Govaerts Halen: 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 Halen
Largest movements
- Cash +€515,431
up €515,431 (+201%), from €256,769 to €772,200
mainly Trade debts (+€586,926) and Net result for the year (+€176,116)
- Tangible fixed assets -€46,778
down €46,778 (-10.9%), from €429,858 to €383,080
of which Land and buildings: -€44,980
- Stocks and contracts -€35,236
down €35,236 (-2.0%), from €1.7m to €1.7m
of which Stocks: -€43,065
- Trade debts +€586,926
up €586,926 (+154%), from €381,795 to €968,721
- Debts after one year -€247,227
down €247,227 (-23.7%), from €1.0m to €798,027
- Reserves +€176,116
up €176,116 (+23.2%), from €758,454 to €934,570
- Short-term financial debts -€33,434
down €33,434 (-57.2%), from €58,489 to €25,054
- Staff costs +€86,092
up €86,092 (+22.8%), from €377,469 to €463,561
- Gross operating margin -€60,107
down €60,107 (-6.5%), from €924,503 to €864,396
- Taxes -€29,978
down €29,978 (-33.9%), from €88,358 to €58,380
- Financial charges -€26,999
down €26,999 (-40.6%), from €66,533 to €39,534
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 | €2,604,969 | €3,052,509 | +€447,540 | +17.2% |
| Fixed assets | 21/28 | €440,512 | €396,348 | -€44,164 | -10.0% |
| Intangible fixed assets | 21 | €5,654 | €8,268 | +€2,613 | +46.2% |
| Tangible fixed assets | 22/27 | €429,858 | €383,080 | -€46,778 | -10.9% |
| Land and buildings | 22 | €342,199 | €297,219 | -€44,980 | -13.1% |
| Plant, machinery and equipment | 23 | €27,679 | €30,049 | +€2,370 | +8.6% |
| Furniture and vehicles | 24 | €28,141 | €13,072 | -€15,069 | -53.5% |
| Other tangible fixed assets | 26 | €31,838 | €42,740 | +€10,902 | +34.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €2,164,457 | €2,656,161 | +€491,704 | +22.7% |
| Stocks and contracts in progress | 3 | €1,740,839 | €1,705,603 | -€35,236 | -2.0% |
| Stocks | 30/36 | €1,739,202 | €1,696,138 | -€43,065 | -2.5% |
| Contracts in progress | 37 | €1,636 | €9,465 | +€7,829 | +478% |
| Amounts receivable within one year | 40/41 | €160,889 | €169,418 | +€8,529 | +5.3% |
| Trade receivables | 40 | €146,285 | €143,427 | -€2,858 | -2.0% |
| Other amounts receivable | 41 | €14,605 | €25,991 | +€11,387 | +78.0% |
| Cash at bank and in hand | 54/58 | €256,769 | €772,200 | +€515,431 | +201% |
| Deferred charges and accrued income | 490/1 | €5,960 | €8,940 | +€2,980 | +50.0% |
| Total equity and liabilities | 10/49 | €2,604,969 | €3,052,509 | +€447,540 | +17.2% |
| Equity | 10/15 | €958,454 | €1,134,570 | +€176,116 | +18.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €758,454 | €934,570 | +€176,116 | +23.2% |
| Distributable reserves | 133 | €758,454 | €934,570 | +€176,116 | +23.2% |
| Amounts payable | 17/49 | €1,646,514 | €1,917,939 | +€271,424 | +16.5% |
| Amounts payable after more than one year | 17 | €1,045,254 | €798,027 | -€247,227 | -23.7% |
| Financial debts | 170/4 | €1,045,254 | €798,027 | -€247,227 | -23.7% |
| Amounts payable within one year | 42/48 | €601,105 | €1,119,912 | +€518,807 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €50,082 | €43,240 | -€6,842 | -13.7% |
| Financial debts | 43 | €58,489 | €25,054 | -€33,434 | -57.2% |
| Credit institutions | 430/8 | €58,489 | €25,054 | -€33,434 | -57.2% |
| Trade debts | 44 | €381,795 | €968,721 | +€586,926 | +154% |
| Suppliers | 440/4 | €381,795 | €968,721 | +€586,926 | +154% |
| Taxes, remuneration and social security | 45 | €110,740 | €82,896 | -€27,843 | -25.1% |
| Taxes | 450/3 | €74,231 | €38,849 | -€35,382 | -47.7% |
| Remuneration and social security | 454/9 | €36,508 | €44,047 | +€7,539 | +20.7% |
| Accrued charges and deferred income | 492/3 | €156 | - | -€156 | |
| Non-recurring operating income | 76A | €23,564 | - | -€23,564 | |
| Remuneration, social security and pensions | 62 | €377,469 | €463,561 | +€86,092 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,613 | €107,693 | +€4,080 | +3.9% |
| Other operating charges | 640/8 | €21,133 | €21,514 | +€382 | +1.8% |
| Gross operating margin | 9900 | €924,503 | €864,396 | -€60,107 | -6.5% |
| Operating profit (loss) | 9901 | €422,288 | €271,628 | -€150,660 | -35.7% |
| Financial income | 75/76B | €1,319 | €2,402 | +€1,083 | +82.1% |
| Recurring financial income | 75 | €1,319 | €2,402 | +€1,083 | +82.1% |
| Financial charges | 65/66B | €66,533 | €39,534 | -€26,999 | -40.6% |
| Recurring financial charges | 65 | €66,533 | €39,534 | -€26,999 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €357,074 | €234,495 | -€122,579 | -34.3% |
| Income taxes | 67/77 | €88,358 | €58,380 | -€29,978 | -33.9% |
| Profit (loss) for the period | 9904 | €268,716 | €176,116 | -€92,601 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €268,716 | €176,116 | -€92,601 | -34.5% |
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 27 October 2026 via checked.be.