Wim Geluck: 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.
Wim Geluck
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€392,702
down €392,702 (-70.2%), from €559,278 to €166,576
mainly Current investments (-€400,000) and Debts after one year (-€188,857)
- Intangible fixed assets -€41,857
down €41,857 (-30.8%), from €135,970 to €94,113
- Tangible fixed assets -€12,435
down €12,435 (-2.7%), from €468,264 to €455,829
of which Land and buildings: -€23,897
- Debts after one year -€188,857
down €188,857 (-39.9%), from €473,179 to €284,323
- Reserves +€155,650
up €155,650 (+26.8%), from €580,101 to €735,751
of which Tax-exempt reserves: +€147,350
- Other debts +€35,615
up €35,615 (+1,749%), from €2,036 to €37,651
- Current portion of long-term debt -€27,613
down €27,613 (-44.5%), from €62,094 to €34,480
- Tax, wage and social debts -€17,673
down €17,673 (-21.7%), from €81,397 to €63,724
of which Taxes: -€15,469
- Gross operating margin -€49,316
down €49,316 (-8.1%), from €607,417 to €558,101
- Staff costs -€7,344
down €7,344 (-7.5%), from €97,451 to €90,107
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.
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 | €1,222,779 | €1,164,262 | -€58,518 | -4.8% |
| Fixed assets | 21/28 | €605,704 | €551,412 | -€54,292 | -9.0% |
| Intangible fixed assets | 21 | €135,970 | €94,113 | -€41,857 | -30.8% |
| Tangible fixed assets | 22/27 | €468,264 | €455,829 | -€12,435 | -2.7% |
| Land and buildings | 22 | €442,455 | €418,558 | -€23,897 | -5.4% |
| Furniture and vehicles | 24 | €25,809 | €34,180 | +€8,372 | +32.4% |
| Other tangible fixed assets | 26 | - | €3,090 | +€3,090 | |
| Financial fixed assets | 28 | €1,470 | €1,470 | = | 0.0% |
| Current assets | 29/58 | €617,075 | €612,850 | -€4,225 | -0.7% |
| Amounts receivable after more than one year | 29 | €10,768 | €0 | -€10,768 | -100% |
| Other amounts receivable | 291 | €10,768 | €0 | -€10,768 | -100% |
| Amounts receivable within one year | 40/41 | €41,874 | €44,090 | +€2,216 | +5.3% |
| Trade receivables | 40 | €41,874 | €44,090 | +€2,216 | +5.3% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €559,278 | €166,576 | -€392,702 | -70.2% |
| Deferred charges and accrued income | 490/1 | €5,155 | €2,184 | -€2,972 | -57.6% |
| Total equity and liabilities | 10/49 | €1,222,779 | €1,164,262 | -€58,518 | -4.8% |
| Equity | 10/15 | €586,101 | €741,751 | +€155,650 | +26.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €580,101 | €735,751 | +€155,650 | +26.8% |
| Tax-exempt reserves | 132 | €147,350 | €294,700 | +€147,350 | +100% |
| Distributable reserves | 133 | €432,751 | €441,051 | +€8,300 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €636,678 | €422,511 | -€214,167 | -33.6% |
| Amounts payable after more than one year | 17 | €473,179 | €284,323 | -€188,857 | -39.9% |
| Financial debts | 170/4 | €473,179 | €284,323 | -€188,857 | -39.9% |
| Amounts payable within one year | 42/48 | €163,433 | €137,677 | -€25,756 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €62,094 | €34,480 | -€27,613 | -44.5% |
| Trade debts | 44 | €17,907 | €1,822 | -€16,085 | -89.8% |
| Suppliers | 440/4 | €17,907 | €1,822 | -€16,085 | -89.8% |
| Taxes, remuneration and social security | 45 | €81,397 | €63,724 | -€17,673 | -21.7% |
| Taxes | 450/3 | €69,261 | €53,793 | -€15,469 | -22.3% |
| Remuneration and social security | 454/9 | €12,135 | €9,931 | -€2,204 | -18.2% |
| Other amounts payable | 47/48 | €2,036 | €37,651 | +€35,615 | +1,749% |
| Accrued charges and deferred income | 492/3 | €66 | €511 | +€446 | +678% |
| Remuneration, social security and pensions | 62 | €97,451 | €90,107 | -€7,344 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,615 | €73,891 | +€1,276 | +1.8% |
| Other operating charges | 640/8 | €7,061 | €6,271 | -€790 | -11.2% |
| Gross operating margin | 9900 | €607,417 | €558,101 | -€49,316 | -8.1% |
| Operating profit (loss) | 9901 | €430,290 | €387,832 | -€42,458 | -9.9% |
| Financial income | 75/76B | €4,341 | €9,145 | +€4,804 | +111% |
| Recurring financial income | 75 | €4,341 | €9,145 | +€4,804 | +111% |
| Financial charges | 65/66B | €9,638 | €8,901 | -€737 | -7.6% |
| Recurring financial charges | 65 | €9,638 | €8,901 | -€737 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €424,993 | €388,076 | -€36,917 | -8.7% |
| Income taxes | 67/77 | €103,984 | €103,073 | -€911 | -0.9% |
| Profit (loss) for the period | 9904 | €321,009 | €285,003 | -€36,006 | -11.2% |
| Transfer to tax-exempt reserves | 689 | €147,350 | €147,350 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,659 | €137,653 | -€36,006 | -20.7% |
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.