GOETHALS ALEX: 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 ALEX
Largest movements
- Receivables within one year -€34,813
down €34,813 (-63.7%), from €54,669 to €19,855
of which Other amounts receivable: -€29,472
- Tangible fixed assets -€9,365
down €9,365 (-12.0%), from €78,333 to €68,968
of which Land and buildings: -€7,527
- Cash -€7,688
down €7,688 (-24.9%), from €30,840 to €23,152
mainly Contributions, distributions and other (-€54,187) and Debts after one year (-€19,722)
- Deferred charges and accrued income +€7,479
up €7,479 (+17.3%), from €43,136 to €50,615
- Reserves -€41,600
down €41,600 (-74.2%), from €56,047 to €14,447
- Debts after one year -€19,722
down €19,722 (-21.5%), from €91,733 to €72,011
- Other debts +€16,390
new in 2025: €16,390
- Tax, wage and social debts -€4,791
down €4,791 (-26.5%), from €18,077 to €13,286
- Profit (loss) carried forward +€4,574
up €4,574, from -€4,574 to €0
- Gross operating margin -€18,009
down €18,009 (-24.6%), from €73,068 to €55,059
- Taxes +€15,199
up €15,199 (+261%), from €5,834 to €21,033
- Financial income -€1,261
down €1,261 (-89.4%), from €1,412 to €150
- Other operating charges -€911
down €911 (-30.6%), from €2,977 to €2,066
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 | €206,978 | €162,591 | -€44,387 | -21.4% |
| Fixed assets | 21/28 | €78,333 | €68,968 | -€9,365 | -12.0% |
| Tangible fixed assets | 22/27 | €78,333 | €68,968 | -€9,365 | -12.0% |
| Land and buildings | 22 | €71,661 | €64,134 | -€7,527 | -10.5% |
| Furniture and vehicles | 24 | €6,672 | €4,834 | -€1,838 | -27.5% |
| Current assets | 29/58 | €128,645 | €93,623 | -€35,023 | -27.2% |
| Amounts receivable within one year | 40/41 | €54,669 | €19,855 | -€34,813 | -63.7% |
| Trade receivables | 40 | €25,197 | €19,855 | -€5,341 | -21.2% |
| Other amounts receivable | 41 | €29,472 | €0 | -€29,472 | -100% |
| Cash at bank and in hand | 54/58 | €30,840 | €23,152 | -€7,688 | -24.9% |
| Deferred charges and accrued income | 490/1 | €43,136 | €50,615 | +€7,479 | +17.3% |
| Total equity and liabilities | 10/49 | €206,978 | €162,591 | -€44,387 | -21.4% |
| Equity | 10/15 | €57,673 | €20,647 | -€37,026 | -64.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,047 | €14,447 | -€41,600 | -74.2% |
| Distributable reserves | 133 | €56,047 | €14,447 | -€41,600 | -74.2% |
| Profit (loss) carried forward | 14 | -€4,574 | €0 | +€4,574 | |
| Amounts payable | 17/49 | €149,305 | €141,944 | -€7,361 | -4.9% |
| Amounts payable after more than one year | 17 | €91,733 | €72,011 | -€19,722 | -21.5% |
| Financial debts | 170/4 | €91,733 | €72,011 | -€19,722 | -21.5% |
| Amounts payable within one year | 42/48 | €55,072 | €67,433 | +€12,361 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €19,385 | €19,722 | +€337 | +1.7% |
| Financial debts | 43 | €2 | €327 | +€326 | +16,865% |
| Credit institutions | 430/8 | €2 | €327 | +€326 | +16,865% |
| Trade debts | 44 | €17,608 | €17,708 | +€100 | +0.6% |
| Suppliers | 440/4 | €17,608 | €17,708 | +€100 | +0.6% |
| Taxes, remuneration and social security | 45 | €18,077 | €13,286 | -€4,791 | -26.5% |
| Taxes | 450/3 | €18,077 | €13,286 | -€4,791 | -26.5% |
| Other amounts payable | 47/48 | - | €16,390 | +€16,390 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Non-recurring operating income | 76A | €30,791 | €0 | -€30,791 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,782 | €9,365 | +€582 | +6.6% |
| Other operating charges | 640/8 | €2,977 | €2,066 | -€911 | -30.6% |
| Gross operating margin | 9900 | €73,068 | €55,059 | -€18,009 | -24.6% |
| Operating profit (loss) | 9901 | €61,308 | €43,629 | -€17,680 | -28.8% |
| Financial income | 75/76B | €1,412 | €150 | -€1,261 | -89.4% |
| Recurring financial income | 75 | €1,412 | €150 | -€1,261 | -89.4% |
| Financial charges | 65/66B | €6,065 | €5,585 | -€480 | -7.9% |
| Recurring financial charges | 65 | €6,065 | €5,585 | -€480 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €56,655 | €38,194 | -€18,462 | -32.6% |
| Income taxes | 67/77 | €5,834 | €21,033 | +€15,199 | +261% |
| Profit (loss) for the period | 9904 | €50,822 | €17,160 | -€33,661 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,822 | €17,160 | -€33,661 | -66.2% |
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 21 October 2026 via checked.be.