God & Zonen: 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.
God & Zonen
Largest movements
- Tangible fixed assets -€42,770
down €42,770 (-5.1%), from €844,680 to €801,911
of which Land and buildings: -€34,425
- Cash -€41,404
down €41,404 (-52.5%), from €78,868 to €37,463
mainly Debts after one year (-€89,529) and Accrued charges and deferred income (-€24,000)
- Receivables within one year -€33,155
down €33,155 (-54.6%), from €60,762 to €27,607
of which Trade receivables: -€27,260
- Current investments +€12,286
up €12,286 (+31.7%), from €38,782 to €51,068
- Debts after one year -€89,529
down €89,529 (-19.9%), from €448,777 to €359,248
- Provisions +€28,081
new in 2025: €28,081
- Other debts +€25,535
up €25,535 (+18.4%), from €138,477 to €164,012
- Accrued charges and deferred income -€24,000
down €24,000 (-100%), from €24,000 to €0
- Trade debts -€21,100
down €21,100 (-64.0%), from €32,946 to €11,846
- Provisions +€28,081
new in 2025: €28,081
- Financial charges +€27,120
up €27,120 (+110%), from €24,593 to €51,713
- Depreciation -€20,102
down €20,102 (-29.7%), from €67,652 to €47,550
- Gross operating margin -€5,550
down €5,550 (-3.8%), from €146,902 to €141,352
- Taxes -€4,315
down €4,315 (-21.4%), from €20,125 to €15,809
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 | €1,024,534 | €919,666 | -€104,868 | -10.2% |
| Fixed assets | 21/28 | €844,680 | €801,911 | -€42,770 | -5.1% |
| Tangible fixed assets | 22/27 | €844,680 | €801,911 | -€42,770 | -5.1% |
| Land and buildings | 22 | €813,064 | €778,638 | -€34,425 | -4.2% |
| Plant, machinery and equipment | 23 | €6,934 | €4,125 | -€2,809 | -40.5% |
| Furniture and vehicles | 24 | €24,683 | €19,147 | -€5,535 | -22.4% |
| Current assets | 29/58 | €179,854 | €117,755 | -€62,099 | -34.5% |
| Amounts receivable within one year | 40/41 | €60,762 | €27,607 | -€33,155 | -54.6% |
| Trade receivables | 40 | €44,992 | €17,732 | -€27,260 | -60.6% |
| Other amounts receivable | 41 | €15,771 | €9,875 | -€5,896 | -37.4% |
| Current investments | 50/53 | €38,782 | €51,068 | +€12,286 | +31.7% |
| Cash at bank and in hand | 54/58 | €78,868 | €37,463 | -€41,404 | -52.5% |
| Deferred charges and accrued income | 490/1 | €1,441 | €1,617 | +€176 | +12.2% |
| Total equity and liabilities | 10/49 | €1,024,534 | €919,666 | -€104,868 | -10.2% |
| Equity | 10/15 | €254,355 | €247,041 | -€7,314 | -2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,755 | €228,441 | -€7,314 | -3.1% |
| Distributable reserves | 133 | €235,755 | €228,441 | -€7,314 | -3.1% |
| Provisions and deferred taxes | 16 | - | €28,081 | +€28,081 | |
| Provisions for liabilities and charges | 160/5 | - | €28,081 | +€28,081 | |
| Other liabilities and charges | 164/5 | - | €28,081 | +€28,081 | |
| Amounts payable | 17/49 | €770,179 | €644,543 | -€125,636 | -16.3% |
| Amounts payable after more than one year | 17 | €448,777 | €359,248 | -€89,529 | -19.9% |
| Financial debts | 170/4 | €448,777 | €359,248 | -€89,529 | -19.9% |
| Amounts payable within one year | 42/48 | €297,402 | €285,296 | -€12,107 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €98,009 | €89,529 | -€8,480 | -8.7% |
| Financial debts | 43 | €6,343 | €5,055 | -€1,288 | -20.3% |
| Credit institutions | 430/8 | €6,343 | €5,055 | -€1,288 | -20.3% |
| Trade debts | 44 | €32,946 | €11,846 | -€21,100 | -64.0% |
| Suppliers | 440/4 | €32,946 | €11,846 | -€21,100 | -64.0% |
| Taxes, remuneration and social security | 45 | €21,626 | €14,853 | -€6,773 | -31.3% |
| Taxes | 450/3 | €17,502 | €10,663 | -€6,840 | -39.1% |
| Remuneration and social security | 454/9 | €4,124 | €4,190 | +€66 | +1.6% |
| Other amounts payable | 47/48 | €138,477 | €164,012 | +€25,535 | +18.4% |
| Accrued charges and deferred income | 492/3 | €24,000 | €0 | -€24,000 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,652 | €47,550 | -€20,102 | -29.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €28,081 | +€28,081 | |
| Other operating charges | 640/8 | €7,036 | €6,116 | -€920 | -13.1% |
| Gross operating margin | 9900 | €146,902 | €141,352 | -€5,550 | -3.8% |
| Operating profit (loss) | 9901 | €72,214 | €59,606 | -€12,609 | -17.5% |
| Financial income | 75/76B | €197 | €603 | +€405 | +206% |
| Recurring financial income | 75 | €197 | €603 | +€405 | +206% |
| Financial charges | 65/66B | €24,593 | €51,713 | +€27,120 | +110% |
| Recurring financial charges | 65 | €24,593 | €51,713 | +€27,120 | +110% |
| Profit (loss) for the period before taxes | 9903 | €47,818 | €8,495 | -€39,323 | -82.2% |
| Income taxes | 67/77 | €20,125 | €15,809 | -€4,315 | -21.4% |
| Profit (loss) for the period | 9904 | €27,694 | -€7,314 | -€35,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,694 | -€7,314 | -€35,007 |
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 22 October 2026 via checked.be.