Govaerts Elke: 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 Elke
Largest movements
- Current investments +€34,000
new in 2025: €34,000
- Cash -€2,900
down €2,900 (-8.8%), from €33,056 to €30,155
mainly Current investments (-€34,000) and Investment in fixed assets (net) (-€2,198)
- Profit (loss) carried forward +€28,060
up €28,060 (+72.5%), from €38,699 to €66,759
- Tax, wage and social debts +€3,136
up €3,136 (+829%), from €378 to €3,514
of which Taxes: +€3,136
- Other debts +€750
up €750 (+60.0%), from €1,250 to €2,000
- Gross operating margin +€6,861
up €6,861 (+20.4%), from €33,712 to €40,573
- Taxes +€3,673
up €3,673 (+57.6%), from €6,381 to €10,054
- Depreciation -€1,305
down €1,305 (-37.5%), from €3,484 to €2,179
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 | €42,779 | €74,688 | +€31,909 | +74.6% |
| Fixed assets | 21/28 | €2,915 | €2,935 | +€19 | +0.7% |
| Tangible fixed assets | 22/27 | €2,915 | €2,935 | +€19 | +0.7% |
| Furniture and vehicles | 24 | €2,915 | €2,935 | +€19 | +0.7% |
| Current assets | 29/58 | €39,864 | €71,753 | +€31,890 | +80.0% |
| Amounts receivable within one year | 40/41 | €5,365 | €6,026 | +€661 | +12.3% |
| Trade receivables | 40 | €5,365 | €6,026 | +€661 | +12.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €34,000 | +€34,000 | |
| Cash at bank and in hand | 54/58 | €33,056 | €30,155 | -€2,900 | -8.8% |
| Deferred charges and accrued income | 490/1 | €1,443 | €1,572 | +€129 | +8.9% |
| Total equity and liabilities | 10/49 | €42,779 | €74,688 | +€31,909 | +74.6% |
| Equity | 10/15 | €41,099 | €69,159 | +€28,060 | +68.3% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,699 | €66,759 | +€28,060 | +72.5% |
| Amounts payable | 17/49 | €1,680 | €5,528 | +€3,849 | +229% |
| Amounts payable within one year | 42/48 | €1,680 | €5,528 | +€3,849 | +229% |
| Trade debts | 44 | €52 | €15 | -€37 | -71.2% |
| Suppliers | 440/4 | €52 | €15 | -€37 | -71.2% |
| Taxes, remuneration and social security | 45 | €378 | €3,514 | +€3,136 | +829% |
| Taxes | 450/3 | €378 | €3,514 | +€3,136 | +829% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,250 | €2,000 | +€750 | +60.0% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,484 | €2,179 | -€1,305 | -37.5% |
| Other operating charges | 640/8 | €453 | €370 | -€83 | -18.4% |
| Non-recurring operating charges | 66A | €11 | - | -€11 | |
| Gross operating margin | 9900 | €33,712 | €40,573 | +€6,861 | +20.4% |
| Operating profit (loss) | 9901 | €29,764 | €38,025 | +€8,261 | +27.8% |
| Financial income | 75/76B | €9 | €135 | +€125 | +1,341% |
| Recurring financial income | 75 | €9 | €135 | +€125 | +1,341% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.6% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €29,730 | €38,115 | +€8,384 | +28.2% |
| Income taxes | 67/77 | €6,381 | €10,054 | +€3,673 | +57.6% |
| Profit (loss) for the period | 9904 | €23,349 | €28,060 | +€4,711 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,349 | €28,060 | +€4,711 | +20.2% |
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.