FRÉDÉRIC GOETHALS MANAGEMENT: 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.
FRÉDÉRIC GOETHALS MANAGEMENT
Largest movements
- Cash +€191,432
up €191,432 (+302%), from €63,308 to €254,740
mainly Debts after one year (+€280,435) and Stocks and contracts (+€180,000)
- Stocks and contracts -€180,000
down €180,000 (-81.9%), from €219,751 to €39,751
- Tangible fixed assets +€145,137
up €145,137 (+17.5%), from €829,877 to €975,014
- Debts after one year +€280,435
up €280,435 (+44.6%), from €628,314 to €908,749
of which Financial debts: +€280,435
- Short-term financial debts -€147,895
down €147,895 (-83.5%), from €177,137 to €29,242
- Reserves +€27,451
up €27,451 (+16.9%), from €162,570 to €190,021
- Gross operating margin -€37,787
down €37,787 (-26.5%), from €142,694 to €104,907
- Financial charges -€21,433
down €21,433 (-50.0%), from €42,856 to €21,423
- Other operating charges -€10,521
down €10,521 (-53.6%), from €19,615 to €9,094
- Depreciation -€4,050
down €4,050 (-10.5%), from €38,638 to €34,588
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 | €1,126,339 | €1,280,019 | +€153,680 | +13.6% |
| Fixed assets | 21/28 | €829,877 | €975,014 | +€145,137 | +17.5% |
| Tangible fixed assets | 22/27 | €829,877 | €975,014 | +€145,137 | +17.5% |
| Land and buildings | 22 | €829,877 | €975,014 | +€145,137 | +17.5% |
| Current assets | 29/58 | €296,462 | €305,005 | +€8,543 | +2.9% |
| Stocks and contracts in progress | 3 | €219,751 | €39,751 | -€180,000 | -81.9% |
| Stocks | 30/36 | €219,751 | €39,751 | -€180,000 | -81.9% |
| Amounts receivable within one year | 40/41 | €13,403 | €10,514 | -€2,889 | -21.6% |
| Trade receivables | 40 | €10,033 | €10,033 | = | 0.0% |
| Other amounts receivable | 41 | €3,370 | €481 | -€2,889 | -85.7% |
| Cash at bank and in hand | 54/58 | €63,308 | €254,740 | +€191,432 | +302% |
| Total equity and liabilities | 10/49 | €1,126,339 | €1,280,019 | +€153,680 | +13.6% |
| Equity | 10/15 | €184,570 | €212,021 | +€27,451 | +14.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Contributions outside capital | 11 | €22,000 | €22,000 | = | 0.0% |
| Other | 1109/19 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €162,570 | €190,021 | +€27,451 | +16.9% |
| Distributable reserves | 133 | €162,570 | €190,021 | +€27,451 | +16.9% |
| Amounts payable | 17/49 | €941,769 | €1,067,998 | +€126,229 | +13.4% |
| Amounts payable after more than one year | 17 | €628,314 | €908,749 | +€280,435 | +44.6% |
| Financial debts | 170/4 | €622,661 | €903,096 | +€280,435 | +45.0% |
| Other amounts payable | 178/9 | €5,653 | €5,653 | = | 0.0% |
| Amounts payable within one year | 42/48 | €308,402 | €155,155 | -€153,247 | -49.7% |
| Financial debts | 43 | €177,137 | €29,242 | -€147,895 | -83.5% |
| Credit institutions | 430/8 | €177,137 | €29,242 | -€147,895 | -83.5% |
| Trade debts | 44 | €2,037 | €4,024 | +€1,987 | +97.5% |
| Suppliers | 440/4 | €2,037 | €4,024 | +€1,987 | +97.5% |
| Taxes, remuneration and social security | 45 | €35,995 | €39,282 | +€3,287 | +9.1% |
| Taxes | 450/3 | €34,875 | €39,282 | +€4,407 | +12.6% |
| Remuneration and social security | 454/9 | €1,120 | - | -€1,120 | |
| Other amounts payable | 47/48 | €93,233 | €82,607 | -€10,626 | -11.4% |
| Accrued charges and deferred income | 492/3 | €5,053 | €4,094 | -€959 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,638 | €34,588 | -€4,050 | -10.5% |
| Other operating charges | 640/8 | €19,615 | €9,094 | -€10,521 | -53.6% |
| Gross operating margin | 9900 | €142,694 | €104,907 | -€37,787 | -26.5% |
| Operating profit (loss) | 9901 | €84,441 | €61,225 | -€23,216 | -27.5% |
| Financial income | 75/76B | €332 | €582 | +€250 | +75.3% |
| Recurring financial income | 75 | €332 | €582 | +€250 | +75.3% |
| Financial charges | 65/66B | €42,856 | €21,423 | -€21,433 | -50.0% |
| Recurring financial charges | 65 | €42,856 | €21,423 | -€21,433 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €41,917 | €40,384 | -€1,533 | -3.7% |
| Income taxes | 67/77 | €13,558 | €12,933 | -€625 | -4.6% |
| Profit (loss) for the period | 9904 | €28,359 | €27,451 | -€908 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,359 | €27,451 | -€908 | -3.2% |
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 20 October 2026 via checked.be.