GOVACOR: 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.
GOVACOR
Largest movements
- Tangible fixed assets -€12,799
down €12,799 (-11.7%), from €109,416 to €96,617
of which Land and buildings: -€9,251
- Stocks and contracts -€6,851
down €6,851 (-10.5%), from €65,288 to €58,437
of which Contracts in progress: -€6,573
- Cash +€6,718
up €6,718 (+394.6%), from €1,702 to €8,420
mainly Depreciation (+€19,970) and Net result for the year (+€9,480)
- Intangible fixed assets -€4,000
down €4,000 (-40.0%), from €10,000 to €6,000
- Receivables within one year +€2,216
up €2,216 (+41.4%), from €5,354 to €7,570
- Trade debts -€16,496
down €16,496 (-23.2%), from €71,041 to €54,545
- Profit (loss) carried forward +€9,480
up €9,480 (+16.8%), from -€56,586 to -€47,106
- Other debts -€8,686
down €8,686 (-36.3%), from €23,911 to €15,224
- Advances received +€6,500
up €6,500 (+10.2%), from €63,784 to €70,284
- Current portion of long-term debt -€3,323
no longer reported in 2025 (was €3,323)
- Gross operating margin +€39,952
up €39,952 (+31.9%), from €125,426 to €165,378
- Financial charges -€3,731
down €3,731 (-59.6%), from €6,261 to €2,529
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 | €195,262 | €181,555 | -€13,708 | -7.0% |
| Fixed assets | 21/28 | €119,416 | €102,617 | -€16,799 | -14.1% |
| Intangible fixed assets | 21 | €10,000 | €6,000 | -€4,000 | -40.0% |
| Tangible fixed assets | 22/27 | €109,416 | €96,617 | -€12,799 | -11.7% |
| Land and buildings | 22 | €93,916 | €84,665 | -€9,251 | -9.9% |
| Plant, machinery and equipment | 23 | €14,788 | €8,873 | -€5,915 | -40.0% |
| Furniture and vehicles | 24 | €712 | €3,079 | +€2,367 | +332.6% |
| Current assets | 29/58 | €75,846 | €78,937 | +€3,092 | +4.1% |
| Stocks and contracts in progress | 3 | €65,288 | €58,437 | -€6,851 | -10.5% |
| Stocks | 30/36 | €8,795 | €8,517 | -€279 | -3.2% |
| Contracts in progress | 37 | €56,493 | €49,920 | -€6,573 | -11.6% |
| Amounts receivable within one year | 40/41 | €5,354 | €7,570 | +€2,216 | +41.4% |
| Trade receivables | 40 | €5,354 | €7,570 | +€2,216 | +41.4% |
| Cash at bank and in hand | 54/58 | €1,702 | €8,420 | +€6,718 | +394.6% |
| Deferred charges and accrued income | 490/1 | €3,501 | €4,511 | +€1,009 | +28.8% |
| Total equity and liabilities | 10/49 | €195,262 | €181,555 | -€13,708 | -7.0% |
| Equity | 10/15 | -€33,750 | -€24,270 | +€9,480 | +28.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,236 | €4,236 | = | 0.0% |
| Non-distributable reserves | 130/1 | €212 | €212 | = | 0.0% |
| Reserves not available under the articles | 1311 | €212 | €212 | = | 0.0% |
| Distributable reserves | 133 | €4,024 | €4,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,586 | -€47,106 | +€9,480 | +16.8% |
| Amounts payable | 17/49 | €229,012 | €205,825 | -€23,187 | -10.1% |
| Amounts payable after more than one year | 17 | €8,349 | €8,349 | = | 0.0% |
| Financial debts | 170/4 | €8,349 | €8,349 | = | 0.0% |
| Amounts payable within one year | 42/48 | €220,664 | €197,476 | -€23,187 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €3,323 | - | -€3,323 | |
| Financial debts | 43 | €43,312 | €43,721 | +€409 | +0.9% |
| Credit institutions | 430/8 | €43,312 | €43,721 | +€409 | +0.9% |
| Trade debts | 44 | €71,041 | €54,545 | -€16,496 | -23.2% |
| Suppliers | 440/4 | €71,041 | €54,545 | -€16,496 | -23.2% |
| Advances received on contracts in progress | 46 | €63,784 | €70,284 | +€6,500 | +10.2% |
| Taxes, remuneration and social security | 45 | €15,293 | €13,702 | -€1,591 | -10.4% |
| Taxes | 450/3 | €8,059 | €7,740 | -€319 | -4.0% |
| Remuneration and social security | 454/9 | €7,234 | €5,962 | -€1,272 | -17.6% |
| Other amounts payable | 47/48 | €23,911 | €15,224 | -€8,686 | -36.3% |
| Remuneration, social security and pensions | 62 | €126,055 | €126,732 | +€677 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,280 | €19,970 | -€311 | -1.5% |
| Other operating charges | 640/8 | €5,738 | €6,712 | +€974 | +17.0% |
| Gross operating margin | 9900 | €125,426 | €165,378 | +€39,952 | +31.9% |
| Operating profit (loss) | 9901 | -€26,648 | €11,965 | +€38,612 | |
| Financial income | 75/76B | €13 | €49 | +€37 | +289.0% |
| Recurring financial income | 75 | €13 | €49 | +€37 | +289.0% |
| Financial charges | 65/66B | €6,261 | €2,529 | -€3,731 | -59.6% |
| Recurring financial charges | 65 | €6,261 | €2,529 | -€3,731 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | -€32,896 | €9,485 | +€42,380 | |
| Income taxes | 67/77 | €8 | €5 | -€3 | -34.1% |
| Profit (loss) for the period | 9904 | -€32,903 | €9,480 | +€42,383 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,903 | €9,480 | +€42,383 |
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 12 October 2026 via checked.be.