GOVERBO: 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.
GOVERBO
Largest movements
- Cash +€214,400
up €214,400 (+122%), from €176,175 to €390,575
mainly Current investments (+€150,000) and Net result for the year (+€38,266)
- Current investments -€150,000
down €150,000 (-42.9%), from €350,000 to €200,000
- Stocks and contracts +€22,714
up €22,714 (+93.2%), from €24,365 to €47,079
- Tangible fixed assets -€20,292
down €20,292 (-13.3%), from €152,642 to €132,349
of which Land and buildings: -€19,990
- Reserves +€38,266
up €38,266 (+6.5%), from €587,582 to €625,847
- Trade debts +€23,037
up €23,037 (+258%), from €8,945 to €31,982
- Gross operating margin -€87,537
down €87,537 (-42.5%), from €206,090 to €118,553
- Taxes -€28,633
down €28,633 (-61.2%), from €46,751 to €18,119
- Depreciation -€2,693
down €2,693 (-11.7%), from €22,986 to €20,292
- Staff costs +€2,504
up €2,504 (+6.3%), from €39,855 to €42,359
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 | €724,890 | €791,307 | +€66,418 | +9.2% |
| Fixed assets | 21/28 | €158,444 | €138,014 | -€20,430 | -12.9% |
| Tangible fixed assets | 22/27 | €152,642 | €132,349 | -€20,292 | -13.3% |
| Land and buildings | 22 | €152,339 | €132,349 | -€19,990 | -13.1% |
| Furniture and vehicles | 24 | €303 | €0 | -€303 | -100% |
| Financial fixed assets | 28 | €5,802 | €5,665 | -€137 | -2.4% |
| Current assets | 29/58 | €566,445 | €653,293 | +€86,847 | +15.3% |
| Stocks and contracts in progress | 3 | €24,365 | €47,079 | +€22,714 | +93.2% |
| Stocks | 30/36 | €24,365 | €47,079 | +€22,714 | +93.2% |
| Amounts receivable within one year | 40/41 | €10,500 | €10,300 | -€199 | -1.9% |
| Trade receivables | 40 | €8,184 | €2,637 | -€5,546 | -67.8% |
| Other amounts receivable | 41 | €2,316 | €7,663 | +€5,347 | +231% |
| Current investments | 50/53 | €350,000 | €200,000 | -€150,000 | -42.9% |
| Cash at bank and in hand | 54/58 | €176,175 | €390,575 | +€214,400 | +122% |
| Deferred charges and accrued income | 490/1 | €5,406 | €5,338 | -€68 | -1.3% |
| Total equity and liabilities | 10/49 | €724,890 | €791,307 | +€66,418 | +9.2% |
| Equity | 10/15 | €697,582 | €735,847 | +€38,266 | +5.5% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €587,582 | €625,847 | +€38,266 | +6.5% |
| Distributable reserves | 133 | €587,582 | €625,847 | +€38,266 | +6.5% |
| Amounts payable | 17/49 | €27,308 | €55,460 | +€28,152 | +103% |
| Amounts payable within one year | 42/48 | €27,308 | €55,460 | +€28,152 | +103% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €8,945 | €31,982 | +€23,037 | +258% |
| Suppliers | 440/4 | €8,945 | €31,982 | +€23,037 | +258% |
| Taxes, remuneration and social security | 45 | €9,919 | €10,725 | +€805 | +8.1% |
| Taxes | 450/3 | €9,919 | €9,103 | -€816 | -8.2% |
| Remuneration and social security | 454/9 | €0 | €1,622 | +€1,622 | |
| Other amounts payable | 47/48 | €8,444 | €12,753 | +€4,309 | +51.0% |
| Remuneration, social security and pensions | 62 | €39,855 | €42,359 | +€2,504 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,986 | €20,292 | -€2,693 | -11.7% |
| Other operating charges | 640/8 | €6,651 | €5,619 | -€1,032 | -15.5% |
| Non-recurring operating charges | 66A | - | €3,419 | +€3,419 | |
| Gross operating margin | 9900 | €206,090 | €118,553 | -€87,537 | -42.5% |
| Operating profit (loss) | 9901 | €136,599 | €46,864 | -€89,735 | -65.7% |
| Financial income | 75/76B | €9,934 | €9,587 | -€347 | -3.5% |
| Recurring financial income | 75 | €9,934 | €9,587 | -€347 | -3.5% |
| Financial charges | 65/66B | €1,258 | €66 | -€1,192 | -94.8% |
| Recurring financial charges | 65 | €1,258 | €66 | -€1,192 | -94.8% |
| Profit (loss) for the period before taxes | 9903 | €145,274 | €56,384 | -€88,890 | -61.2% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €46,751 | €18,119 | -€28,633 | -61.2% |
| Profit (loss) for the period | 9904 | €98,522 | €38,266 | -€60,257 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,522 | €38,266 | -€60,257 | -61.2% |
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 20 October 2026 via checked.be.