DR GOVAERTS P: 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 GOVAERTS P
Largest movements
- Receivables within one year +€59,407
up €59,407 (+140%), from €42,532 to €101,938
of which Trade receivables: +€31,633
- Cash -€54,809
down €54,809 (-15.1%), from €363,055 to €308,246
mainly Receivables within one year (-€59,407) and Trade debts (-€40,340)
- Reserves +€84,712
up €84,712 (+51.4%), from €164,745 to €249,457
- Trade debts -€40,340
down €40,340 (-84.6%), from €47,675 to €7,334
- Tax, wage and social debts -€25,076
down €25,076 (-52.5%), from €47,801 to €22,725
of which Remuneration and social security: -€16,689
- Other debts -€10,762
down €10,762 (-44.0%), from €24,480 to €13,718
- Gross operating margin +€25,127
up €25,127 (+8.9%), from €282,709 to €307,836
- Taxes +€9,495
up €9,495 (+39.8%), from €23,875 to €33,370
- Staff costs -€4,636
down €4,636 (-2.4%), from €197,226 to €192,590
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 | €405,587 | €413,100 | +€7,513 | +1.9% |
| Current assets | 29/58 | €405,587 | €413,100 | +€7,513 | +1.9% |
| Amounts receivable within one year | 40/41 | €42,532 | €101,938 | +€59,407 | +140% |
| Trade receivables | 40 | €42,132 | €73,765 | +€31,633 | +75.1% |
| Other amounts receivable | 41 | €400 | €28,173 | +€27,773 | +6,950% |
| Cash at bank and in hand | 54/58 | €363,055 | €308,246 | -€54,809 | -15.1% |
| Deferred charges and accrued income | 490/1 | - | €2,915 | +€2,915 | |
| Total equity and liabilities | 10/49 | €405,587 | €413,100 | +€7,513 | +1.9% |
| Equity | 10/15 | €251,453 | €336,165 | +€84,712 | +33.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,745 | €249,457 | +€84,712 | +51.4% |
| Distributable reserves | 133 | €164,745 | €249,457 | +€84,712 | +51.4% |
| Profit (loss) carried forward | 14 | €68,108 | €68,108 | = | 0.0% |
| Amounts payable | 17/49 | €154,134 | €76,934 | -€77,200 | -50.1% |
| Amounts payable within one year | 42/48 | €154,134 | €76,934 | -€77,200 | -50.1% |
| Trade debts | 44 | €47,675 | €7,334 | -€40,340 | -84.6% |
| Suppliers | 440/4 | €47,675 | €7,334 | -€40,340 | -84.6% |
| Advances received on contracts in progress | 46 | €34,178 | €33,157 | -€1,021 | -3.0% |
| Taxes, remuneration and social security | 45 | €47,801 | €22,725 | -€25,076 | -52.5% |
| Taxes | 450/3 | €8,387 | - | -€8,387 | |
| Remuneration and social security | 454/9 | €39,414 | €22,725 | -€16,689 | -42.3% |
| Other amounts payable | 47/48 | €24,480 | €13,718 | -€10,762 | -44.0% |
| Remuneration, social security and pensions | 62 | €197,226 | €192,590 | -€4,636 | -2.4% |
| Other operating charges | 640/8 | €755 | €770 | +€14 | +1.9% |
| Gross operating margin | 9900 | €282,709 | €307,836 | +€25,127 | +8.9% |
| Operating profit (loss) | 9901 | €84,728 | €114,476 | +€29,748 | +35.1% |
| Financial income | 75/76B | €1,626 | €3,832 | +€2,206 | +136% |
| Recurring financial income | 75 | €1,626 | €3,832 | +€2,206 | +136% |
| Financial charges | 65/66B | €654 | €225 | -€429 | -65.5% |
| Recurring financial charges | 65 | €654 | €225 | -€429 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €85,700 | €118,083 | +€32,383 | +37.8% |
| Income taxes | 67/77 | €23,875 | €33,370 | +€9,495 | +39.8% |
| Profit (loss) for the period | 9904 | €61,825 | €84,712 | +€22,888 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,825 | €84,712 | +€22,888 | +37.0% |
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 24 October 2026 via checked.be.