GOLDMAN: 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.
GOLDMAN
Largest movements
- Cash -€28,404
down €28,404 (-29.7%), from €95,658 to €67,254
mainly Trade debts (-€84,742) and Investment in fixed assets (net) (-€40,524)
- Tangible fixed assets +€18,974
up €18,974 (+13.7%), from €138,665 to €157,639
of which Plant, machinery and equipment: +€19,878
- Stocks and contracts -€18,106
down €18,106 (-3.4%), from €535,998 to €517,892
- Trade debts -€84,742
down €84,742 (-27.5%), from €307,962 to €223,219
- Accrued charges and deferred income +€24,718
up €24,718 (+223.3%), from €11,069 to €35,788
- Debts after one year +€23,253
up €23,253 (+275.6%), from €8,437 to €31,690
- Current portion of long-term debt -€17,628
down €17,628 (-65.1%), from €27,060 to €9,432
- Tax, wage and social debts +€10,825
up €10,825 (+16.2%), from €66,976 to €77,801
of which Taxes: +€7,811
- Gross operating margin -€44,417
down €44,417 (-10.3%), from €431,471 to €387,054
- Depreciation -€24,694
down €24,694 (-53.4%), from €46,244 to €21,550
- Staff costs -€15,797
down €15,797 (-4.5%), from €352,247 to €336,450
- Financial income +€7,718
up €7,718 (+1390.8%), from €555 to €8,273
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 | €1,051,972 | €1,011,332 | -€40,640 | -3.9% |
| Fixed assets | 21/28 | €138,687 | €157,661 | +€18,974 | +13.7% |
| Tangible fixed assets | 22/27 | €138,665 | €157,639 | +€18,974 | +13.7% |
| Land and buildings | 22 | €105,558 | €106,489 | +€931 | +0.9% |
| Plant, machinery and equipment | 23 | €17,643 | €37,520 | +€19,878 | +112.7% |
| Furniture and vehicles | 24 | €15,465 | €13,630 | -€1,835 | -11.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €22 | €22 | = | 0.0% |
| Current assets | 29/58 | €913,285 | €853,671 | -€59,614 | -6.5% |
| Stocks and contracts in progress | 3 | €535,998 | €517,892 | -€18,106 | -3.4% |
| Stocks | 30/36 | €535,998 | €517,892 | -€18,106 | -3.4% |
| Amounts receivable within one year | 40/41 | €252,221 | €246,767 | -€5,453 | -2.2% |
| Trade receivables | 40 | €227,820 | €243,967 | +€16,147 | +7.1% |
| Other amounts receivable | 41 | €24,401 | €2,801 | -€21,600 | -88.5% |
| Cash at bank and in hand | 54/58 | €95,658 | €67,254 | -€28,404 | -29.7% |
| Deferred charges and accrued income | 490/1 | €29,408 | €21,757 | -€7,651 | -26.0% |
| Total equity and liabilities | 10/49 | €1,051,972 | €1,011,332 | -€40,640 | -3.9% |
| Equity | 10/15 | €623,694 | €627,829 | +€4,135 | +0.7% |
| Contributions | 10/11 | €155,000 | €161,200 | +€6,200 | +4.0% |
| Capital | 10 | €155,000 | €161,200 | +€6,200 | +4.0% |
| Issued capital | 100 | €155,000 | €161,200 | +€6,200 | +4.0% |
| Reserves | 13 | €468,694 | €466,629 | -€2,065 | -0.4% |
| Non-distributable reserves | 130/1 | €15,493 | €16,120 | +€627 | +4.0% |
| Legal reserve | 130 | €15,493 | €16,120 | +€627 | +4.0% |
| Distributable reserves | 133 | €453,200 | €450,509 | -€2,691 | -0.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €428,279 | €383,503 | -€44,775 | -10.5% |
| Amounts payable after more than one year | 17 | €8,437 | €31,690 | +€23,253 | +275.6% |
| Financial debts | 170/4 | €8,437 | €31,690 | +€23,253 | +275.6% |
| Amounts payable within one year | 42/48 | €408,772 | €316,025 | -€92,747 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €27,060 | €9,432 | -€17,628 | -65.1% |
| Trade debts | 44 | €307,962 | €223,219 | -€84,742 | -27.5% |
| Suppliers | 440/4 | €307,962 | €223,219 | -€84,742 | -27.5% |
| Taxes, remuneration and social security | 45 | €66,976 | €77,801 | +€10,825 | +16.2% |
| Taxes | 450/3 | €32,910 | €40,721 | +€7,811 | +23.7% |
| Remuneration and social security | 454/9 | €34,066 | €37,080 | +€3,014 | +8.8% |
| Other amounts payable | 47/48 | €6,775 | €5,573 | -€1,202 | -17.7% |
| Accrued charges and deferred income | 492/3 | €11,069 | €35,788 | +€24,718 | +223.3% |
| Remuneration, social security and pensions | 62 | €352,247 | €336,450 | -€15,797 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,244 | €21,550 | -€24,694 | -53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €8,032 | €8,493 | +€461 | +5.7% |
| Non-recurring operating charges | 66A | - | €1,410 | +€1,410 | |
| Gross operating margin | 9900 | €431,471 | €387,054 | -€44,417 | -10.3% |
| Operating profit (loss) | 9901 | €24,948 | €19,151 | -€5,797 | -23.2% |
| Financial income | 75/76B | €555 | €8,273 | +€7,718 | +1390.8% |
| Recurring financial income | 75 | €555 | €8,273 | +€7,718 | +1390.8% |
| Financial charges | 65/66B | €6,916 | €6,632 | -€284 | -4.1% |
| Recurring financial charges | 65 | €6,916 | €6,632 | -€284 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €18,587 | €20,792 | +€2,205 | +11.9% |
| Income taxes | 67/77 | €7,199 | €7,694 | +€494 | +6.9% |
| Profit (loss) for the period | 9904 | €11,388 | €13,098 | +€1,711 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,388 | €13,098 | +€1,711 | +15.0% |
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 11 October 2026 via checked.be.