Dr. Kim Govaerts: what changed
Dr. Kim Govaerts
Largest movements
- Receivables within one year +€78,962
up €78,962 (+46.6%), from €169,277 to €248,238
of which Trade receivables: +€76,738
- Cash -€45,487
down €45,487 (-58.5%), from €77,693 to €32,205
mainly Other debts (-€115,434) and Receivables within one year (-€78,962)
- Tangible fixed assets -€3,635
down €3,635 (-16.7%), from €21,721 to €18,086
of which Land and buildings: -€1,820
- Reserves +€187,119
new in 2025: €187,119
- Other debts -€115,434
down €115,434 (-59.2%), from €195,100 to €79,666
- Tax, wage and social debts -€34,856
down €34,856 (-60.9%), from €57,266 to €22,410
- Trade debts -€4,062
down €4,062 (-35.4%), from €11,471 to €7,408
- Gross operating margin +€77,760
up €77,760 (+42.1%), from €184,704 to €262,464
- Taxes +€15,169
up €15,169 (+33.9%), from €44,741 to €59,910
- Financial charges +€9,673
up €9,673 (+1,343%), from €720 to €10,393
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €274,237 | €304,103 | +€29,866 | +10.9% |
| Fixed assets | 21/28 | €24,221 | €20,586 | -€3,635 | -15.0% |
| Tangible fixed assets | 22/27 | €21,721 | €18,086 | -€3,635 | -16.7% |
| Land and buildings | 22 | €16,394 | €14,574 | -€1,820 | -11.1% |
| Furniture and vehicles | 24 | €3,328 | €1,513 | -€1,815 | -54.5% |
| Other tangible fixed assets | 26 | €1,999 | €1,999 | = | 0.0% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €250,016 | €283,517 | +€33,501 | +13.4% |
| Amounts receivable within one year | 40/41 | €169,277 | €248,238 | +€78,962 | +46.6% |
| Trade receivables | 40 | €164,018 | €240,757 | +€76,738 | +46.8% |
| Other amounts receivable | 41 | €5,259 | €7,482 | +€2,223 | +42.3% |
| Cash at bank and in hand | 54/58 | €77,693 | €32,205 | -€45,487 | -58.5% |
| Deferred charges and accrued income | 490/1 | €3,046 | €3,073 | +€27 | +0.9% |
| Total equity and liabilities | 10/49 | €274,237 | €304,103 | +€29,866 | +10.9% |
| Equity | 10/15 | €7,500 | €194,619 | +€187,119 | +2,495% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | - | €187,119 | +€187,119 | |
| Distributable reserves | 133 | - | €187,119 | +€187,119 | |
| Amounts payable | 17/49 | €266,737 | €109,484 | -€157,253 | -59.0% |
| Amounts payable within one year | 42/48 | €263,837 | €109,484 | -€154,353 | -58.5% |
| Trade debts | 44 | €11,471 | €7,408 | -€4,062 | -35.4% |
| Suppliers | 440/4 | €11,471 | €7,408 | -€4,062 | -35.4% |
| Taxes, remuneration and social security | 45 | €57,266 | €22,410 | -€34,856 | -60.9% |
| Taxes | 450/3 | €57,266 | €22,410 | -€34,856 | -60.9% |
| Other amounts payable | 47/48 | €195,100 | €79,666 | -€115,434 | -59.2% |
| Accrued charges and deferred income | 492/3 | €2,900 | - | -€2,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,431 | €3,635 | +€204 | +5.9% |
| Other operating charges | 640/8 | €1,815 | €1,406 | -€408 | -22.5% |
| Gross operating margin | 9900 | €184,704 | €262,464 | +€77,760 | +42.1% |
| Operating profit (loss) | 9901 | €179,458 | €257,422 | +€77,964 | +43.4% |
| Financial income | 75/76B | €839 | - | -€839 | |
| Recurring financial income | 75 | €839 | - | -€839 | |
| Financial charges | 65/66B | €720 | €10,393 | +€9,673 | +1,343% |
| Recurring financial charges | 65 | €720 | €10,393 | +€9,673 | +1,343% |
| Profit (loss) for the period before taxes | 9903 | €179,577 | €247,029 | +€67,452 | +37.6% |
| Income taxes | 67/77 | €44,741 | €59,910 | +€15,169 | +33.9% |
| Profit (loss) for the period | 9904 | €134,835 | €187,119 | +€52,283 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €134,835 | €187,119 | +€52,283 | +38.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.