GOVARISTA: 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.
GOVARISTA
Largest movements
- Cash +€26,290
up €26,290 (+28.7%), from €91,632 to €117,923
mainly Net result for the year (+€210,716) and Depreciation (+€64,446)
- Deferred charges and accrued income +€21,012
new in 2025: €21,012
- Intangible fixed assets -€18,655
down €18,655 (-14.1%), from €132,118 to €113,463
- Tangible fixed assets +€8,653
up €8,653 (+2.7%), from €320,636 to €329,289
of which Plant, machinery and equipment: +€29,729
- Profit (loss) carried forward +€210,716
up €210,716 (+202%), from €104,117 to €314,832
- Other debts -€189,741
no longer reported in 2025 (was €189,741)
- Tax, wage and social debts +€52,825
up €52,825 (+186%), from €28,433 to €81,258
of which Taxes: +€52,638
- Debts after one year -€51,026
down €51,026 (-49.8%), from €102,425 to €51,399
- Current portion of long-term debt +€7,223
up €7,223 (+14.5%), from €49,936 to €57,160
- Gross operating margin +€144,543
up €144,543 (+30.5%), from €473,635 to €618,177
- Taxes +€54,539
up €54,539 (+236%), from €23,099 to €77,638
- Staff costs -€19,443
down €19,443 (-7.0%), from €277,002 to €257,559
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 | €552,724 | €585,638 | +€32,913 | +6.0% |
| Fixed assets | 21/28 | €452,755 | €442,752 | -€10,002 | -2.2% |
| Intangible fixed assets | 21 | €132,118 | €113,463 | -€18,655 | -14.1% |
| Tangible fixed assets | 22/27 | €320,636 | €329,289 | +€8,653 | +2.7% |
| Land and buildings | 22 | €100,314 | €87,586 | -€12,727 | -12.7% |
| Plant, machinery and equipment | 23 | €195,669 | €225,398 | +€29,729 | +15.2% |
| Furniture and vehicles | 24 | €24,654 | €16,305 | -€8,349 | -33.9% |
| Current assets | 29/58 | €99,970 | €142,886 | +€42,916 | +42.9% |
| Amounts receivable within one year | 40/41 | €8,337 | €3,951 | -€4,387 | -52.6% |
| Trade receivables | 40 | €6,436 | €2,049 | -€4,387 | -68.2% |
| Other amounts receivable | 41 | €1,901 | €1,901 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,632 | €117,923 | +€26,290 | +28.7% |
| Deferred charges and accrued income | 490/1 | - | €21,012 | +€21,012 | |
| Total equity and liabilities | 10/49 | €552,724 | €585,638 | +€32,913 | +6.0% |
| Equity | 10/15 | €109,117 | €319,832 | +€210,716 | +193% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,117 | €314,832 | +€210,716 | +202% |
| Amounts payable | 17/49 | €443,608 | €265,806 | -€177,802 | -40.1% |
| Amounts payable after more than one year | 17 | €102,425 | €51,399 | -€51,026 | -49.8% |
| Financial debts | 170/4 | €102,425 | €51,399 | -€51,026 | -49.8% |
| Amounts payable within one year | 42/48 | €341,183 | €214,406 | -€126,776 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €49,936 | €57,160 | +€7,223 | +14.5% |
| Trade debts | 44 | €73,072 | €75,989 | +€2,917 | +4.0% |
| Suppliers | 440/4 | €73,072 | €75,989 | +€2,917 | +4.0% |
| Taxes, remuneration and social security | 45 | €28,433 | €81,258 | +€52,825 | +186% |
| Taxes | 450/3 | - | €52,638 | +€52,638 | |
| Remuneration and social security | 454/9 | €28,433 | €28,619 | +€187 | +0.7% |
| Other amounts payable | 47/48 | €189,741 | - | -€189,741 | |
| Remuneration, social security and pensions | 62 | €277,002 | €257,559 | -€19,443 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,681 | €64,446 | +€3,765 | +6.2% |
| Other operating charges | 640/8 | €1,946 | €1,342 | -€604 | -31.0% |
| Gross operating margin | 9900 | €473,635 | €618,177 | +€144,543 | +30.5% |
| Operating profit (loss) | 9901 | €134,006 | €294,831 | +€160,825 | +120% |
| Financial income | 75/76B | €1 | €1 | +€1 | +90.2% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +90.2% |
| Financial charges | 65/66B | €6,368 | €6,478 | +€110 | +1.7% |
| Recurring financial charges | 65 | €6,368 | €6,478 | +€110 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €127,639 | €288,354 | +€160,715 | +126% |
| Income taxes | 67/77 | €23,099 | €77,638 | +€54,539 | +236% |
| Profit (loss) for the period | 9904 | €104,540 | €210,716 | +€106,176 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €104,540 | €210,716 | +€106,176 | +102% |
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 26 October 2026 via checked.be.