Govaerts & Co: 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 & Co
Largest movements
- Tangible fixed assets +€441,984
up €441,984 (+51.1%), from €865,028 to €1.3m
of which Land and buildings: +€401,608
- Cash +€16,580
up €16,580 (+12.8%), from €129,906 to €146,485
mainly Other debts (+€224,258) and Net result for the year (+€199,690)
- Reserves +€280,508
up €280,508 (+41.6%), from €673,793 to €954,300
of which Distributable reserves: +€280,508
- Other debts +€224,258
up €224,258 (+91.8%), from €244,272 to €468,530
- Profit (loss) carried forward -€80,817
no longer reported in 2025 (was €80,817)
- Accrued charges and deferred income +€31,878
up €31,878 (+79.7%), from €40,000 to €71,878
- Trade debts -€25,959
down €25,959 (-38.4%), from €67,580 to €41,621
- Gross operating margin +€152,699
up €152,699 (+54.6%), from €279,858 to €432,556
- Other operating charges +€61,279
up €61,279 (+767%), from €7,985 to €69,264
- Write-downs -€24,325
down €24,325, from €6,753 to -€17,572
- Taxes +€22,042
up €22,042 (+78.1%), from €28,211 to €50,253
- Depreciation +€20,703
up €20,703 (+22.4%), from €92,313 to €113,016
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 | €1,157,716 | €1,607,715 | +€449,999 | +38.9% |
| Fixed assets | 21/28 | €866,278 | €1,308,262 | +€441,984 | +51.0% |
| Tangible fixed assets | 22/27 | €865,028 | €1,307,012 | +€441,984 | +51.1% |
| Land and buildings | 22 | €711,459 | €1,113,067 | +€401,608 | +56.4% |
| Plant, machinery and equipment | 23 | €71,787 | €85,366 | +€13,579 | +18.9% |
| Furniture and vehicles | 24 | €81,782 | €108,579 | +€26,797 | +32.8% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €291,437 | €299,453 | +€8,016 | +2.8% |
| Stocks and contracts in progress | 3 | €33,351 | €25,419 | -€7,932 | -23.8% |
| Stocks | 30/36 | €33,351 | €25,419 | -€7,932 | -23.8% |
| Amounts receivable within one year | 40/41 | €115,996 | €114,200 | -€1,796 | -1.5% |
| Trade receivables | 40 | €113,139 | €114,200 | +€1,062 | +0.9% |
| Other amounts receivable | 41 | €2,858 | - | -€2,858 | |
| Current investments | 50/53 | €12,185 | €12,185 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €129,906 | €146,485 | +€16,580 | +12.8% |
| Deferred charges and accrued income | 490/1 | - | €1,164 | +€1,164 | |
| Total equity and liabilities | 10/49 | €1,157,716 | €1,607,715 | +€449,999 | +38.9% |
| Equity | 10/15 | €774,610 | €974,300 | +€199,690 | +25.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €673,793 | €954,300 | +€280,508 | +41.6% |
| Tax-exempt reserves | 132 | €6,916 | €6,916 | = | 0.0% |
| Distributable reserves | 133 | €666,876 | €947,384 | +€280,508 | +42.1% |
| Profit (loss) carried forward | 14 | €80,817 | - | -€80,817 | |
| Amounts payable | 17/49 | €383,106 | €633,415 | +€250,309 | +65.3% |
| Amounts payable within one year | 42/48 | €343,106 | €561,536 | +€218,430 | +63.7% |
| Trade debts | 44 | €67,580 | €41,621 | -€25,959 | -38.4% |
| Suppliers | 440/4 | €67,580 | €41,621 | -€25,959 | -38.4% |
| Taxes, remuneration and social security | 45 | €31,254 | €51,385 | +€20,131 | +64.4% |
| Taxes | 450/3 | €31,254 | €51,385 | +€20,131 | +64.4% |
| Other amounts payable | 47/48 | €244,272 | €468,530 | +€224,258 | +91.8% |
| Accrued charges and deferred income | 492/3 | €40,000 | €71,878 | +€31,878 | +79.7% |
| Non-recurring operating income | 76A | - | €54,387 | +€54,387 | |
| Remuneration, social security and pensions | 62 | - | €124 | +€124 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,313 | €113,016 | +€20,703 | +22.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,753 | -€17,572 | -€24,325 | |
| Other operating charges | 640/8 | €7,985 | €69,264 | +€61,279 | +767% |
| Gross operating margin | 9900 | €279,858 | €432,556 | +€152,699 | +54.6% |
| Operating profit (loss) | 9901 | €172,807 | €267,724 | +€94,918 | +54.9% |
| Financial income | 75/76B | €5,570 | €7,386 | +€1,816 | +32.6% |
| Recurring financial income | 75 | €5,570 | €7,386 | +€1,816 | +32.6% |
| Financial charges | 65/66B | €24,939 | €25,167 | +€229 | +0.9% |
| Recurring financial charges | 65 | €24,939 | €25,167 | +€229 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €153,438 | €249,944 | +€96,506 | +62.9% |
| Income taxes | 67/77 | €28,211 | €50,253 | +€22,042 | +78.1% |
| Profit (loss) for the period | 9904 | €125,227 | €199,690 | +€74,463 | +59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,227 | €199,690 | +€74,463 | +59.5% |
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 23 October 2026 via checked.be.