VAN MIEGHEM GEERT: 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.
VAN MIEGHEM GEERT
Largest movements
- Cash -€72,842
down €72,842 (-65.3%), from €111,477 to €38,634
mainly Current investments (-€59,046) and Debts after one year (-€28,464)
- Current investments +€59,046
new in 2025: €59,046
- Tangible fixed assets -€41,971
down €41,971 (-31.3%), from €134,239 to €92,268
of which Leasing and similar rights: -€39,600
- Receivables within one year +€22,388
up €22,388 (+194%), from €11,513 to €33,901
- Debts after one year -€28,464
down €28,464 (-44.5%), from €63,907 to €35,443
- Reserves +€21,376
up €21,376 (+21.9%), from €97,631 to €119,008
of which Distributable reserves: +€21,376
- Current portion of long-term debt -€12,400
down €12,400 (-30.3%), from €40,864 to €28,464
- Tax, wage and social debts -€8,049
down €8,049 (-69.1%), from €11,643 to €3,594
of which Taxes: -€5,288
- Trade debts -€4,556
down €4,556 (-14.0%), from €32,622 to €28,066
- Staff costs -€25,430
down €25,430 (-34.3%), from €74,093 to €48,663
- Gross operating margin -€15,891
down €15,891 (-11.1%), from €143,381 to €127,490
- Taxes +€5,998
up €5,998 (+191%), from €3,146 to €9,144
- Depreciation -€4,894
down €4,894 (-10.1%), from €48,684 to €43,790
- Financial income +€4,166
up €4,166 (+1,166%), from €357 to €4,523
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 | €267,540 | €233,477 | -€34,063 | -12.7% |
| Fixed assets | 21/28 | €134,239 | €92,268 | -€41,971 | -31.3% |
| Tangible fixed assets | 22/27 | €134,239 | €92,268 | -€41,971 | -31.3% |
| Land and buildings | 22 | €10,925 | €8,230 | -€2,696 | -24.7% |
| Plant, machinery and equipment | 23 | €4,471 | €4,838 | +€367 | +8.2% |
| Furniture and vehicles | 24 | €42 | - | -€42 | |
| Leasing and similar rights | 25 | €118,800 | €79,200 | -€39,600 | -33.3% |
| Current assets | 29/58 | €133,302 | €141,209 | +€7,908 | +5.9% |
| Stocks and contracts in progress | 3 | €9,908 | €8,237 | -€1,671 | -16.9% |
| Stocks | 30/36 | €9,908 | €8,237 | -€1,671 | -16.9% |
| Amounts receivable within one year | 40/41 | €11,513 | €33,901 | +€22,388 | +194% |
| Other amounts receivable | 41 | €11,513 | €33,901 | +€22,388 | +194% |
| Current investments | 50/53 | - | €59,046 | +€59,046 | |
| Cash at bank and in hand | 54/58 | €111,477 | €38,634 | -€72,842 | -65.3% |
| Deferred charges and accrued income | 490/1 | €404 | €1,391 | +€987 | +244% |
| Total equity and liabilities | 10/49 | €267,540 | €233,477 | -€34,063 | -12.7% |
| Equity | 10/15 | €116,231 | €137,608 | +€21,376 | +18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,631 | €119,008 | +€21,376 | +21.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €95,771 | €117,148 | +€21,376 | +22.3% |
| Amounts payable | 17/49 | €151,309 | €95,870 | -€55,439 | -36.6% |
| Amounts payable after more than one year | 17 | €63,907 | €35,443 | -€28,464 | -44.5% |
| Financial debts | 170/4 | €63,907 | €35,443 | -€28,464 | -44.5% |
| Amounts payable within one year | 42/48 | €85,513 | €60,124 | -€25,389 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €40,864 | €28,464 | -€12,400 | -30.3% |
| Trade debts | 44 | €32,622 | €28,066 | -€4,556 | -14.0% |
| Suppliers | 440/4 | €32,622 | €28,066 | -€4,556 | -14.0% |
| Taxes, remuneration and social security | 45 | €11,643 | €3,594 | -€8,049 | -69.1% |
| Taxes | 450/3 | €8,606 | €3,318 | -€5,288 | -61.4% |
| Remuneration and social security | 454/9 | €3,037 | €276 | -€2,761 | -90.9% |
| Other amounts payable | 47/48 | €384 | - | -€384 | |
| Accrued charges and deferred income | 492/3 | €1,889 | €303 | -€1,586 | -84.0% |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Remuneration, social security and pensions | 62 | €74,093 | €48,663 | -€25,430 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,684 | €43,790 | -€4,894 | -10.1% |
| Other operating charges | 640/8 | €3,662 | €2,652 | -€1,010 | -27.6% |
| Gross operating margin | 9900 | €143,381 | €127,490 | -€15,891 | -11.1% |
| Operating profit (loss) | 9901 | €16,942 | €32,384 | +€15,443 | +91.2% |
| Financial income | 75/76B | €357 | €4,523 | +€4,166 | +1,166% |
| Recurring financial income | 75 | €357 | €4,523 | +€4,166 | +1,166% |
| Financial charges | 65/66B | €8,100 | €6,387 | -€1,713 | -21.2% |
| Recurring financial charges | 65 | €8,100 | €6,387 | -€1,713 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €9,198 | €30,520 | +€21,322 | +232% |
| Income taxes | 67/77 | €3,146 | €9,144 | +€5,998 | +191% |
| Profit (loss) for the period | 9904 | €6,052 | €21,376 | +€15,324 | +253% |
| Profit (loss) for the period to be appropriated | 9905 | €6,052 | €21,376 | +€15,324 | +253% |
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 19 October 2026 via checked.be.