GODEFROY: 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.
GODEFROY
Largest movements
- Stocks and contracts +€243,763
up €243,763 (+11.2%), from €2.2m to €2.4m
- Cash -€220,402
down €220,402 (-58.8%), from €375,075 to €154,673
mainly Stocks and contracts (-€243,763) and Other debts (-€130,000)
- Receivables within one year +€65,122
up €65,122 (+24.1%), from €270,063 to €335,186
of which Other amounts receivable: +€63,875
- Tangible fixed assets -€51,494
down €51,494 (-28.7%), from €179,141 to €127,647
of which Furniture and vehicles: -€41,920
- Profit (loss) carried forward +€269,329
up €269,329 (+101.2%), from €266,243 to €535,572
- Other debts -€130,000
down €130,000 (-28.3%), from €458,944 to €328,944
- Advances received -€89,796
down €89,796 (-96.4%), from €93,102 to €3,306
- Tax, wage and social debts +€72,921
up €72,921 (+37.8%), from €192,680 to €265,601
of which Taxes: +€43,734
- Trade debts -€53,462
down €53,462 (-25.8%), from €207,137 to €153,675
- Gross operating margin +€168,097
up €168,097 (+20.5%), from €820,811 to €988,908
- Staff costs +€85,661
up €85,661 (+21.9%), from €391,365 to €477,025
- Taxes +€21,947
up €21,947 (+33.3%), from €65,887 to €87,834
- Financial charges -€11,067
down €11,067 (-11.9%), from €92,912 to €81,844
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 | €3,009,655 | €3,057,147 | +€47,492 | +1.6% |
| Fixed assets | 21/28 | €179,141 | €127,647 | -€51,494 | -28.7% |
| Tangible fixed assets | 22/27 | €179,141 | €127,647 | -€51,494 | -28.7% |
| Land and buildings | 22 | €179 | €163 | -€16 | -9.1% |
| Plant, machinery and equipment | 23 | €69,572 | €61,402 | -€8,170 | -11.7% |
| Furniture and vehicles | 24 | €100,167 | €58,247 | -€41,920 | -41.8% |
| Other tangible fixed assets | 26 | €9,222 | €7,835 | -€1,387 | -15.0% |
| Current assets | 29/58 | €2,830,514 | €2,929,501 | +€98,986 | +3.5% |
| Stocks and contracts in progress | 3 | €2,183,569 | €2,427,332 | +€243,763 | +11.2% |
| Stocks | 30/36 | €2,183,569 | €2,427,332 | +€243,763 | +11.2% |
| Amounts receivable within one year | 40/41 | €270,063 | €335,186 | +€65,122 | +24.1% |
| Trade receivables | 40 | €265,503 | €266,750 | +€1,247 | +0.5% |
| Other amounts receivable | 41 | €4,560 | €68,435 | +€63,875 | +1400.7% |
| Cash at bank and in hand | 54/58 | €375,075 | €154,673 | -€220,402 | -58.8% |
| Deferred charges and accrued income | 490/1 | €1,807 | €12,310 | +€10,503 | +581.1% |
| Total equity and liabilities | 10/49 | €3,009,655 | €3,057,147 | +€47,492 | +1.6% |
| Equity | 10/15 | €489,942 | €759,271 | +€269,329 | +55.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €161,699 | €161,699 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €155,499 | €155,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | €266,243 | €535,572 | +€269,329 | +101.2% |
| Amounts payable | 17/49 | €2,519,713 | €2,297,876 | -€221,836 | -8.8% |
| Amounts payable after more than one year | 17 | €26,881 | €3,363 | -€23,518 | -87.5% |
| Financial debts | 170/4 | €26,881 | €3,363 | -€23,518 | -87.5% |
| Amounts payable within one year | 42/48 | €2,484,473 | €2,275,043 | -€209,429 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €1,532,610 | €1,523,518 | -€9,092 | -0.6% |
| Trade debts | 44 | €207,137 | €153,675 | -€53,462 | -25.8% |
| Suppliers | 440/4 | €207,137 | €153,675 | -€53,462 | -25.8% |
| Advances received on contracts in progress | 46 | €93,102 | €3,306 | -€89,796 | -96.4% |
| Taxes, remuneration and social security | 45 | €192,680 | €265,601 | +€72,921 | +37.8% |
| Taxes | 450/3 | €156,001 | €199,735 | +€43,734 | +28.0% |
| Remuneration and social security | 454/9 | €36,679 | €65,866 | +€29,186 | +79.6% |
| Other amounts payable | 47/48 | €458,944 | €328,944 | -€130,000 | -28.3% |
| Accrued charges and deferred income | 492/3 | €8,359 | €19,470 | +€11,111 | +132.9% |
| Remuneration, social security and pensions | 62 | €391,365 | €477,025 | +€85,661 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,510 | €65,771 | +€4,261 | +6.9% |
| Other operating charges | 640/8 | €7,722 | €7,105 | -€617 | -8.0% |
| Gross operating margin | 9900 | €820,811 | €988,908 | +€168,097 | +20.5% |
| Operating profit (loss) | 9901 | €360,214 | €439,006 | +€78,792 | +21.9% |
| Financial income | 75/76B | €136 | €0 | -€135 | -99.7% |
| Recurring financial income | 75 | €136 | €0 | -€135 | -99.7% |
| Financial charges | 65/66B | €92,912 | €81,844 | -€11,067 | -11.9% |
| Recurring financial charges | 65 | €92,912 | €81,844 | -€11,067 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €267,438 | €357,162 | +€89,724 | +33.5% |
| Income taxes | 67/77 | €65,887 | €87,834 | +€21,947 | +33.3% |
| Profit (loss) for the period | 9904 | €201,551 | €269,329 | +€67,778 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €201,551 | €269,329 | +€67,778 | +33.6% |
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 3 October 2026 via checked.be.