GOETHALS: 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.
GOETHALS
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Stocks and contracts -€158,063
down €158,063 (-100%), from €158,063 to €0
- Cash -€48,686
down €48,686 (-18.9%), from €257,319 to €208,634
mainly Current investments (-€300,000) and Other debts (-€21,744)
- Tangible fixed assets -€16,152
down €16,152 (-3.8%), from €430,441 to €414,289
of which Land and buildings: -€14,203
- Reserves +€109,546
up €109,546 (+19.0%), from €576,931 to €686,477
- Other debts -€21,744
down €21,744 (-16.1%), from €134,785 to €113,042
- Trade debts -€18,976
down €18,976 (-65.2%), from €29,106 to €10,130
- Tax, wage and social debts +€16,535
up €16,535 (+568%), from €2,910 to €19,445
of which Taxes: +€16,535
- Debts after one year -€15,082
down €15,082 (-19.5%), from €77,260 to €62,179
- Gross operating margin +€97,075
up €97,075 (+103%), from €93,956 to €191,031
- Taxes +€27,512
up €27,512 (+143%), from €19,217 to €46,728
- Financial charges +€7,542
up €7,542 (+175%), from €4,319 to €11,861
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 | €860,726 | €933,495 | +€72,769 | +8.5% |
| Fixed assets | 21/28 | €431,711 | €415,559 | -€16,152 | -3.7% |
| Tangible fixed assets | 22/27 | €430,441 | €414,289 | -€16,152 | -3.8% |
| Land and buildings | 22 | €411,406 | €397,203 | -€14,203 | -3.5% |
| Plant, machinery and equipment | 23 | €9,347 | €6,604 | -€2,744 | -29.4% |
| Furniture and vehicles | 24 | €9,688 | €10,483 | +€795 | +8.2% |
| Financial fixed assets | 28 | €1,270 | €1,270 | = | 0.0% |
| Current assets | 29/58 | €429,015 | €517,935 | +€88,921 | +20.7% |
| Stocks and contracts in progress | 3 | €158,063 | €0 | -€158,063 | -100% |
| Stocks | 30/36 | €158,063 | €0 | -€158,063 | -100% |
| Amounts receivable within one year | 40/41 | €12,464 | €5,909 | -€6,555 | -52.6% |
| Trade receivables | 40 | €4,656 | €249 | -€4,407 | -94.7% |
| Other amounts receivable | 41 | €7,807 | €5,660 | -€2,148 | -27.5% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €257,319 | €208,634 | -€48,686 | -18.9% |
| Deferred charges and accrued income | 490/1 | €1,169 | €3,393 | +€2,224 | +190% |
| Total equity and liabilities | 10/49 | €860,726 | €933,495 | +€72,769 | +8.5% |
| Equity | 10/15 | €595,931 | €705,477 | +€109,546 | +18.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €576,931 | €686,477 | +€109,546 | +19.0% |
| Distributable reserves | 133 | €576,931 | €686,477 | +€109,546 | +19.0% |
| Amounts payable | 17/49 | €264,795 | €228,018 | -€36,777 | -13.9% |
| Amounts payable after more than one year | 17 | €77,260 | €62,179 | -€15,082 | -19.5% |
| Financial debts | 170/4 | €77,260 | €62,179 | -€15,082 | -19.5% |
| Amounts payable within one year | 42/48 | €187,535 | €157,698 | -€29,837 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €20,734 | €15,082 | -€5,652 | -27.3% |
| Trade debts | 44 | €29,106 | €10,130 | -€18,976 | -65.2% |
| Suppliers | 440/4 | €29,106 | €10,130 | -€18,976 | -65.2% |
| Taxes, remuneration and social security | 45 | €2,910 | €19,445 | +€16,535 | +568% |
| Taxes | 450/3 | €2,910 | €19,445 | +€16,535 | +568% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €134,785 | €113,042 | -€21,744 | -16.1% |
| Accrued charges and deferred income | 492/3 | - | €8,141 | +€8,141 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,880 | €0 | -€1,880 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,500 | €21,207 | +€706 | +3.4% |
| Other operating charges | 640/8 | €2,814 | €2,950 | +€136 | +4.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €93,956 | €191,031 | +€97,075 | +103% |
| Operating profit (loss) | 9901 | €68,761 | €166,875 | +€98,113 | +143% |
| Financial income | 75/76B | €2,271 | €1,261 | -€1,011 | -44.5% |
| Recurring financial income | 75 | €2,271 | €1,261 | -€1,011 | -44.5% |
| Financial charges | 65/66B | €4,319 | €11,861 | +€7,542 | +175% |
| Recurring financial charges | 65 | €4,319 | €11,861 | +€7,542 | +175% |
| Profit (loss) for the period before taxes | 9903 | €66,714 | €156,275 | +€89,561 | +134% |
| Income taxes | 67/77 | €19,217 | €46,728 | +€27,512 | +143% |
| Profit (loss) for the period | 9904 | €47,497 | €109,546 | +€62,049 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €47,497 | €109,546 | +€62,049 | +131% |
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 15 October 2026 via checked.be.