Stefan Geerts: 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.
Stefan Geerts
Largest movements
- Receivables within one year -€19,468
down €19,468 (-6.1%), from €319,803 to €300,335
of which Trade receivables: -€38,485
- Cash +€19,264
up €19,264 (+23,863%), from €81 to €19,345
mainly Receivables within one year (+€19,468) and Tax, wage and social debts (+€17,366)
- Stocks and contracts +€9,815
up €9,815 (+62.7%), from €15,662 to €25,477
of which Contracts in progress: +€9,815
- Trade debts -€20,994
down €20,994 (-25.2%), from €83,398 to €62,404
- Tax, wage and social debts +€17,366
up €17,366 (+9.5%), from €182,708 to €200,074
of which Remuneration and social security: +€13,037
- Profit (loss) carried forward +€12,055
up €12,055 (+22.2%), from €54,212 to €66,266
- Gross operating margin +€86,905
up €86,905 (+20.2%), from €430,233 to €517,138
- Staff costs +€41,668
up €41,668 (+9.5%), from €438,712 to €480,380
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 | €342,609 | €349,670 | +€7,061 | +2.1% |
| Fixed assets | 21/28 | €1,690 | €1,048 | -€642 | -38.0% |
| Tangible fixed assets | 22/27 | €1,690 | €1,048 | -€642 | -38.0% |
| Plant, machinery and equipment | 23 | €29 | - | -€29 | |
| Furniture and vehicles | 24 | €1,661 | €1,048 | -€613 | -36.9% |
| Current assets | 29/58 | €340,919 | €348,622 | +€7,703 | +2.3% |
| Stocks and contracts in progress | 3 | €15,662 | €25,477 | +€9,815 | +62.7% |
| Stocks | 30/36 | €6,632 | €6,632 | = | 0.0% |
| Contracts in progress | 37 | €9,030 | €18,845 | +€9,815 | +109% |
| Amounts receivable within one year | 40/41 | €319,803 | €300,335 | -€19,468 | -6.1% |
| Trade receivables | 40 | €116,778 | €78,293 | -€38,485 | -33.0% |
| Other amounts receivable | 41 | €203,025 | €222,042 | +€19,017 | +9.4% |
| Cash at bank and in hand | 54/58 | €81 | €19,345 | +€19,264 | +23,863% |
| Deferred charges and accrued income | 490/1 | €5,373 | €3,465 | -€1,909 | -35.5% |
| Total equity and liabilities | 10/49 | €342,609 | €349,670 | +€7,061 | +2.1% |
| Equity | 10/15 | €74,672 | €86,726 | +€12,055 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,212 | €66,266 | +€12,055 | +22.2% |
| Amounts payable | 17/49 | €267,937 | €262,943 | -€4,994 | -1.9% |
| Amounts payable within one year | 42/48 | €267,486 | €262,478 | -€5,008 | -1.9% |
| Financial debts | 43 | €1,380 | - | -€1,380 | |
| Credit institutions | 430/8 | €1,380 | - | -€1,380 | |
| Trade debts | 44 | €83,398 | €62,404 | -€20,994 | -25.2% |
| Suppliers | 440/4 | €83,398 | €62,404 | -€20,994 | -25.2% |
| Taxes, remuneration and social security | 45 | €182,708 | €200,074 | +€17,366 | +9.5% |
| Taxes | 450/3 | €3,075 | €7,403 | +€4,328 | +141% |
| Remuneration and social security | 454/9 | €179,633 | €192,671 | +€13,037 | +7.3% |
| Accrued charges and deferred income | 492/3 | €451 | €465 | +€14 | +3.2% |
| Remuneration, social security and pensions | 62 | €438,712 | €480,380 | +€41,668 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €448 | €642 | +€194 | +43.4% |
| Other operating charges | 640/8 | €17,162 | €15,554 | -€1,608 | -9.4% |
| Gross operating margin | 9900 | €430,233 | €517,138 | +€86,905 | +20.2% |
| Operating profit (loss) | 9901 | -€26,089 | €20,562 | +€46,651 | |
| Financial income | 75/76B | €159 | €114 | -€45 | -28.1% |
| Recurring financial income | 75 | €159 | €114 | -€45 | -28.1% |
| Financial charges | 65/66B | €7,734 | €8,622 | +€888 | +11.5% |
| Recurring financial charges | 65 | €7,734 | €8,622 | +€888 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,663 | €12,055 | +€45,718 | |
| Profit (loss) for the period | 9904 | -€33,663 | €12,055 | +€45,718 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,663 | €12,055 | +€45,718 |
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 30 October 2026 via checked.be.