GOVAERTS-THYS: 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-THYS
Largest movements
- Tangible fixed assets -€84,441
down €84,441 (-11.9%), from €708,198 to €623,756
- Receivables within one year +€42,614
up €42,614 (+917%), from €4,648 to €47,261
of which Other amounts receivable: +€44,268
- Cash +€30,517
up €30,517 (+29.3%), from €104,200 to €134,718
mainly Depreciation (+€104,552) and Net result for the year (+€93,641)
- Intangible fixed assets -€15,000
down €15,000 (-33.3%), from €45,000 to €30,000
- Profit (loss) carried forward +€93,641
new in 2025: €93,641
- Debts after one year -€81,799
down €81,799 (-18.6%), from €440,859 to €359,059
- Reserves -€55,400
down €55,400 (-15.1%), from €365,954 to €310,554
- Trade debts +€21,547
new in 2025: €21,547
- Other debts -€18,867
down €18,867 (-35.7%), from €52,839 to €33,972
- Taxes -€6,007
down €6,007 (-19.3%), from €31,191 to €25,184
- Gross operating margin +€5,834
up €5,834 (+2.4%), from €238,770 to €244,604
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 | €862,730 | €836,420 | -€26,310 | -3.0% |
| Fixed assets | 21/28 | €753,198 | €653,756 | -€99,441 | -13.2% |
| Intangible fixed assets | 21 | €45,000 | €30,000 | -€15,000 | -33.3% |
| Tangible fixed assets | 22/27 | €708,198 | €623,756 | -€84,441 | -11.9% |
| Land and buildings | 22 | €565,783 | €529,199 | -€36,584 | -6.5% |
| Plant, machinery and equipment | 23 | €32,246 | €14,436 | -€17,810 | -55.2% |
| Furniture and vehicles | 24 | €94,308 | €66,269 | -€28,039 | -29.7% |
| Other tangible fixed assets | 26 | €15,860 | €13,852 | -€2,009 | -12.7% |
| Current assets | 29/58 | €109,532 | €182,663 | +€73,131 | +66.8% |
| Stocks and contracts in progress | 3 | €684 | €684 | = | 0.0% |
| Stocks | 30/36 | €684 | €684 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,648 | €47,261 | +€42,614 | +917% |
| Trade receivables | 40 | €2,365 | €711 | -€1,655 | -70.0% |
| Other amounts receivable | 41 | €2,283 | €46,551 | +€44,268 | +1,939% |
| Cash at bank and in hand | 54/58 | €104,200 | €134,718 | +€30,517 | +29.3% |
| Total equity and liabilities | 10/49 | €862,730 | €836,420 | -€26,310 | -3.0% |
| Equity | 10/15 | €365,954 | €404,195 | +€38,241 | +10.4% |
| Reserves | 13 | €365,954 | €310,554 | -€55,400 | -15.1% |
| Distributable reserves | 133 | €365,954 | €310,554 | -€55,400 | -15.1% |
| Profit (loss) carried forward | 14 | - | €93,641 | +€93,641 | |
| Amounts payable | 17/49 | €496,776 | €432,225 | -€64,552 | -13.0% |
| Amounts payable after more than one year | 17 | €440,859 | €359,059 | -€81,799 | -18.6% |
| Financial debts | 170/4 | €440,859 | €359,059 | -€81,799 | -18.6% |
| Amounts payable within one year | 42/48 | €55,917 | €73,165 | +€17,248 | +30.8% |
| Trade debts | 44 | - | €21,547 | +€21,547 | |
| Suppliers | 440/4 | - | €21,547 | +€21,547 | |
| Taxes, remuneration and social security | 45 | €3,078 | €17,645 | +€14,567 | +473% |
| Taxes | 450/3 | €3,078 | €17,645 | +€14,567 | +473% |
| Other amounts payable | 47/48 | €52,839 | €33,972 | -€18,867 | -35.7% |
| Remuneration, social security and pensions | 62 | €2,544 | €1,880 | -€664 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,618 | €104,552 | -€2,066 | -1.9% |
| Other operating charges | 640/8 | €1,678 | €1,731 | +€53 | +3.1% |
| Gross operating margin | 9900 | €238,770 | €244,604 | +€5,834 | +2.4% |
| Operating profit (loss) | 9901 | €127,931 | €136,442 | +€8,512 | +6.7% |
| Financial income | 75/76B | €40 | €992 | +€952 | +2,384% |
| Recurring financial income | 75 | €40 | €992 | +€952 | +2,384% |
| Financial charges | 65/66B | €20,780 | €18,609 | -€2,171 | -10.4% |
| Recurring financial charges | 65 | €20,780 | €18,609 | -€2,171 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €107,191 | €118,825 | +€11,635 | +10.9% |
| Income taxes | 67/77 | €31,191 | €25,184 | -€6,007 | -19.3% |
| Profit (loss) for the period | 9904 | €76,000 | €93,641 | +€17,641 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,000 | €93,641 | +€17,641 | +23.2% |
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 16 October 2026 via checked.be.