GOA 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.
GOA MANAGEMENT
Largest movements
- Cash +€109,950
up €109,950 (+79.7%), from €137,970 to €247,920
mainly Net result for the year (+€85,838) and Depreciation (+€82,598)
- Tangible fixed assets -€51,305
down €51,305 (-7.5%), from €684,688 to €633,384
of which Land and buildings: -€51,984
- Intangible fixed assets -€24,887
down €24,887 (-50.0%), from €49,773 to €24,887
- Receivables within one year -€18,825
down €18,825 (-38.4%), from €49,053 to €30,228
of which Trade receivables: -€20,758
- Reserves +€85,800
up €85,800 (+28.9%), from €296,693 to €382,493
- Other debts -€40,339
down €40,339 (-24.6%), from €163,872 to €123,533
- Debts after one year -€30,091
down €30,091 (-7.7%), from €391,304 to €361,213
- Gross operating margin +€29,924
up €29,924 (+17.4%), from €171,837 to €201,761
- Taxes -€4,609
down €4,609 (-15.2%), from €30,328 to €25,720
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 | €1,026,641 | €1,042,602 | +€15,960 | +1.6% |
| Fixed assets | 21/28 | €734,662 | €658,470 | -€76,191 | -10.4% |
| Intangible fixed assets | 21 | €49,773 | €24,887 | -€24,887 | -50.0% |
| Tangible fixed assets | 22/27 | €684,688 | €633,384 | -€51,305 | -7.5% |
| Land and buildings | 22 | €678,812 | €626,828 | -€51,984 | -7.7% |
| Plant, machinery and equipment | 23 | €2,444 | €4,193 | +€1,749 | +71.6% |
| Furniture and vehicles | 24 | €3,432 | €2,363 | -€1,069 | -31.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €291,979 | €384,131 | +€92,152 | +31.6% |
| Amounts receivable after more than one year | 29 | €91,979 | €91,987 | +€8 | 0.0% |
| Other amounts receivable | 291 | €91,979 | €91,987 | +€8 | 0.0% |
| Amounts receivable within one year | 40/41 | €49,053 | €30,228 | -€18,825 | -38.4% |
| Trade receivables | 40 | €41,357 | €20,599 | -€20,758 | -50.2% |
| Other amounts receivable | 41 | €7,696 | €9,628 | +€1,933 | +25.1% |
| Cash at bank and in hand | 54/58 | €137,970 | €247,920 | +€109,950 | +79.7% |
| Deferred charges and accrued income | 490/1 | €12,978 | €13,996 | +€1,018 | +7.8% |
| Total equity and liabilities | 10/49 | €1,026,641 | €1,042,602 | +€15,960 | +1.6% |
| Equity | 10/15 | €426,804 | €512,641 | +€85,838 | +20.1% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €296,693 | €382,493 | +€85,800 | +28.9% |
| Distributable reserves | 133 | €296,693 | €382,493 | +€85,800 | +28.9% |
| Profit (loss) carried forward | 14 | €111 | €149 | +€38 | +34.1% |
| Amounts payable | 17/49 | €599,838 | €529,960 | -€69,877 | -11.6% |
| Amounts payable after more than one year | 17 | €391,304 | €361,213 | -€30,091 | -7.7% |
| Financial debts | 170/4 | €391,304 | €361,213 | -€30,091 | -7.7% |
| Amounts payable within one year | 42/48 | €208,533 | €165,810 | -€42,723 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €29,649 | €30,091 | +€442 | +1.5% |
| Trade debts | 44 | €4,503 | €2,140 | -€2,363 | -52.5% |
| Suppliers | 440/4 | €4,503 | €2,140 | -€2,363 | -52.5% |
| Taxes, remuneration and social security | 45 | €10,510 | €10,047 | -€463 | -4.4% |
| Taxes | 450/3 | €10,510 | €8,129 | -€2,380 | -22.6% |
| Remuneration and social security | 454/9 | - | €1,917 | +€1,917 | |
| Other amounts payable | 47/48 | €163,872 | €123,533 | -€40,339 | -24.6% |
| Accrued charges and deferred income | 492/3 | - | €2,937 | +€2,937 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,122 | €82,598 | -€1,524 | -1.8% |
| Other operating charges | 640/8 | €5,125 | €5,263 | +€138 | +2.7% |
| Gross operating margin | 9900 | €171,837 | €201,761 | +€29,924 | +17.4% |
| Operating profit (loss) | 9901 | €82,590 | €113,899 | +€31,310 | +37.9% |
| Financial income | 75/76B | €2,899 | €3,590 | +€692 | +23.9% |
| Recurring financial income | 75 | €2,899 | €3,590 | +€692 | +23.9% |
| Financial charges | 65/66B | €6,354 | €5,932 | -€422 | -6.6% |
| Recurring financial charges | 65 | €6,354 | €5,932 | -€422 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €79,134 | €111,557 | +€32,423 | +41.0% |
| Income taxes | 67/77 | €30,328 | €25,720 | -€4,609 | -15.2% |
| Profit (loss) for the period | 9904 | €48,806 | €85,838 | +€37,032 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,806 | €85,838 | +€37,032 | +75.9% |
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 15 October 2026 via checked.be.