ROEL GERAERTS: 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.
ROEL GERAERTS
Largest movements
- Tangible fixed assets -€30,426
down €30,426 (-3.7%), from €829,133 to €798,707
of which Land and buildings: -€28,895
- Cash +€18,826
up €18,826 (+454%), from €4,146 to €22,972
mainly Depreciation (+€38,665) and Receivables within one year (+€14,393)
- Receivables within one year -€14,393
down €14,393 (-72.2%), from €19,939 to €5,546
of which Trade receivables: -€8,599
- Debts after one year -€26,699
down €26,699 (-8.0%), from €332,931 to €306,232
of which Financial debts: -€31,499
- Other debts -€9,454
down €9,454 (-95.4%), from €9,909 to €455
- Turnover -€121,561
no longer reported in 2025 (was €121,561)
- Purchases and services -€61,829
no longer reported in 2025 (was €61,829)
- Gross operating margin -€4,837
down €4,837 (-8.1%), from €59,732 to €54,895
- Financial charges -€1,579
down €1,579 (-19.2%), from €8,205 to €6,626
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 | €858,833 | €829,831 | -€29,002 | -3.4% |
| Fixed assets | 21/28 | €829,213 | €798,707 | -€30,506 | -3.7% |
| Tangible fixed assets | 22/27 | €829,133 | €798,707 | -€30,426 | -3.7% |
| Land and buildings | 22 | €809,673 | €780,778 | -€28,895 | -3.6% |
| Plant, machinery and equipment | 23 | €18,282 | €16,676 | -€1,606 | -8.8% |
| Furniture and vehicles | 24 | €1,178 | €1,253 | +€75 | +6.4% |
| Financial fixed assets | 28 | €80 | - | -€80 | |
| Current assets | 29/58 | €29,620 | €31,124 | +€1,504 | +5.1% |
| Amounts receivable within one year | 40/41 | €19,939 | €5,546 | -€14,393 | -72.2% |
| Trade receivables | 40 | €14,116 | €5,518 | -€8,599 | -60.9% |
| Other amounts receivable | 41 | €5,823 | €29 | -€5,794 | -99.5% |
| Cash at bank and in hand | 54/58 | €4,146 | €22,972 | +€18,826 | +454% |
| Deferred charges and accrued income | 490/1 | €5,535 | €2,605 | -€2,930 | -52.9% |
| Total equity and liabilities | 10/49 | €858,833 | €829,831 | -€29,002 | -3.4% |
| Equity | 10/15 | €479,873 | €482,655 | +€2,782 | +0.6% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €161,273 | €164,055 | +€2,782 | +1.7% |
| Non-distributable reserves | 130/1 | €31,860 | - | -€31,860 | |
| Reserves not available under the articles | 1311 | €31,860 | - | -€31,860 | |
| Distributable reserves | 133 | €129,413 | €164,055 | +€34,642 | +26.8% |
| Amounts payable | 17/49 | €378,960 | €347,177 | -€31,783 | -8.4% |
| Amounts payable after more than one year | 17 | €332,931 | €306,232 | -€26,699 | -8.0% |
| Financial debts | 170/4 | €332,931 | €301,432 | -€31,499 | -9.5% |
| Other amounts payable | 178/9 | - | €4,800 | +€4,800 | |
| Amounts payable within one year | 42/48 | €46,029 | €39,194 | -€6,835 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €30,903 | €31,499 | +€596 | +1.9% |
| Trade debts | 44 | €1,658 | €884 | -€774 | -46.7% |
| Suppliers | 440/4 | €1,658 | €884 | -€774 | -46.7% |
| Taxes, remuneration and social security | 45 | €3,559 | €6,357 | +€2,798 | +78.6% |
| Taxes | 450/3 | €3,559 | €6,357 | +€2,798 | +78.6% |
| Other amounts payable | 47/48 | €9,909 | €455 | -€9,454 | -95.4% |
| Accrued charges and deferred income | 492/3 | - | €1,750 | +€1,750 | |
| Turnover | 70 | €121,561 | - | -€121,561 | |
| Goods, raw materials, services and sundry goods | 60/61 | €61,829 | - | -€61,829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,617 | €38,665 | +€48 | +0.1% |
| Other operating charges | 640/8 | €6,379 | €5,661 | -€718 | -11.3% |
| Gross operating margin | 9900 | €59,732 | €54,895 | -€4,837 | -8.1% |
| Operating profit (loss) | 9901 | €14,736 | €10,569 | -€4,167 | -28.3% |
| Financial income | 75/76B | €80 | €60 | -€20 | -25.0% |
| Recurring financial income | 75 | €80 | €60 | -€20 | -25.0% |
| Financial charges | 65/66B | €8,205 | €6,626 | -€1,579 | -19.2% |
| Recurring financial charges | 65 | €8,205 | €6,626 | -€1,579 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €6,611 | €4,003 | -€2,608 | -39.4% |
| Income taxes | 67/77 | €2,058 | €1,221 | -€837 | -40.6% |
| Profit (loss) for the period | 9904 | €4,553 | €2,782 | -€1,771 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,553 | €2,782 | -€1,771 | -38.9% |
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 14 October 2026 via checked.be.