GODEFROID EUROPE: 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.
What changed
GODEFROID EUROPE
NACE 46.120, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8.5m
2024 · -€713,261-€7.8m
Equity
€6.2m
2024 · €14.7m-€8.5m
Cash
€583,155
2024 · €555,164+€27,991
Balance sheet total
€13.2m
2024 · €18.1m-€4.9m
Largest movements
Assets
- Receivables within one year -€4.7m
down €4.7m (-65.8%), from €7.1m to €2.4m
of which Other amounts receivable: -€4.7m
Equity and liabilities
- Profit (loss) carried forward -€8.5m
down €8.5m (-63.7%), from €13.3m to €4.8m
- Short-term financial debts +€3.5m
up €3.5m (+205%), from €1.7m to €5.2m
- Trade debts +€419,352
up €419,352 (+36.6%), from €1.1m to €1.6m
- Accrued charges and deferred income -€284,871
down €284,871 (-81.5%), from €349,473 to €64,602
Income statement
- Write-downs +€7.9m
up €7.9m (+4,009%), from €196,983 to €8.1m
- Financial charges +€4.8m
up €4.8m (+1,466%), from €324,809 to €5.1m
- Turnover +€1.8m
up €1.8m (+13.5%), from €13.5m to €15.3m
- Goods and materials +€1.6m
up €1.6m (+13.0%), from €12.7m to €14.4m
of which Change in stocks: decrease (increase): +€950,500
- Services and other goods -€202,722
down €202,722 (-18.2%), from €1.1m to €909,841
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.
Result 2024
-€713,261
Turnover
+€1.8m
Other operating income
+€306
Goods and materials
-€1.6m
Services and other goods
+€202,722
Staff costs
-€9,781
Depreciation
-€49
Write-downs
-€7.9m
Other operating charges
+€22,763
Other operating items
+€4.5m
Financial income
+€49,413
Financial charges
-€4.8m
Taxes
+€79
Result 2025
-€8.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3.5m
Investment
+€6,645
Financing
+€3.5m
Cash 2024
€555,164
From operations (derived)
-€3.5m
Net result for the year
-€8.5m
Depreciation
+€2,321
Stocks and contracts
+€73,738
Receivables within one year
+€4.7m
Deferred charges and accrued income
+€150,333
Trade debts
+€419,352
Tax, wage and social debts
-€47,269
Accrued charges and deferred income
-€284,871
Investment (derived)
+€6,645
Investment in fixed assets (net)
+€6,645
Financing
+€3.5m
Short-term financial debts
+€3.5m
Cash 2025
€583,155
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,065,309 | €13,172,918 | -€4.9m | -27.1% |
| Fixed assets | 21/28 | €44,790 | €35,825 | -€8,966 | -20.0% |
| Tangible fixed assets | 22/27 | €3,010 | €1,766 | -€1,244 | -41.3% |
| Furniture and vehicles | 24 | €969 | €1,426 | +€458 | +47.3% |
| Other tangible fixed assets | 26 | €2,041 | €339 | -€1,701 | -83.4% |
| Financial fixed assets | 28 | €41,781 | €34,059 | -€7,722 | -18.5% |
| Other financial fixed assets | 284/8 | €41,781 | €34,059 | -€7,722 | -18.5% |
| Amounts receivable and cash guarantees | 285/8 | €41,781 | €34,059 | -€7,722 | -18.5% |
| Current assets | 29/58 | €18,020,519 | €13,137,094 | -€4.9m | -27.1% |
| Stocks and contracts in progress | 3 | €10,180,795 | €10,107,057 | -€73,738 | -0.7% |
| Stocks | 30/36 | €10,180,795 | €10,107,057 | -€73,738 | -0.7% |
| Goods purchased for resale | 34 | €10,180,795 | €10,107,057 | -€73,738 | -0.7% |
| Amounts receivable within one year | 40/41 | €7,119,012 | €2,431,667 | -€4.7m | -65.8% |
| Trade receivables | 40 | €2,421,489 | €2,426,504 | +€5,014 | +0.2% |
| Other amounts receivable | 41 | €4,697,523 | €5,163 | -€4.7m | -99.9% |
| Cash at bank and in hand | 54/58 | €555,164 | €583,155 | +€27,991 | +5.0% |
| Deferred charges and accrued income | 490/1 | €165,548 | €15,214 | -€150,333 | -90.8% |
| Total equity and liabilities | 10/49 | €18,065,309 | €13,172,918 | -€4.9m | -27.1% |
| Equity | 10/15 | €14,690,135 | €6,218,542 | -€8.5m | -57.7% |
| Contributions | 10/11 | €1,243,000 | €1,243,000 | = | 0.0% |
| Capital | 10 | €1,243,000 | €1,243,000 | = | 0.0% |
| Issued capital | 100 | €1,243,000 | €1,243,000 | = | 0.0% |
| Reserves | 13 | €144,300 | €144,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €144,300 | €144,300 | = | 0.0% |
| Legal reserve | 130 | €144,300 | €144,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,302,835 | €4,831,242 | -€8.5m | -63.7% |
| Amounts payable | 17/49 | €3,375,175 | €6,954,376 | +€3.6m | +106% |
| Amounts payable within one year | 42/48 | €3,025,702 | €6,889,774 | +€3.9m | +128% |
| Financial debts | 43 | €1,700,000 | €5,191,989 | +€3.5m | +205% |
| Credit institutions | 430/8 | €1,700,000 | €5,191,989 | +€3.5m | +205% |
| Trade debts | 44 | €1,144,410 | €1,563,762 | +€419,352 | +36.6% |
| Suppliers | 440/4 | €1,144,410 | €1,563,762 | +€419,352 | +36.6% |
| Taxes, remuneration and social security | 45 | €181,292 | €134,023 | -€47,269 | -26.1% |
| Taxes | 450/3 | €43,800 | €27,050 | -€16,751 | -38.2% |
| Remuneration and social security | 454/9 | €137,491 | €106,973 | -€30,518 | -22.2% |
| Accrued charges and deferred income | 492/3 | €349,473 | €64,602 | -€284,871 | -81.5% |
| Operating income | 70/76A | €13,507,128 | €19,936,907 | +€6.4m | +47.6% |
| Turnover | 70 | €13,485,463 | €15,311,987 | +€1.8m | +13.5% |
| Other operating income | 74 | €21,665 | €21,970 | +€306 | +1.4% |
| Non-recurring operating income | 76A | €0 | €4,602,949 | +€4.6m | |
| Operating charges | 60/66A | €14,453,957 | €23,929,272 | +€9.5m | +65.6% |
| Goods for resale, raw materials and consumables | 60 | €12,714,625 | €14,362,921 | +€1.6m | +13.0% |
| Purchases | 600/8 | €17,068,129 | €17,765,926 | +€697,796 | +4.1% |
| Change in stocks: decrease (increase) | 609 | -€4,353,504 | -€3,403,004 | +€950,500 | +21.8% |
| Services and other goods | 61 | €1,112,563 | €909,841 | -€202,722 | -18.2% |
| Remuneration, social security and pensions | 62 | €362,893 | €372,674 | +€9,781 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,272 | €2,321 | +€49 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €196,983 | €8,094,195 | +€7.9m | +4,009% |
| Other operating charges | 640/8 | €64,622 | €41,858 | -€22,763 | -35.2% |
| Non-recurring operating charges | 66A | €0 | €145,462 | +€145,462 | |
| Operating profit (loss) | 9901 | -€946,828 | -€3,992,365 | -€3.0m | -322% |
| Financial income | 75/76B | €559,426 | €608,839 | +€49,413 | +8.8% |
| Recurring financial income | 75 | €553,599 | €608,839 | +€55,239 | +10.0% |
| Income from current assets | 751 | €228,679 | €201,510 | -€27,169 | -11.9% |
| Other financial income | 752/9 | €324,920 | €407,329 | +€82,408 | +25.4% |
| Non-recurring financial income | 76B | €5,826 | €0 | -€5,826 | -100% |
| Financial charges | 65/66B | €324,809 | €5,087,096 | +€4.8m | +1,466% |
| Recurring financial charges | 65 | €324,809 | €5,087,096 | +€4.8m | +1,466% |
| Debt charges | 650 | €199,823 | €141,211 | -€58,611 | -29.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €4,200,932 | +€4.2m | |
| Other financial charges | 652/9 | €124,986 | €744,953 | +€619,967 | +496% |
| Profit (loss) for the period before taxes | 9903 | -€712,211 | -€8,470,622 | -€7.8m | -1,089% |
| Income taxes | 67/77 | €1,050 | €971 | -€79 | -7.5% |
| Taxes | 670/3 | €1,050 | €971 | -€79 | -7.5% |
| Profit (loss) for the period | 9904 | -€713,261 | -€8,471,593 | -€7.8m | -1,088% |
| Profit (loss) for the period to be appropriated | 9905 | -€713,261 | -€8,471,593 | -€7.8m | -1,088% |
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 30 October 2026 via checked.be.