GERD D.GOYVAERTS: 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.
GERD D.GOYVAERTS
Largest movements
- Current investments +€916,273
up €916,273 (+77.3%), from €1.2m to €2.1m
- Receivables within one year -€224,934
down €224,934 (-30.1%), from €746,519 to €521,585
of which Other amounts receivable: -€235,955
- Tangible fixed assets -€47,344
down €47,344 (-6.7%), from €706,918 to €659,574
of which Land and buildings: -€39,421
- Reserves +€470,851
up €470,851 (+15.9%), from €3.0m to €3.4m
of which Distributable reserves: +€480,851
- Other debts +€109,141
up €109,141 (+108%), from €100,859 to €210,000
- Financial income +€48,157
up €48,157 (+78.3%), from €61,540 to €109,697
- Taxes +€29,312
up €29,312 (+15.9%), from €183,907 to €213,220
- Financial charges +€24,478
up €24,478 (+2,856%), from €857 to €25,335
- Depreciation +€9,980
up €9,980 (+10.9%), from €91,425 to €101,405
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 | €3,229,199 | €3,857,170 | +€627,970 | +19.4% |
| Fixed assets | 21/28 | €1,113,405 | €1,069,297 | -€44,108 | -4.0% |
| Tangible fixed assets | 22/27 | €706,918 | €659,574 | -€47,344 | -6.7% |
| Land and buildings | 22 | €285,803 | €246,382 | -€39,421 | -13.8% |
| Furniture and vehicles | 24 | €49,979 | €74,571 | +€24,592 | +49.2% |
| Other tangible fixed assets | 26 | €371,136 | €338,622 | -€32,515 | -8.8% |
| Financial fixed assets | 28 | €406,487 | €409,723 | +€3,236 | +0.8% |
| Current assets | 29/58 | €2,115,795 | €2,787,873 | +€672,078 | +31.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €110,000 | +€10,000 | +10.0% |
| Other amounts receivable | 291 | €100,000 | €110,000 | +€10,000 | +10.0% |
| Amounts receivable within one year | 40/41 | €746,519 | €521,585 | -€224,934 | -30.1% |
| Trade receivables | 40 | - | €11,021 | +€11,021 | |
| Other amounts receivable | 41 | €746,519 | €510,565 | -€235,955 | -31.6% |
| Current investments | 50/53 | €1,185,450 | €2,101,723 | +€916,273 | +77.3% |
| Cash at bank and in hand | 54/58 | €59,816 | €26,658 | -€33,158 | -55.4% |
| Deferred charges and accrued income | 490/1 | €24,010 | €27,907 | +€3,897 | +16.2% |
| Total equity and liabilities | 10/49 | €3,229,199 | €3,857,170 | +€627,970 | +19.4% |
| Equity | 10/15 | €3,067,203 | €3,538,054 | +€470,851 | +15.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,967,203 | €3,438,054 | +€470,851 | +15.9% |
| Non-distributable reserves | 130/1 | €10,000 | - | -€10,000 | |
| Reserves not available under the articles | 1311 | €10,000 | - | -€10,000 | |
| Tax-exempt reserves | 132 | €420 | €420 | = | 0.0% |
| Distributable reserves | 133 | €2,956,784 | €3,437,635 | +€480,851 | +16.3% |
| Amounts payable | 17/49 | €161,996 | €319,115 | +€157,119 | +97.0% |
| Amounts payable within one year | 42/48 | €161,029 | €313,548 | +€152,520 | +94.7% |
| Trade debts | 44 | €1,850 | €7,276 | +€5,426 | +293% |
| Suppliers | 440/4 | €1,850 | €7,276 | +€5,426 | +293% |
| Taxes, remuneration and social security | 45 | €58,320 | €96,273 | +€37,953 | +65.1% |
| Taxes | 450/3 | €55,949 | €93,634 | +€37,685 | +67.4% |
| Remuneration and social security | 454/9 | €2,371 | €2,639 | +€268 | +11.3% |
| Other amounts payable | 47/48 | €100,859 | €210,000 | +€109,141 | +108% |
| Accrued charges and deferred income | 492/3 | €968 | €5,567 | +€4,599 | +475% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Remuneration, social security and pensions | 62 | €17,093 | €17,640 | +€547 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,425 | €101,405 | +€9,980 | +10.9% |
| Other operating charges | 640/8 | €5,938 | €5,427 | -€511 | -8.6% |
| Non-recurring operating charges | 66A | €12,161 | - | -€12,161 | |
| Gross operating margin | 9900 | €740,462 | €734,180 | -€6,283 | -0.8% |
| Operating profit (loss) | 9901 | €613,846 | €609,708 | -€4,138 | -0.7% |
| Financial income | 75/76B | €61,540 | €109,697 | +€48,157 | +78.3% |
| Recurring financial income | 75 | €61,540 | €109,697 | +€48,157 | +78.3% |
| Financial charges | 65/66B | €857 | €25,335 | +€24,478 | +2,856% |
| Recurring financial charges | 65 | €857 | €25,335 | +€24,478 | +2,856% |
| Profit (loss) for the period before taxes | 9903 | €674,529 | €694,071 | +€19,542 | +2.9% |
| Income taxes | 67/77 | €183,907 | €213,220 | +€29,312 | +15.9% |
| Profit (loss) for the period | 9904 | €490,621 | €480,851 | -€9,770 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €490,621 | €480,851 | -€9,770 | -2.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.