PAUL GEEREBAERT: 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.
PAUL GEEREBAERT
Largest movements
- Receivables within one year -€306,332
down €306,332 (-43.0%), from €712,584 to €406,252
of which Other amounts receivable: -€223,458
- Current investments +€250,000
up €250,000 (+225%), from €111,000 to €361,000
- Cash -€119,425
down €119,425 (-20.7%), from €577,224 to €457,800
mainly Contributions, distributions and other (-€500,338) and Current investments (-€250,000)
- Tangible fixed assets -€49,715
down €49,715 (-5.1%), from €977,541 to €927,826
of which Land and buildings: -€42,452
- Reserves -€124,655
down €124,655 (-4.3%), from €2.9m to €2.7m
of which Distributable reserves: -€116,094
- Current portion of long-term debt -€71,001
down €71,001 (-100%), from €71,001 to €0
- Gross operating margin +€13,700
up €13,700 (+2.4%), from €559,520 to €573,220
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 | €3,240,454 | €3,014,901 | -€225,553 | -7.0% |
| Fixed assets | 21/28 | €977,566 | €927,851 | -€49,715 | -5.1% |
| Tangible fixed assets | 22/27 | €977,541 | €927,826 | -€49,715 | -5.1% |
| Land and buildings | 22 | €944,239 | €901,788 | -€42,452 | -4.5% |
| Furniture and vehicles | 24 | €26,502 | €19,238 | -€7,264 | -27.4% |
| Other tangible fixed assets | 26 | €6,800 | €6,800 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €2,262,888 | €2,087,051 | -€175,837 | -7.8% |
| Amounts receivable after more than one year | 29 | €812,000 | €812,000 | = | 0.0% |
| Other amounts receivable | 291 | €812,000 | €812,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €712,584 | €406,252 | -€306,332 | -43.0% |
| Trade receivables | 40 | €161,822 | €78,947 | -€82,875 | -51.2% |
| Other amounts receivable | 41 | €550,762 | €327,305 | -€223,458 | -40.6% |
| Current investments | 50/53 | €111,000 | €361,000 | +€250,000 | +225% |
| Cash at bank and in hand | 54/58 | €577,224 | €457,800 | -€119,425 | -20.7% |
| Deferred charges and accrued income | 490/1 | €50,079 | €49,999 | -€81 | -0.2% |
| Total equity and liabilities | 10/49 | €3,240,454 | €3,014,901 | -€225,553 | -7.0% |
| Equity | 10/15 | €2,884,321 | €2,759,667 | -€124,655 | -4.3% |
| Contributions | 10/11 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €2,871,971 | €2,747,317 | -€124,655 | -4.3% |
| Tax-exempt reserves | 132 | €177,190 | €168,630 | -€8,560 | -4.8% |
| Distributable reserves | 133 | €2,694,781 | €2,578,686 | -€116,094 | -4.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €100,536 | €97,683 | -€2,853 | -2.8% |
| Deferred taxes | 168 | €100,536 | €97,683 | -€2,853 | -2.8% |
| Amounts payable | 17/49 | €255,596 | €157,551 | -€98,045 | -38.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €255,596 | €157,551 | -€98,045 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €71,001 | €0 | -€71,001 | -100% |
| Financial debts | 43 | €25,559 | €16,874 | -€8,685 | -34.0% |
| Credit institutions | 430/8 | €25,559 | €16,874 | -€8,685 | -34.0% |
| Trade debts | 44 | €12,697 | €3,442 | -€9,255 | -72.9% |
| Suppliers | 440/4 | €12,697 | €3,442 | -€9,255 | -72.9% |
| Taxes, remuneration and social security | 45 | €146,339 | €137,236 | -€9,104 | -6.2% |
| Taxes | 450/3 | €146,339 | €137,236 | -€9,104 | -6.2% |
| Non-recurring operating income | 76A | - | €135 | +€135 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,869 | €67,586 | +€3,718 | +5.8% |
| Other operating charges | 640/8 | €3,743 | €3,056 | -€687 | -18.3% |
| Gross operating margin | 9900 | €559,520 | €573,220 | +€13,700 | +2.4% |
| Operating profit (loss) | 9901 | €491,909 | €502,577 | +€10,669 | +2.2% |
| Financial income | 75/76B | €56,587 | €51,810 | -€4,777 | -8.4% |
| Recurring financial income | 75 | €56,587 | €51,810 | -€4,777 | -8.4% |
| Financial charges | 65/66B | €6,772 | €2,476 | -€4,296 | -63.4% |
| Recurring financial charges | 65 | €6,772 | €2,476 | -€4,296 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €541,724 | €551,912 | +€10,188 | +1.9% |
| Transfer from deferred taxes | 780 | €2,853 | €2,853 | = | 0.0% |
| Income taxes | 67/77 | €179,400 | €179,082 | -€318 | -0.2% |
| Profit (loss) for the period | 9904 | €365,177 | €375,683 | +€10,506 | +2.9% |
| Transfer from tax-exempt reserves | 789 | €8,560 | €8,560 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €373,737 | €384,243 | +€10,506 | +2.8% |
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 28 October 2026 via checked.be.