GOVAERTS TOM: 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 TOM
Largest movements
- Cash +€175,052
up €175,052 (+110%), from €158,433 to €333,485
mainly Current investments (+€104,999) and Net result for the year (+€99,849)
- Current investments -€104,999
down €104,999 (-50.4%), from €208,195 to €103,196
- Tangible fixed assets +€79,643
up €79,643 (+8.5%), from €940,933 to €1.0m
of which Land and buildings: +€86,187
- Reserves +€99,849
up €99,849 (+20.2%), from €494,720 to €594,569
of which Distributable reserves: +€105,020
- Trade debts +€33,135
up €33,135 (+360%), from €9,201 to €42,336
- Gross operating margin +€11,425
up €11,425 (+4.4%), from €260,390 to €271,815
- Financial income +€6,760
up €6,760 (+592%), from €1,141 to €7,902
- Depreciation +€6,552
up €6,552 (+10.2%), from €64,311 to €70,863
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 | €1,351,469 | €1,493,203 | +€141,734 | +10.5% |
| Fixed assets | 21/28 | €946,140 | €1,024,454 | +€78,313 | +8.3% |
| Intangible fixed assets | 21 | €5,207 | €3,877 | -€1,330 | -25.5% |
| Tangible fixed assets | 22/27 | €940,933 | €1,020,577 | +€79,643 | +8.5% |
| Land and buildings | 22 | €862,055 | €948,242 | +€86,187 | +10.0% |
| Plant, machinery and equipment | 23 | €11,567 | €32,347 | +€20,779 | +180% |
| Furniture and vehicles | 24 | €67,311 | €39,988 | -€27,323 | -40.6% |
| Current assets | 29/58 | €405,329 | €468,749 | +€63,420 | +15.6% |
| Stocks and contracts in progress | 3 | €8,119 | €5,027 | -€3,092 | -38.1% |
| Stocks | 30/36 | €8,119 | €5,027 | -€3,092 | -38.1% |
| Amounts receivable within one year | 40/41 | €10,467 | €6,003 | -€4,465 | -42.7% |
| Trade receivables | 40 | €9,430 | €6,003 | -€3,428 | -36.3% |
| Other amounts receivable | 41 | €1,037 | - | -€1,037 | |
| Current investments | 50/53 | €208,195 | €103,196 | -€104,999 | -50.4% |
| Cash at bank and in hand | 54/58 | €158,433 | €333,485 | +€175,052 | +110% |
| Deferred charges and accrued income | 490/1 | €20,115 | €21,039 | +€924 | +4.6% |
| Total equity and liabilities | 10/49 | €1,351,469 | €1,493,203 | +€141,734 | +10.5% |
| Equity | 10/15 | €1,320,180 | €1,420,029 | +€99,849 | +7.6% |
| Contributions | 10/11 | €825,460 | €825,460 | = | 0.0% |
| Reserves | 13 | €494,720 | €594,569 | +€99,849 | +20.2% |
| Tax-exempt reserves | 132 | €10,342 | €5,171 | -€5,171 | -50.0% |
| Distributable reserves | 133 | €484,378 | €589,398 | +€105,020 | +21.7% |
| Provisions and deferred taxes | 16 | €2,585 | €1,293 | -€1,293 | -50.0% |
| Deferred taxes | 168 | €2,585 | €1,293 | -€1,293 | -50.0% |
| Amounts payable | 17/49 | €28,704 | €71,881 | +€43,178 | +150% |
| Amounts payable within one year | 42/48 | €28,704 | €71,881 | +€43,178 | +150% |
| Trade debts | 44 | €9,201 | €42,336 | +€33,135 | +360% |
| Suppliers | 440/4 | €9,201 | €42,336 | +€33,135 | +360% |
| Advances received on contracts in progress | 46 | €12,066 | €12,892 | +€826 | +6.8% |
| Taxes, remuneration and social security | 45 | €7,437 | €15,916 | +€8,480 | +114% |
| Taxes | 450/3 | €2,949 | €15,430 | +€12,481 | +423% |
| Remuneration and social security | 454/9 | €4,488 | €487 | -€4,001 | -89.2% |
| Other amounts payable | 47/48 | - | €737 | +€737 | |
| Remuneration, social security and pensions | 62 | €64,582 | €63,229 | -€1,353 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,311 | €70,863 | +€6,552 | +10.2% |
| Other operating charges | 640/8 | €6,397 | €6,235 | -€162 | -2.5% |
| Gross operating margin | 9900 | €260,390 | €271,815 | +€11,425 | +4.4% |
| Operating profit (loss) | 9901 | €125,099 | €131,488 | +€6,389 | +5.1% |
| Financial income | 75/76B | €1,141 | €7,902 | +€6,760 | +592% |
| Recurring financial income | 75 | €1,141 | €7,902 | +€6,760 | +592% |
| Financial charges | 65/66B | €324 | €1,354 | +€1,030 | +318% |
| Recurring financial charges | 65 | €324 | €1,354 | +€1,030 | +318% |
| Profit (loss) for the period before taxes | 9903 | €125,916 | €138,036 | +€12,119 | +9.6% |
| Transfer from deferred taxes | 780 | €1,293 | €1,293 | = | 0.0% |
| Income taxes | 67/77 | €38,799 | €39,479 | +€680 | +1.8% |
| Profit (loss) for the period | 9904 | €88,410 | €99,849 | +€11,439 | +12.9% |
| Transfer from tax-exempt reserves | 789 | €5,171 | €5,171 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,581 | €105,020 | +€11,439 | +12.2% |
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 21 October 2026 via checked.be.