Goeters - Ars et Labor: 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
Goeters - Ars et Labor
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€83,944
2024 · €111,181-€27,238
Equity
€4.6m
2024 · €4.5m+€83,687
Cash
€84,508
2024 · €132,099-€47,591
Balance sheet total
€6.8m
2024 · €7.2m-€408,623
Largest movements
Assets
- Tangible fixed assets -€328,129
down €328,129 (-6.2%), from €5.3m to €4.9m
of which Land and buildings: -€229,886
Equity and liabilities
- Debts after one year -€471,649
down €471,649 (-32.1%), from €1.5m to €998,745
- Reserves +€83,944
up €83,944 (+12.8%), from €654,522 to €738,466
of which Distributable reserves: +€83,944
Income statement
- Purchases and services +€147,072
up €147,072 (+38.2%), from €384,631 to €531,703
- Gross operating margin -€115,949
down €115,949 (-16.1%), from €722,044 to €606,095
- Financial income +€67,694
up €67,694 (+152%), from €44,576 to €112,270
of which Non-recurring financial income: +€39,136
- Turnover +€34,639
up €34,639 (+3.2%), from €1.1m to €1.1m
- Financial charges -€26,414
down €26,414 (-19.0%), from €138,727 to €112,313
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
€111,181
Gross operating margin
-€115,949
Staff costs
-€5,174
Depreciation
+€17,283
Other operating charges
-€9,493
Financial income
+€67,694
Financial charges
+€26,414
Taxes
-€8,012
Result 2025
€83,944
raises the resultlowers the result
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
+€387,276
Investment
+€37,038
Financing
-€471,906
Cash 2024
€132,099
From operations (derived)
+€387,276
Net result for the year
+€83,944
Depreciation
+€352,827
Stocks and contracts
+€9,808
Receivables within one year
-€38,981
Deferred charges and accrued income
+€340
Trade debts
+€5,315
Tax, wage and social debts
+€15,110
Accrued charges and deferred income
-€41,086
Investment (derived)
+€37,038
Investment in fixed assets (net)
-€24,697
Current investments
+€61,736
Financing
-€471,906
Debts after one year
-€471,649
Contributions, distributions and other
-€257
Cash 2025
€84,508
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,185,045 | €6,776,422 | -€408,623 | -5.7% |
| Fixed assets | 21/28 | €5,258,216 | €4,930,086 | -€328,129 | -6.2% |
| Tangible fixed assets | 22/27 | €5,258,216 | €4,930,086 | -€328,129 | -6.2% |
| Land and buildings | 22 | €4,886,373 | €4,656,487 | -€229,886 | -4.7% |
| Plant, machinery and equipment | 23 | €46,016 | €55,502 | +€9,486 | +20.6% |
| Furniture and vehicles | 24 | €53,942 | €26,560 | -€27,382 | -50.8% |
| Other tangible fixed assets | 26 | €271,885 | €191,537 | -€80,348 | -29.6% |
| Current assets | 29/58 | €1,926,830 | €1,846,336 | -€80,494 | -4.2% |
| Stocks and contracts in progress | 3 | €9,808 | €0 | -€9,808 | -100% |
| Stocks | 30/36 | €9,808 | €0 | -€9,808 | -100% |
| Amounts receivable within one year | 40/41 | €30,478 | €69,459 | +€38,981 | +128% |
| Trade receivables | 40 | €30,478 | €39,459 | +€8,981 | +29.5% |
| Other amounts receivable | 41 | €0 | €30,000 | +€30,000 | |
| Current investments | 50/53 | €1,754,104 | €1,692,369 | -€61,736 | -3.5% |
| Cash at bank and in hand | 54/58 | €132,099 | €84,508 | -€47,591 | -36.0% |
| Deferred charges and accrued income | 490/1 | €340 | €0 | -€340 | -100% |
| Total equity and liabilities | 10/49 | €7,185,045 | €6,776,422 | -€408,623 | -5.7% |
| Equity | 10/15 | €4,478,957 | €4,562,643 | +€83,687 | +1.9% |
| Contributions | 10/11 | €1,250,000 | €1,249,743 | -€257 | 0.0% |
| Capital | 10 | €1,250,000 | €1,249,743 | -€257 | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,249,743 | -€257 | 0.0% |
| Revaluation surpluses | 12 | €2,574,435 | €2,574,435 | = | 0.0% |
| Reserves | 13 | €654,522 | €738,466 | +€83,944 | +12.8% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Legal reserve | 130 | €125,000 | €125,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €570 | €570 | = | 0.0% |
| Distributable reserves | 133 | €528,952 | €612,896 | +€83,944 | +15.9% |
| Amounts payable | 17/49 | €2,706,088 | €2,213,779 | -€492,310 | -18.2% |
| Amounts payable after more than one year | 17 | €1,470,394 | €998,745 | -€471,649 | -32.1% |
| Other amounts payable | 178/9 | €1,470,394 | €998,745 | -€471,649 | -32.1% |
| Amounts payable within one year | 42/48 | €1,090,744 | €1,111,169 | +€20,425 | +1.9% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €39,784 | €45,099 | +€5,315 | +13.4% |
| Suppliers | 440/4 | €39,784 | €45,099 | +€5,315 | +13.4% |
| Taxes, remuneration and social security | 45 | €50,960 | €66,070 | +€15,110 | +29.7% |
| Taxes | 450/3 | €47,098 | €61,952 | +€14,854 | +31.5% |
| Remuneration and social security | 454/9 | €3,862 | €4,118 | +€256 | +6.6% |
| Accrued charges and deferred income | 492/3 | €144,950 | €103,864 | -€41,086 | -28.3% |
| Turnover | 70 | €1,097,275 | €1,131,914 | +€34,639 | +3.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €384,631 | €531,703 | +€147,072 | +38.2% |
| Remuneration, social security and pensions | 62 | €58,030 | €63,204 | +€5,174 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370,110 | €352,827 | -€17,283 | -4.7% |
| Other operating charges | 640/8 | €61,837 | €71,330 | +€9,493 | +15.4% |
| Gross operating margin | 9900 | €722,044 | €606,095 | -€115,949 | -16.1% |
| Operating profit (loss) | 9901 | €232,067 | €118,734 | -€113,333 | -48.8% |
| Financial income | 75/76B | €44,576 | €112,270 | +€67,694 | +152% |
| Recurring financial income | 75 | €44,576 | €73,134 | +€28,558 | +64.1% |
| Non-recurring financial income | 76B | - | €39,136 | +€39,136 | |
| Financial charges | 65/66B | €138,727 | €112,313 | -€26,414 | -19.0% |
| Recurring financial charges | 65 | €138,727 | €112,313 | -€26,414 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €137,917 | €118,691 | -€19,225 | -13.9% |
| Income taxes | 67/77 | €26,736 | €34,748 | +€8,012 | +30.0% |
| Profit (loss) for the period | 9904 | €111,181 | €83,944 | -€27,238 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €111,181 | €83,944 | -€27,238 | -24.5% |
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 1 November 2026 via checked.be.