GOVEMA: 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.
GOVEMA
Largest movements
- Tangible fixed assets +€211,360
up €211,360 (+37.1%), from €570,343 to €781,704
of which Assets under construction and advance payments: +€217,598
- Receivables within one year +€159,536
up €159,536 (+3,767%), from €4,235 to €163,771
of which Trade receivables: +€154,443
- Profit (loss) carried forward +€134,719
up €134,719 (+13.0%), from €1.0m to €1.2m
- Debts after one year +€72,936
up €72,936 (+4.8%), from €1.5m to €1.6m
of which Financial debts: +€72,936
- Trade debts +€60,914
up €60,914 (+552,259%), from €11 to €60,925
- Gross operating margin -€15,781
down €15,781 (-6.8%), from €233,461 to €217,680
- Financial charges +€6,336
up €6,336 (+31.2%), from €20,335 to €26,671
- Taxes -€5,530
down €5,530 (-11.0%), from €50,437 to €44,906
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 | €4,007,765 | €4,334,932 | +€327,167 | +8.2% |
| Fixed assets | 21/28 | €3,959,951 | €4,170,339 | +€210,388 | +5.3% |
| Intangible fixed assets | 21 | €973 | - | -€973 | |
| Tangible fixed assets | 22/27 | €570,343 | €781,704 | +€211,360 | +37.1% |
| Land and buildings | 22 | €417,633 | €411,395 | -€6,238 | -1.5% |
| Assets under construction and advance payments | 27 | €152,710 | €370,309 | +€217,598 | +142% |
| Financial fixed assets | 28 | €3,388,635 | €3,388,635 | = | 0.0% |
| Current assets | 29/58 | €47,814 | €164,593 | +€116,779 | +244% |
| Amounts receivable within one year | 40/41 | €4,235 | €163,771 | +€159,536 | +3,767% |
| Trade receivables | 40 | €4,235 | €158,678 | +€154,443 | +3,647% |
| Other amounts receivable | 41 | - | €5,094 | +€5,094 | |
| Cash at bank and in hand | 54/58 | €42,920 | €130 | -€42,791 | -99.7% |
| Deferred charges and accrued income | 490/1 | €659 | €692 | +€33 | +5.0% |
| Total equity and liabilities | 10/49 | €4,007,765 | €4,334,932 | +€327,167 | +8.2% |
| Equity | 10/15 | €2,061,618 | €2,196,338 | +€134,719 | +6.5% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €913,680 | €913,680 | = | 0.0% |
| Distributable reserves | 133 | €913,680 | €913,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,037,938 | €1,172,658 | +€134,719 | +13.0% |
| Amounts payable | 17/49 | €1,946,147 | €2,138,594 | +€192,447 | +9.9% |
| Amounts payable after more than one year | 17 | €1,511,605 | €1,584,540 | +€72,936 | +4.8% |
| Financial debts | 170/4 | €1,011,604 | €1,084,540 | +€72,936 | +7.2% |
| Other amounts payable | 178/9 | €500,000 | €500,000 | -€0 | 0.0% |
| Amounts payable within one year | 42/48 | €434,542 | €554,054 | +€119,512 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €182,073 | €210,294 | +€28,221 | +15.5% |
| Trade debts | 44 | €11 | €60,925 | +€60,914 | +552,259% |
| Suppliers | 440/4 | €11 | €60,925 | +€60,914 | +552,259% |
| Taxes, remuneration and social security | 45 | €2,456 | €2,933 | +€477 | +19.4% |
| Taxes | 450/3 | €2,456 | €2,933 | +€477 | +19.4% |
| Other amounts payable | 47/48 | €250,002 | €279,902 | +€29,900 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,238 | €7,210 | -€27 | -0.4% |
| Other operating charges | 640/8 | €4,142 | €4,272 | +€130 | +3.1% |
| Gross operating margin | 9900 | €233,461 | €217,680 | -€15,781 | -6.8% |
| Operating profit (loss) | 9901 | €222,081 | €206,197 | -€15,884 | -7.2% |
| Financial income | 75/76B | €0 | €100 | +€100 | +1,002,100% |
| Recurring financial income | 75 | €0 | €100 | +€100 | +1,002,100% |
| Financial charges | 65/66B | €20,335 | €26,671 | +€6,336 | +31.2% |
| Recurring financial charges | 65 | €20,335 | €26,671 | +€6,336 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €201,746 | €179,626 | -€22,120 | -11.0% |
| Income taxes | 67/77 | €50,437 | €44,906 | -€5,530 | -11.0% |
| Profit (loss) for the period | 9904 | €151,310 | €134,719 | -€16,590 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €151,310 | €134,719 | -€16,590 | -11.0% |
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 19 October 2026 via checked.be.