Christophe Gölger: 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.
Christophe Gölger
Largest movements
- Receivables within one year -€17,420
down €17,420 (-19.3%), from €90,411 to €72,991
of which Trade receivables: -€24,677
- Cash -€12,692
down €12,692 (-61.4%), from €20,664 to €7,972
mainly Debts after one year (-€84,752) and Trade debts (-€24,630)
- Tangible fixed assets -€7,155
down €7,155 (-3.2%), from €222,170 to €215,015
of which Furniture and vehicles: -€3,735
- Debts after one year -€84,752
down €84,752 (-40.6%), from €208,537 to €123,785
- Profit (loss) carried forward +€83,890
up €83,890 (+68.2%), from €123,038 to €206,928
- Trade debts -€24,630
down €24,630 (-88.2%), from €27,935 to €3,305
- Current portion of long-term debt -€14,876
down €14,876 (-37.3%), from €39,837 to €24,961
- Tax, wage and social debts +€4,555
up €4,555 (+74.2%), from €6,140 to €10,695
- Financial income -€227,903
down €227,903 (-100.0%), from €227,907 to €4
of which Non-recurring financial income: -€227,901
- Depreciation -€3,433
down €3,433 (-32.4%), from €10,589 to €7,155
- Other operating charges +€1,631
up €1,631 (+78.0%), from €2,091 to €3,722
- Gross operating margin +€1,389
up €1,389 (+1.1%), from €129,086 to €130,474
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 | €425,946 | €390,134 | -€35,812 | -8.4% |
| Fixed assets | 21/28 | €312,170 | €305,015 | -€7,155 | -2.3% |
| Tangible fixed assets | 22/27 | €222,170 | €215,015 | -€7,155 | -3.2% |
| Land and buildings | 22 | €181,390 | €177,970 | -€3,420 | -1.9% |
| Furniture and vehicles | 24 | €10,930 | €7,196 | -€3,735 | -34.2% |
| Other tangible fixed assets | 26 | €29,850 | €29,850 | = | 0.0% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €113,776 | €85,119 | -€28,657 | -25.2% |
| Amounts receivable within one year | 40/41 | €90,411 | €72,991 | -€17,420 | -19.3% |
| Trade receivables | 40 | €65,428 | €40,752 | -€24,677 | -37.7% |
| Other amounts receivable | 41 | €24,983 | €32,239 | +€7,256 | +29.0% |
| Cash at bank and in hand | 54/58 | €20,664 | €7,972 | -€12,692 | -61.4% |
| Deferred charges and accrued income | 490/1 | €2,701 | €4,156 | +€1,456 | +53.9% |
| Total equity and liabilities | 10/49 | €425,946 | €390,134 | -€35,812 | -8.4% |
| Equity | 10/15 | €143,498 | €227,388 | +€83,890 | +58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,038 | €206,928 | +€83,890 | +68.2% |
| Amounts payable | 17/49 | €282,448 | €162,746 | -€119,702 | -42.4% |
| Amounts payable after more than one year | 17 | €208,537 | €123,785 | -€84,752 | -40.6% |
| Financial debts | 170/4 | €208,537 | €123,785 | -€84,752 | -40.6% |
| Amounts payable within one year | 42/48 | €73,911 | €38,961 | -€34,950 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €39,837 | €24,961 | -€14,876 | -37.3% |
| Trade debts | 44 | €27,935 | €3,305 | -€24,630 | -88.2% |
| Suppliers | 440/4 | €27,935 | €3,305 | -€24,630 | -88.2% |
| Taxes, remuneration and social security | 45 | €6,140 | €10,695 | +€4,555 | +74.2% |
| Taxes | 450/3 | €6,140 | €10,695 | +€4,555 | +74.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,589 | €7,155 | -€3,433 | -32.4% |
| Other operating charges | 640/8 | €2,091 | €3,722 | +€1,631 | +78.0% |
| Gross operating margin | 9900 | €129,086 | €130,474 | +€1,389 | +1.1% |
| Operating profit (loss) | 9901 | €116,406 | €119,597 | +€3,191 | +2.7% |
| Financial income | 75/76B | €227,907 | €4 | -€227,903 | -100.0% |
| Recurring financial income | 75 | €6 | €4 | -€2 | -31.9% |
| Non-recurring financial income | 76B | €227,901 | - | -€227,901 | |
| Financial charges | 65/66B | €4,981 | €5,374 | +€392 | +7.9% |
| Recurring financial charges | 65 | €4,981 | €5,374 | +€392 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €339,331 | €114,228 | -€225,104 | -66.3% |
| Income taxes | 67/77 | €30,168 | €30,337 | +€169 | +0.6% |
| Profit (loss) for the period | 9904 | €309,163 | €83,890 | -€225,273 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €309,163 | €83,890 | -€225,273 | -72.9% |
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 28 October 2026 via checked.be.