GOUWY: 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.
GOUWY
Largest movements
- Receivables within one year -€309,065
down €309,065 (-53.0%), from €583,173 to €274,109
of which Trade receivables: -€321,242
- Stocks and contracts -€200,565
down €200,565 (-54.1%), from €370,516 to €169,951
- Cash +€91,325
up €91,325 (+22.5%), from €406,739 to €498,064
mainly Receivables within one year (+€309,065) and Stocks and contracts (+€200,565)
- Tangible fixed assets -€65,973
down €65,973 (-28.5%), from €231,660 to €165,687
of which Furniture and vehicles: -€90,344
- Trade debts -€528,857
down €528,857 (-92.5%), from €571,955 to €43,098
- Reserves +€55,390
up €55,390 (+13.9%), from €398,336 to €453,726
- Tax, wage and social debts +€28,522
up €28,522 (+64.0%), from €44,581 to €73,104
of which Taxes: +€26,167
- Gross operating margin -€108,454
down €108,454 (-31.2%), from €347,455 to €239,002
- Taxes -€37,001
down €37,001 (-62.1%), from €59,546 to €22,545
- Depreciation +€12,228
up €12,228 (+30.3%), from €40,304 to €52,532
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 | €1,593,114 | €1,111,339 | -€481,775 | -30.2% |
| Fixed assets | 21/28 | €231,660 | €165,687 | -€65,973 | -28.5% |
| Tangible fixed assets | 22/27 | €231,660 | €165,687 | -€65,973 | -28.5% |
| Land and buildings | 22 | €46,209 | €44,436 | -€1,773 | -3.8% |
| Plant, machinery and equipment | 23 | €57,890 | €84,035 | +€26,145 | +45.2% |
| Furniture and vehicles | 24 | €127,560 | €37,216 | -€90,344 | -70.8% |
| Current assets | 29/58 | €1,361,455 | €945,652 | -€415,803 | -30.5% |
| Stocks and contracts in progress | 3 | €370,516 | €169,951 | -€200,565 | -54.1% |
| Stocks | 30/36 | €370,516 | €169,951 | -€200,565 | -54.1% |
| Amounts receivable within one year | 40/41 | €583,173 | €274,109 | -€309,065 | -53.0% |
| Trade receivables | 40 | €572,896 | €251,654 | -€321,242 | -56.1% |
| Other amounts receivable | 41 | €10,277 | €22,455 | +€12,177 | +118.5% |
| Cash at bank and in hand | 54/58 | €406,739 | €498,064 | +€91,325 | +22.5% |
| Deferred charges and accrued income | 490/1 | €1,027 | €3,528 | +€2,501 | +243.7% |
| Total equity and liabilities | 10/49 | €1,593,114 | €1,111,339 | -€481,775 | -30.2% |
| Equity | 10/15 | €646,263 | €701,654 | +€55,391 | +8.6% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €398,336 | €453,726 | +€55,390 | +13.9% |
| Distributable reserves | 133 | €398,336 | €453,726 | +€55,390 | +13.9% |
| Profit (loss) carried forward | 14 | €33 | €33 | +€1 | +2.3% |
| Amounts payable | 17/49 | €946,851 | €409,685 | -€537,166 | -56.7% |
| Amounts payable after more than one year | 17 | €37,333 | €24,333 | -€13,000 | -34.8% |
| Financial debts | 170/4 | €37,333 | €24,333 | -€13,000 | -34.8% |
| Amounts payable within one year | 42/48 | €909,146 | €384,037 | -€525,109 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €20,052 | €13,000 | -€7,052 | -35.2% |
| Financial debts | 43 | €102,841 | €99,000 | -€3,841 | -3.7% |
| Credit institutions | 430/8 | €102,841 | €99,000 | -€3,841 | -3.7% |
| Trade debts | 44 | €571,955 | €43,098 | -€528,857 | -92.5% |
| Suppliers | 440/4 | €571,955 | €43,098 | -€528,857 | -92.5% |
| Taxes, remuneration and social security | 45 | €44,581 | €73,104 | +€28,522 | +64.0% |
| Taxes | 450/3 | €36,023 | €62,190 | +€26,167 | +72.6% |
| Remuneration and social security | 454/9 | €8,559 | €10,914 | +€2,355 | +27.5% |
| Other amounts payable | 47/48 | €169,716 | €155,835 | -€13,881 | -8.2% |
| Accrued charges and deferred income | 492/3 | €372 | €1,315 | +€943 | +253.4% |
| Non-recurring operating income | 76A | - | €15,217 | +€15,217 | |
| Remuneration, social security and pensions | 62 | €85,810 | €82,577 | -€3,233 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,304 | €52,532 | +€12,228 | +30.3% |
| Other operating charges | 640/8 | €4,001 | €3,049 | -€952 | -23.8% |
| Gross operating margin | 9900 | €347,455 | €239,002 | -€108,454 | -31.2% |
| Operating profit (loss) | 9901 | €217,340 | €100,843 | -€116,497 | -53.6% |
| Financial income | 75/76B | €312 | €846 | +€534 | +171.3% |
| Recurring financial income | 75 | €312 | €846 | +€534 | +171.3% |
| Financial charges | 65/66B | €23,225 | €23,752 | +€528 | +2.3% |
| Recurring financial charges | 65 | €23,225 | €23,752 | +€528 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €194,426 | €77,936 | -€116,491 | -59.9% |
| Income taxes | 67/77 | €59,546 | €22,545 | -€37,001 | -62.1% |
| Profit (loss) for the period | 9904 | €134,880 | €55,391 | -€79,489 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,880 | €55,391 | -€79,489 | -58.9% |
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 9 October 2026 via checked.be.