GODEAU THIERRY: 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.
GODEAU THIERRY
Largest movements
- Cash -€240,864
down €240,864 (-46.3%), from €520,388 to €279,524
mainly Contributions, distributions and other (-€220,000) and Investment in fixed assets (net) (-€187,992)
- Financial fixed assets +€163,635
up €163,635 (+81.4%), from €201,085 to €364,721
- Tangible fixed assets -€48,727
down €48,727 (-19.4%), from €251,519 to €202,792
- Stocks and contracts -€20,483
down €20,483 (-5.3%), from €387,932 to €367,449
- Profit (loss) carried forward -€67,339
down €67,339 (-27.3%), from €246,857 to €179,518
- Trade debts -€36,945
down €36,945 (-8.3%), from €447,683 to €410,738
- Tax, wage and social debts -€31,128
down €31,128 (-18.1%), from €172,302 to €141,174
of which Taxes: -€18,788
- Staff costs +€76,593
up €76,593 (+13.0%), from €590,062 to €666,655
- Gross operating margin -€30,034
down €30,034 (-3.0%), from €995,589 to €965,555
- Taxes -€22,882
down €22,882 (-30.4%), from €75,252 to €52,369
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 | €1,421,664 | €1,271,852 | -€149,812 | -10.5% |
| Fixed assets | 21/28 | €452,605 | €567,513 | +€114,908 | +25.4% |
| Tangible fixed assets | 22/27 | €251,519 | €202,792 | -€48,727 | -19.4% |
| Plant, machinery and equipment | 23 | €32,600 | €27,054 | -€5,546 | -17.0% |
| Furniture and vehicles | 24 | €54,337 | €37,522 | -€16,816 | -30.9% |
| Leasing and similar rights | 25 | €43,771 | €25,234 | -€18,537 | -42.3% |
| Other tangible fixed assets | 26 | €120,811 | €112,982 | -€7,829 | -6.5% |
| Financial fixed assets | 28 | €201,085 | €364,721 | +€163,635 | +81.4% |
| Current assets | 29/58 | €969,060 | €704,340 | -€264,720 | -27.3% |
| Stocks and contracts in progress | 3 | €387,932 | €367,449 | -€20,483 | -5.3% |
| Stocks | 30/36 | €387,932 | €367,449 | -€20,483 | -5.3% |
| Amounts receivable within one year | 40/41 | €51,436 | €47,875 | -€3,561 | -6.9% |
| Trade receivables | 40 | €10,330 | €3,517 | -€6,813 | -66.0% |
| Other amounts receivable | 41 | €41,106 | €44,359 | +€3,252 | +7.9% |
| Cash at bank and in hand | 54/58 | €520,388 | €279,524 | -€240,864 | -46.3% |
| Deferred charges and accrued income | 490/1 | €9,303 | €9,491 | +€187 | +2.0% |
| Total equity and liabilities | 10/49 | €1,421,664 | €1,271,852 | -€149,812 | -10.5% |
| Equity | 10/15 | €561,857 | €494,518 | -€67,339 | -12.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Contributions outside capital | 11 | €65,000 | €65,000 | = | 0.0% |
| Other | 1109/19 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €250,000 | €250,000 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,857 | €179,518 | -€67,339 | -27.3% |
| Amounts payable | 17/49 | €859,807 | €777,335 | -€82,473 | -9.6% |
| Amounts payable after more than one year | 17 | €5,423 | - | -€5,423 | |
| Financial debts | 170/4 | €5,423 | - | -€5,423 | |
| Amounts payable within one year | 42/48 | €854,384 | €777,335 | -€77,050 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €15,999 | €5,423 | -€10,577 | -66.1% |
| Trade debts | 44 | €447,683 | €410,738 | -€36,945 | -8.3% |
| Suppliers | 440/4 | €447,683 | €410,738 | -€36,945 | -8.3% |
| Taxes, remuneration and social security | 45 | €172,302 | €141,174 | -€31,128 | -18.1% |
| Taxes | 450/3 | €50,385 | €31,597 | -€18,788 | -37.3% |
| Remuneration and social security | 454/9 | €121,917 | €109,577 | -€12,340 | -10.1% |
| Other amounts payable | 47/48 | €218,400 | €220,000 | +€1,600 | +0.7% |
| Non-recurring operating income | 76A | €2,408 | €7,697 | +€5,290 | +220% |
| Remuneration, social security and pensions | 62 | €590,062 | €666,655 | +€76,593 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,008 | €73,084 | +€75 | +0.1% |
| Other operating charges | 640/8 | €3,569 | €3,604 | +€35 | +1.0% |
| Non-recurring operating charges | 66A | €1,286 | - | -€1,286 | |
| Gross operating margin | 9900 | €995,589 | €965,555 | -€30,034 | -3.0% |
| Operating profit (loss) | 9901 | €327,663 | €222,212 | -€105,451 | -32.2% |
| Financial income | 75/76B | €1,614 | €3,735 | +€2,121 | +131% |
| Recurring financial income | 75 | €1,614 | €3,735 | +€2,121 | +131% |
| Financial charges | 65/66B | €16,032 | €20,917 | +€4,885 | +30.5% |
| Recurring financial charges | 65 | €16,032 | €20,917 | +€4,885 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €313,245 | €205,030 | -€108,215 | -34.5% |
| Income taxes | 67/77 | €75,252 | €52,369 | -€22,882 | -30.4% |
| Profit (loss) for the period | 9904 | €237,993 | €152,661 | -€85,333 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €237,993 | €152,661 | -€85,333 | -35.9% |
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 25 October 2026 via checked.be.