GOVAERTS: 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.
GOVAERTS
Largest movements
- Receivables within one year -€292,750
down €292,750 (-63.0%), from €464,637 to €171,887
of which Trade receivables: -€441,394
- Tangible fixed assets -€24,125
down €24,125 (-39.7%), from €60,790 to €36,665
of which Land and buildings: -€56,416
- Other debts -€188,140
down €188,140 (-71.6%), from €262,779 to €74,639
- Profit (loss) carried forward -€70,964
down €70,964 (-21.0%), from -€337,152 to -€408,116
- Trade debts -€29,819
down €29,819 (-78.2%), from €38,135 to €8,315
- Debts after one year -€20,655
down €20,655 (-89.0%), from €23,218 to €2,563
- Current portion of long-term debt -€16,536
down €16,536 (-44.5%), from €37,191 to €20,655
- Gross operating margin -€72,734
down €72,734, from €57,671 to -€15,063
- Provisions +€20,000
up €20,000, from -€20,000 to €0
- Depreciation -€3,166
down €3,166 (-11.6%), from €27,291 to €24,125
- Financial charges -€2,441
down €2,441 (-7.9%), from €30,886 to €28,445
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 | €526,317 | €208,808 | -€317,509 | -60.3% |
| Fixed assets | 21/28 | €60,790 | €36,665 | -€24,125 | -39.7% |
| Tangible fixed assets | 22/27 | €60,790 | €36,665 | -€24,125 | -39.7% |
| Land and buildings | 22 | €60,790 | €4,374 | -€56,416 | -92.8% |
| Other tangible fixed assets | 26 | - | €32,291 | +€32,291 | |
| Current assets | 29/58 | €465,527 | €172,143 | -€293,384 | -63.0% |
| Amounts receivable within one year | 40/41 | €464,637 | €171,887 | -€292,750 | -63.0% |
| Trade receivables | 40 | €447,152 | €5,758 | -€441,394 | -98.7% |
| Other amounts receivable | 41 | €17,485 | €166,129 | +€148,644 | +850.1% |
| Cash at bank and in hand | 54/58 | €890 | €256 | -€634 | -71.2% |
| Total equity and liabilities | 10/49 | €526,317 | €208,808 | -€317,509 | -60.3% |
| Equity | 10/15 | -€304,152 | -€375,116 | -€70,964 | -23.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€337,152 | -€408,116 | -€70,964 | -21.0% |
| Amounts payable | 17/49 | €830,469 | €583,924 | -€246,545 | -29.7% |
| Amounts payable after more than one year | 17 | €23,218 | €2,563 | -€20,655 | -89.0% |
| Financial debts | 170/4 | €23,218 | €2,563 | -€20,655 | -89.0% |
| Amounts payable within one year | 42/48 | €807,251 | €581,361 | -€225,890 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €37,191 | €20,655 | -€16,536 | -44.5% |
| Financial debts | 43 | €469,146 | €477,752 | +€8,606 | +1.8% |
| Credit institutions | 430/8 | €469,146 | €477,752 | +€8,606 | +1.8% |
| Trade debts | 44 | €38,135 | €8,315 | -€29,819 | -78.2% |
| Suppliers | 440/4 | €38,135 | €8,315 | -€29,819 | -78.2% |
| Other amounts payable | 47/48 | €262,779 | €74,639 | -€188,140 | -71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,291 | €24,125 | -€3,166 | -11.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,000 | €0 | +€20,000 | |
| Other operating charges | 640/8 | €3,858 | €3,331 | -€527 | -13.6% |
| Gross operating margin | 9900 | €57,671 | -€15,063 | -€72,734 | |
| Operating profit (loss) | 9901 | €46,523 | -€42,519 | -€89,042 | |
| Financial charges | 65/66B | €30,886 | €28,445 | -€2,441 | -7.9% |
| Recurring financial charges | 65 | €30,886 | €28,445 | -€2,441 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €15,637 | -€70,964 | -€86,601 | |
| Profit (loss) for the period | 9904 | €15,637 | -€70,964 | -€86,601 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,637 | -€70,964 | -€86,601 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.