GOVANCO: 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.
GOVANCO
Largest movements
- Receivables within one year -€756,867
down €756,867 (-41.4%), from €1.8m to €1.1m
- Reserves -€852,440
down €852,440 (-48.7%), from €1.8m to €898,094
of which Distributable reserves: -€852,440
- Debts after one year +€92,262
up €92,262 (+5.0%), from €1.8m to €1.9m
- Gross operating margin -€744,474
down €744,474, from €740,040 to -€4,434
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 | €3,682,278 | €2,922,317 | -€759,961 | -20.6% |
| Fixed assets | 21/28 | €1,849,000 | €1,849,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,849,000 | €1,849,000 | = | 0.0% |
| Current assets | 29/58 | €1,833,278 | €1,073,317 | -€759,961 | -41.5% |
| Amounts receivable within one year | 40/41 | €1,827,476 | €1,070,609 | -€756,867 | -41.4% |
| Other amounts receivable | 41 | €1,827,476 | €1,070,609 | -€756,867 | -41.4% |
| Cash at bank and in hand | 54/58 | €5,802 | €2,709 | -€3,093 | -53.3% |
| Total equity and liabilities | 10/49 | €3,682,278 | €2,922,317 | -€759,961 | -20.6% |
| Equity | 10/15 | €1,812,534 | €960,094 | -€852,440 | -47.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,750,534 | €898,094 | -€852,440 | -48.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,744,334 | €891,894 | -€852,440 | -48.9% |
| Amounts payable | 17/49 | €1,869,744 | €1,962,223 | +€92,479 | +4.9% |
| Amounts payable after more than one year | 17 | €1,845,246 | €1,937,508 | +€92,262 | +5.0% |
| Financial debts | 170/4 | €1,845,246 | €1,937,508 | +€92,262 | +5.0% |
| Amounts payable within one year | 42/48 | €24,498 | €24,715 | +€217 | +0.9% |
| Trade debts | 44 | €5,445 | €0 | -€5,445 | -100.0% |
| Suppliers | 440/4 | €5,445 | €0 | -€5,445 | -100.0% |
| Other amounts payable | 47/48 | €19,053 | €24,715 | +€5,662 | +29.7% |
| Other operating charges | 640/8 | €1,376 | €1,060 | -€316 | -22.9% |
| Non-recurring operating charges | 66A | - | €756,867 | +€756,867 | |
| Gross operating margin | 9900 | €740,040 | -€4,434 | -€744,474 | |
| Operating profit (loss) | 9901 | €738,664 | -€762,362 | -€1.5m | |
| Financial charges | 65/66B | €88,224 | €92,616 | +€4,392 | +5.0% |
| Recurring financial charges | 65 | €88,224 | €92,616 | +€4,392 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €650,440 | -€854,978 | -€1.5m | |
| Income taxes | 67/77 | -€2,538 | -€2,538 | = | 0.0% |
| Profit (loss) for the period | 9904 | €652,978 | -€852,440 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €652,978 | -€852,440 | -€1.5m |
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 30 September 2026 via checked.be.