GODECO: 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.
GODECO
Largest movements
- Receivables within one year -€377,235
down €377,235 (-38.9%), from €970,695 to €593,461
of which Trade receivables: -€596,060
- Tangible fixed assets -€159,016
down €159,016 (-94.3%), from €168,557 to €9,541
of which Furniture and vehicles: -€157,709
- Cash +€149,934
up €149,934 (+849.4%), from €17,651 to €167,585
mainly Receivables within one year (+€377,235) and Debts after one year (+€266,590)
- Deferred charges and accrued income +€47,482
up €47,482 (+1201.5%), from €3,952 to €51,434
- Short-term financial debts -€350,979
down €350,979 (-99.4%), from €353,004 to €2,025
of which Credit institutions: -€351,427
- Other debts -€335,190
down €335,190 (-91.3%), from €367,038 to €31,849
- Debts after one year +€266,590
up €266,590 (+218.7%), from €121,913 to €388,503
- Tax, wage and social debts +€102,561
up €102,561 (+872.3%), from €11,758 to €114,318
of which Taxes: +€102,561
- Trade debts -€91,367
down €91,367 (-36.6%), from €249,818 to €158,451
- Gross operating margin +€37,761
up €37,761 (+48.6%), from €77,677 to €115,438
- Depreciation -€17,696
down €17,696 (-87.8%), from €20,159 to €2,463
- Financial charges +€14,748
up €14,748 (+43.3%), from €34,052 to €48,801
- Taxes +€6,512
up €6,512 (+133.9%), from €4,863 to €11,375
- Other operating charges -€3,007
down €3,007 (-60.2%), from €4,993 to €1,987
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 | €1,501,407 | €1,162,572 | -€338,835 | -22.6% |
| Fixed assets | 21/28 | €258,992 | €99,976 | -€159,016 | -61.4% |
| Tangible fixed assets | 22/27 | €168,557 | €9,541 | -€159,016 | -94.3% |
| Furniture and vehicles | 24 | €160,076 | €2,366 | -€157,709 | -98.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €8,481 | €7,175 | -€1,307 | -15.4% |
| Financial fixed assets | 28 | €90,435 | €90,435 | = | 0.0% |
| Current assets | 29/58 | €1,242,415 | €1,062,596 | -€179,819 | -14.5% |
| Stocks and contracts in progress | 3 | €250,117 | €250,117 | = | 0.0% |
| Stocks | 30/36 | €250,117 | €250,117 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €970,695 | €593,461 | -€377,235 | -38.9% |
| Trade receivables | 40 | €718,879 | €122,819 | -€596,060 | -82.9% |
| Other amounts receivable | 41 | €251,817 | €470,642 | +€218,825 | +86.9% |
| Cash at bank and in hand | 54/58 | €17,651 | €167,585 | +€149,934 | +849.4% |
| Deferred charges and accrued income | 490/1 | €3,952 | €51,434 | +€47,482 | +1201.5% |
| Total equity and liabilities | 10/49 | €1,501,407 | €1,162,572 | -€338,835 | -22.6% |
| Equity | 10/15 | €359,768 | €383,176 | +€23,408 | +6.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €339,768 | €363,176 | +€23,408 | +6.9% |
| Distributable reserves | 133 | €339,768 | €363,176 | +€23,408 | +6.9% |
| Amounts payable | 17/49 | €1,141,639 | €779,396 | -€362,243 | -31.7% |
| Amounts payable after more than one year | 17 | €121,913 | €388,503 | +€266,590 | +218.7% |
| Financial debts | 170/4 | €121,913 | €388,503 | +€266,590 | +218.7% |
| Amounts payable within one year | 42/48 | €1,019,726 | €386,430 | -€633,296 | -62.1% |
| Current portion of amounts payable after more than one year | 42 | €38,108 | €79,786 | +€41,679 | +109.4% |
| Financial debts | 43 | €353,004 | €2,025 | -€350,979 | -99.4% |
| Credit institutions | 430/8 | €352,764 | €1,336 | -€351,427 | -99.6% |
| Other loans | 439 | €241 | €689 | +€448 | +186.3% |
| Trade debts | 44 | €249,818 | €158,451 | -€91,367 | -36.6% |
| Suppliers | 440/4 | €249,818 | €158,451 | -€91,367 | -36.6% |
| Taxes, remuneration and social security | 45 | €11,758 | €114,318 | +€102,561 | +872.3% |
| Taxes | 450/3 | €11,758 | €114,318 | +€102,561 | +872.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €367,038 | €31,849 | -€335,190 | -91.3% |
| Accrued charges and deferred income | 492/3 | - | €4,463 | +€4,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,159 | €2,463 | -€17,696 | -87.8% |
| Other operating charges | 640/8 | €4,993 | €1,987 | -€3,007 | -60.2% |
| Non-recurring operating charges | 66A | €9,362 | €27,617 | +€18,255 | +195.0% |
| Gross operating margin | 9900 | €77,677 | €115,438 | +€37,761 | +48.6% |
| Operating profit (loss) | 9901 | €43,162 | €83,371 | +€40,209 | +93.2% |
| Financial income | 75/76B | €0 | €213 | +€213 | |
| Recurring financial income | 75 | €0 | €213 | +€213 | |
| Financial charges | 65/66B | €34,052 | €48,801 | +€14,748 | +43.3% |
| Recurring financial charges | 65 | €34,052 | €48,801 | +€14,748 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €9,109 | €34,783 | +€25,674 | +281.8% |
| Income taxes | 67/77 | €4,863 | €11,375 | +€6,512 | +133.9% |
| Profit (loss) for the period | 9904 | €4,247 | €23,408 | +€19,162 | +451.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,247 | €23,408 | +€19,162 | +451.2% |
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 5 October 2026 via checked.be.