Goliat: 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.
Goliat
Largest movements
- Cash +€61,568
up €61,568 (+126%), from €49,041 to €110,609
mainly Receivables within one year (+€45,904) and Net result for the year (+€36,371)
- Receivables within one year -€45,904
down €45,904 (-62.1%), from €73,911 to €28,008
of which Trade receivables: -€49,302
- Other debts +€27,320
up €27,320 (+395%), from €6,925 to €34,245
- Debts after one year -€8,563
down €8,563 (-3.9%), from €221,068 to €212,505
- Tax, wage and social debts +€6,800
up €6,800 (+25.0%), from €27,153 to €33,953
- Accrued charges and deferred income -€6,471
down €6,471 (-83.4%), from €7,755 to €1,285
- Other operating charges -€32,612
down €32,612 (-93.8%), from €34,761 to €2,149
- Gross operating margin -€18,020
down €18,020 (-15.9%), from €113,018 to €94,998
- Depreciation +€6,776
up €6,776 (+43.4%), from €15,608 to €22,384
- Financial charges +€1,450
up €1,450 (+13.6%), from €10,691 to €12,141
- Taxes +€1,138
up €1,138 (+7.6%), from €15,036 to €16,174
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 | €443,424 | €462,638 | +€19,213 | +4.3% |
| Fixed assets | 21/28 | €315,750 | €318,137 | +€2,387 | +0.8% |
| Tangible fixed assets | 22/27 | €315,750 | €318,137 | +€2,387 | +0.8% |
| Land and buildings | 22 | €298,065 | €282,428 | -€15,637 | -5.2% |
| Plant, machinery and equipment | 23 | €11,512 | €11,178 | -€334 | -2.9% |
| Furniture and vehicles | 24 | €6,173 | €24,531 | +€18,358 | +297% |
| Current assets | 29/58 | €127,674 | €144,501 | +€16,826 | +13.2% |
| Amounts receivable within one year | 40/41 | €73,911 | €28,008 | -€45,904 | -62.1% |
| Trade receivables | 40 | €71,361 | €22,059 | -€49,302 | -69.1% |
| Other amounts receivable | 41 | €2,550 | €5,949 | +€3,399 | +133% |
| Cash at bank and in hand | 54/58 | €49,041 | €110,609 | +€61,568 | +126% |
| Deferred charges and accrued income | 490/1 | €4,722 | €5,884 | +€1,162 | +24.6% |
| Total equity and liabilities | 10/49 | €443,424 | €462,638 | +€19,213 | +4.3% |
| Equity | 10/15 | €168,216 | €168,389 | +€173 | +0.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €165,716 | €165,889 | +€173 | +0.1% |
| Distributable reserves | 133 | €165,716 | €165,889 | +€173 | +0.1% |
| Amounts payable | 17/49 | €275,209 | €294,249 | +€19,041 | +6.9% |
| Amounts payable after more than one year | 17 | €221,068 | €212,505 | -€8,563 | -3.9% |
| Financial debts | 170/4 | €221,068 | €212,505 | -€8,563 | -3.9% |
| Amounts payable within one year | 42/48 | €46,386 | €80,460 | +€34,074 | +73.5% |
| Current portion of amounts payable after more than one year | 42 | €8,255 | €8,563 | +€308 | +3.7% |
| Trade debts | 44 | €4,053 | €3,699 | -€354 | -8.7% |
| Suppliers | 440/4 | €4,053 | €3,699 | -€354 | -8.7% |
| Taxes, remuneration and social security | 45 | €27,153 | €33,953 | +€6,800 | +25.0% |
| Taxes | 450/3 | €27,153 | €33,953 | +€6,800 | +25.0% |
| Other amounts payable | 47/48 | €6,925 | €34,245 | +€27,320 | +395% |
| Accrued charges and deferred income | 492/3 | €7,755 | €1,285 | -€6,471 | -83.4% |
| Remuneration, social security and pensions | 62 | €4,778 | €5,801 | +€1,023 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,608 | €22,384 | +€6,776 | +43.4% |
| Other operating charges | 640/8 | €34,761 | €2,149 | -€32,612 | -93.8% |
| Gross operating margin | 9900 | €113,018 | €94,998 | -€18,020 | -15.9% |
| Operating profit (loss) | 9901 | €57,870 | €64,664 | +€6,794 | +11.7% |
| Financial income | 75/76B | €4 | €21 | +€16 | +371% |
| Recurring financial income | 75 | €4 | €21 | +€16 | +371% |
| Financial charges | 65/66B | €10,691 | €12,141 | +€1,450 | +13.6% |
| Recurring financial charges | 65 | €10,691 | €12,141 | +€1,450 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €47,184 | €52,544 | +€5,360 | +11.4% |
| Income taxes | 67/77 | €15,036 | €16,174 | +€1,138 | +7.6% |
| Profit (loss) for the period | 9904 | €32,148 | €36,371 | +€4,222 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,148 | €36,371 | +€4,222 | +13.1% |
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 18 October 2026 via checked.be.