Goethals Invest: 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
Goethals Invest
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€448,495
2024 · €493,536-€45,041
Equity
€3.5m
2024 · €3.0m+€448,495
Cash
€32,866
2024 · €15,226+€17,640
Balance sheet total
€22.7m
2024 · €23.3m-€632,980
Largest movements
Assets
- Tangible fixed assets -€588,802
down €588,802 (-4.4%), from €13.4m to €12.8m
Equity and liabilities
- Debts after one year -€759,140
down €759,140 (-8.6%), from €8.8m to €8.1m
of which Financial debts: -€710,696
- Reserves +€439,295
up €439,295 (+22.7%), from €1.9m to €2.4m
of which Distributable reserves: +€464,181
- Other debts -€333,234
down €333,234 (-4.1%), from €8.1m to €7.8m
Income statement
- Gross operating margin +€678,400
up €678,400 (+67.2%), from €1.0m to €1.7m
- Financial income -€546,671
no longer reported in 2025 (was €546,671)
of which Financial income: -€546,671
- Taxes +€147,163
up €147,163 (+372%), from €39,554 to €186,717
- Other operating charges +€35,360
up €35,360 (+33.6%), from €105,148 to €140,508
- Depreciation -€19,752
down €19,752 (-3.2%), from €608,554 to €588,802
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
€493,536
Gross operating margin
+€678,400
Depreciation
+€19,752
Other operating charges
-€35,360
Financial income
-€546,671
Financial charges
-€13,999
Taxes
-€147,163
Result 2025
€448,495
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
+€973,112
Investment
€0
Financing
-€955,472
Cash 2024
€15,226
From operations (derived)
+€973,112
Net result for the year
+€448,495
Depreciation
+€588,802
Receivables within one year
+€61,818
Provisions
-€8,077
Trade debts
+€28,761
Tax, wage and social debts
+€186,666
Other debts
-€333,234
Accrued charges and deferred income
-€119
Financing
-€955,472
Debts after one year
-€759,140
Current portion of long-term debt
+€13,848
Short-term financial debts
-€210,180
Cash 2025
€32,866
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,345,762 | €22,712,782 | -€632,980 | -2.7% |
| Fixed assets | 21/28 | €13,366,780 | €12,777,978 | -€588,802 | -4.4% |
| Tangible fixed assets | 22/27 | €13,366,780 | €12,777,978 | -€588,802 | -4.4% |
| Land and buildings | 22 | €13,366,780 | €12,777,978 | -€588,802 | -4.4% |
| Current assets | 29/58 | €9,978,982 | €9,934,804 | -€44,178 | -0.4% |
| Amounts receivable within one year | 40/41 | €9,963,756 | €9,901,938 | -€61,818 | -0.6% |
| Other amounts receivable | 41 | €9,963,756 | €9,901,938 | -€61,818 | -0.6% |
| Cash at bank and in hand | 54/58 | €15,226 | €32,866 | +€17,640 | +116% |
| Total equity and liabilities | 10/49 | €23,345,762 | €22,712,782 | -€632,980 | -2.7% |
| Equity | 10/15 | €3,014,693 | €3,463,188 | +€448,495 | +14.9% |
| Contributions | 10/11 | €92,000 | €101,200 | +€9,200 | +10.0% |
| Contributions outside capital | 11 | €92,000 | €101,200 | +€9,200 | +10.0% |
| Other | 1109/19 | €92,000 | €101,200 | +€9,200 | +10.0% |
| Revaluation surpluses | 12 | €32,990 | €32,990 | = | 0.0% |
| Reserves | 13 | €1,936,533 | €2,375,828 | +€439,295 | +22.7% |
| Non-distributable reserves | 130/1 | €9,200 | - | -€9,200 | |
| Reserves not available under the articles | 1311 | €9,200 | - | -€9,200 | |
| Tax-exempt reserves | 132 | €188,229 | €172,543 | -€15,686 | -8.3% |
| Distributable reserves | 133 | €1,739,104 | €2,203,285 | +€464,181 | +26.7% |
| Profit (loss) carried forward | 14 | €953,170 | €953,170 | = | 0.0% |
| Provisions and deferred taxes | 16 | €96,923 | €88,846 | -€8,077 | -8.3% |
| Deferred taxes | 168 | €96,923 | €88,846 | -€8,077 | -8.3% |
| Amounts payable | 17/49 | €20,234,146 | €19,160,748 | -€1.1m | -5.3% |
| Amounts payable after more than one year | 17 | €8,811,859 | €8,052,719 | -€759,140 | -8.6% |
| Financial debts | 170/4 | €8,743,805 | €8,033,109 | -€710,696 | -8.1% |
| Other amounts payable | 178/9 | €68,054 | €19,610 | -€48,444 | -71.2% |
| Amounts payable within one year | 42/48 | €11,401,522 | €11,087,383 | -€314,139 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €712,949 | €726,797 | +€13,848 | +1.9% |
| Financial debts | 43 | €2,581,865 | €2,371,685 | -€210,180 | -8.1% |
| Credit institutions | 430/8 | €2,581,865 | €2,371,685 | -€210,180 | -8.1% |
| Trade debts | 44 | €12,318 | €41,079 | +€28,761 | +233% |
| Suppliers | 440/4 | €12,318 | €41,079 | +€28,761 | +233% |
| Taxes, remuneration and social security | 45 | €8,899 | €195,565 | +€186,666 | +2,098% |
| Taxes | 450/3 | €8,899 | €195,565 | +€186,666 | +2,098% |
| Other amounts payable | 47/48 | €8,085,491 | €7,752,257 | -€333,234 | -4.1% |
| Accrued charges and deferred income | 492/3 | €20,765 | €20,646 | -€119 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €608,554 | €588,802 | -€19,752 | -3.2% |
| Other operating charges | 640/8 | €105,148 | €140,508 | +€35,360 | +33.6% |
| Gross operating margin | 9900 | €1,009,197 | €1,687,597 | +€678,400 | +67.2% |
| Operating profit (loss) | 9901 | €295,495 | €958,287 | +€662,792 | +224% |
| Financial income | 75/76B | €546,671 | - | -€546,671 | |
| Recurring financial income | 75 | €546,671 | - | -€546,671 | |
| Non-recurring financial income | 76B | €546,671 | - | -€546,671 | |
| Financial charges | 65/66B | €317,153 | €331,152 | +€13,999 | +4.4% |
| Recurring financial charges | 65 | €317,153 | €331,152 | +€13,999 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €525,013 | €627,135 | +€102,122 | +19.5% |
| Transfer from deferred taxes | 780 | €8,077 | €8,077 | = | 0.0% |
| Income taxes | 67/77 | €39,554 | €186,717 | +€147,163 | +372% |
| Profit (loss) for the period | 9904 | €493,536 | €448,495 | -€45,041 | -9.1% |
| Transfer from tax-exempt reserves | 789 | €15,686 | €15,686 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €509,222 | €464,181 | -€45,041 | -8.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.