GOAT: what changed
Two fiscal 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.
GOAT
Largest movements
- Tangible fixed assets +€130,756
up €130,756 (+2447.8%), from €5,342 to €136,098
of which Furniture and vehicles: +€129,067
- Receivables within one year -€24,589
down €24,589 (-46.4%), from €53,046 to €28,456
of which Trade receivables: -€15,117
- Debts after one year +€95,621
up €95,621 (+57.3%), from €167,000 to €262,621
- Reserves -€30,026
down €30,026 (-94.0%), from €31,948 to €1,923
- Current portion of long-term debt +€24,967
new in 2025: €24,967
- Other debts +€19,790
up €19,790 (+44.0%), from €45,000 to €64,790
- Tax, wage and social debts -€15,452
down €15,452 (-100.0%), from €15,452 to €0
- Gross operating margin -€7,668
down €7,668 (-11.2%), from €68,699 to €61,032
- Depreciation +€4,797
up €4,797 (+161.0%), from €2,980 to €7,777
- Taxes -€1,596
down €1,596 (-9.9%), from €16,049 to €14,454
- Other operating charges +€1,552
up €1,552 (+106.5%), from €1,458 to €3,011
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 | €266,878 | €373,688 | +€106,810 | +40.0% |
| Fixed assets | 21/28 | €5,342 | €136,098 | +€130,756 | +2447.8% |
| Tangible fixed assets | 22/27 | €5,342 | €136,098 | +€130,756 | +2447.8% |
| Plant, machinery and equipment | 23 | €1,590 | €3,278 | +€1,689 | +106.2% |
| Furniture and vehicles | 24 | €3,752 | €132,819 | +€129,067 | +3439.9% |
| Current assets | 29/58 | €261,536 | €237,590 | -€23,946 | -9.2% |
| Amounts receivable after more than one year | 29 | €167,000 | €167,000 | = | 0.0% |
| Other amounts receivable | 291 | €167,000 | €167,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,046 | €28,456 | -€24,589 | -46.4% |
| Trade receivables | 40 | €38,725 | €23,608 | -€15,117 | -39.0% |
| Other amounts receivable | 41 | €14,321 | €4,849 | -€9,472 | -66.1% |
| Cash at bank and in hand | 54/58 | €41,490 | €41,997 | +€507 | +1.2% |
| Deferred charges and accrued income | 490/1 | - | €137 | +€137 | |
| Total equity and liabilities | 10/49 | €266,878 | €373,688 | +€106,810 | +40.0% |
| Equity | 10/15 | €33,448 | €3,423 | -€30,026 | -89.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €31,948 | €1,923 | -€30,026 | -94.0% |
| Distributable reserves | 133 | €31,948 | €1,923 | -€30,026 | -94.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €233,429 | €370,265 | +€136,836 | +58.6% |
| Amounts payable after more than one year | 17 | €167,000 | €262,621 | +€95,621 | +57.3% |
| Financial debts | 170/4 | €167,000 | €262,621 | +€95,621 | +57.3% |
| Amounts payable within one year | 42/48 | €66,201 | €107,416 | +€41,215 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | - | €24,967 | +€24,967 | |
| Financial debts | 43 | €2,542 | €5,167 | +€2,625 | +103.2% |
| Credit institutions | 430/8 | €2,542 | €5,167 | +€2,625 | +103.2% |
| Trade debts | 44 | €3,206 | €12,492 | +€9,286 | +289.6% |
| Suppliers | 440/4 | €3,206 | €12,492 | +€9,286 | +289.6% |
| Taxes, remuneration and social security | 45 | €15,452 | €0 | -€15,452 | -100.0% |
| Taxes | 450/3 | €15,452 | €0 | -€15,452 | -100.0% |
| Other amounts payable | 47/48 | €45,000 | €64,790 | +€19,790 | +44.0% |
| Accrued charges and deferred income | 492/3 | €229 | €229 | = | 0.0% |
| Non-recurring operating income | 76A | - | €929 | +€929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,980 | €7,777 | +€4,797 | +161.0% |
| Other operating charges | 640/8 | €1,458 | €3,011 | +€1,552 | +106.5% |
| Gross operating margin | 9900 | €68,699 | €61,032 | -€7,668 | -11.2% |
| Operating profit (loss) | 9901 | €64,261 | €50,244 | -€14,017 | -21.8% |
| Financial income | 75/76B | €3,235 | €2,954 | -€281 | -8.7% |
| Recurring financial income | 75 | €3,235 | €2,954 | -€281 | -8.7% |
| Financial charges | 65/66B | €6,192 | €5,770 | -€423 | -6.8% |
| Recurring financial charges | 65 | €6,192 | €5,770 | -€423 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €61,304 | €47,428 | -€13,876 | -22.6% |
| Income taxes | 67/77 | €16,049 | €14,454 | -€1,596 | -9.9% |
| Profit (loss) for the period | 9904 | €45,255 | €32,974 | -€12,280 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,255 | €32,974 | -€12,280 | -27.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.