BRECHT GOETHALS: 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.
BRECHT GOETHALS
Largest movements
- Current investments +€74,868
up €74,868 (+49.9%), from €150,000 to €224,868
- Cash -€12,335
down €12,335 (-47.5%), from €25,993 to €13,658
mainly Current investments (-€74,868) and Investment in fixed assets (net) (-€27,620)
- Tangible fixed assets +€8,631
up €8,631 (+13.0%), from €66,297 to €74,928
of which Plant, machinery and equipment: +€19,641
- Receivables within one year +€7,551
up €7,551 (+35.4%), from €21,303 to €28,855
of which Trade receivables: +€6,572
- Reserves +€75,913
up €75,913 (+30.8%), from €246,463 to €322,376
- Gross operating margin +€32,685
up €32,685 (+28.5%), from €114,792 to €147,477
- Taxes +€3,439
up €3,439 (+10.9%), from €31,436 to €34,874
- Depreciation +€1,939
up €1,939 (+11.4%), from €17,049 to €18,989
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 | €266,012 | €344,721 | +€78,708 | +29.6% |
| Fixed assets | 21/28 | €66,297 | €74,928 | +€8,631 | +13.0% |
| Tangible fixed assets | 22/27 | €66,297 | €74,928 | +€8,631 | +13.0% |
| Land and buildings | 22 | €7,178 | €5,801 | -€1,377 | -19.2% |
| Plant, machinery and equipment | 23 | €27,652 | €47,294 | +€19,641 | +71.0% |
| Furniture and vehicles | 24 | €31,466 | €21,833 | -€9,634 | -30.6% |
| Current assets | 29/58 | €199,715 | €269,793 | +€70,078 | +35.1% |
| Amounts receivable within one year | 40/41 | €21,303 | €28,855 | +€7,551 | +35.4% |
| Trade receivables | 40 | €14,240 | €20,812 | +€6,572 | +46.2% |
| Other amounts receivable | 41 | €7,063 | €8,043 | +€979 | +13.9% |
| Current investments | 50/53 | €150,000 | €224,868 | +€74,868 | +49.9% |
| Cash at bank and in hand | 54/58 | €25,993 | €13,658 | -€12,335 | -47.5% |
| Deferred charges and accrued income | 490/1 | €2,419 | €2,413 | -€7 | -0.3% |
| Total equity and liabilities | 10/49 | €266,012 | €344,721 | +€78,708 | +29.6% |
| Equity | 10/15 | €254,463 | €330,376 | +€75,913 | +29.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €246,463 | €322,376 | +€75,913 | +30.8% |
| Distributable reserves | 133 | €246,463 | €322,376 | +€75,913 | +30.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,549 | €14,345 | +€2,796 | +24.2% |
| Amounts payable within one year | 42/48 | €11,549 | €14,345 | +€2,796 | +24.2% |
| Trade debts | 44 | €9,256 | €12,679 | +€3,423 | +37.0% |
| Suppliers | 440/4 | €9,256 | €12,679 | +€3,423 | +37.0% |
| Taxes, remuneration and social security | 45 | €2,294 | €0 | -€2,294 | -100.0% |
| Taxes | 450/3 | €2,294 | €0 | -€2,294 | -100.0% |
| Other amounts payable | 47/48 | - | €1,666 | +€1,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,049 | €18,989 | +€1,939 | +11.4% |
| Other operating charges | 640/8 | €547 | €620 | +€74 | +13.5% |
| Non-recurring operating charges | 66A | - | €16,572 | +€16,572 | |
| Gross operating margin | 9900 | €114,792 | €147,477 | +€32,685 | +28.5% |
| Operating profit (loss) | 9901 | €97,196 | €111,297 | +€14,101 | +14.5% |
| Financial income | 75/76B | €9 | €1,254 | +€1,245 | +13683.1% |
| Recurring financial income | 75 | €9 | €1,254 | +€1,245 | +13683.1% |
| Financial charges | 65/66B | €56 | €98 | +€42 | +74.3% |
| Recurring financial charges | 65 | €56 | €98 | +€42 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | €97,149 | €112,453 | +€15,304 | +15.8% |
| Income taxes | 67/77 | €31,436 | €34,874 | +€3,439 | +10.9% |
| Profit (loss) for the period | 9904 | €65,713 | €77,579 | +€11,866 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,713 | €77,579 | +€11,866 | +18.1% |
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 6 October 2026 via checked.be.