Alexandre GOETHALS: 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.
Alexandre GOETHALS
Largest movements
- Cash +€45,368
up €45,368 (+2,047%), from €2,216 to €47,584
mainly Trade debts (+€25,846) and Net result for the year (+€12,095)
- Stocks and contracts -€10,744
no longer reported in 2025 (was €10,744)
- Receivables within one year +€8,073
up €8,073 (+21.3%), from €37,838 to €45,911
of which Trade receivables: +€9,335
- Tangible fixed assets -€7,850
down €7,850 (-32.9%), from €23,848 to €15,998
of which Furniture and vehicles: -€4,060
- Deferred charges and accrued income +€1,185
new in 2025: €1,185
- Trade debts +€25,846
up €25,846 (+1,221%), from €2,118 to €27,963
- Reserves +€15,000
up €15,000 (+150%), from €10,000 to €25,000
- Other debts -€5,067
down €5,067 (-11.3%), from €44,931 to €39,864
- Tax, wage and social debts +€3,408
up €3,408 (+227%), from €1,500 to €4,908
- Profit (loss) carried forward -€2,905
down €2,905 (-78.6%), from €3,698 to €793
- Gross operating margin +€20,929
up €20,929 (+1,142%), from €1,833 to €22,762
- Taxes +€3,411
up €3,411 (+2,132,094%), from €0 to €3,412
- Depreciation -€337
down €337 (-4.1%), from €8,187 to €7,850
- Other operating charges +€247
up €247 (+26.0%), from €952 to €1,199
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 | €74,646 | €110,929 | +€36,283 | +48.6% |
| Fixed assets | 21/28 | €23,848 | €16,248 | -€7,600 | -31.9% |
| Tangible fixed assets | 22/27 | €23,848 | €15,998 | -€7,850 | -32.9% |
| Plant, machinery and equipment | 23 | €9,504 | €5,714 | -€3,791 | -39.9% |
| Furniture and vehicles | 24 | €14,344 | €10,284 | -€4,060 | -28.3% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €50,798 | €94,680 | +€43,883 | +86.4% |
| Stocks and contracts in progress | 3 | €10,744 | - | -€10,744 | |
| Stocks | 30/36 | €10,744 | - | -€10,744 | |
| Amounts receivable within one year | 40/41 | €37,838 | €45,911 | +€8,073 | +21.3% |
| Trade receivables | 40 | €32,270 | €41,605 | +€9,335 | +28.9% |
| Other amounts receivable | 41 | €5,568 | €4,306 | -€1,262 | -22.7% |
| Cash at bank and in hand | 54/58 | €2,216 | €47,584 | +€45,368 | +2,047% |
| Deferred charges and accrued income | 490/1 | - | €1,185 | +€1,185 | |
| Total equity and liabilities | 10/49 | €74,646 | €110,929 | +€36,283 | +48.6% |
| Equity | 10/15 | €26,098 | €38,193 | +€12,095 | +46.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €10,000 | €25,000 | +€15,000 | +150% |
| Distributable reserves | 133 | €10,000 | €25,000 | +€15,000 | +150% |
| Profit (loss) carried forward | 14 | €3,698 | €793 | -€2,905 | -78.6% |
| Amounts payable | 17/49 | €48,549 | €72,736 | +€24,187 | +49.8% |
| Amounts payable within one year | 42/48 | €48,549 | €72,736 | +€24,187 | +49.8% |
| Trade debts | 44 | €2,118 | €27,963 | +€25,846 | +1,221% |
| Suppliers | 440/4 | €2,118 | €27,963 | +€25,846 | +1,221% |
| Taxes, remuneration and social security | 45 | €1,500 | €4,908 | +€3,408 | +227% |
| Taxes | 450/3 | €1,500 | €4,908 | +€3,408 | +227% |
| Other amounts payable | 47/48 | €44,931 | €39,864 | -€5,067 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,187 | €7,850 | -€337 | -4.1% |
| Other operating charges | 640/8 | €952 | €1,199 | +€247 | +26.0% |
| Gross operating margin | 9900 | €1,833 | €22,762 | +€20,929 | +1,142% |
| Operating profit (loss) | 9901 | -€7,305 | €13,714 | +€21,018 | |
| Financial income | 75/76B | €1,949 | €1,860 | -€88 | -4.5% |
| Recurring financial income | 75 | €1,949 | €1,860 | -€88 | -4.5% |
| Financial charges | 65/66B | €65 | €67 | +€2 | +3.3% |
| Recurring financial charges | 65 | €65 | €67 | +€2 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,421 | €15,507 | +€20,928 | |
| Income taxes | 67/77 | €0 | €3,412 | +€3,411 | +2,132,094% |
| Profit (loss) for the period | 9904 | -€5,421 | €12,095 | +€17,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,421 | €12,095 | +€17,516 |
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 15 October 2026 via checked.be.