GOVAERTS: 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.
GOVAERTS
Largest movements
- Cash +€277,871
up €277,871 (+322.3%), from €86,222 to €364,093
mainly Current investments (+€200,000) and Net result for the year (+€47,019)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year +€59,353
up €59,353 (+708.3%), from €8,380 to €67,733
of which Other amounts receivable: +€44,895
- Tangible fixed assets -€39,525
down €39,525 (-8.6%), from €459,512 to €419,987
- Reserves +€339,640
up €339,640 (+99.9%), from €339,932 to €679,572
of which Distributable reserves: +€339,640
- Revaluation surpluses -€292,621
no longer reported in 2025 (was €292,621)
- Other debts +€39,043
up €39,043 (+2359.8%), from €1,655 to €40,697
- Trade debts +€12,645
up €12,645 (+4684.1%), from €270 to €12,915
- Taxes +€4,266
up €4,266 (+36.2%), from €11,769 to €16,035
- Depreciation +€3,389
up €3,389 (+9.0%), from €37,832 to €41,221
- Gross operating margin +€1,553
up €1,553 (+1.4%), from €110,372 to €111,925
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 | €755,922 | €853,621 | +€97,700 | +12.9% |
| Fixed assets | 21/28 | €459,760 | €420,235 | -€39,525 | -8.6% |
| Tangible fixed assets | 22/27 | €459,512 | €419,987 | -€39,525 | -8.6% |
| Land and buildings | 22 | €349,668 | €334,104 | -€15,564 | -4.5% |
| Plant, machinery and equipment | 23 | €21,798 | €16,300 | -€5,498 | -25.2% |
| Furniture and vehicles | 24 | €88,046 | €69,583 | -€18,462 | -21.0% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €296,162 | €433,386 | +€137,225 | +46.3% |
| Amounts receivable within one year | 40/41 | €8,380 | €67,733 | +€59,353 | +708.3% |
| Trade receivables | 40 | - | €14,458 | +€14,458 | |
| Other amounts receivable | 41 | €8,380 | €53,275 | +€44,895 | +535.8% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €86,222 | €364,093 | +€277,871 | +322.3% |
| Deferred charges and accrued income | 490/1 | €1,560 | €1,561 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €755,922 | €853,621 | +€97,700 | +12.9% |
| Equity | 10/15 | €752,553 | €799,572 | +€47,019 | +6.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Revaluation surpluses | 12 | €292,621 | - | -€292,621 | |
| Reserves | 13 | €339,932 | €679,572 | +€339,640 | +99.9% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €327,932 | €667,572 | +€339,640 | +103.6% |
| Amounts payable | 17/49 | €3,368 | €54,049 | +€50,681 | +1504.6% |
| Amounts payable within one year | 42/48 | €3,368 | €54,049 | +€50,681 | +1504.6% |
| Trade debts | 44 | €270 | €12,915 | +€12,645 | +4684.1% |
| Suppliers | 440/4 | €270 | €12,915 | +€12,645 | +4684.1% |
| Taxes, remuneration and social security | 45 | €1,444 | €437 | -€1,007 | -69.7% |
| Taxes | 450/3 | €1,444 | €437 | -€1,007 | -69.7% |
| Other amounts payable | 47/48 | €1,655 | €40,697 | +€39,043 | +2359.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,832 | €41,221 | +€3,389 | +9.0% |
| Other operating charges | 640/8 | €10,685 | €10,900 | +€215 | +2.0% |
| Gross operating margin | 9900 | €110,372 | €111,925 | +€1,553 | +1.4% |
| Operating profit (loss) | 9901 | €61,855 | €59,804 | -€2,052 | -3.3% |
| Financial income | 75/76B | €3,294 | €3,277 | -€18 | -0.5% |
| Recurring financial income | 75 | €3,294 | €3,277 | -€18 | -0.5% |
| Financial charges | 65/66B | €34 | €26 | -€8 | -22.2% |
| Recurring financial charges | 65 | €34 | €26 | -€8 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €65,116 | €63,054 | -€2,062 | -3.2% |
| Income taxes | 67/77 | €11,769 | €16,035 | +€4,266 | +36.2% |
| Profit (loss) for the period | 9904 | €53,347 | €47,019 | -€6,328 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,347 | €47,019 | -€6,328 | -11.9% |
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 12 October 2026 via checked.be.