Marc GEUDEWERT: 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.
Marc GEUDEWERT
Largest movements
- Tangible fixed assets -€3,090
down €3,090 (-64.2%), from €4,816 to €1,726
of which Other tangible fixed assets: -€1,770
- Deferred charges and accrued income -€1,016
down €1,016 (-89.5%), from €1,135 to €119
- Other debts -€4,000
down €4,000 (-8.9%), from €45,000 to €41,000
- Gross operating margin -€4,665
down €4,665 (-12.2%), from €38,132 to €33,467
- Taxes -€1,329
down €1,329 (-17.0%), from €7,822 to €6,493
- Depreciation -€586
down €586 (-15.9%), from €3,676 to €3,090
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 | €66,513 | €61,995 | -€4,518 | -6.8% |
| Fixed assets | 21/28 | €4,816 | €1,726 | -€3,090 | -64.2% |
| Tangible fixed assets | 22/27 | €4,816 | €1,726 | -€3,090 | -64.2% |
| Furniture and vehicles | 24 | €2,745 | €1,425 | -€1,320 | -48.1% |
| Other tangible fixed assets | 26 | €2,071 | €301 | -€1,770 | -85.5% |
| Current assets | 29/58 | €61,697 | €60,269 | -€1,428 | -2.3% |
| Cash at bank and in hand | 54/58 | €60,562 | €60,150 | -€412 | -0.7% |
| Deferred charges and accrued income | 490/1 | €1,135 | €119 | -€1,016 | -89.5% |
| Total equity and liabilities | 10/49 | €66,513 | €61,995 | -€4,518 | -6.8% |
| Equity | 10/15 | €17,555 | €17,704 | +€150 | +0.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,555 | €2,704 | +€150 | +5.9% |
| Amounts payable | 17/49 | €48,958 | €44,290 | -€4,668 | -9.5% |
| Amounts payable within one year | 42/48 | €48,958 | €44,290 | -€4,668 | -9.5% |
| Trade debts | 44 | €243 | €225 | -€19 | -7.6% |
| Suppliers | 440/4 | €243 | €225 | -€19 | -7.6% |
| Taxes, remuneration and social security | 45 | €3,715 | €3,066 | -€649 | -17.5% |
| Taxes | 450/3 | €3,715 | €3,066 | -€649 | -17.5% |
| Other amounts payable | 47/48 | €45,000 | €41,000 | -€4,000 | -8.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,676 | €3,090 | -€586 | -15.9% |
| Other operating charges | 640/8 | €1,813 | €1,752 | -€61 | -3.4% |
| Gross operating margin | 9900 | €38,132 | €33,467 | -€4,665 | -12.2% |
| Operating profit (loss) | 9901 | €32,642 | €28,625 | -€4,017 | -12.3% |
| Financial charges | 65/66B | €959 | €983 | +€24 | +2.5% |
| Recurring financial charges | 65 | €959 | €983 | +€24 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €31,683 | €27,643 | -€4,041 | -12.8% |
| Income taxes | 67/77 | €7,822 | €6,493 | -€1,329 | -17.0% |
| Profit (loss) for the period | 9904 | €23,861 | €21,150 | -€2,712 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,861 | €21,150 | -€2,712 | -11.4% |
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.