GOVA: 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.
GOVA
Largest movements
- Current investments +€43,299
up €43,299 (+18.4%), from €235,715 to €279,014
- Tangible fixed assets -€24,655
down €24,655 (-20.1%), from €122,513 to €97,858
of which Furniture and vehicles: -€14,546
- Receivables after one year -€22,155
down €22,155 (-24.2%), from €91,725 to €69,570
- Stocks and contracts -€17,436
down €17,436 (-9.0%), from €194,381 to €176,945
- Cash -€10,599
down €10,599 (-6.1%), from €173,252 to €162,653
mainly Contributions, distributions and other (-€150,000) and Current investments (-€43,299)
- Trade debts -€23,717
down €23,717 (-62.6%), from €37,871 to €14,154
- Profit (loss) carried forward +€8,943
up €8,943 (+1.5%), from €589,235 to €598,178
- Gross operating margin -€21,334
down €21,334 (-5.4%), from €392,748 to €371,414
- Financial income -€8,361
down €8,361 (-33.0%), from €25,369 to €17,008
- Other operating charges -€7,099
down €7,099 (-60.9%), from €11,658 to €4,559
- Taxes -€5,324
down €5,324 (-12.5%), from €42,448 to €37,123
- Depreciation +€4,557
up €4,557 (+16.4%), from €27,758 to €32,314
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 | €885,039 | €864,488 | -€20,551 | -2.3% |
| Fixed assets | 21/28 | €122,513 | €97,858 | -€24,655 | -20.1% |
| Tangible fixed assets | 22/27 | €122,513 | €97,858 | -€24,655 | -20.1% |
| Land and buildings | 22 | €18,059 | €21,866 | +€3,807 | +21.1% |
| Plant, machinery and equipment | 23 | €33,343 | €21,447 | -€11,896 | -35.7% |
| Furniture and vehicles | 24 | €59,007 | €44,461 | -€14,546 | -24.7% |
| Other tangible fixed assets | 26 | €12,104 | €10,084 | -€2,020 | -16.7% |
| Current assets | 29/58 | €762,527 | €766,630 | +€4,103 | +0.5% |
| Amounts receivable after more than one year | 29 | €91,725 | €69,570 | -€22,155 | -24.2% |
| Other amounts receivable | 291 | €91,725 | €69,570 | -€22,155 | -24.2% |
| Stocks and contracts in progress | 3 | €194,381 | €176,945 | -€17,436 | -9.0% |
| Stocks | 30/36 | €194,381 | €176,945 | -€17,436 | -9.0% |
| Amounts receivable within one year | 40/41 | €62,149 | €68,684 | +€6,535 | +10.5% |
| Trade receivables | 40 | €17,226 | €25,510 | +€8,284 | +48.1% |
| Other amounts receivable | 41 | €44,923 | €43,174 | -€1,749 | -3.9% |
| Current investments | 50/53 | €235,715 | €279,014 | +€43,299 | +18.4% |
| Cash at bank and in hand | 54/58 | €173,252 | €162,653 | -€10,599 | -6.1% |
| Deferred charges and accrued income | 490/1 | €5,303 | €9,764 | +€4,461 | +84.1% |
| Total equity and liabilities | 10/49 | €885,039 | €864,488 | -€20,551 | -2.3% |
| Equity | 10/15 | €657,435 | €666,378 | +€8,943 | +1.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €589,235 | €598,178 | +€8,943 | +1.5% |
| Amounts payable | 17/49 | €227,604 | €198,110 | -€29,494 | -13.0% |
| Amounts payable within one year | 42/48 | €227,604 | €198,110 | -€29,494 | -13.0% |
| Trade debts | 44 | €37,871 | €14,154 | -€23,717 | -62.6% |
| Suppliers | 440/4 | €37,871 | €14,154 | -€23,717 | -62.6% |
| Taxes, remuneration and social security | 45 | €39,973 | €33,956 | -€6,018 | -15.1% |
| Taxes | 450/3 | €24,055 | €14,623 | -€9,432 | -39.2% |
| Remuneration and social security | 454/9 | €15,918 | €19,333 | +€3,415 | +21.5% |
| Other amounts payable | 47/48 | €149,760 | €150,000 | +€240 | +0.2% |
| Remuneration, social security and pensions | 62 | €158,707 | €155,136 | -€3,570 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,758 | €32,314 | +€4,557 | +16.4% |
| Other operating charges | 640/8 | €11,658 | €4,559 | -€7,099 | -60.9% |
| Non-recurring operating charges | 66A | €170 | - | -€170 | |
| Gross operating margin | 9900 | €392,748 | €371,414 | -€21,334 | -5.4% |
| Operating profit (loss) | 9901 | €194,455 | €179,404 | -€15,051 | -7.7% |
| Financial income | 75/76B | €25,369 | €17,008 | -€8,361 | -33.0% |
| Recurring financial income | 75 | €25,369 | €17,008 | -€8,361 | -33.0% |
| Financial charges | 65/66B | €2,087 | €346 | -€1,741 | -83.4% |
| Recurring financial charges | 65 | €2,087 | €346 | -€1,741 | -83.4% |
| Profit (loss) for the period before taxes | 9903 | €217,738 | €196,066 | -€21,672 | -10.0% |
| Income taxes | 67/77 | €42,448 | €37,123 | -€5,324 | -12.5% |
| Profit (loss) for the period | 9904 | €175,290 | €158,943 | -€16,347 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €175,290 | €158,943 | -€16,347 | -9.3% |
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 8 October 2026 via checked.be.