Miek Geerardyn: 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.
Miek Geerardyn
Largest movements
- Receivables within one year +€361,103
up €361,103 (+11.1%), from €3.3m to €3.6m
of which Other amounts receivable: +€364,032
- Cash -€212,669
down €212,669 (-29.0%), from €733,002 to €520,333
mainly Receivables within one year (-€361,103) and Investment in fixed assets (net) (-€125,580)
- Other debts +€155,298
up €155,298 (+6.3%), from €2.5m to €2.6m
- Reserves +€151,727
up €151,727 (+4.4%), from €3.5m to €3.6m
- Financial income -€847,093
down €847,093 (-67.2%), from €1.3m to €413,377
- Financial charges +€64,309
up €64,309 (+58.0%), from €110,914 to €175,223
- Taxes -€56,849
down €56,849 (-41.8%), from €135,875 to €79,026
- Depreciation -€41,340
down €41,340 (-34.6%), from €119,338 to €77,998
- Gross operating margin -€34,049
down €34,049 (-30.1%), from €113,208 to €79,159
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 | €7,030,198 | €7,200,487 | +€170,289 | +2.4% |
| Fixed assets | 21/28 | €1,331,690 | €1,379,271 | +€47,581 | +3.6% |
| Tangible fixed assets | 22/27 | €1,328,590 | €1,376,171 | +€47,581 | +3.6% |
| Land and buildings | 22 | €1,220,327 | €1,295,674 | +€75,347 | +6.2% |
| Plant, machinery and equipment | 23 | €11,166 | €10,642 | -€524 | -4.7% |
| Furniture and vehicles | 24 | €92,596 | €65,355 | -€27,242 | -29.4% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €5,698,508 | €5,821,216 | +€122,708 | +2.2% |
| Amounts receivable after more than one year | 29 | €1,684,268 | €1,673,284 | -€10,985 | -0.7% |
| Trade receivables | 290 | €1,684,268 | €1,673,284 | -€10,985 | -0.7% |
| Amounts receivable within one year | 40/41 | €3,256,939 | €3,618,042 | +€361,103 | +11.1% |
| Trade receivables | 40 | €30,248 | €27,319 | -€2,928 | -9.7% |
| Other amounts receivable | 41 | €3,226,691 | €3,590,723 | +€364,032 | +11.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €733,002 | €520,333 | -€212,669 | -29.0% |
| Deferred charges and accrued income | 490/1 | €24,299 | €9,557 | -€14,742 | -60.7% |
| Total equity and liabilities | 10/49 | €7,030,198 | €7,200,487 | +€170,289 | +2.4% |
| Equity | 10/15 | €3,572,033 | €3,723,760 | +€151,727 | +4.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,472,033 | €3,623,760 | +€151,727 | +4.4% |
| Distributable reserves | 133 | €3,472,033 | €3,623,760 | +€151,727 | +4.4% |
| Amounts payable | 17/49 | €3,458,164 | €3,476,727 | +€18,563 | +0.5% |
| Amounts payable after more than one year | 17 | €774,489 | €713,918 | -€60,571 | -7.8% |
| Financial debts | 170/4 | €774,489 | €713,918 | -€60,571 | -7.8% |
| Amounts payable within one year | 42/48 | €2,680,651 | €2,759,690 | +€79,039 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €59,489 | €60,571 | +€1,083 | +1.8% |
| Trade debts | 44 | €38,679 | €5,310 | -€33,369 | -86.3% |
| Suppliers | 440/4 | €38,679 | €5,310 | -€33,369 | -86.3% |
| Taxes, remuneration and social security | 45 | €103,953 | €59,980 | -€43,973 | -42.3% |
| Taxes | 450/3 | €103,953 | €59,980 | -€43,973 | -42.3% |
| Other amounts payable | 47/48 | €2,478,531 | €2,633,829 | +€155,298 | +6.3% |
| Accrued charges and deferred income | 492/3 | €3,024 | €3,119 | +€95 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,338 | €77,998 | -€41,340 | -34.6% |
| Other operating charges | 640/8 | €8,199 | €8,561 | +€362 | +4.4% |
| Gross operating margin | 9900 | €113,208 | €79,159 | -€34,049 | -30.1% |
| Operating profit (loss) | 9901 | -€14,329 | -€7,401 | +€6,928 | +48.3% |
| Financial income | 75/76B | €1,260,470 | €413,377 | -€847,093 | -67.2% |
| Recurring financial income | 75 | €1,260,470 | €413,377 | -€847,093 | -67.2% |
| Financial charges | 65/66B | €110,914 | €175,223 | +€64,309 | +58.0% |
| Recurring financial charges | 65 | €110,914 | €175,223 | +€64,309 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €1,135,227 | €230,752 | -€904,474 | -79.7% |
| Income taxes | 67/77 | €135,875 | €79,026 | -€56,849 | -41.8% |
| Profit (loss) for the period | 9904 | €999,352 | €151,727 | -€847,625 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €999,352 | €151,727 | -€847,625 | -84.8% |
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 29 October 2026 via checked.be.