DR. H. GOETHUYS: 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. H. GOETHUYS
Largest movements
- Cash +€216,048
up €216,048 (+487%), from €44,398 to €260,445
mainly Net result for the year (+€228,787) and Receivables after one year (+€35,150)
- Receivables after one year -€35,150
down €35,150 (-43.9%), from €80,000 to €44,850
- Receivables within one year +€10,740
up €10,740 (+155%), from €6,930 to €17,670
- Reserves +€228,787
up €228,787 (+37.2%), from €615,571 to €844,357
- Other debts -€34,139
down €34,139 (-83.1%), from €41,095 to €6,956
- Gross operating margin +€45,211
up €45,211 (+15.9%), from €283,538 to €328,749
- Taxes +€17,125
up €17,125 (+18.9%), from €90,775 to €107,900
- Depreciation -€11,185
down €11,185 (-82.5%), from €13,556 to €2,371
- Financial income -€6,094
down €6,094 (-36.5%), from €16,717 to €10,623
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 | €715,999 | €907,302 | +€191,303 | +26.7% |
| Fixed assets | 21/28 | €2,371 | €0 | -€2,371 | -100% |
| Tangible fixed assets | 22/27 | €2,371 | €0 | -€2,371 | -100% |
| Furniture and vehicles | 24 | €2,371 | €0 | -€2,371 | -100% |
| Current assets | 29/58 | €713,628 | €907,302 | +€193,674 | +27.1% |
| Amounts receivable after more than one year | 29 | €80,000 | €44,850 | -€35,150 | -43.9% |
| Other amounts receivable | 291 | €80,000 | €44,850 | -€35,150 | -43.9% |
| Amounts receivable within one year | 40/41 | €6,930 | €17,670 | +€10,740 | +155% |
| Other amounts receivable | 41 | €6,930 | €17,670 | +€10,740 | +155% |
| Current investments | 50/53 | €575,000 | €579,386 | +€4,386 | +0.8% |
| Cash at bank and in hand | 54/58 | €44,398 | €260,445 | +€216,048 | +487% |
| Deferred charges and accrued income | 490/1 | €7,301 | €4,951 | -€2,350 | -32.2% |
| Total equity and liabilities | 10/49 | €715,999 | €907,302 | +€191,303 | +26.7% |
| Equity | 10/15 | €634,171 | €862,957 | +€228,787 | +36.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €615,571 | €844,357 | +€228,787 | +37.2% |
| Distributable reserves | 133 | €615,571 | €844,357 | +€228,787 | +37.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €81,828 | €44,345 | -€37,483 | -45.8% |
| Amounts payable within one year | 42/48 | €81,828 | €44,345 | -€37,483 | -45.8% |
| Trade debts | 44 | €1,872 | €623 | -€1,248 | -66.7% |
| Suppliers | 440/4 | €1,872 | €623 | -€1,248 | -66.7% |
| Taxes, remuneration and social security | 45 | €38,861 | €36,766 | -€2,096 | -5.4% |
| Taxes | 450/3 | €29,862 | €27,767 | -€2,095 | -7.0% |
| Remuneration and social security | 454/9 | €9,000 | €8,999 | -€1 | 0.0% |
| Other amounts payable | 47/48 | €41,095 | €6,956 | -€34,139 | -83.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,556 | €2,371 | -€11,185 | -82.5% |
| Other operating charges | 640/8 | €313 | €315 | +€2 | +0.6% |
| Gross operating margin | 9900 | €283,538 | €328,749 | +€45,211 | +15.9% |
| Operating profit (loss) | 9901 | €269,670 | €326,064 | +€56,394 | +20.9% |
| Financial income | 75/76B | €16,717 | €10,623 | -€6,094 | -36.5% |
| Recurring financial income | 75 | €16,717 | €10,623 | -€6,094 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €286,386 | €336,687 | +€50,300 | +17.6% |
| Income taxes | 67/77 | €90,775 | €107,900 | +€17,125 | +18.9% |
| Profit (loss) for the period | 9904 | €195,611 | €228,787 | +€33,176 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €195,611 | €228,787 | +€33,176 | +17.0% |
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 29 October 2026 via checked.be.