GOLIATH: what changed
Two fiscal 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.
GOLIATH
Largest movements
- Stocks and contracts -€162,651
down €162,651 (-29.2%), from €557,217 to €394,566
- Cash +€82,221
up €82,221 (+21.2%), from €387,344 to €469,565
mainly Stocks and contracts (+€162,651) and Other debts (+€136,315)
- Tangible fixed assets +€11,275
up €11,275 (+60.6%), from €18,597 to €29,872
of which Furniture and vehicles: +€5,974
- Reserves -€187,500
down €187,500 (-21.3%), from €878,360 to €690,860
- Other debts +€136,315
up €136,315 (+395.1%), from €34,504 to €170,819
- Tax, wage and social debts -€14,727
down €14,727 (-31.3%), from €47,014 to €32,287
of which Remuneration and social security: -€24,000
- Taxes +€20,252
up €20,252 (+119.6%), from €16,934 to €37,186
- Staff costs -€7,463
down €7,463 (-23.1%), from €32,347 to €24,884
- Depreciation -€6,811
down €6,811 (-42.8%), from €15,930 to €9,119
- Gross operating margin +€5,888
up €5,888 (+12.2%), from €48,338 to €54,226
- Financial charges +€2,095
up €2,095 (+105.2%), from €1,992 to €4,087
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 | €992,614 | €925,837 | -€66,777 | -6.7% |
| Fixed assets | 21/28 | €29,687 | €40,962 | +€11,275 | +38.0% |
| Tangible fixed assets | 22/27 | €18,597 | €29,872 | +€11,275 | +60.6% |
| Land and buildings | 22 | €14,564 | €20,261 | +€5,697 | +39.1% |
| Plant, machinery and equipment | 23 | €396 | - | -€396 | |
| Furniture and vehicles | 24 | €3,637 | €9,611 | +€5,974 | +164.3% |
| Financial fixed assets | 28 | €11,090 | €11,090 | = | 0.0% |
| Current assets | 29/58 | €962,927 | €884,875 | -€78,052 | -8.1% |
| Stocks and contracts in progress | 3 | €557,217 | €394,566 | -€162,651 | -29.2% |
| Stocks | 30/36 | €557,217 | €394,566 | -€162,651 | -29.2% |
| Amounts receivable within one year | 40/41 | €18,366 | €20,744 | +€2,378 | +12.9% |
| Trade receivables | 40 | €2,599 | €15,535 | +€12,936 | +497.7% |
| Other amounts receivable | 41 | €15,767 | €5,209 | -€10,558 | -67.0% |
| Cash at bank and in hand | 54/58 | €387,344 | €469,565 | +€82,221 | +21.2% |
| Total equity and liabilities | 10/49 | €992,614 | €925,837 | -€66,777 | -6.7% |
| Equity | 10/15 | €898,567 | €713,334 | -€185,233 | -20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €878,360 | €690,860 | -€187,500 | -21.3% |
| Distributable reserves | 133 | €878,360 | €690,860 | -€187,500 | -21.3% |
| Profit (loss) carried forward | 14 | €1,607 | €3,874 | +€2,267 | +141.1% |
| Amounts payable | 17/49 | €94,047 | €212,503 | +€118,456 | +126.0% |
| Amounts payable within one year | 42/48 | €94,047 | €212,503 | +€118,456 | +126.0% |
| Trade debts | 44 | €6,664 | €3,089 | -€3,575 | -53.6% |
| Suppliers | 440/4 | €6,664 | €3,089 | -€3,575 | -53.6% |
| Advances received on contracts in progress | 46 | €5,865 | €6,308 | +€443 | +7.6% |
| Taxes, remuneration and social security | 45 | €47,014 | €32,287 | -€14,727 | -31.3% |
| Taxes | 450/3 | €23,014 | €32,287 | +€9,273 | +40.3% |
| Remuneration and social security | 454/9 | €24,000 | - | -€24,000 | |
| Other amounts payable | 47/48 | €34,504 | €170,819 | +€136,315 | +395.1% |
| Remuneration, social security and pensions | 62 | €32,347 | €24,884 | -€7,463 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,930 | €9,119 | -€6,811 | -42.8% |
| Other operating charges | 640/8 | €4,013 | €2,877 | -€1,136 | -28.3% |
| Gross operating margin | 9900 | €48,338 | €54,226 | +€5,888 | +12.2% |
| Operating profit (loss) | 9901 | -€3,952 | €17,346 | +€21,298 | |
| Financial income | 75/76B | €5,389 | €5,193 | -€196 | -3.6% |
| Recurring financial income | 75 | €5,389 | €5,193 | -€196 | -3.6% |
| Financial charges | 65/66B | €1,992 | €4,087 | +€2,095 | +105.2% |
| Recurring financial charges | 65 | €1,992 | €4,087 | +€2,095 | +105.2% |
| Profit (loss) for the period before taxes | 9903 | -€555 | €18,452 | +€19,007 | |
| Income taxes | 67/77 | €16,934 | €37,186 | +€20,252 | +119.6% |
| Profit (loss) for the period | 9904 | -€17,489 | -€18,734 | -€1,245 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,489 | -€18,734 | -€1,245 | -7.1% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.