,886 | €1,042,628 | +€62,742 | +6.4% |
| Amounts payable | 17/49 | €165,162 | €153,859 | -€11,303 | -6.8% |
| Amounts payable after more than one year | 17 | €130,239 | €106,190 | -€24,048 | -18.5% |
| Financial debts | 170/4 | €130,239 | €106,190 | -€24,048 | -18.5% |
| Amounts payable within one year | 42/48 | €34,924 | €47,669 | +€12,745 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €23,204 | €24,048 | +€844 | +3.6% |
| Trade debts | 44 | €3,940 | €2,168 | -€1,771 | -45.0% |
| Suppliers | 440/4 | €3,940 | €2,168 | -€1,771 | -45.0% |
| Advances received on contracts in progress | 46 | - | €18,150 | +€18,150 | |
| Taxes, remuneration and social security | 45 | €7,087 | €3,302 | -€3,785 | -53.4% |
| Taxes | 450/3 | €7,087 | €3,302 | -€3,785 | -53.4% |
| Other amounts payable | 47/48 | €693 | - | -€693 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,262 | €32,865 | +€20,603 | +168% |
| Other operating charges | 640/8 | €1,331 | €1,650 | +€319 | +23.9% |
| Gross operating margin | 9900 | €69,998 | €56,257 | -€13,741 | -19.6% |
| Operating profit (loss) | 9901 | €56,404 | €21,741 | -€34,662 | -61.5% |
| Financial income | 75/76B | €49,339 | €70,117 | +€20,778 | +42.1% |
| Recurring financial income | 75 | €49,339 | €70,117 | +€20,778 | +42.1% |
| Financial charges | 65/66B | €4,517 | €5,328 | +€811 | +18.0% |
| Recurring financial charges | 65 | €4,517 | €5,328 | +€811 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €101,226 | €86,531 | -€14,696 | -14.5% |
| Income taxes | 67/77 | €17,093 | €23,788 | +€6,695 | +39.2% |
| Profit (loss) for the period | 9904 | €84,133 | €62,742 | -€21,391 | -25.4% |
| Transfer to tax-exempt reserves | 689 | €40,121 | - | -€40,121 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,012 | €62,742 | +€18,731 | +42.6% |
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 1 November 2026 via checked.be.