Dr. Goele Goedseels: 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.
Dr. Goele Goedseels
Largest movements
- Tangible fixed assets -€90,122
down €90,122 (-14.9%), from €605,464 to €515,342
of which Land and buildings: -€92,705
- Receivables within one year -€53,852
no longer reported in 2025 (was €53,852)
- Cash +€41,987
up €41,987 (+31.8%), from €132,045 to €174,032
mainly Net result for the year (+€109,891) and Receivables within one year (+€53,852)
- Reserves -€89,600
down €89,600 (-25.2%), from €356,160 to €266,560
- Debts after one year -€23,046
down €23,046 (-11.0%), from €209,204 to €186,158
- Tax, wage and social debts +€10,141
up €10,141 (+261%), from €3,878 to €14,019
- Gross operating margin +€87,340
up €87,340 (+73.1%), from €119,426 to €206,766
- Taxes +€29,492
up €29,492 (+183%), from €16,132 to €45,624
- Depreciation +€5,795
up €5,795 (+15.2%), from €38,168 to €43,963
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 | €796,322 | €694,098 | -€102,224 | -12.8% |
| Fixed assets | 21/28 | €605,464 | €515,342 | -€90,122 | -14.9% |
| Tangible fixed assets | 22/27 | €605,464 | €515,342 | -€90,122 | -14.9% |
| Land and buildings | 22 | €561,155 | €468,451 | -€92,705 | -16.5% |
| Plant, machinery and equipment | 23 | €2,926 | €17,531 | +€14,605 | +499% |
| Furniture and vehicles | 24 | €39,001 | €27,597 | -€11,404 | -29.2% |
| Other tangible fixed assets | 26 | €2,382 | €1,763 | -€619 | -26.0% |
| Current assets | 29/58 | €190,858 | €178,756 | -€12,102 | -6.3% |
| Amounts receivable within one year | 40/41 | €53,852 | - | -€53,852 | |
| Other amounts receivable | 41 | €53,852 | - | -€53,852 | |
| Cash at bank and in hand | 54/58 | €132,045 | €174,032 | +€41,987 | +31.8% |
| Deferred charges and accrued income | 490/1 | €4,961 | €4,724 | -€237 | -4.8% |
| Total equity and liabilities | 10/49 | €796,322 | €694,098 | -€102,224 | -12.8% |
| Equity | 10/15 | €557,703 | €468,194 | -€89,509 | -16.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €356,160 | €266,560 | -€89,600 | -25.2% |
| Distributable reserves | 133 | €356,160 | €266,560 | -€89,600 | -25.2% |
| Profit (loss) carried forward | 14 | €189,143 | €189,234 | +€91 | 0.0% |
| Amounts payable | 17/49 | €238,619 | €225,904 | -€12,715 | -5.3% |
| Amounts payable after more than one year | 17 | €209,204 | €186,158 | -€23,046 | -11.0% |
| Financial debts | 170/4 | €209,204 | €186,158 | -€23,046 | -11.0% |
| Amounts payable within one year | 42/48 | €29,415 | €39,747 | +€10,332 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €22,359 | €23,046 | +€687 | +3.1% |
| Trade debts | 44 | €3,178 | €1,726 | -€1,453 | -45.7% |
| Suppliers | 440/4 | €3,178 | €1,726 | -€1,453 | -45.7% |
| Taxes, remuneration and social security | 45 | €3,878 | €14,019 | +€10,141 | +261% |
| Taxes | 450/3 | €3,878 | €14,019 | +€10,141 | +261% |
| Other amounts payable | 47/48 | - | €956 | +€956 | |
| Non-recurring operating income | 76A | - | €105,846 | +€105,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,168 | €43,963 | +€5,795 | +15.2% |
| Other operating charges | 640/8 | €3,960 | €2,668 | -€1,292 | -32.6% |
| Gross operating margin | 9900 | €119,426 | €206,766 | +€87,340 | +73.1% |
| Operating profit (loss) | 9901 | €77,298 | €160,134 | +€82,836 | +107% |
| Financial income | 75/76B | €847 | €1,609 | +€762 | +90.0% |
| Recurring financial income | 75 | €847 | €1,609 | +€762 | +90.0% |
| Financial charges | 65/66B | €7,067 | €6,229 | -€838 | -11.9% |
| Recurring financial charges | 65 | €7,067 | €6,229 | -€838 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €71,078 | €155,514 | +€84,436 | +119% |
| Income taxes | 67/77 | €16,132 | €45,624 | +€29,492 | +183% |
| Profit (loss) for the period | 9904 | €54,946 | €109,891 | +€54,945 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,946 | €109,891 | +€54,945 | +100.0% |
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 23 October 2026 via checked.be.