GOPA: 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.
GOPA
Largest movements
- Receivables within one year -€104,613
down €104,613 (-39.2%), from €266,728 to €162,114
of which Trade receivables: -€88,830
- Tangible fixed assets +€75,427
up €75,427 (+12.6%), from €600,441 to €675,868
of which Leasing and similar rights: +€158,509
- Cash -€41,414
down €41,414 (-39.9%), from €103,884 to €62,470
mainly Investment in fixed assets (net) (-€228,066) and Trade debts (-€138,872)
- Deferred charges and accrued income +€26,915
up €26,915 (+189.9%), from €14,175 to €41,090
- Trade debts -€138,872
down €138,872 (-43.8%), from €317,318 to €178,446
- Debts after one year +€128,243
up €128,243 (+64.3%), from €199,473 to €327,717
- Tax, wage and social debts -€64,112
down €64,112 (-25.0%), from €256,416 to €192,305
of which Taxes: -€38,692
- Current portion of long-term debt -€36,012
down €36,012 (-30.4%), from €118,391 to €82,379
- Other debts +€30,371
up €30,371 (+11.2%), from €271,999 to €302,370
- Staff costs -€188,148
down €188,148 (-13.7%), from €1.4m to €1.2m
- Gross operating margin -€170,711
down €170,711 (-10.8%), from €1.6m to €1.4m
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 | €1,978,938 | €1,924,801 | -€54,137 | -2.7% |
| Fixed assets | 21/28 | €601,351 | €676,778 | +€75,427 | +12.5% |
| Tangible fixed assets | 22/27 | €600,441 | €675,868 | +€75,427 | +12.6% |
| Land and buildings | 22 | €164,838 | €136,171 | -€28,668 | -17.4% |
| Plant, machinery and equipment | 23 | €35,139 | €75,568 | +€40,429 | +115.1% |
| Furniture and vehicles | 24 | €400,464 | €305,620 | -€94,844 | -23.7% |
| Leasing and similar rights | 25 | - | €158,509 | +€158,509 | |
| Financial fixed assets | 28 | €910 | €910 | = | 0.0% |
| Current assets | 29/58 | €1,377,587 | €1,248,023 | -€129,563 | -9.4% |
| Stocks and contracts in progress | 3 | €992,801 | €982,349 | -€10,452 | -1.1% |
| Stocks | 30/36 | €992,801 | €982,349 | -€10,452 | -1.1% |
| Amounts receivable within one year | 40/41 | €266,728 | €162,114 | -€104,613 | -39.2% |
| Trade receivables | 40 | €232,168 | €143,338 | -€88,830 | -38.3% |
| Other amounts receivable | 41 | €34,559 | €18,776 | -€15,783 | -45.7% |
| Cash at bank and in hand | 54/58 | €103,884 | €62,470 | -€41,414 | -39.9% |
| Deferred charges and accrued income | 490/1 | €14,175 | €41,090 | +€26,915 | +189.9% |
| Total equity and liabilities | 10/49 | €1,978,938 | €1,924,801 | -€54,137 | -2.7% |
| Equity | 10/15 | €615,341 | €639,348 | +€24,007 | +3.9% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Capital | 10 | €180,000 | €180,000 | = | 0.0% |
| Issued capital | 100 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €435,341 | €459,348 | +€24,007 | +5.5% |
| Non-distributable reserves | 130/1 | €18,000 | €18,000 | = | 0.0% |
| Legal reserve | 130 | €18,000 | €18,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,383 | €5,383 | = | 0.0% |
| Distributable reserves | 133 | €411,957 | €435,964 | +€24,007 | +5.8% |
| Amounts payable | 17/49 | €1,363,597 | €1,285,453 | -€78,144 | -5.7% |
| Amounts payable after more than one year | 17 | €199,473 | €327,717 | +€128,243 | +64.3% |
| Financial debts | 170/4 | €199,473 | €327,717 | +€128,243 | +64.3% |
| Amounts payable within one year | 42/48 | €1,164,124 | €957,737 | -€206,387 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €118,391 | €82,379 | -€36,012 | -30.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €317,318 | €178,446 | -€138,872 | -43.8% |
| Suppliers | 440/4 | €317,318 | €178,446 | -€138,872 | -43.8% |
| Advances received on contracts in progress | 46 | - | €2,236 | +€2,236 | |
| Taxes, remuneration and social security | 45 | €256,416 | €192,305 | -€64,112 | -25.0% |
| Taxes | 450/3 | €122,693 | €84,001 | -€38,692 | -31.5% |
| Remuneration and social security | 454/9 | €133,723 | €108,304 | -€25,420 | -19.0% |
| Other amounts payable | 47/48 | €271,999 | €302,370 | +€30,371 | +11.2% |
| Non-recurring operating income | 76A | €9,000 | €0 | -€9,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,372,385 | €1,184,237 | -€188,148 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,267 | €152,640 | -€4,627 | -2.9% |
| Other operating charges | 640/8 | €45,038 | €37,203 | -€7,835 | -17.4% |
| Non-recurring operating charges | 66A | - | €1,024 | +€1,024 | |
| Gross operating margin | 9900 | €1,584,691 | €1,413,980 | -€170,711 | -10.8% |
| Operating profit (loss) | 9901 | €10,001 | €38,876 | +€28,875 | +288.7% |
| Financial income | 75/76B | €14,544 | €16,155 | +€1,611 | +11.1% |
| Recurring financial income | 75 | €14,544 | €16,155 | +€1,611 | +11.1% |
| Financial charges | 65/66B | €25,379 | €23,018 | -€2,362 | -9.3% |
| Recurring financial charges | 65 | €25,379 | €23,018 | -€2,362 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€834 | €32,014 | +€32,848 | |
| Income taxes | 67/77 | €8,155 | €8,006 | -€148 | -1.8% |
| Profit (loss) for the period | 9904 | -€8,989 | €24,007 | +€32,996 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,989 | €24,007 | +€32,996 |
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 4 October 2026 via checked.be.