GOVAERTS PRINTING: 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 PRINTING
Largest movements
- Tangible fixed assets +€138,157
up €138,157 (+70.4%), from €196,135 to €334,292
of which Plant, machinery and equipment: +€106,018
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€55,838
up €55,838 (+46.1%), from €121,074 to €176,912
mainly Current investments (+€100,000) and Depreciation (+€71,840)
- Receivables within one year +€13,241
up €13,241 (+18.8%), from €70,316 to €83,557
of which Trade receivables: +€19,605
- Debts after one year +€65,444
up €65,444 (+70.8%), from €92,495 to €157,939
- Trade debts +€27,354
up €27,354 (+436%), from €6,276 to €33,630
- Current portion of long-term debt +€27,315
up €27,315 (+83.7%), from €32,653 to €59,967
- Other debts -€17,107
down €17,107 (-20.4%), from €83,745 to €66,638
- Staff costs +€62,730
up €62,730 (+145%), from €43,123 to €105,853
- Gross operating margin +€58,652
up €58,652 (+27.9%), from €209,917 to €268,568
- Depreciation +€27,361
up €27,361 (+61.5%), from €44,479 to €71,840
- Taxes -€7,526
down €7,526 (-34.8%), from €21,609 to €14,083
- Financial income +€3,035
up €3,035 (+198%), from €1,533 to €4,568
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 | €507,250 | €618,004 | +€110,754 | +21.8% |
| Fixed assets | 21/28 | €197,060 | €334,642 | +€137,582 | +69.8% |
| Intangible fixed assets | 21 | €575 | €0 | -€575 | -100% |
| Tangible fixed assets | 22/27 | €196,135 | €334,292 | +€138,157 | +70.4% |
| Plant, machinery and equipment | 23 | €77,304 | €183,321 | +€106,018 | +137% |
| Furniture and vehicles | 24 | €108,817 | €112,887 | +€4,070 | +3.7% |
| Leasing and similar rights | 25 | €10,014 | €4,002 | -€6,012 | -60.0% |
| Other tangible fixed assets | 26 | - | €34,082 | +€34,082 | |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €310,190 | €283,362 | -€26,828 | -8.6% |
| Stocks and contracts in progress | 3 | €11,778 | €13,862 | +€2,084 | +17.7% |
| Stocks | 30/36 | €11,778 | €13,862 | +€2,084 | +17.7% |
| Amounts receivable within one year | 40/41 | €70,316 | €83,557 | +€13,241 | +18.8% |
| Trade receivables | 40 | €59,428 | €79,033 | +€19,605 | +33.0% |
| Other amounts receivable | 41 | €10,887 | €4,524 | -€6,364 | -58.5% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €121,074 | €176,912 | +€55,838 | +46.1% |
| Deferred charges and accrued income | 490/1 | €7,023 | €9,032 | +€2,009 | +28.6% |
| Total equity and liabilities | 10/49 | €507,250 | €618,004 | +€110,754 | +21.8% |
| Equity | 10/15 | €280,766 | €283,862 | +€3,096 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,166 | €265,262 | +€3,096 | +1.2% |
| Distributable reserves | 133 | €262,166 | €265,262 | +€3,096 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €226,484 | €334,142 | +€107,658 | +47.5% |
| Amounts payable after more than one year | 17 | €92,495 | €157,939 | +€65,444 | +70.8% |
| Financial debts | 170/4 | €92,495 | €157,939 | +€65,444 | +70.8% |
| Amounts payable within one year | 42/48 | €133,989 | €176,203 | +€42,214 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €32,653 | €59,967 | +€27,315 | +83.7% |
| Financial debts | 43 | €5,144 | €5,118 | -€25 | -0.5% |
| Credit institutions | 430/8 | €5,144 | €5,118 | -€25 | -0.5% |
| Trade debts | 44 | €6,276 | €33,630 | +€27,354 | +436% |
| Suppliers | 440/4 | €6,276 | €33,630 | +€27,354 | +436% |
| Advances received on contracts in progress | 46 | €959 | €959 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,212 | €9,891 | +€4,678 | +89.7% |
| Taxes | 450/3 | €320 | €2,271 | +€1,951 | +609% |
| Remuneration and social security | 454/9 | €4,892 | €7,619 | +€2,727 | +55.7% |
| Other amounts payable | 47/48 | €83,745 | €66,638 | -€17,107 | -20.4% |
| Remuneration, social security and pensions | 62 | €43,123 | €105,853 | +€62,730 | +145% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,479 | €71,840 | +€27,361 | +61.5% |
| Other operating charges | 640/8 | €1,234 | €1,837 | +€603 | +48.9% |
| Non-recurring operating charges | 66A | €21 | €0 | -€21 | -100% |
| Gross operating margin | 9900 | €209,917 | €268,568 | +€58,652 | +27.9% |
| Operating profit (loss) | 9901 | €121,060 | €89,039 | -€32,021 | -26.5% |
| Financial income | 75/76B | €1,533 | €4,568 | +€3,035 | +198% |
| Recurring financial income | 75 | €1,533 | €4,568 | +€3,035 | +198% |
| Financial charges | 65/66B | €8,059 | €9,978 | +€1,920 | +23.8% |
| Recurring financial charges | 65 | €8,059 | €9,978 | +€1,920 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €114,534 | €83,628 | -€30,906 | -27.0% |
| Income taxes | 67/77 | €21,609 | €14,083 | -€7,526 | -34.8% |
| Profit (loss) for the period | 9904 | €92,925 | €69,545 | -€23,379 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €92,925 | €69,545 | -€23,379 | -25.2% |
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 30 October 2026 via checked.be.