GOUVERNEUR: 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.
GOUVERNEUR
Largest movements
- Cash +€41,188
up €41,188 (+11.7%), from €351,460 to €392,647
mainly Other debts (+€121,329) and Net result for the year (+€101,838)
- Receivables within one year +€31,578
up €31,578 (+5.8%), from €548,889 to €580,467
of which Trade receivables: +€24,520
- Other debts +€121,329
up €121,329 (+98.1%), from €123,647 to €244,976
- Profit (loss) carried forward -€38,162
down €38,162 (-5.2%), from €728,278 to €690,116
- Debts after one year -€14,083
down €14,083 (-5.7%), from €247,612 to €233,529
of which Financial debts: -€14,083
- Staff costs +€42,540
up €42,540 (+76.5%), from €55,610 to €98,149
- Gross operating margin -€40,120
down €40,120 (-12.1%), from €331,357 to €291,237
- Taxes -€19,516
down €19,516 (-38.7%), from €50,462 to €30,947
- Financial charges -€3,962
down €3,962 (-22.0%), from €18,020 to €14,058
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 | €1,272,235 | €1,337,526 | +€65,291 | +5.1% |
| Fixed assets | 21/28 | €371,886 | €364,411 | -€7,475 | -2.0% |
| Tangible fixed assets | 22/27 | €371,886 | €364,411 | -€7,475 | -2.0% |
| Land and buildings | 22 | €351,132 | €327,354 | -€23,778 | -6.8% |
| Furniture and vehicles | 24 | €20,754 | €37,058 | +€16,303 | +78.6% |
| Current assets | 29/58 | €900,349 | €973,115 | +€72,766 | +8.1% |
| Amounts receivable within one year | 40/41 | €548,889 | €580,467 | +€31,578 | +5.8% |
| Trade receivables | 40 | €527,876 | €552,396 | +€24,520 | +4.6% |
| Other amounts receivable | 41 | €21,013 | €28,071 | +€7,058 | +33.6% |
| Cash at bank and in hand | 54/58 | €351,460 | €392,647 | +€41,188 | +11.7% |
| Total equity and liabilities | 10/49 | €1,272,235 | €1,337,526 | +€65,291 | +5.1% |
| Equity | 10/15 | €783,278 | €745,116 | -€38,162 | -4.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €728,278 | €690,116 | -€38,162 | -5.2% |
| Amounts payable | 17/49 | €488,957 | €592,410 | +€103,453 | +21.2% |
| Amounts payable after more than one year | 17 | €247,612 | €233,529 | -€14,083 | -5.7% |
| Financial debts | 170/4 | €113,612 | €99,529 | -€14,083 | -12.4% |
| Other amounts payable | 178/9 | €134,000 | €134,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €241,345 | €358,880 | +€117,536 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €13,620 | €14,083 | +€463 | +3.4% |
| Trade debts | 44 | €328 | €9,138 | +€8,810 | +2,683% |
| Suppliers | 440/4 | €328 | €9,138 | +€8,810 | +2,683% |
| Advances received on contracts in progress | 46 | €1,210 | €1,210 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €102,539 | €89,474 | -€13,065 | -12.7% |
| Taxes | 450/3 | €97,926 | €74,522 | -€23,405 | -23.9% |
| Remuneration and social security | 454/9 | €4,613 | €14,952 | +€10,339 | +224% |
| Other amounts payable | 47/48 | €123,647 | €244,976 | +€121,329 | +98.1% |
| Remuneration, social security and pensions | 62 | €55,610 | €98,149 | +€42,540 | +76.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,449 | €37,992 | +€2,543 | +7.2% |
| Other operating charges | 640/8 | €10,864 | €8,254 | -€2,609 | -24.0% |
| Non-recurring operating charges | 66A | €3,737 | - | -€3,737 | |
| Gross operating margin | 9900 | €331,357 | €291,237 | -€40,120 | -12.1% |
| Operating profit (loss) | 9901 | €225,697 | €146,842 | -€78,856 | -34.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €18,020 | €14,058 | -€3,962 | -22.0% |
| Recurring financial charges | 65 | €18,020 | €14,058 | -€3,962 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €207,677 | €132,785 | -€74,892 | -36.1% |
| Income taxes | 67/77 | €50,462 | €30,947 | -€19,516 | -38.7% |
| Profit (loss) for the period | 9904 | €157,215 | €101,838 | -€55,377 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,215 | €101,838 | -€55,377 | -35.2% |
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 23 October 2026 via checked.be.