GOVAERT PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts -€771,327
down €771,327 (-98.7%), from €781,327 to €10,000
- Cash -€770,405
down €770,405 (-69.0%), from €1.1m to €346,283
mainly Advances received (-€1.0m) and Receivables within one year (-€345,836)
- Receivables within one year +€345,836
up €345,836 (+704%), from €49,156 to €394,993
of which Trade receivables: +€305,081
- Current investments +€300,000
up €300,000 (+42.9%), from €700,000 to €1.0m
- Tangible fixed assets -€87,278
down €87,278 (-5.8%), from €1.5m to €1.4m
of which Land and buildings: -€67,615
- Advances received -€1.0m
no longer reported in 2025 (was €1.0m)
- Tax, wage and social debts -€199,528
down €199,528 (-56.6%), from €352,675 to €153,146
- Reserves +€170,941
up €170,941 (+28.5%), from €599,389 to €770,329
- Trade debts +€138,323
up €138,323 (+140%), from €98,841 to €237,164
- Debts after one year -€48,000
down €48,000 (-9.5%), from €506,666 to €458,666
- Gross operating margin -€390,180
down €390,180 (-53.9%), from €724,054 to €333,874
- Taxes -€101,670
down €101,670 (-66.4%), from €153,018 to €51,348
- Financial income -€28,964
down €28,964 (-44.8%), from €64,599 to €35,635
- Financial charges -€14,178
down €14,178 (-45.3%), from €31,301 to €17,123
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 | €4,158,981 | €3,175,806 | -€983,174 | -23.6% |
| Fixed assets | 21/28 | €1,511,809 | €1,424,530 | -€87,278 | -5.8% |
| Tangible fixed assets | 22/27 | €1,509,059 | €1,421,780 | -€87,278 | -5.8% |
| Land and buildings | 22 | €1,339,737 | €1,272,122 | -€67,615 | -5.0% |
| Plant, machinery and equipment | 23 | €21,663 | €32,243 | +€10,580 | +48.8% |
| Furniture and vehicles | 24 | €122,065 | €93,954 | -€28,111 | -23.0% |
| Other tangible fixed assets | 26 | €25,594 | €23,461 | -€2,133 | -8.3% |
| Financial fixed assets | 28 | €2,750 | €2,750 | = | 0.0% |
| Current assets | 29/58 | €2,647,172 | €1,751,276 | -€895,896 | -33.8% |
| Stocks and contracts in progress | 3 | €781,327 | €10,000 | -€771,327 | -98.7% |
| Stocks | 30/36 | €781,327 | €10,000 | -€771,327 | -98.7% |
| Amounts receivable within one year | 40/41 | €49,156 | €394,993 | +€345,836 | +704% |
| Trade receivables | 40 | €49,106 | €354,186 | +€305,081 | +621% |
| Other amounts receivable | 41 | €51 | €40,806 | +€40,756 | +80,354% |
| Current investments | 50/53 | €700,000 | €1,000,000 | +€300,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €1,116,688 | €346,283 | -€770,405 | -69.0% |
| Total equity and liabilities | 10/49 | €4,158,981 | €3,175,806 | -€983,174 | -23.6% |
| Equity | 10/15 | €684,389 | €855,329 | +€170,941 | +25.0% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €599,389 | €770,329 | +€170,941 | +28.5% |
| Distributable reserves | 133 | €599,389 | €770,329 | +€170,941 | +28.5% |
| Amounts payable | 17/49 | €3,474,592 | €2,320,477 | -€1.2m | -33.2% |
| Amounts payable after more than one year | 17 | €506,666 | €458,666 | -€48,000 | -9.5% |
| Financial debts | 170/4 | €506,666 | €458,666 | -€48,000 | -9.5% |
| Amounts payable within one year | 42/48 | €2,945,905 | €1,845,771 | -€1.1m | -37.3% |
| Current portion of amounts payable after more than one year | 42 | €48,000 | €49,667 | +€1,667 | +3.5% |
| Trade debts | 44 | €98,841 | €237,164 | +€138,323 | +140% |
| Suppliers | 440/4 | €98,841 | €237,164 | +€138,323 | +140% |
| Advances received on contracts in progress | 46 | €1,046,560 | - | -€1.0m | |
| Taxes, remuneration and social security | 45 | €352,675 | €153,146 | -€199,528 | -56.6% |
| Taxes | 450/3 | €352,675 | €153,146 | -€199,528 | -56.6% |
| Other amounts payable | 47/48 | €1,399,829 | €1,405,793 | +€5,965 | +0.4% |
| Accrued charges and deferred income | 492/3 | €22,021 | €16,040 | -€5,981 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,149 | €121,427 | +€3,278 | +2.8% |
| Other operating charges | 640/8 | €7,682 | €8,671 | +€989 | +12.9% |
| Gross operating margin | 9900 | €724,054 | €333,874 | -€390,180 | -53.9% |
| Operating profit (loss) | 9901 | €598,224 | €203,777 | -€394,447 | -65.9% |
| Financial income | 75/76B | €64,599 | €35,635 | -€28,964 | -44.8% |
| Recurring financial income | 75 | €64,599 | €35,635 | -€28,964 | -44.8% |
| Financial charges | 65/66B | €31,301 | €17,123 | -€14,178 | -45.3% |
| Recurring financial charges | 65 | €31,301 | €17,123 | -€14,178 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €631,521 | €222,288 | -€409,233 | -64.8% |
| Income taxes | 67/77 | €153,018 | €51,348 | -€101,670 | -66.4% |
| Profit (loss) for the period | 9904 | €478,503 | €170,941 | -€307,563 | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €478,503 | €170,941 | -€307,563 | -64.3% |
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 14 October 2026 via checked.be.