Govaert M&D: 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.
Govaert M&D
Largest movements
- Tangible fixed assets +€148,409
up €148,409 (+80.1%), from €185,235 to €333,644
of which Land and buildings: +€152,521
- Receivables within one year -€14,876
down €14,876 (-17.7%), from €84,099 to €69,223
of which Trade receivables: -€30,472
- Debts after one year +€117,935
up €117,935 (+167%), from €70,637 to €188,572
- Reserves +€16,208
up €16,208 (+6.9%), from €233,906 to €250,114
of which Distributable reserves: +€16,208
- Trade debts +€10,828
up €10,828 (+86.7%), from €12,488 to €23,316
- Current portion of long-term debt -€6,270
down €6,270 (-38.6%), from €16,234 to €9,964
- Gross operating margin -€24,732
down €24,732 (-14.6%), from €169,061 to €144,329
- Taxes -€15,855
down €15,855 (-63.8%), from €24,857 to €9,002
- Depreciation +€3,003
up €3,003 (+13.6%), from €22,140 to €25,143
- Other operating charges +€1,783
up €1,783 (+40.1%), from €4,451 to €6,235
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 | €347,027 | €483,692 | +€136,665 | +39.4% |
| Fixed assets | 21/28 | €185,235 | €333,694 | +€148,459 | +80.1% |
| Tangible fixed assets | 22/27 | €185,235 | €333,644 | +€148,409 | +80.1% |
| Land and buildings | 22 | €153,038 | €305,558 | +€152,521 | +99.7% |
| Plant, machinery and equipment | 23 | €6,381 | €2,747 | -€3,634 | -57.0% |
| Furniture and vehicles | 24 | €25,816 | €25,339 | -€478 | -1.9% |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €161,793 | €149,999 | -€11,794 | -7.3% |
| Stocks and contracts in progress | 3 | €24,620 | €24,060 | -€560 | -2.3% |
| Stocks | 30/36 | €14,120 | €11,360 | -€2,760 | -19.5% |
| Contracts in progress | 37 | €10,500 | €12,700 | +€2,200 | +21.0% |
| Amounts receivable within one year | 40/41 | €84,099 | €69,223 | -€14,876 | -17.7% |
| Trade receivables | 40 | €42,473 | €12,001 | -€30,472 | -71.7% |
| Other amounts receivable | 41 | €41,626 | €57,222 | +€15,596 | +37.5% |
| Cash at bank and in hand | 54/58 | €45,849 | €49,499 | +€3,650 | +8.0% |
| Deferred charges and accrued income | 490/1 | €7,225 | €7,217 | -€8 | -0.1% |
| Total equity and liabilities | 10/49 | €347,027 | €483,692 | +€136,665 | +39.4% |
| Equity | 10/15 | €240,106 | €256,314 | +€16,208 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €233,906 | €250,114 | +€16,208 | +6.9% |
| 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 | €232,046 | €248,254 | +€16,208 | +7.0% |
| Amounts payable | 17/49 | €106,921 | €227,378 | +€120,457 | +113% |
| Amounts payable after more than one year | 17 | €70,637 | €188,572 | +€117,935 | +167% |
| Financial debts | 170/4 | €70,637 | €188,572 | +€117,935 | +167% |
| Amounts payable within one year | 42/48 | €35,794 | €38,806 | +€3,012 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €16,234 | €9,964 | -€6,270 | -38.6% |
| Trade debts | 44 | €12,488 | €23,316 | +€10,828 | +86.7% |
| Suppliers | 440/4 | €12,488 | €23,316 | +€10,828 | +86.7% |
| Taxes, remuneration and social security | 45 | €7,037 | €2,762 | -€4,275 | -60.8% |
| Taxes | 450/3 | €4,389 | - | -€4,389 | |
| Remuneration and social security | 454/9 | €2,649 | €2,762 | +€113 | +4.3% |
| Other amounts payable | 47/48 | €35 | €2,763 | +€2,729 | +7,910% |
| Accrued charges and deferred income | 492/3 | €490 | - | -€490 | |
| Remuneration, social security and pensions | 62 | €71,671 | €72,242 | +€571 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,140 | €25,143 | +€3,003 | +13.6% |
| Other operating charges | 640/8 | €4,451 | €6,235 | +€1,783 | +40.1% |
| Gross operating margin | 9900 | €169,061 | €144,329 | -€24,732 | -14.6% |
| Operating profit (loss) | 9901 | €70,798 | €40,709 | -€30,089 | -42.5% |
| Financial income | 75/76B | €4,719 | €3,209 | -€1,510 | -32.0% |
| Recurring financial income | 75 | €4,719 | €3,209 | -€1,510 | -32.0% |
| Financial charges | 65/66B | €6,774 | €8,183 | +€1,408 | +20.8% |
| Recurring financial charges | 65 | €6,774 | €8,183 | +€1,408 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €68,743 | €35,735 | -€33,008 | -48.0% |
| Income taxes | 67/77 | €24,857 | €9,002 | -€15,855 | -63.8% |
| Profit (loss) for the period | 9904 | €43,886 | €26,734 | -€17,152 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,886 | €26,734 | -€17,152 | -39.1% |
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 24 October 2026 via checked.be.