GOVADO: 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.
GOVADO
Largest movements
- Tangible fixed assets -€198,723
down €198,723 (-3.7%), from €5.4m to €5.2m
- Debts after one year -€272,756
down €272,756 (-8.8%), from €3.1m to €2.8m
of which Financial debts: -€272,756
- Reserves +€126,915
up €126,915 (+19.4%), from €655,650 to €782,565
of which Distributable reserves: +€126,915
- Other operating charges -€294,938
down €294,938 (-98.3%), from €300,095 to €5,158
- Gross operating margin -€188,810
down €188,810 (-29.5%), from €640,845 to €452,034
- Write-downs +€120,514
no longer reported in 2025 (was -€120,514)
- Taxes +€10,237
up €10,237 (+20.3%), from €50,408 to €60,644
- Financial charges -€9,904
down €9,904 (-13.1%), from €75,527 to €65,622
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 | €5,387,682 | €5,206,570 | -€181,111 | -3.4% |
| Fixed assets | 21/28 | €5,381,145 | €5,182,422 | -€198,723 | -3.7% |
| Tangible fixed assets | 22/27 | €5,378,934 | €5,180,211 | -€198,723 | -3.7% |
| Land and buildings | 22 | €5,378,934 | €5,180,211 | -€198,723 | -3.7% |
| Financial fixed assets | 28 | €2,211 | €2,211 | = | 0.0% |
| Current assets | 29/58 | €6,537 | €24,148 | +€17,611 | +269.4% |
| Amounts receivable within one year | 40/41 | €166 | €9,356 | +€9,189 | +5521.4% |
| Other amounts receivable | 41 | €166 | €9,356 | +€9,189 | +5521.4% |
| Cash at bank and in hand | 54/58 | €6,370 | €14,792 | +€8,422 | +132.2% |
| Total equity and liabilities | 10/49 | €5,387,682 | €5,206,570 | -€181,111 | -3.4% |
| Equity | 10/15 | €1,605,774 | €1,732,689 | +€126,915 | +7.9% |
| Contributions | 10/11 | €950,000 | €950,000 | = | 0.0% |
| Capital | 10 | €950,000 | €950,000 | = | 0.0% |
| Issued capital | 100 | €950,000 | €950,000 | = | 0.0% |
| Reserves | 13 | €655,650 | €782,565 | +€126,915 | +19.4% |
| Non-distributable reserves | 130/1 | €95,000 | €95,000 | = | 0.0% |
| Legal reserve | 130 | €95,000 | €95,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €523,150 | €650,065 | +€126,915 | +24.3% |
| Profit (loss) carried forward | 14 | €124 | €124 | = | 0.0% |
| Amounts payable | 17/49 | €3,781,908 | €3,473,881 | -€308,027 | -8.1% |
| Amounts payable after more than one year | 17 | €3,107,323 | €2,834,567 | -€272,756 | -8.8% |
| Financial debts | 170/4 | €1,473,564 | €1,200,809 | -€272,756 | -18.5% |
| Other amounts payable | 178/9 | €1,633,759 | €1,633,759 | = | 0.0% |
| Amounts payable within one year | 42/48 | €666,002 | €633,313 | -€32,688 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €317,014 | €272,756 | -€44,258 | -14.0% |
| Financial debts | 43 | - | €35,211 | +€35,211 | |
| Credit institutions | 430/8 | - | €35,211 | +€35,211 | |
| Trade debts | 44 | €5,028 | €3,588 | -€1,440 | -28.6% |
| Suppliers | 440/4 | €5,028 | €3,588 | -€1,440 | -28.6% |
| Taxes, remuneration and social security | 45 | €50,408 | €22,408 | -€28,000 | -55.5% |
| Taxes | 450/3 | €50,408 | €22,408 | -€28,000 | -55.5% |
| Other amounts payable | 47/48 | €293,552 | €299,351 | +€5,799 | +2.0% |
| Accrued charges and deferred income | 492/3 | €8,583 | €6,000 | -€2,583 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,723 | €198,723 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€120,514 | - | +€120,514 | |
| Other operating charges | 640/8 | €300,095 | €5,158 | -€294,938 | -98.3% |
| Gross operating margin | 9900 | €640,845 | €452,034 | -€188,810 | -29.5% |
| Operating profit (loss) | 9901 | €262,541 | €248,154 | -€14,387 | -5.5% |
| Financial income | 75/76B | €30 | €5,028 | +€4,998 | +16582.5% |
| Recurring financial income | 75 | €30 | €5,028 | +€4,998 | +16582.5% |
| Financial charges | 65/66B | €75,527 | €65,622 | -€9,904 | -13.1% |
| Recurring financial charges | 65 | €75,527 | €65,622 | -€9,904 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €187,045 | €187,560 | +€515 | +0.3% |
| Income taxes | 67/77 | €50,408 | €60,644 | +€10,237 | +20.3% |
| Profit (loss) for the period | 9904 | €136,637 | €126,915 | -€9,722 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,637 | €126,915 | -€9,722 | -7.1% |
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 7 October 2026 via checked.be.