GOETHALS: 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.
GOETHALS
Largest movements
- Stocks and contracts -€31,020
down €31,020 (-100.0%), from €31,020 to €0
of which Contracts in progress: -€25,803
- Receivables within one year +€28,918
up €28,918 (+49.8%), from €58,041 to €86,959
of which Trade receivables: +€29,046
- Short-term financial debts -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Reserves +€12,354
up €12,354 (+23.8%), from €52,001 to €64,355
- Trade debts +€10,915
up €10,915 (+165.1%), from €6,612 to €17,527
- Tax, wage and social debts -€2,776
down €2,776 (-19.6%), from €14,179 to €11,403
- Profit (loss) carried forward +€2,000
up €2,000, from €0 to €2,000
- Gross operating margin -€19,644
down €19,644 (-52.1%), from €37,717 to €18,073
- Financial charges -€3,202
down €3,202 (-70.8%), from €4,521 to €1,319
of which Financial charges: -€1,828
- Taxes -€1,592
down €1,592 (-53.9%), from €2,956 to €1,363
- Other operating charges -€414
down €414 (-28.6%), from €1,451 to €1,037
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 | €117,792 | €115,285 | -€2,507 | -2.1% |
| Fixed assets | 21/28 | €69 | €69 | = | 0.0% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €117,723 | €115,216 | -€2,507 | -2.1% |
| Stocks and contracts in progress | 3 | €31,020 | €0 | -€31,020 | -100.0% |
| Stocks | 30/36 | €5,217 | €0 | -€5,217 | -100.0% |
| Contracts in progress | 37 | €25,803 | €0 | -€25,803 | -100.0% |
| Amounts receivable within one year | 40/41 | €58,041 | €86,959 | +€28,918 | +49.8% |
| Trade receivables | 40 | €54,215 | €83,261 | +€29,046 | +53.6% |
| Other amounts receivable | 41 | €3,826 | €3,698 | -€128 | -3.3% |
| Cash at bank and in hand | 54/58 | €28,103 | €28,257 | +€154 | +0.5% |
| Deferred charges and accrued income | 490/1 | €559 | €0 | -€559 | -100.0% |
| Total equity and liabilities | 10/49 | €117,792 | €115,285 | -€2,507 | -2.1% |
| Equity | 10/15 | €72,001 | €86,355 | +€14,354 | +19.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €52,001 | €64,355 | +€12,354 | +23.8% |
| Distributable reserves | 133 | €52,001 | €64,355 | +€12,354 | +23.8% |
| Profit (loss) carried forward | 14 | €0 | €2,000 | +€2,000 | |
| Amounts payable | 17/49 | €45,791 | €28,930 | -€16,861 | -36.8% |
| Amounts payable within one year | 42/48 | €45,791 | €28,930 | -€16,861 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100.0% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100.0% |
| Trade debts | 44 | €6,612 | €17,527 | +€10,915 | +165.1% |
| Suppliers | 440/4 | €6,612 | €17,527 | +€10,915 | +165.1% |
| Taxes, remuneration and social security | 45 | €14,179 | €11,403 | -€2,776 | -19.6% |
| Taxes | 450/3 | €14,179 | €11,403 | -€2,776 | -19.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,451 | €1,037 | -€414 | -28.6% |
| Gross operating margin | 9900 | €37,717 | €18,073 | -€19,644 | -52.1% |
| Operating profit (loss) | 9901 | €36,266 | €17,036 | -€19,230 | -53.0% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100.0% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100.0% |
| Financial charges | 65/66B | €4,521 | €1,319 | -€3,202 | -70.8% |
| Recurring financial charges | 65 | €3,147 | €1,319 | -€1,828 | -58.1% |
| Non-recurring financial charges | 66B | €1,374 | €0 | -€1,374 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €31,753 | €15,717 | -€16,036 | -50.5% |
| Income taxes | 67/77 | €2,956 | €1,363 | -€1,592 | -53.9% |
| Profit (loss) for the period | 9904 | €28,798 | €14,354 | -€14,444 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,798 | €14,354 | -€14,444 | -50.2% |
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 3 October 2026 via checked.be.