GOVAN: what changed
Two fiscal 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.
GOVAN
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-22.0%), from €5.1m to €4.0m
of which Assets under construction and advance payments: -€1.3m
- Receivables within one year -€250,622
down €250,622 (-47.3%), from €529,782 to €279,160
of which Other amounts receivable: -€250,622
- Cash +€114,969
up €114,969 (+62.3%), from €184,606 to €299,575
mainly Investment in fixed assets (net) (+€993,533) and Receivables within one year (+€250,622)
- Debts after one year -€1.4m
down €1.4m (-34.1%), from €4.0m to €2.6m
- Profit (loss) carried forward +€113,579
up €113,579 (+28.2%), from €403,094 to €516,672
- Gross operating margin +€1.3m
up €1.3m (+503.4%), from €256,315 to €1.5m
- Financial charges -€115,806
down €115,806 (-52.1%), from €222,075 to €106,269
of which Financial charges: -€120,806
- Depreciation +€49,697
up €49,697 (+67.7%), from €73,372 to €123,069
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.
Cash bridge derived
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 | €5,911,751 | €4,659,642 | -€1.3m | -21.2% |
| Fixed assets | 21/28 | €5,187,881 | €4,071,278 | -€1.1m | -21.5% |
| Tangible fixed assets | 22/27 | €5,074,980 | €3,958,377 | -€1.1m | -22.0% |
| Land and buildings | 22 | €3,592,094 | €3,582,373 | -€9,721 | -0.3% |
| Plant, machinery and equipment | 23 | €147,575 | €134,598 | -€12,977 | -8.8% |
| Other tangible fixed assets | 26 | - | €200,297 | +€200,297 | |
| Assets under construction and advance payments | 27 | €1,335,310 | €41,110 | -€1.3m | -96.9% |
| Financial fixed assets | 28 | €112,901 | €112,901 | = | 0.0% |
| Current assets | 29/58 | €723,870 | €588,363 | -€135,507 | -18.7% |
| Amounts receivable within one year | 40/41 | €529,782 | €279,160 | -€250,622 | -47.3% |
| Trade receivables | 40 | €14,520 | €14,520 | = | 0.0% |
| Other amounts receivable | 41 | €515,262 | €264,640 | -€250,622 | -48.6% |
| Cash at bank and in hand | 54/58 | €184,606 | €299,575 | +€114,969 | +62.3% |
| Deferred charges and accrued income | 490/1 | €9,482 | €9,628 | +€146 | +1.5% |
| Total equity and liabilities | 10/49 | €5,911,751 | €4,659,642 | -€1.3m | -21.2% |
| Equity | 10/15 | €1,759,964 | €1,878,693 | +€118,730 | +6.7% |
| Contributions | 10/11 | €1,150,474 | €1,150,474 | = | 0.0% |
| Capital | 10 | €1,150,474 | €1,150,474 | = | 0.0% |
| Issued capital | 100 | €1,150,474 | €1,150,474 | = | 0.0% |
| Reserves | 13 | €206,396 | €211,547 | +€5,151 | +2.5% |
| Non-distributable reserves | 130/1 | €32,865 | €38,842 | +€5,978 | +18.2% |
| Legal reserve | 130 | €32,865 | €38,842 | +€5,978 | +18.2% |
| Tax-exempt reserves | 132 | €119,938 | €119,112 | -€827 | -0.7% |
| Distributable reserves | 133 | €53,593 | €53,593 | = | 0.0% |
| Profit (loss) carried forward | 14 | €403,094 | €516,672 | +€113,579 | +28.2% |
| Provisions and deferred taxes | 16 | €39,979 | €39,704 | -€276 | -0.7% |
| Deferred taxes | 168 | €39,979 | €39,704 | -€276 | -0.7% |
| Amounts payable | 17/49 | €4,111,807 | €2,741,244 | -€1.4m | -33.3% |
| Amounts payable after more than one year | 17 | €3,956,556 | €2,606,010 | -€1.4m | -34.1% |
| Financial debts | 170/4 | €3,956,556 | €2,606,010 | -€1.4m | -34.1% |
| Amounts payable within one year | 42/48 | €155,251 | €135,234 | -€20,017 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €97,570 | €100,956 | +€3,386 | +3.5% |
| Trade debts | 44 | €13,823 | €4,056 | -€9,767 | -70.7% |
| Suppliers | 440/4 | €13,823 | €4,056 | -€9,767 | -70.7% |
| Taxes, remuneration and social security | 45 | €30,559 | €15,566 | -€14,992 | -49.1% |
| Taxes | 450/3 | €30,559 | €15,566 | -€14,992 | -49.1% |
| Other amounts payable | 47/48 | €13,299 | €14,656 | +€1,356 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,372 | €123,069 | +€49,697 | +67.7% |
| Other operating charges | 640/8 | €52,034 | €54,492 | +€2,457 | +4.7% |
| Non-recurring operating charges | 66A | - | €1,135,014 | +€1.1m | |
| Gross operating margin | 9900 | €256,315 | €1,546,653 | +€1.3m | +503.4% |
| Operating profit (loss) | 9901 | €130,909 | €234,079 | +€103,169 | +78.8% |
| Financial income | 75/76B | €8,945 | €4,628 | -€4,317 | -48.3% |
| Recurring financial income | 75 | €8,945 | €4,628 | -€4,317 | -48.3% |
| Financial charges | 65/66B | €222,075 | €106,269 | -€115,806 | -52.1% |
| Recurring financial charges | 65 | €222,075 | €101,269 | -€120,806 | -54.4% |
| Non-recurring financial charges | 66B | - | €5,000 | +€5,000 | |
| Profit (loss) for the period before taxes | 9903 | -€82,221 | €132,438 | +€214,659 | |
| Transfer from deferred taxes | 780 | €276 | €276 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €13,984 | +€13,984 | |
| Profit (loss) for the period | 9904 | -€81,946 | €118,730 | +€200,675 | |
| Transfer from tax-exempt reserves | 789 | €827 | €827 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,119 | €119,556 | +€200,675 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.