GOVAERT: 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.
GOVAERT
Largest movements
- Receivables within one year -€19,867
down €19,867 (-40.4%), from €49,221 to €29,353
of which Trade receivables: -€22,953
- Cash -€10,261
down €10,261 (-14.6%), from €70,102 to €59,841
mainly Investment in fixed assets (net) (-€46,205) and Contributions, distributions and other (-€27,935)
- Tangible fixed assets -€3,054
down €3,054 (-1.9%), from €161,542 to €158,489
of which Plant, machinery and equipment: -€17,107
- Reserves -€20,826
down €20,826 (-10.9%), from €191,527 to €170,701
- Current portion of long-term debt -€5,050
down €5,050 (-15.3%), from €32,925 to €27,875
- Other debts -€4,152
down €4,152 (-28.1%), from €14,764 to €10,613
- Gross operating margin -€7,587
down €7,587 (-3.6%), from €210,572 to €202,984
- Staff costs +€7,091
up €7,091 (+5.5%), from €129,397 to €136,488
- Taxes -€6,144
down €6,144 (-76.1%), from €8,078 to €1,934
- Depreciation +€5,691
up €5,691 (+13.1%), from €43,568 to €49,259
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 | €303,241 | €271,618 | -€31,622 | -10.4% |
| Fixed assets | 21/28 | €161,728 | €158,675 | -€3,054 | -1.9% |
| Tangible fixed assets | 22/27 | €161,542 | €158,489 | -€3,054 | -1.9% |
| Land and buildings | 22 | €3,156 | €1,693 | -€1,462 | -46.3% |
| Plant, machinery and equipment | 23 | €63,121 | €46,013 | -€17,107 | -27.1% |
| Furniture and vehicles | 24 | €95,266 | €110,782 | +€15,516 | +16.3% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €141,512 | €112,944 | -€28,568 | -20.2% |
| Stocks and contracts in progress | 3 | €22,000 | €23,750 | +€1,750 | +8.0% |
| Stocks | 30/36 | €22,000 | €23,750 | +€1,750 | +8.0% |
| Amounts receivable within one year | 40/41 | €49,221 | €29,353 | -€19,867 | -40.4% |
| Trade receivables | 40 | €48,290 | €25,337 | -€22,953 | -47.5% |
| Other amounts receivable | 41 | €931 | €4,016 | +€3,085 | +331.5% |
| Cash at bank and in hand | 54/58 | €70,102 | €59,841 | -€10,261 | -14.6% |
| Deferred charges and accrued income | 490/1 | €190 | - | -€190 | |
| Total equity and liabilities | 10/49 | €303,241 | €271,618 | -€31,622 | -10.4% |
| Equity | 10/15 | €211,367 | €190,541 | -€20,826 | -9.9% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €191,527 | €170,701 | -€20,826 | -10.9% |
| Distributable reserves | 133 | €191,527 | €170,701 | -€20,826 | -10.9% |
| Amounts payable | 17/49 | €91,873 | €81,077 | -€10,796 | -11.8% |
| Amounts payable after more than one year | 17 | €26,284 | €29,122 | +€2,838 | +10.8% |
| Financial debts | 170/4 | €26,284 | €29,122 | +€2,838 | +10.8% |
| Amounts payable within one year | 42/48 | €65,589 | €51,955 | -€13,634 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €32,925 | €27,875 | -€5,050 | -15.3% |
| Trade debts | 44 | €14,646 | €12,231 | -€2,415 | -16.5% |
| Suppliers | 440/4 | €14,646 | €12,231 | -€2,415 | -16.5% |
| Taxes, remuneration and social security | 45 | €3,253 | €1,236 | -€2,017 | -62.0% |
| Taxes | 450/3 | €3,253 | €1,177 | -€2,076 | -63.8% |
| Remuneration and social security | 454/9 | - | €59 | +€59 | |
| Other amounts payable | 47/48 | €14,764 | €10,613 | -€4,152 | -28.1% |
| Non-recurring operating income | 76A | €4,426 | - | -€4,426 | |
| Remuneration, social security and pensions | 62 | €129,397 | €136,488 | +€7,091 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,568 | €49,259 | +€5,691 | +13.1% |
| Other operating charges | 640/8 | €1,627 | €1,152 | -€475 | -29.2% |
| Non-recurring operating charges | 66A | €701 | - | -€701 | |
| Gross operating margin | 9900 | €210,572 | €202,984 | -€7,587 | -3.6% |
| Operating profit (loss) | 9901 | €35,279 | €16,086 | -€19,194 | -54.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €6,249 | €7,043 | +€794 | +12.7% |
| Recurring financial charges | 65 | €6,249 | €7,043 | +€794 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €29,031 | €9,043 | -€19,988 | -68.8% |
| Income taxes | 67/77 | €8,078 | €1,934 | -€6,144 | -76.1% |
| Profit (loss) for the period | 9904 | €20,953 | €7,109 | -€13,843 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,953 | €7,109 | -€13,843 | -66.1% |
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 28 September 2026 via checked.be.