GOVAR: 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.
GOVAR
Largest movements
- Cash -€54,318
down €54,318 (-70.6%), from €76,901 to €22,583
mainly Debts after one year (-€53,810) and Stocks and contracts (-€35,561)
- Stocks and contracts +€35,561
up €35,561 (+22.5%), from €157,987 to €193,547
- Receivables within one year +€30,327
up €30,327 (+19.4%), from €156,712 to €187,039
of which Trade receivables: +€32,373
- Tangible fixed assets -€10,221
down €10,221 (-3.2%), from €317,601 to €307,380
of which Plant, machinery and equipment: -€8,736
- Profit (loss) carried forward +€67,009
up €67,009 (+26.9%), from €248,872 to €315,882
- Debts after one year -€53,810
down €53,810 (-29.9%), from €180,198 to €126,388
- Trade debts -€20,839
down €20,839 (-17.7%), from €117,705 to €96,866
- Other debts +€8,800
up €8,800 (+35.3%), from €24,901 to €33,701
- Gross operating margin -€16,283
down €16,283 (-14.0%), from €116,267 to €99,984
- Taxes -€2,755
down €2,755 (-10.3%), from €26,809 to €24,054
- Other operating charges -€2,016
down €2,016 (-32.9%), from €6,120 to €4,104
- Depreciation -€1,693
down €1,693 (-53.3%), from €3,178 to €1,485
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 | €709,539 | €710,900 | +€1,361 | +0.2% |
| Fixed assets | 21/28 | €317,601 | €307,380 | -€10,221 | -3.2% |
| Tangible fixed assets | 22/27 | €317,601 | €307,380 | -€10,221 | -3.2% |
| Land and buildings | 22 | €308,865 | €307,380 | -€1,485 | -0.5% |
| Plant, machinery and equipment | 23 | €8,736 | - | -€8,736 | |
| Current assets | 29/58 | €391,937 | €403,519 | +€11,582 | +3.0% |
| Stocks and contracts in progress | 3 | €157,987 | €193,547 | +€35,561 | +22.5% |
| Stocks | 30/36 | €157,987 | €193,547 | +€35,561 | +22.5% |
| Amounts receivable within one year | 40/41 | €156,712 | €187,039 | +€30,327 | +19.4% |
| Trade receivables | 40 | €127,769 | €160,141 | +€32,373 | +25.3% |
| Other amounts receivable | 41 | €28,943 | €26,898 | -€2,046 | -7.1% |
| Cash at bank and in hand | 54/58 | €76,901 | €22,583 | -€54,318 | -70.6% |
| Deferred charges and accrued income | 490/1 | €337 | €350 | +€12 | +3.7% |
| Total equity and liabilities | 10/49 | €709,539 | €710,900 | +€1,361 | +0.2% |
| Equity | 10/15 | €317,072 | €384,082 | +€67,009 | +21.1% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €248,872 | €315,882 | +€67,009 | +26.9% |
| Amounts payable | 17/49 | €392,466 | €326,818 | -€65,648 | -16.7% |
| Amounts payable after more than one year | 17 | €180,198 | €126,388 | -€53,810 | -29.9% |
| Financial debts | 170/4 | €180,198 | €126,388 | -€53,810 | -29.9% |
| Amounts payable within one year | 42/48 | €212,268 | €200,430 | -€11,838 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €54,854 | €53,810 | -€1,043 | -1.9% |
| Trade debts | 44 | €117,705 | €96,866 | -€20,839 | -17.7% |
| Suppliers | 440/4 | €117,705 | €96,866 | -€20,839 | -17.7% |
| Taxes, remuneration and social security | 45 | €14,808 | €16,052 | +€1,244 | +8.4% |
| Taxes | 450/3 | €14,808 | €16,052 | +€1,244 | +8.4% |
| Other amounts payable | 47/48 | €24,901 | €33,701 | +€8,800 | +35.3% |
| Non-recurring operating income | 76A | - | €337 | +€337 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,178 | €1,485 | -€1,693 | -53.3% |
| Other operating charges | 640/8 | €6,120 | €4,104 | -€2,016 | -32.9% |
| Gross operating margin | 9900 | €116,267 | €99,984 | -€16,283 | -14.0% |
| Operating profit (loss) | 9901 | €106,969 | €94,396 | -€12,574 | -11.8% |
| Financial income | 75/76B | €2 | €8 | +€6 | +280.7% |
| Recurring financial income | 75 | €2 | €8 | +€6 | +280.7% |
| Financial charges | 65/66B | €3,977 | €3,340 | -€637 | -16.0% |
| Recurring financial charges | 65 | €3,977 | €3,340 | -€637 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €102,994 | €91,063 | -€11,931 | -11.6% |
| Income taxes | 67/77 | €26,809 | €24,054 | -€2,755 | -10.3% |
| Profit (loss) for the period | 9904 | €76,185 | €67,009 | -€9,176 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,185 | €67,009 | -€9,176 | -12.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.