VAN GEEL: what changed
Two fiscal 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.
VAN GEEL
Largest movements
- Tangible fixed assets -€89,517
down €89,517 (-20.4%), from €439,706 to €350,189
of which Land and buildings: -€56,214
- Current investments +€75,000
new in 2025: €75,000
- Receivables within one year +€20,996
up €20,996 (+42.0%), from €50,010 to €71,006
of which Trade receivables: +€25,996
- Cash +€14,183
up €14,183 (+4.2%), from €341,433 to €355,615
mainly Depreciation (+€89,517) and Net result for the year (+€69,813)
- Reserves +€69,800
up €69,800 (+18.9%), from €369,700 to €439,500
- Debts after one year -€61,189
down €61,189 (-22.9%), from €267,717 to €206,528
- Tax, wage and social debts +€33,437
up €33,437 (+70.5%), from €47,442 to €80,879
of which Taxes: +€23,882
- Other debts -€16,726
down €16,726 (-13.3%), from €125,411 to €108,685
- Gross operating margin +€51,699
up €51,699 (+13.9%), from €372,207 to €423,906
- Taxes +€11,415
up €11,415 (+72.3%), from €15,786 to €27,201
- Depreciation +€9,727
up €9,727 (+12.2%), from €79,790 to €89,517
- Staff costs +€7,899
up €7,899 (+3.6%), from €217,208 to €225,107
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.
Cash bridge derived
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 | €978,929 | €1,003,641 | +€24,712 | +2.5% |
| Fixed assets | 21/28 | €440,206 | €350,689 | -€89,517 | -20.3% |
| Tangible fixed assets | 22/27 | €439,706 | €350,189 | -€89,517 | -20.4% |
| Land and buildings | 22 | €313,536 | €257,322 | -€56,214 | -17.9% |
| Plant, machinery and equipment | 23 | €13,677 | €8,505 | -€5,171 | -37.8% |
| Furniture and vehicles | 24 | €112,493 | €84,362 | -€28,131 | -25.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €538,724 | €652,952 | +€114,229 | +21.2% |
| Stocks and contracts in progress | 3 | €147,281 | €151,331 | +€4,050 | +2.8% |
| Stocks | 30/36 | €147,281 | €151,331 | +€4,050 | +2.8% |
| Amounts receivable within one year | 40/41 | €50,010 | €71,006 | +€20,996 | +42.0% |
| Trade receivables | 40 | €45,010 | €71,006 | +€25,996 | +57.8% |
| Other amounts receivable | 41 | €5,000 | - | -€5,000 | |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €341,433 | €355,615 | +€14,183 | +4.2% |
| Total equity and liabilities | 10/49 | €978,929 | €1,003,641 | +€24,712 | +2.5% |
| Equity | 10/15 | €411,559 | €481,372 | +€69,813 | +17.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €369,700 | €439,500 | +€69,800 | +18.9% |
| Distributable reserves | 133 | €369,700 | €439,500 | +€69,800 | +18.9% |
| Profit (loss) carried forward | 14 | €23,267 | €23,280 | +€13 | +0.1% |
| Amounts payable | 17/49 | €567,371 | €522,269 | -€45,102 | -7.9% |
| Amounts payable after more than one year | 17 | €267,717 | €206,528 | -€61,189 | -22.9% |
| Financial debts | 170/4 | €267,717 | €206,528 | -€61,189 | -22.9% |
| Amounts payable within one year | 42/48 | €299,654 | €315,741 | +€16,087 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €61,438 | €61,866 | +€427 | +0.7% |
| Trade debts | 44 | €65,362 | €64,312 | -€1,050 | -1.6% |
| Suppliers | 440/4 | €65,362 | €64,312 | -€1,050 | -1.6% |
| Taxes, remuneration and social security | 45 | €47,442 | €80,879 | +€33,437 | +70.5% |
| Taxes | 450/3 | €20,182 | €44,064 | +€23,882 | +118.3% |
| Remuneration and social security | 454/9 | €27,261 | €36,815 | +€9,555 | +35.0% |
| Other amounts payable | 47/48 | €125,411 | €108,685 | -€16,726 | -13.3% |
| Non-recurring operating income | 76A | €22,700 | - | -€22,700 | |
| Remuneration, social security and pensions | 62 | €217,208 | €225,107 | +€7,899 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,790 | €89,517 | +€9,727 | +12.2% |
| Other operating charges | 640/8 | €13,022 | €11,885 | -€1,136 | -8.7% |
| Gross operating margin | 9900 | €372,207 | €423,906 | +€51,699 | +13.9% |
| Operating profit (loss) | 9901 | €62,188 | €97,396 | +€35,209 | +56.6% |
| Financial income | 75/76B | €7,957 | €8,513 | +€556 | +7.0% |
| Recurring financial income | 75 | €7,957 | €8,513 | +€556 | +7.0% |
| Financial charges | 65/66B | €8,101 | €8,895 | +€794 | +9.8% |
| Recurring financial charges | 65 | €8,101 | €8,895 | +€794 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €62,043 | €97,014 | +€34,971 | +56.4% |
| Income taxes | 67/77 | €15,786 | €27,201 | +€11,415 | +72.3% |
| Profit (loss) for the period | 9904 | €46,258 | €69,813 | +€23,555 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,258 | €69,813 | +€23,555 | +50.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.