GOLIAS: 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.
GOLIAS
Largest movements
- Financial fixed assets -€150,000
down €150,000 (-25.0%), from €600,000 to €450,000
- Tangible fixed assets -€100,223
down €100,223 (-46.7%), from €214,627 to €114,404
of which Land and buildings: -€69,951
- Current investments +€65,388
up €65,388 (+44.4%), from €147,191 to €212,578
- Cash +€20,050
up €20,050 (+322%), from €6,230 to €26,281
mainly Investment in fixed assets (net) (+€240,926) and Tax, wage and social debts (+€90,000)
- Debts after one year -€312,654
down €312,654 (-36.9%), from €846,691 to €534,036
of which Other amounts payable: -€300,000
- Tax, wage and social debts +€90,000
new in 2025: €90,000
- Profit (loss) carried forward +€25,147
up €25,147 (+32.6%), from -€77,214 to -€52,067
- Accrued charges and deferred income +€24,126
up €24,126 (+32.7%), from €73,839 to €97,965
- Financial income +€234,821
up €234,821 (+6,072%), from €3,867 to €238,688
of which Non-recurring financial income: +€229,074
- Financial charges +€132,961
up €132,961 (+293%), from €45,359 to €178,319
of which Non-recurring financial charges: +€150,000
- Gross operating margin -€23,670
down €23,670, from €2,990 to -€20,680
- Other operating charges -€1,345
down €1,345 (-16.3%), from €8,230 to €6,886
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 | €970,898 | €804,926 | -€165,971 | -17.1% |
| Fixed assets | 21/28 | €814,627 | €564,404 | -€250,223 | -30.7% |
| Tangible fixed assets | 22/27 | €214,627 | €114,404 | -€100,223 | -46.7% |
| Land and buildings | 22 | €182,607 | €112,656 | -€69,951 | -38.3% |
| Plant, machinery and equipment | 23 | €32,020 | €1,748 | -€30,272 | -94.5% |
| Financial fixed assets | 28 | €600,000 | €450,000 | -€150,000 | -25.0% |
| Current assets | 29/58 | €156,271 | €240,523 | +€84,252 | +53.9% |
| Amounts receivable within one year | 40/41 | €2,057 | €1,353 | -€705 | -34.3% |
| Trade receivables | 40 | €1,200 | €0 | -€1,200 | -100% |
| Other amounts receivable | 41 | €857 | €1,353 | +€495 | +57.8% |
| Current investments | 50/53 | €147,191 | €212,578 | +€65,388 | +44.4% |
| Cash at bank and in hand | 54/58 | €6,230 | €26,281 | +€20,050 | +322% |
| Deferred charges and accrued income | 490/1 | €793 | €311 | -€482 | -60.8% |
| Total equity and liabilities | 10/49 | €970,898 | €804,926 | -€165,971 | -17.1% |
| Equity | 10/15 | €4,351 | €28,414 | +€24,064 | +553% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €19,565 | €18,481 | -€1,083 | -5.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,365 | €12,281 | -€1,083 | -8.1% |
| Profit (loss) carried forward | 14 | -€77,214 | -€52,067 | +€25,147 | +32.6% |
| Provisions and deferred taxes | 16 | €6,880 | €6,322 | -€558 | -8.1% |
| Deferred taxes | 168 | €6,880 | €6,322 | -€558 | -8.1% |
| Amounts payable | 17/49 | €959,667 | €770,189 | -€189,477 | -19.7% |
| Amounts payable after more than one year | 17 | €846,691 | €534,036 | -€312,654 | -36.9% |
| Financial debts | 170/4 | €70,691 | €58,036 | -€12,654 | -17.9% |
| Other amounts payable | 178/9 | €776,000 | €476,000 | -€300,000 | -38.7% |
| Amounts payable within one year | 42/48 | €39,137 | €138,188 | +€99,051 | +253% |
| Current portion of amounts payable after more than one year | 42 | €12,389 | €12,654 | +€265 | +2.1% |
| Trade debts | 44 | €3,980 | €12,766 | +€8,786 | +221% |
| Suppliers | 440/4 | €3,980 | €12,766 | +€8,786 | +221% |
| Taxes, remuneration and social security | 45 | - | €90,000 | +€90,000 | |
| Taxes | 450/3 | - | €90,000 | +€90,000 | |
| Other amounts payable | 47/48 | €22,768 | €22,768 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €73,839 | €97,965 | +€24,126 | +32.7% |
| Non-recurring operating income | 76A | - | €48 | +€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,497 | €9,297 | -€199 | -2.1% |
| Other operating charges | 640/8 | €8,230 | €6,886 | -€1,345 | -16.3% |
| Gross operating margin | 9900 | €2,990 | -€20,680 | -€23,670 | |
| Operating profit (loss) | 9901 | -€14,737 | -€36,863 | -€22,126 | -150% |
| Financial income | 75/76B | €3,867 | €238,688 | +€234,821 | +6,072% |
| Recurring financial income | 75 | €3,867 | €9,613 | +€5,746 | +149% |
| Non-recurring financial income | 76B | - | €229,074 | +€229,074 | |
| Financial charges | 65/66B | €45,359 | €178,319 | +€132,961 | +293% |
| Recurring financial charges | 65 | €45,359 | €28,319 | -€17,040 | -37.6% |
| Non-recurring financial charges | 66B | - | €150,000 | +€150,000 | |
| Profit (loss) for the period before taxes | 9903 | -€56,229 | €23,506 | +€79,735 | |
| Transfer from deferred taxes | 780 | €697 | €558 | -€139 | -20.0% |
| Profit (loss) for the period | 9904 | -€55,531 | €24,064 | +€79,595 | |
| Transfer from tax-exempt reserves | 789 | €1,354 | €1,083 | -€271 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,178 | €25,147 | +€79,324 |
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 29 October 2026 via checked.be.