GOVAERE: 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.
GOVAERE
Largest movements
- Tangible fixed assets +€257,233
up €257,233 (+122.3%), from €210,290 to €467,523
of which Other tangible fixed assets: +€174,096
- Stocks and contracts +€166,603
up €166,603 (+20.4%), from €817,439 to €984,042
- Receivables within one year +€78,042
up €78,042 (+7.2%), from €1.1m to €1.2m
of which Trade receivables: +€80,667
- Other debts +€273,134
up €273,134 (+312.3%), from €87,459 to €360,593
- Trade debts -€180,134
down €180,134 (-21.5%), from €838,373 to €658,239
- Tax, wage and social debts +€153,570
up €153,570 (+110.4%), from €139,065 to €292,635
of which Taxes: +€148,690
- Debts after one year +€133,703
up €133,703 (+179.6%), from €74,461 to €208,163
- Reserves +€128,741
up €128,741 (+9.5%), from €1.4m to €1.5m
of which Distributable reserves: +€128,741
- Gross operating margin +€362,335
up €362,335 (+26.0%), from €1.4m to €1.8m
- Taxes +€68,121
up €68,121 (+60.3%), from €112,892 to €181,012
- Staff costs +€50,529
up €50,529 (+5.8%), from €876,460 to €926,989
- Depreciation +€26,575
up €26,575 (+39.8%), from €66,691 to €93,266
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 | €2,617,145 | €3,139,784 | +€522,640 | +20.0% |
| Fixed assets | 21/28 | €255,425 | €507,213 | +€251,788 | +98.6% |
| Intangible fixed assets | 21 | €45,000 | €39,555 | -€5,445 | -12.1% |
| Tangible fixed assets | 22/27 | €210,290 | €467,523 | +€257,233 | +122.3% |
| Plant, machinery and equipment | 23 | €61,980 | €98,131 | +€36,151 | +58.3% |
| Furniture and vehicles | 24 | €142,525 | €189,511 | +€46,986 | +33.0% |
| Other tangible fixed assets | 26 | €5,785 | €179,881 | +€174,096 | +3009.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,361,720 | €2,632,571 | +€270,851 | +11.5% |
| Stocks and contracts in progress | 3 | €817,439 | €984,042 | +€166,603 | +20.4% |
| Stocks | 30/36 | €817,439 | €984,042 | +€166,603 | +20.4% |
| Amounts receivable within one year | 40/41 | €1,088,899 | €1,166,940 | +€78,042 | +7.2% |
| Trade receivables | 40 | €1,084,165 | €1,164,832 | +€80,667 | +7.4% |
| Other amounts receivable | 41 | €4,733 | €2,108 | -€2,625 | -55.5% |
| Cash at bank and in hand | 54/58 | €408,843 | €440,088 | +€31,245 | +7.6% |
| Deferred charges and accrued income | 490/1 | €46,540 | €41,501 | -€5,039 | -10.8% |
| Total equity and liabilities | 10/49 | €2,617,145 | €3,139,784 | +€522,640 | +20.0% |
| Equity | 10/15 | €1,376,524 | €1,505,264 | +€128,741 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,357,924 | €1,486,664 | +€128,741 | +9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,356,064 | €1,484,804 | +€128,741 | +9.5% |
| Amounts payable | 17/49 | €1,240,621 | €1,634,520 | +€393,899 | +31.8% |
| Amounts payable after more than one year | 17 | €74,461 | €208,163 | +€133,703 | +179.6% |
| Financial debts | 170/4 | €74,461 | €208,163 | +€133,703 | +179.6% |
| Amounts payable within one year | 42/48 | €1,130,276 | €1,401,654 | +€271,378 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €31,630 | €56,412 | +€24,783 | +78.4% |
| Financial debts | 43 | €33,749 | €33,774 | +€25 | +0.1% |
| Credit institutions | 430/8 | €33,749 | €33,774 | +€25 | +0.1% |
| Trade debts | 44 | €838,373 | €658,239 | -€180,134 | -21.5% |
| Suppliers | 440/4 | €838,373 | €658,239 | -€180,134 | -21.5% |
| Taxes, remuneration and social security | 45 | €139,065 | €292,635 | +€153,570 | +110.4% |
| Taxes | 450/3 | €29,555 | €178,245 | +€148,690 | +503.1% |
| Remuneration and social security | 454/9 | €109,510 | €114,390 | +€4,880 | +4.5% |
| Other amounts payable | 47/48 | €87,459 | €360,593 | +€273,134 | +312.3% |
| Accrued charges and deferred income | 492/3 | €35,884 | €24,703 | -€11,181 | -31.2% |
| Non-recurring operating income | 76A | - | €4,636 | +€4,636 | |
| Remuneration, social security and pensions | 62 | €876,460 | €926,989 | +€50,529 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,691 | €93,266 | +€26,575 | +39.8% |
| Other operating charges | 640/8 | €3,339 | €9,122 | +€5,783 | +173.2% |
| Non-recurring operating charges | 66A | €174 | - | -€174 | |
| Gross operating margin | 9900 | €1,392,342 | €1,754,678 | +€362,335 | +26.0% |
| Operating profit (loss) | 9901 | €445,679 | €725,301 | +€279,622 | +62.7% |
| Financial income | 75/76B | €14,052 | €16,758 | +€2,706 | +19.3% |
| Recurring financial income | 75 | €14,052 | €16,758 | +€2,706 | +19.3% |
| Financial charges | 65/66B | €30,937 | €28,266 | -€2,671 | -8.6% |
| Recurring financial charges | 65 | €30,937 | €28,266 | -€2,671 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €428,794 | €713,793 | +€284,999 | +66.5% |
| Income taxes | 67/77 | €112,892 | €181,012 | +€68,121 | +60.3% |
| Profit (loss) for the period | 9904 | €315,903 | €532,781 | +€216,879 | +68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €315,903 | €532,781 | +€216,879 | +68.7% |
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 4 October 2026 via checked.be.