GOVERN&LAW: what changed
GOVERN&LAW
Largest movements
- Receivables within one year -€21,262
down €21,262 (-51.0%), from €41,652 to €20,390
of which Trade receivables: -€21,623
- Cash -€9,493
down €9,493 (-4.3%), from €219,791 to €210,298
mainly Tax, wage and social debts (-€35,405) and Accrued charges and deferred income (-€17,287)
- Tangible fixed assets -€5,298
down €5,298 (-52.3%), from €10,125 to €4,827
of which Leasing and similar rights: -€3,558
- Reserves +€39,460
up €39,460 (+9.9%), from €399,989 to €439,449
of which Distributable reserves: +€39,460
- Tax, wage and social debts -€35,405
down €35,405 (-78.6%), from €45,039 to €9,634
- Accrued charges and deferred income -€17,287
down €17,287 (-94.2%), from €18,349 to €1,062
- Other debts -€11,321
down €11,321 (-34.7%), from €32,660 to €21,339
- Trade debts -€9,361
down €9,361 (-71.5%), from €13,096 to €3,735
- Gross operating margin -€310,998
down €310,998 (-80.3%), from €387,309 to €76,311
- Taxes -€94,728
down €94,728 (-79.4%), from €119,235 to €24,507
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,633 | €487,719 | -€33,914 | -6.5% |
| Fixed assets | 21/28 | €10,150 | €4,852 | -€5,298 | -52.2% |
| Tangible fixed assets | 22/27 | €10,125 | €4,827 | -€5,298 | -52.3% |
| Plant, machinery and equipment | 23 | €607 | €304 | -€303 | -49.9% |
| Furniture and vehicles | 24 | €4,214 | €2,777 | -€1,437 | -34.1% |
| Leasing and similar rights | 25 | €5,304 | €1,746 | -€3,558 | -67.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €511,483 | €482,867 | -€28,616 | -5.6% |
| Amounts receivable within one year | 40/41 | €41,652 | €20,390 | -€21,262 | -51.0% |
| Trade receivables | 40 | €41,110 | €19,487 | -€21,623 | -52.6% |
| Other amounts receivable | 41 | €542 | €903 | +€361 | +66.6% |
| Current investments | 50/53 | €250,000 | €251,508 | +€1,508 | +0.6% |
| Cash at bank and in hand | 54/58 | €219,791 | €210,298 | -€9,493 | -4.3% |
| Deferred charges and accrued income | 490/1 | €40 | €671 | +€631 | +1,578% |
| Total equity and liabilities | 10/49 | €521,633 | €487,719 | -€33,914 | -6.5% |
| Equity | 10/15 | €412,489 | €451,949 | +€39,460 | +9.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €399,989 | €439,449 | +€39,460 | +9.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €398,129 | €437,589 | +€39,460 | +9.9% |
| Amounts payable | 17/49 | €109,144 | €35,770 | -€73,374 | -67.2% |
| Amounts payable within one year | 42/48 | €90,795 | €34,708 | -€56,087 | -61.8% |
| Trade debts | 44 | €13,096 | €3,735 | -€9,361 | -71.5% |
| Suppliers | 440/4 | €13,096 | €3,735 | -€9,361 | -71.5% |
| Taxes, remuneration and social security | 45 | €45,039 | €9,634 | -€35,405 | -78.6% |
| Taxes | 450/3 | €45,039 | €9,634 | -€35,405 | -78.6% |
| Other amounts payable | 47/48 | €32,660 | €21,339 | -€11,321 | -34.7% |
| Accrued charges and deferred income | 492/3 | €18,349 | €1,062 | -€17,287 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,955 | €5,297 | +€1,342 | +33.9% |
| Other operating charges | 640/8 | €992 | €873 | -€119 | -12.0% |
| Gross operating margin | 9900 | €387,309 | €76,311 | -€310,998 | -80.3% |
| Operating profit (loss) | 9901 | €382,362 | €70,141 | -€312,221 | -81.7% |
| Financial income | 75/76B | €1,137 | €4,071 | +€2,934 | +258% |
| Recurring financial income | 75 | €1,137 | €4,071 | +€2,934 | +258% |
| Financial charges | 65/66B | €243 | €165 | -€78 | -32.1% |
| Recurring financial charges | 65 | €243 | €165 | -€78 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €383,256 | €74,047 | -€309,209 | -80.7% |
| Income taxes | 67/77 | €119,235 | €24,507 | -€94,728 | -79.4% |
| Profit (loss) for the period | 9904 | €264,021 | €49,540 | -€214,481 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €264,021 | €49,540 | -€214,481 | -81.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.