GOVACO: 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.
GOVACO
Largest movements
- Cash +€127,343
up €127,343 (+454%), from €28,032 to €155,375
mainly Net result for the year (+€137,145) and Investment in fixed assets (net) (+€24,181)
- Tangible fixed assets -€47,093
down €47,093 (-16.9%), from €279,387 to €232,294
of which Land and buildings: -€46,334
- Reserves +€137,145
up €137,145 (+91.6%), from €149,740 to €286,885
of which Distributable reserves: +€137,145
- Debts after one year -€62,066
down €62,066 (-100%), from €62,066 to €0
of which Other amounts payable: -€60,000
- Trade debts +€18,943
up €18,943 (+469%), from €4,037 to €22,980
- Provisions -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Gross operating margin +€146,021
up €146,021 (+586%), from €24,936 to €170,957
- Taxes +€13,714
new in 2025: €13,714
- Provisions -€10,000
new in 2025: -€10,000
- Financial charges -€4,032
down €4,032 (-97.5%), from €4,135 to €103
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 | €314,370 | €395,551 | +€81,181 | +25.8% |
| Fixed assets | 21/28 | €279,502 | €232,382 | -€47,120 | -16.9% |
| Intangible fixed assets | 21 | €115 | €88 | -€28 | -23.9% |
| Tangible fixed assets | 22/27 | €279,387 | €232,294 | -€47,093 | -16.9% |
| Land and buildings | 22 | €277,120 | €230,786 | -€46,334 | -16.7% |
| Plant, machinery and equipment | 23 | €1,481 | €1,091 | -€389 | -26.3% |
| Furniture and vehicles | 24 | €786 | €417 | -€370 | -47.0% |
| Current assets | 29/58 | €34,868 | €163,169 | +€128,301 | +368% |
| Amounts receivable within one year | 40/41 | €4,375 | €5,461 | +€1,086 | +24.8% |
| Trade receivables | 40 | €4,360 | €5,446 | +€1,086 | +24.9% |
| Other amounts receivable | 41 | €15 | €15 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,032 | €155,375 | +€127,343 | +454% |
| Deferred charges and accrued income | 490/1 | €2,461 | €2,334 | -€127 | -5.2% |
| Total equity and liabilities | 10/49 | €314,370 | €395,551 | +€81,181 | +25.8% |
| Equity | 10/15 | €182,888 | €320,033 | +€137,145 | +75.0% |
| Contributions | 10/11 | €33,148 | €33,148 | = | 0.0% |
| Reserves | 13 | €149,740 | €286,885 | +€137,145 | +91.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €11,039 | €11,039 | = | 0.0% |
| Distributable reserves | 133 | €138,701 | €275,846 | +€137,145 | +98.9% |
| Provisions and deferred taxes | 16 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Other liabilities and charges | 164/5 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Amounts payable | 17/49 | €81,482 | €35,518 | -€45,964 | -56.4% |
| Amounts payable after more than one year | 17 | €62,066 | €0 | -€62,066 | -100% |
| Financial debts | 170/4 | €2,066 | €0 | -€2,066 | -100% |
| Other amounts payable | 178/9 | €60,000 | €0 | -€60,000 | -100% |
| Amounts payable within one year | 42/48 | €11,997 | €31,863 | +€19,866 | +166% |
| Current portion of amounts payable after more than one year | 42 | €4,087 | €2,066 | -€2,021 | -49.5% |
| Trade debts | 44 | €4,037 | €22,980 | +€18,943 | +469% |
| Suppliers | 440/4 | €4,037 | €22,980 | +€18,943 | +469% |
| Taxes, remuneration and social security | 45 | €3,872 | €6,816 | +€2,944 | +76.0% |
| Taxes | 450/3 | €2,584 | €5,527 | +€2,942 | +114% |
| Remuneration and social security | 454/9 | €1,288 | €1,290 | +€2 | +0.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €7,419 | €3,656 | -€3,764 | -50.7% |
| Non-recurring operating income | 76A | - | €254,819 | +€254,819 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,508 | €22,939 | -€1,569 | -6.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€10,000 | -€10,000 | |
| Other operating charges | 640/8 | €7,283 | €7,056 | -€226 | -3.1% |
| Gross operating margin | 9900 | €24,936 | €170,957 | +€146,021 | +586% |
| Operating profit (loss) | 9901 | -€6,855 | €150,962 | +€157,817 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -76.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -76.0% |
| Financial charges | 65/66B | €4,135 | €103 | -€4,032 | -97.5% |
| Recurring financial charges | 65 | €4,135 | €103 | -€4,032 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,989 | €150,859 | +€161,848 | |
| Income taxes | 67/77 | - | €13,714 | +€13,714 | |
| Profit (loss) for the period | 9904 | -€10,989 | €137,145 | +€148,133 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,989 | €137,145 | +€148,133 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.