F. GOEMANS: 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.
F. GOEMANS
Largest movements
- Cash -€18,997
down €18,997 (-21.8%), from €87,072 to €68,075
mainly Other debts (-€28,370) and Debts after one year (-€8,128)
- Tangible fixed assets -€10,279
down €10,279 (-24.7%), from €41,550 to €31,271
of which Furniture and vehicles: -€8,848
- Receivables within one year +€3,369
up €3,369 (+55.8%), from €6,035 to €9,404
of which Other amounts receivable: +€6,614
- Other debts -€28,370
down €28,370 (-84.4%), from €33,597 to €5,228
- Reserves +€13,260
up €13,260 (+30.7%), from €43,254 to €56,514
of which Distributable reserves: +€16,500
- Debts after one year -€8,128
down €8,128 (-36.3%), from €22,402 to €14,274
- Tax, wage and social debts -€4,482
down €4,482 (-55.4%), from €8,088 to €3,607
- Current portion of long-term debt +€2,165
up €2,165 (+16.0%), from €13,538 to €15,703
- Gross operating margin -€44,825
down €44,825 (-50.0%), from €89,659 to €44,833
- Write-downs -€19,014
no longer reported in 2025 (was €19,014)
- Taxes -€6,850
down €6,850 (-42.3%), from €16,210 to €9,359
- Staff costs -€5,006
down €5,006, from €4,800 to -€206
- Other operating charges +€3,210
up €3,210 (+179.0%), from €1,793 to €5,003
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.
Cash bridge derived
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 | €136,182 | €110,855 | -€25,327 | -18.6% |
| Fixed assets | 21/28 | €43,075 | €33,376 | -€9,699 | -22.5% |
| Tangible fixed assets | 22/27 | €41,550 | €31,271 | -€10,279 | -24.7% |
| Plant, machinery and equipment | 23 | €3,135 | €1,704 | -€1,431 | -45.6% |
| Furniture and vehicles | 24 | €38,415 | €29,567 | -€8,848 | -23.0% |
| Financial fixed assets | 28 | €1,525 | €2,105 | +€580 | +38.0% |
| Current assets | 29/58 | €93,107 | €77,479 | -€15,628 | -16.8% |
| Amounts receivable within one year | 40/41 | €6,035 | €9,404 | +€3,369 | +55.8% |
| Trade receivables | 40 | €3,245 | - | -€3,245 | |
| Other amounts receivable | 41 | €2,790 | €9,404 | +€6,614 | +237.1% |
| Cash at bank and in hand | 54/58 | €87,072 | €68,075 | -€18,997 | -21.8% |
| Total equity and liabilities | 10/49 | €136,182 | €110,855 | -€25,327 | -18.6% |
| Equity | 10/15 | €55,965 | €69,361 | +€13,396 | +23.9% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €43,254 | €56,514 | +€13,260 | +30.7% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,774 | €4,534 | -€3,240 | -41.7% |
| Distributable reserves | 133 | €33,000 | €49,500 | +€16,500 | +50.0% |
| Profit (loss) carried forward | 14 | €306 | €442 | +€136 | +44.5% |
| Provisions and deferred taxes | 16 | €2,591 | €1,511 | -€1,080 | -41.7% |
| Deferred taxes | 168 | €2,591 | €1,511 | -€1,080 | -41.7% |
| Amounts payable | 17/49 | €77,626 | €39,982 | -€37,644 | -48.5% |
| Amounts payable after more than one year | 17 | €22,402 | €14,274 | -€8,128 | -36.3% |
| Financial debts | 170/4 | €22,402 | €14,274 | -€8,128 | -36.3% |
| Amounts payable within one year | 42/48 | €55,224 | €25,708 | -€29,516 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €13,538 | €15,703 | +€2,165 | +16.0% |
| Trade debts | 44 | - | €1,171 | +€1,171 | |
| Suppliers | 440/4 | - | €1,171 | +€1,171 | |
| Taxes, remuneration and social security | 45 | €8,088 | €3,607 | -€4,482 | -55.4% |
| Taxes | 450/3 | €8,088 | €3,607 | -€4,482 | -55.4% |
| Other amounts payable | 47/48 | €33,597 | €5,228 | -€28,370 | -84.4% |
| Remuneration, social security and pensions | 62 | €4,800 | -€206 | -€5,006 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,124 | €14,786 | +€662 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,014 | - | -€19,014 | |
| Other operating charges | 640/8 | €1,793 | €5,003 | +€3,210 | +179.0% |
| Gross operating margin | 9900 | €89,659 | €44,833 | -€44,825 | -50.0% |
| Operating profit (loss) | 9901 | €49,928 | €25,251 | -€24,677 | -49.4% |
| Financial income | 75/76B | €1,304 | €458 | -€846 | -64.9% |
| Recurring financial income | 75 | €1,304 | €458 | -€846 | -64.9% |
| Financial charges | 65/66B | €3,083 | €4,033 | +€950 | +30.8% |
| Recurring financial charges | 65 | €3,083 | €4,033 | +€950 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €48,149 | €21,676 | -€26,473 | -55.0% |
| Transfer from deferred taxes | 780 | €1,080 | €1,080 | = | 0.0% |
| Income taxes | 67/77 | €16,210 | €9,359 | -€6,850 | -42.3% |
| Profit (loss) for the period | 9904 | €33,019 | €13,396 | -€19,622 | -59.4% |
| Transfer from tax-exempt reserves | 789 | €3,240 | €3,240 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,258 | €16,636 | -€19,622 | -54.1% |
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 10 October 2026 via checked.be.