GO PROJECT: 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.
GO PROJECT
Largest movements
- Cash +€67,296
up €67,296 (+15.1%), from €445,527 to €512,823
mainly Depreciation (+€59,947) and Net result for the year (+€56,793)
- Stocks and contracts +€19,926
up €19,926 (+32.0%), from €62,352 to €82,278
- Reserves +€56,500
up €56,500 (+12.6%), from €449,500 to €506,000
of which Distributable reserves: +€56,500
- Current portion of long-term debt +€25,960
up €25,960 (+51.2%), from €50,666 to €76,626
- Trade debts +€22,316
up €22,316 (+22.0%), from €101,323 to €123,640
- Debts after one year -€16,586
down €16,586 (-20.3%), from €81,905 to €65,319
- Gross operating margin -€109,803
down €109,803 (-28.8%), from €381,289 to €271,486
- Taxes -€38,607
down €38,607 (-57.3%), from €67,346 to €28,739
- Depreciation +€10,331
up €10,331 (+20.8%), from €49,617 to €59,947
- Staff costs -€4,680
down €4,680 (-3.9%), from €119,096 to €114,416
- Other operating charges +€4,233
up €4,233 (+301.4%), from €1,404 to €5,638
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 | €770,569 | €854,220 | +€83,651 | +10.9% |
| Fixed assets | 21/28 | €145,529 | €146,753 | +€1,224 | +0.8% |
| Intangible fixed assets | 21 | €3,709 | €2,962 | -€748 | -20.2% |
| Tangible fixed assets | 22/27 | €141,695 | €143,667 | +€1,971 | +1.4% |
| Plant, machinery and equipment | 23 | €35 | €5,163 | +€5,128 | +14786.2% |
| Furniture and vehicles | 24 | €32,644 | €44,009 | +€11,364 | +34.8% |
| Leasing and similar rights | 25 | €12,963 | €7,820 | -€5,143 | -39.7% |
| Other tangible fixed assets | 26 | €96,053 | €86,676 | -€9,378 | -9.8% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €625,040 | €707,466 | +€82,427 | +13.2% |
| Stocks and contracts in progress | 3 | €62,352 | €82,278 | +€19,926 | +32.0% |
| Stocks | 30/36 | €62,352 | €82,278 | +€19,926 | +32.0% |
| Amounts receivable within one year | 40/41 | €112,144 | €106,273 | -€5,871 | -5.2% |
| Trade receivables | 40 | €59,901 | €55,628 | -€4,273 | -7.1% |
| Other amounts receivable | 41 | €52,243 | €50,645 | -€1,598 | -3.1% |
| Cash at bank and in hand | 54/58 | €445,527 | €512,823 | +€67,296 | +15.1% |
| Deferred charges and accrued income | 490/1 | €5,017 | €6,093 | +€1,076 | +21.4% |
| Total equity and liabilities | 10/49 | €770,569 | €854,220 | +€83,651 | +10.9% |
| Equity | 10/15 | €487,797 | €544,591 | +€56,793 | +11.6% |
| Contributions | 10/11 | €30,600 | €30,600 | = | 0.0% |
| Reserves | 13 | €449,500 | €506,000 | +€56,500 | +12.6% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €446,500 | €503,000 | +€56,500 | +12.7% |
| Profit (loss) carried forward | 14 | €7,697 | €7,991 | +€293 | +3.8% |
| Amounts payable | 17/49 | €282,772 | €309,629 | +€26,857 | +9.5% |
| Amounts payable after more than one year | 17 | €81,905 | €65,319 | -€16,586 | -20.3% |
| Financial debts | 170/4 | €81,905 | €65,319 | -€16,586 | -20.3% |
| Amounts payable within one year | 42/48 | €198,154 | €242,579 | +€44,425 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €50,666 | €76,626 | +€25,960 | +51.2% |
| Trade debts | 44 | €101,323 | €123,640 | +€22,316 | +22.0% |
| Suppliers | 440/4 | €101,323 | €123,640 | +€22,316 | +22.0% |
| Taxes, remuneration and social security | 45 | €24,740 | €28,987 | +€4,247 | +17.2% |
| Taxes | 450/3 | €11,886 | €8,343 | -€3,543 | -29.8% |
| Remuneration and social security | 454/9 | €12,853 | €20,644 | +€7,790 | +60.6% |
| Other amounts payable | 47/48 | €21,425 | €13,327 | -€8,098 | -37.8% |
| Accrued charges and deferred income | 492/3 | €2,712 | €1,731 | -€981 | -36.2% |
| Remuneration, social security and pensions | 62 | €119,096 | €114,416 | -€4,680 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,617 | €59,947 | +€10,331 | +20.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €585 | €309 | -€276 | -47.2% |
| Other operating charges | 640/8 | €1,404 | €5,638 | +€4,233 | +301.4% |
| Gross operating margin | 9900 | €381,289 | €271,486 | -€109,803 | -28.8% |
| Operating profit (loss) | 9901 | €210,587 | €91,176 | -€119,411 | -56.7% |
| Financial income | 75/76B | €1,617 | €105 | -€1,512 | -93.5% |
| Recurring financial income | 75 | €1,617 | €105 | -€1,512 | -93.5% |
| Financial charges | 65/66B | €4,859 | €5,749 | +€890 | +18.3% |
| Recurring financial charges | 65 | €4,859 | €5,749 | +€890 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €207,345 | €85,532 | -€121,813 | -58.7% |
| Income taxes | 67/77 | €67,346 | €28,739 | -€38,607 | -57.3% |
| Profit (loss) for the period | 9904 | €139,999 | €56,793 | -€83,206 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,999 | €56,793 | -€83,206 | -59.4% |
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 12 October 2026 via checked.be.