Ralf Geenen: 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.
Ralf Geenen
Largest movements
- Tangible fixed assets -€45,011
down €45,011 (-4.8%), from €931,018 to €886,006
of which Land and buildings: -€40,090
- Debts after one year -€58,198
down €58,198 (-27.9%), from €208,885 to €150,687
- Reserves +€30,638
up €30,638 (+7.7%), from €399,057 to €429,695
- Current portion of long-term debt -€13,310
down €13,310 (-17.6%), from €75,822 to €62,512
- Other debts -€10,954
down €10,954 (-37.7%), from €29,023 to €18,069
- Gross operating margin +€6,882
up €6,882 (+5.4%), from €128,501 to €135,383
- Taxes +€3,328
up €3,328 (+22.0%), from €15,099 to €18,427
- Financial charges -€3,238
down €3,238 (-16.4%), from €19,707 to €16,469
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 | €1,023,560 | €968,664 | -€54,896 | -5.4% |
| Fixed assets | 21/28 | €931,018 | €886,006 | -€45,011 | -4.8% |
| Tangible fixed assets | 22/27 | €931,018 | €886,006 | -€45,011 | -4.8% |
| Land and buildings | 22 | €914,704 | €874,614 | -€40,090 | -4.4% |
| Plant, machinery and equipment | 23 | €4,249 | €1,521 | -€2,728 | -64.2% |
| Furniture and vehicles | 24 | €12,064 | €9,870 | -€2,194 | -18.2% |
| Current assets | 29/58 | €92,542 | €82,658 | -€9,884 | -10.7% |
| Amounts receivable within one year | 40/41 | €89,614 | €81,393 | -€8,220 | -9.2% |
| Trade receivables | 40 | €84,367 | €75,589 | -€8,778 | -10.4% |
| Other amounts receivable | 41 | €5,247 | €5,805 | +€558 | +10.6% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €2,928 | €1,264 | -€1,664 | -56.8% |
| Total equity and liabilities | 10/49 | €1,023,560 | €968,664 | -€54,896 | -5.4% |
| Equity | 10/15 | €611,457 | €642,095 | +€30,638 | +5.0% |
| Contributions | 10/11 | €212,400 | €212,400 | = | 0.0% |
| Reserves | 13 | €399,057 | €429,695 | +€30,638 | +7.7% |
| Distributable reserves | 133 | €399,057 | €429,695 | +€30,638 | +7.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €412,102 | €326,569 | -€85,533 | -20.8% |
| Amounts payable after more than one year | 17 | €208,885 | €150,687 | -€58,198 | -27.9% |
| Financial debts | 170/4 | €208,885 | €150,687 | -€58,198 | -27.9% |
| Amounts payable within one year | 42/48 | €202,467 | €175,160 | -€27,307 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €75,822 | €62,512 | -€13,310 | -17.6% |
| Financial debts | 43 | €27,220 | €25,889 | -€1,331 | -4.9% |
| Credit institutions | 430/8 | €27,220 | €25,889 | -€1,331 | -4.9% |
| Trade debts | 44 | €52,792 | €50,122 | -€2,669 | -5.1% |
| Suppliers | 440/4 | €52,792 | €50,122 | -€2,669 | -5.1% |
| Taxes, remuneration and social security | 45 | €17,611 | €18,568 | +€958 | +5.4% |
| Taxes | 450/3 | €17,611 | €18,568 | +€958 | +5.4% |
| Other amounts payable | 47/48 | €29,023 | €18,069 | -€10,954 | -37.7% |
| Accrued charges and deferred income | 492/3 | €750 | €721 | -€29 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,813 | €50,120 | -€693 | -1.4% |
| Other operating charges | 640/8 | €4,738 | €4,731 | -€8 | -0.2% |
| Gross operating margin | 9900 | €128,501 | €135,383 | +€6,882 | +5.4% |
| Operating profit (loss) | 9901 | €72,950 | €80,532 | +€7,583 | +10.4% |
| Financial income | 75/76B | €4 | €1 | -€4 | -87.9% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -87.9% |
| Financial charges | 65/66B | €19,707 | €16,469 | -€3,238 | -16.4% |
| Recurring financial charges | 65 | €19,707 | €16,469 | -€3,238 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €53,247 | €64,064 | +€10,817 | +20.3% |
| Income taxes | 67/77 | €15,099 | €18,427 | +€3,328 | +22.0% |
| Profit (loss) for the period | 9904 | €38,148 | €45,638 | +€7,490 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,148 | €45,638 | +€7,490 | +19.6% |
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 30 October 2026 via checked.be.