GOED V: 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.
GOED V
Largest movements
- Current investments -€1.9m
down €1.9m (-13.6%), from €14.3m to €12.4m
- Cash -€1.1m
down €1.1m (-61.6%), from €1.8m to €706,282
mainly Debts after one year (-€4.2m) and Contributions, distributions and other (-€2.5m)
- Debts after one year -€4.2m
down €4.2m (-44.9%), from €9.4m to €5.2m
- Other debts +€1.5m
up €1.5m (+39,474%), from €3,800 to €1.5m
- Gross operating margin -€2.3m
down €2.3m, from €2.1m to -€240,315
- Financial income +€320,933
up €320,933 (+9.9%), from €3.2m to €3.5m
- Financial charges -€24,040
down €24,040 (-2.2%), from €1.1m to €1.1m
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 | €70,563,285 | €67,460,128 | -€3.1m | -4.4% |
| Fixed assets | 21/28 | €53,081,369 | €52,981,956 | -€99,413 | -0.2% |
| Tangible fixed assets | 22/27 | €1,347,861 | €1,248,448 | -€99,413 | -7.4% |
| Land and buildings | 22 | €1,111,325 | €1,044,756 | -€66,569 | -6.0% |
| Furniture and vehicles | 24 | €1,677 | €1,135 | -€542 | -32.3% |
| Other tangible fixed assets | 26 | €234,859 | €202,557 | -€32,303 | -13.8% |
| Financial fixed assets | 28 | €51,733,508 | €51,733,508 | = | 0.0% |
| Current assets | 29/58 | €17,481,916 | €14,478,172 | -€3.0m | -17.2% |
| Amounts receivable within one year | 40/41 | €1,321,031 | €1,385,180 | +€64,149 | +4.9% |
| Other amounts receivable | 41 | €1,321,031 | €1,385,180 | +€64,149 | +4.9% |
| Current investments | 50/53 | €14,322,314 | €12,379,068 | -€1.9m | -13.6% |
| Cash at bank and in hand | 54/58 | €1,838,252 | €706,282 | -€1.1m | -61.6% |
| Deferred charges and accrued income | 490/1 | €318 | €7,641 | +€7,323 | +2,299% |
| Total equity and liabilities | 10/49 | €70,563,285 | €67,460,128 | -€3.1m | -4.4% |
| Equity | 10/15 | €60,218,046 | €59,804,039 | -€414,007 | -0.7% |
| Contributions | 10/11 | €42,398,916 | €42,398,916 | = | 0.0% |
| Reserves | 13 | €1,215,920 | €1,215,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €879,760 | €879,760 | = | 0.0% |
| Distributable reserves | 133 | €336,159 | €336,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,603,210 | €16,189,203 | -€414,007 | -2.5% |
| Amounts payable | 17/49 | €10,345,239 | €7,656,089 | -€2.7m | -26.0% |
| Amounts payable after more than one year | 17 | €9,364,236 | €5,164,031 | -€4.2m | -44.9% |
| Financial debts | 170/4 | €9,364,236 | €5,164,031 | -€4.2m | -44.9% |
| Amounts payable within one year | 42/48 | €971,070 | €2,475,321 | +€1.5m | +155% |
| Current portion of amounts payable after more than one year | 42 | €939,620 | €956,196 | +€16,576 | +1.8% |
| Trade debts | 44 | €27,650 | €15,325 | -€12,325 | -44.6% |
| Suppliers | 440/4 | €27,650 | €15,325 | -€12,325 | -44.6% |
| Other amounts payable | 47/48 | €3,800 | €1,503,800 | +€1.5m | +39,474% |
| Accrued charges and deferred income | 492/3 | €9,933 | €16,737 | +€6,804 | +68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,113 | €99,413 | -€700 | -0.7% |
| Other operating charges | 640/8 | €51,230 | €43,151 | -€8,079 | -15.8% |
| Gross operating margin | 9900 | €2,074,844 | -€240,315 | -€2.3m | |
| Operating profit (loss) | 9901 | €1,923,501 | -€382,879 | -€2.3m | |
| Financial income | 75/76B | €3,227,760 | €3,548,693 | +€320,933 | +9.9% |
| Recurring financial income | 75 | €3,227,760 | €3,548,693 | +€320,933 | +9.9% |
| Financial charges | 65/66B | €1,083,987 | €1,059,948 | -€24,040 | -2.2% |
| Recurring financial charges | 65 | €1,083,987 | €1,059,948 | -€24,040 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €4,067,274 | €2,105,867 | -€2.0m | -48.2% |
| Income taxes | 67/77 | €31,394 | €19,874 | -€11,520 | -36.7% |
| Profit (loss) for the period | 9904 | €4,035,880 | €2,085,993 | -€1.9m | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,035,880 | €2,085,993 | -€1.9m | -48.3% |
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.