GOVECO: 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.
GOVECO
Largest movements
- Receivables within one year +€222,520
up €222,520 (+36.7%), from €606,865 to €829,385
of which Trade receivables: +€243,310
- Cash -€220,108
down €220,108 (-46.9%), from €468,985 to €248,876
mainly Trade debts (-€223,216) and Receivables within one year (-€222,520)
- Stocks and contracts -€100,771
down €100,771 (-9.9%), from €1.0m to €913,200
of which Contracts in progress: -€79,900
- Tangible fixed assets -€26,695
down €26,695 (-25.2%), from €105,770 to €79,075
of which Furniture and vehicles: -€13,381
- Trade debts -€223,216
down €223,216 (-14.3%), from €1.6m to €1.3m
- Debts after one year -€156,322
down €156,322 (-82.7%), from €188,969 to €32,647
- Short-term financial debts +€150,000
up €150,000 (+100%), from €150,000 to €300,000
- Current portion of long-term debt +€88,502
up €88,502 (+134%), from €66,257 to €154,759
- Gross operating margin +€56,608
up €56,608 (+9.8%), from €575,225 to €631,833
- Staff costs +€32,779
up €32,779 (+6.7%), from €490,193 to €522,972
- Depreciation -€13,771
down €13,771 (-28.4%), from €48,533 to €34,762
- Financial charges +€10,062
up €10,062 (+21.0%), from €47,937 to €57,999
- Financial income -€9,419
down €9,419 (-84.7%), from €11,120 to €1,700
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 | €2,252,283 | €2,126,296 | -€125,987 | -5.6% |
| Fixed assets | 21/28 | €109,970 | €83,275 | -€26,695 | -24.3% |
| Tangible fixed assets | 22/27 | €105,770 | €79,075 | -€26,695 | -25.2% |
| Plant, machinery and equipment | 23 | €4,150 | €1,250 | -€2,900 | -69.9% |
| Furniture and vehicles | 24 | €47,421 | €34,041 | -€13,381 | -28.2% |
| Leasing and similar rights | 25 | €28,611 | €21,114 | -€7,497 | -26.2% |
| Other tangible fixed assets | 26 | €25,588 | €22,670 | -€2,918 | -11.4% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €2,142,313 | €2,043,021 | -€99,292 | -4.6% |
| Amounts receivable after more than one year | 29 | - | €6,192 | +€6,192 | |
| Other amounts receivable | 291 | - | €6,192 | +€6,192 | |
| Stocks and contracts in progress | 3 | €1,013,971 | €913,200 | -€100,771 | -9.9% |
| Stocks | 30/36 | €176,599 | €155,728 | -€20,871 | -11.8% |
| Contracts in progress | 37 | €837,372 | €757,471 | -€79,900 | -9.5% |
| Amounts receivable within one year | 40/41 | €606,865 | €829,385 | +€222,520 | +36.7% |
| Trade receivables | 40 | €535,954 | €779,265 | +€243,310 | +45.4% |
| Other amounts receivable | 41 | €70,911 | €50,121 | -€20,790 | -29.3% |
| Cash at bank and in hand | 54/58 | €468,985 | €248,876 | -€220,108 | -46.9% |
| Deferred charges and accrued income | 490/1 | €52,492 | €45,367 | -€7,125 | -13.6% |
| Total equity and liabilities | 10/49 | €2,252,283 | €2,126,296 | -€125,987 | -5.6% |
| Equity | 10/15 | €97,736 | €98,350 | +€614 | +0.6% |
| Contributions | 10/11 | €163,592 | €163,592 | = | 0.0% |
| Reserves | 13 | €1,865 | €1,865 | = | 0.0% |
| Distributable reserves | 133 | €1,865 | €1,865 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,721 | -€67,108 | +€614 | +0.9% |
| Amounts payable | 17/49 | €2,154,547 | €2,027,946 | -€126,601 | -5.9% |
| Amounts payable after more than one year | 17 | €188,969 | €32,647 | -€156,322 | -82.7% |
| Financial debts | 170/4 | €188,969 | €32,647 | -€156,322 | -82.7% |
| Amounts payable within one year | 42/48 | €1,953,387 | €1,982,567 | +€29,180 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €66,257 | €154,759 | +€88,502 | +134% |
| Financial debts | 43 | €150,000 | €300,000 | +€150,000 | +100% |
| Credit institutions | 430/8 | €150,000 | €300,000 | +€150,000 | +100% |
| Trade debts | 44 | €1,559,803 | €1,336,586 | -€223,216 | -14.3% |
| Suppliers | 440/4 | €1,559,803 | €1,336,586 | -€223,216 | -14.3% |
| Taxes, remuneration and social security | 45 | €87,343 | €106,648 | +€19,305 | +22.1% |
| Taxes | 450/3 | €7,840 | €20,322 | +€12,482 | +159% |
| Remuneration and social security | 454/9 | €79,503 | €86,325 | +€6,823 | +8.6% |
| Other amounts payable | 47/48 | €89,984 | €84,574 | -€5,410 | -6.0% |
| Accrued charges and deferred income | 492/3 | €12,192 | €12,732 | +€540 | +4.4% |
| Non-recurring operating income | 76A | - | €8,499 | +€8,499 | |
| Remuneration, social security and pensions | 62 | €490,193 | €522,972 | +€32,779 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,533 | €34,762 | -€13,771 | -28.4% |
| Other operating charges | 640/8 | €4,721 | €6,612 | +€1,890 | +40.0% |
| Non-recurring operating charges | 66A | €3,250 | €441 | -€2,809 | -86.4% |
| Gross operating margin | 9900 | €575,225 | €631,833 | +€56,608 | +9.8% |
| Operating profit (loss) | 9901 | €28,527 | €67,046 | +€38,519 | +135% |
| Financial income | 75/76B | €11,120 | €1,700 | -€9,419 | -84.7% |
| Recurring financial income | 75 | €11,120 | €1,700 | -€9,419 | -84.7% |
| Financial charges | 65/66B | €47,937 | €57,999 | +€10,062 | +21.0% |
| Recurring financial charges | 65 | €47,937 | €57,999 | +€10,062 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,290 | €10,748 | +€19,038 | |
| Income taxes | 67/77 | €9,102 | €10,134 | +€1,032 | +11.3% |
| Profit (loss) for the period | 9904 | -€17,392 | €614 | +€18,006 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,392 | €614 | +€18,006 |
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 24 October 2026 via checked.be.