PIERRE GEERS: 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.
PIERRE GEERS
Largest movements
- Receivables within one year -€102,790
down €102,790 (-67.9%), from €151,327 to €48,537
of which Trade receivables: -€83,740
- Deferred charges and accrued income -€19,104
down €19,104 (-93.2%), from €20,503 to €1,399
- Tangible fixed assets -€6,417
down €6,417 (-41.4%), from €15,512 to €9,095
- Stocks and contracts +€4,827
up €4,827 (+39.7%), from €12,173 to €17,000
- Other debts -€73,524
down €73,524 (-95.6%), from €76,897 to €3,373
- Profit (loss) carried forward -€63,068
down €63,068, from €12,011 to -€51,057
- Debts after one year +€38,709
new in 2025: €38,709
- Trade debts -€34,092
down €34,092 (-100%), from €34,092 to €0
- Short-term financial debts -€24,635
down €24,635 (-55.2%), from €44,657 to €20,022
- Taxes +€19,889
new in 2025: €19,889
- Financial charges +€5,370
up €5,370 (+110%), from €4,873 to €10,243
- Depreciation +€2,678
up €2,678 (+71.6%), from €3,738 to €6,417
- Staff costs +€2,295
new in 2025: €2,295
- Gross operating margin -€769
down €769 (-2.4%), from €31,390 to €30,621
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,640 | €76,156 | -€123,484 | -61.9% |
| Fixed assets | 21/28 | €15,637 | €9,220 | -€6,417 | -41.0% |
| Tangible fixed assets | 22/27 | €15,512 | €9,095 | -€6,417 | -41.4% |
| Furniture and vehicles | 24 | €15,512 | €9,095 | -€6,417 | -41.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €184,003 | €66,936 | -€117,068 | -63.6% |
| Stocks and contracts in progress | 3 | €12,173 | €17,000 | +€4,827 | +39.7% |
| Stocks | 30/36 | €12,173 | €17,000 | +€4,827 | +39.7% |
| Amounts receivable within one year | 40/41 | €151,327 | €48,537 | -€102,790 | -67.9% |
| Trade receivables | 40 | €129,267 | €45,527 | -€83,740 | -64.8% |
| Other amounts receivable | 41 | €22,060 | €3,009 | -€19,050 | -86.4% |
| Deferred charges and accrued income | 490/1 | €20,503 | €1,399 | -€19,104 | -93.2% |
| Total equity and liabilities | 10/49 | €199,640 | €76,156 | -€123,484 | -61.9% |
| Equity | 10/15 | €40,125 | -€22,943 | -€63,068 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €15,714 | €15,714 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €13,854 | €13,854 | = | 0.0% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €12,011 | -€51,057 | -€63,068 | |
| Amounts payable | 17/49 | €159,515 | €99,099 | -€60,416 | -37.9% |
| Amounts payable after more than one year | 17 | - | €38,709 | +€38,709 | |
| Financial debts | 170/4 | - | €38,709 | +€38,709 | |
| Amounts payable within one year | 42/48 | €159,515 | €54,390 | -€105,125 | -65.9% |
| Current portion of amounts payable after more than one year | 42 | - | €11,291 | +€11,291 | |
| Financial debts | 43 | €44,657 | €20,022 | -€24,635 | -55.2% |
| Credit institutions | 430/8 | €44,657 | €20,022 | -€24,635 | -55.2% |
| Trade debts | 44 | €34,092 | €0 | -€34,092 | -100% |
| Suppliers | 440/4 | €34,092 | €0 | -€34,092 | -100% |
| Advances received on contracts in progress | 46 | - | €2,000 | +€2,000 | |
| Taxes, remuneration and social security | 45 | €3,869 | €17,704 | +€13,835 | +358% |
| Taxes | 450/3 | €3,869 | €17,631 | +€13,762 | +356% |
| Remuneration and social security | 454/9 | - | €73 | +€73 | |
| Other amounts payable | 47/48 | €76,897 | €3,373 | -€73,524 | -95.6% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | - | €2,295 | +€2,295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,738 | €6,417 | +€2,678 | +71.6% |
| Other operating charges | 640/8 | €713 | €837 | +€124 | +17.3% |
| Non-recurring operating charges | 66A | - | €54,033 | +€54,033 | |
| Gross operating margin | 9900 | €31,390 | €30,621 | -€769 | -2.4% |
| Operating profit (loss) | 9901 | €26,938 | -€32,961 | -€59,899 | |
| Financial income | 75/76B | €33 | €25 | -€8 | -25.3% |
| Recurring financial income | 75 | €33 | €25 | -€8 | -25.3% |
| Financial charges | 65/66B | €4,873 | €10,243 | +€5,370 | +110% |
| Recurring financial charges | 65 | €4,873 | €10,243 | +€5,370 | +110% |
| Profit (loss) for the period before taxes | 9903 | €22,098 | -€43,179 | -€65,277 | |
| Income taxes | 67/77 | - | €19,889 | +€19,889 | |
| Profit (loss) for the period | 9904 | €22,098 | -€63,068 | -€85,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,098 | -€63,068 | -€85,166 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.