Wouter Geerts: 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.
Wouter Geerts
Largest movements
- Receivables within one year +€5,122
up €5,122 (+38.9%), from €13,174 to €18,296
of which Other amounts receivable: +€3,861
- Tangible fixed assets +€3,604
up €3,604 (+15.5%), from €23,282 to €26,886
of which Furniture and vehicles: +€4,923
- Cash -€3,414
down €3,414 (-49.6%), from €6,885 to €3,471
mainly Tax, wage and social debts (-€9,923) and Investment in fixed assets (net) (-€8,237)
- Deferred charges and accrued income +€2,706
up €2,706 (+1742.7%), from €155 to €2,861
- Reserves +€15,724
up €15,724 (+55.0%), from €28,565 to €44,289
- Tax, wage and social debts -€9,923
down €9,923 (-84.0%), from €11,820 to €1,897
- Debts after one year +€1,638
new in 2025: €1,638
- Trade debts +€1,111
up €1,111 (+249.8%), from €445 to €1,555
- Current portion of long-term debt -€531
down €531 (-24.5%), from €2,166 to €1,635
- Gross operating margin +€13,289
up €13,289 (+66.9%), from €19,855 to €33,144
- Taxes +€2,919
up €2,919 (+45.1%), from €6,478 to €9,397
- Financial charges +€2,005
up €2,005 (+517.7%), from €387 to €2,392
- Depreciation +€751
up €751 (+19.3%), from €3,882 to €4,633
- Other operating charges +€471
up €471 (+89.2%), from €528 to €999
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 | €43,496 | €51,514 | +€8,018 | +18.4% |
| Fixed assets | 21/28 | €23,282 | €26,886 | +€3,604 | +15.5% |
| Tangible fixed assets | 22/27 | €23,282 | €26,886 | +€3,604 | +15.5% |
| Plant, machinery and equipment | 23 | €11,752 | €12,971 | +€1,219 | +10.4% |
| Furniture and vehicles | 24 | €968 | €5,890 | +€4,923 | +508.7% |
| Leasing and similar rights | 25 | €1,423 | - | -€1,423 | |
| Other tangible fixed assets | 26 | €9,139 | €8,024 | -€1,115 | -12.2% |
| Current assets | 29/58 | €20,215 | €24,628 | +€4,414 | +21.8% |
| Amounts receivable within one year | 40/41 | €13,174 | €18,296 | +€5,122 | +38.9% |
| Trade receivables | 40 | €10,000 | €11,261 | +€1,261 | +12.6% |
| Other amounts receivable | 41 | €3,174 | €7,035 | +€3,861 | +121.6% |
| Cash at bank and in hand | 54/58 | €6,885 | €3,471 | -€3,414 | -49.6% |
| Deferred charges and accrued income | 490/1 | €155 | €2,861 | +€2,706 | +1742.7% |
| Total equity and liabilities | 10/49 | €43,496 | €51,514 | +€8,018 | +18.4% |
| Equity | 10/15 | €29,065 | €44,789 | +€15,724 | +54.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €28,565 | €44,289 | +€15,724 | +55.0% |
| Distributable reserves | 133 | €28,565 | €44,289 | +€15,724 | +55.0% |
| Amounts payable | 17/49 | €14,431 | €6,725 | -€7,706 | -53.4% |
| Amounts payable after more than one year | 17 | - | €1,638 | +€1,638 | |
| Financial debts | 170/4 | - | €1,638 | +€1,638 | |
| Amounts payable within one year | 42/48 | €14,431 | €5,087 | -€9,344 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €2,166 | €1,635 | -€531 | -24.5% |
| Trade debts | 44 | €445 | €1,555 | +€1,111 | +249.8% |
| Suppliers | 440/4 | €445 | €1,555 | +€1,111 | +249.8% |
| Taxes, remuneration and social security | 45 | €11,820 | €1,897 | -€9,923 | -84.0% |
| Taxes | 450/3 | €11,820 | €1,897 | -€9,923 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,882 | €4,633 | +€751 | +19.3% |
| Other operating charges | 640/8 | €528 | €999 | +€471 | +89.2% |
| Gross operating margin | 9900 | €19,855 | €33,144 | +€13,289 | +66.9% |
| Operating profit (loss) | 9901 | €15,445 | €27,512 | +€12,067 | +78.1% |
| Financial charges | 65/66B | €387 | €2,392 | +€2,005 | +517.7% |
| Recurring financial charges | 65 | €387 | €2,392 | +€2,005 | +517.7% |
| Profit (loss) for the period before taxes | 9903 | €15,058 | €25,121 | +€10,063 | +66.8% |
| Income taxes | 67/77 | €6,478 | €9,397 | +€2,919 | +45.1% |
| Profit (loss) for the period | 9904 | €8,580 | €15,724 | +€7,144 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,580 | €15,724 | +€7,144 | +83.3% |
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 3 October 2026 via checked.be.