GOETHALS & DE SMET: 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 & DE SMET
Largest movements
- Current investments -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Tangible fixed assets +€382,962
up €382,962 (+29.0%), from €1.3m to €1.7m
of which Land and buildings: +€1.3m
- Receivables within one year +€196,027
up €196,027 (+147%), from €133,587 to €329,615
of which Other amounts receivable: +€164,299
- Intangible fixed assets -€83,979
down €83,979 (-16.7%), from €503,874 to €419,895
- Cash -€67,871
down €67,871 (-9.4%), from €725,284 to €657,412
mainly Contributions, distributions and other (-€1.7m) and Investment in fixed assets (net) (-€445,798)
- Reserves -€1.1m
down €1.1m (-42.8%), from €2.5m to €1.5m
of which Distributable reserves: -€1.1m
- Other debts +€643,071
new in 2025: €643,071
- Debts after one year -€60,707
down €60,707 (-6.7%), from €901,115 to €840,408
- Trade debts -€43,484
down €43,484 (-52.8%), from €82,400 to €38,916
- Taxes -€254,228
down €254,228 (-86.5%), from €293,858 to €39,630
- Staff costs +€78,365
up €78,365 (+14.0%), from €559,019 to €637,383
- Depreciation +€54,245
up €54,245 (+58.6%), from €92,571 to €146,816
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 | €3,686,785 | €3,111,527 | -€575,258 | -15.6% |
| Fixed assets | 21/28 | €1,825,518 | €2,124,500 | +€298,983 | +16.4% |
| Intangible fixed assets | 21 | €503,874 | €419,895 | -€83,979 | -16.7% |
| Tangible fixed assets | 22/27 | €1,321,644 | €1,704,605 | +€382,962 | +29.0% |
| Land and buildings | 22 | €385,206 | €1,667,916 | +€1.3m | +333% |
| Plant, machinery and equipment | 23 | - | €2,505 | +€2,505 | |
| Furniture and vehicles | 24 | €3,290 | €23,590 | +€20,300 | +617% |
| Other tangible fixed assets | 26 | €7,481 | €10,594 | +€3,113 | +41.6% |
| Assets under construction and advance payments | 27 | €925,666 | €0 | -€925,666 | -100% |
| Current assets | 29/58 | €1,861,267 | €987,027 | -€874,240 | -47.0% |
| Amounts receivable within one year | 40/41 | €133,587 | €329,615 | +€196,027 | +147% |
| Trade receivables | 40 | €133,587 | €165,316 | +€31,729 | +23.8% |
| Other amounts receivable | 41 | - | €164,299 | +€164,299 | |
| Current investments | 50/53 | €1,001,696 | €0 | -€1.0m | -100% |
| Cash at bank and in hand | 54/58 | €725,284 | €657,412 | -€67,871 | -9.4% |
| Deferred charges and accrued income | 490/1 | €700 | €0 | -€700 | -100% |
| Total equity and liabilities | 10/49 | €3,686,785 | €3,111,527 | -€575,258 | -15.6% |
| Equity | 10/15 | €2,558,908 | €1,469,497 | -€1.1m | -42.6% |
| Contributions | 10/11 | €11,750 | €11,750 | = | 0.0% |
| Reserves | 13 | €2,547,158 | €1,457,747 | -€1.1m | -42.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,547,158 | €1,457,747 | -€1.1m | -42.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,127,876 | €1,642,029 | +€514,153 | +45.6% |
| Amounts payable after more than one year | 17 | €901,115 | €840,408 | -€60,707 | -6.7% |
| Financial debts | 170/4 | €901,115 | €840,408 | -€60,707 | -6.7% |
| Amounts payable within one year | 42/48 | €226,761 | €801,622 | +€574,860 | +254% |
| Current portion of amounts payable after more than one year | 42 | €58,553 | €60,707 | +€2,154 | +3.7% |
| Trade debts | 44 | €82,400 | €38,916 | -€43,484 | -52.8% |
| Suppliers | 440/4 | €82,400 | €38,916 | -€43,484 | -52.8% |
| Taxes, remuneration and social security | 45 | €85,808 | €58,927 | -€26,881 | -31.3% |
| Taxes | 450/3 | €28,548 | €0 | -€28,548 | -100% |
| Remuneration and social security | 454/9 | €57,261 | €58,927 | +€1,667 | +2.9% |
| Other amounts payable | 47/48 | - | €643,071 | +€643,071 | |
| Remuneration, social security and pensions | 62 | €559,019 | €637,383 | +€78,365 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,571 | €146,816 | +€54,245 | +58.6% |
| Other operating charges | 640/8 | €12,777 | €23,277 | +€10,500 | +82.2% |
| Gross operating margin | 9900 | €1,510,300 | €1,501,745 | -€8,555 | -0.6% |
| Operating profit (loss) | 9901 | €845,934 | €694,269 | -€151,665 | -17.9% |
| Financial income | 75/76B | €17,702 | €22,599 | +€4,897 | +27.7% |
| Recurring financial income | 75 | €17,702 | €13,099 | -€4,603 | -26.0% |
| Non-recurring financial income | 76B | - | €9,500 | +€9,500 | |
| Financial charges | 65/66B | €22,907 | €34,167 | +€11,260 | +49.2% |
| Recurring financial charges | 65 | €22,907 | €34,167 | +€11,260 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €840,729 | €682,701 | -€158,028 | -18.8% |
| Income taxes | 67/77 | €293,858 | €39,630 | -€254,228 | -86.5% |
| Profit (loss) for the period | 9904 | €546,870 | €643,071 | +€96,200 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €546,870 | €643,071 | +€96,200 | +17.6% |
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 27 October 2026 via checked.be.