GOVERS: what changed
GOVERS
Largest movements
- Tangible fixed assets +€190,286
up €190,286 (+74.5%), from €255,511 to €445,797
of which Leasing and similar rights: +€166,710
- Receivables within one year +€131,414
up €131,414 (+221%), from €59,583 to €190,997
of which Trade receivables: +€121,765
- Cash +€7,376
up €7,376 (+40.1%), from €18,402 to €25,777
mainly Debts after one year (+€136,541) and Net result for the year (+€73,697)
- Debts after one year +€136,541
up €136,541 (+113%), from €120,982 to €257,523
- Reserves +€63,150
up €63,150 (+88,582%), from €71 to €63,221
of which Tax-exempt reserves: +€63,150
- Tax, wage and social debts +€43,444
up €43,444 (+987%), from €4,403 to €47,847
of which Taxes: +€31,404
- Other debts +€35,409
up €35,409 (+38.5%), from €92,049 to €127,457
- Current portion of long-term debt +€34,701
up €34,701 (+87.4%), from €39,684 to €74,385
- Gross operating margin +€159,792
up €159,792 (+118%), from €135,762 to €295,555
- Staff costs +€88,431
up €88,431 (+453%), from €19,526 to €107,957
- Depreciation +€34,208
up €34,208 (+90.6%), from €37,740 to €71,948
- Taxes +€13,121
up €13,121 (+123%), from €10,710 to €23,830
- Financial charges +€8,589
up €8,589 (+235%), from €3,660 to €12,249
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 | €336,502 | €663,895 | +€327,393 | +97.3% |
| Fixed assets | 21/28 | €255,511 | €445,797 | +€190,286 | +74.5% |
| Tangible fixed assets | 22/27 | €255,511 | €445,797 | +€190,286 | +74.5% |
| Land and buildings | 22 | €92 | €0 | -€92 | -100% |
| Plant, machinery and equipment | 23 | €105,179 | €98,622 | -€6,557 | -6.2% |
| Furniture and vehicles | 24 | €120,397 | €150,623 | +€30,226 | +25.1% |
| Leasing and similar rights | 25 | €29,843 | €196,553 | +€166,710 | +559% |
| Current assets | 29/58 | €80,991 | €218,098 | +€137,107 | +169% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €59,583 | €190,997 | +€131,414 | +221% |
| Trade receivables | 40 | €52,487 | €174,252 | +€121,765 | +232% |
| Other amounts receivable | 41 | €7,096 | €16,745 | +€9,649 | +136% |
| Cash at bank and in hand | 54/58 | €18,402 | €25,777 | +€7,376 | +40.1% |
| Deferred charges and accrued income | 490/1 | €3,007 | €1,324 | -€1,683 | -56.0% |
| Total equity and liabilities | 10/49 | €336,502 | €663,895 | +€327,393 | +97.3% |
| Equity | 10/15 | €56,995 | €130,693 | +€73,697 | +129% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €71 | €63,221 | +€63,150 | +88,582% |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Distributable reserves | 133 | €71 | €71 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,374 | €48,921 | +€10,547 | +27.5% |
| Amounts payable | 17/49 | €279,506 | €533,202 | +€253,696 | +90.8% |
| Amounts payable after more than one year | 17 | €120,982 | €257,523 | +€136,541 | +113% |
| Financial debts | 170/4 | €120,982 | €257,523 | +€136,541 | +113% |
| Amounts payable within one year | 42/48 | €158,525 | €275,679 | +€117,155 | +73.9% |
| Current portion of amounts payable after more than one year | 42 | €39,684 | €74,385 | +€34,701 | +87.4% |
| Trade debts | 44 | €22,388 | €25,990 | +€3,601 | +16.1% |
| Suppliers | 440/4 | €22,388 | €25,990 | +€3,601 | +16.1% |
| Taxes, remuneration and social security | 45 | €4,403 | €47,847 | +€43,444 | +987% |
| Taxes | 450/3 | €1,241 | €32,645 | +€31,404 | +2,530% |
| Remuneration and social security | 454/9 | €3,162 | €15,202 | +€12,040 | +381% |
| Other amounts payable | 47/48 | €92,049 | €127,457 | +€35,409 | +38.5% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €19,526 | €107,957 | +€88,431 | +453% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,740 | €71,948 | +€34,208 | +90.6% |
| Other operating charges | 640/8 | €2,714 | €6,990 | +€4,275 | +157% |
| Non-recurring operating charges | 66A | - | -€251 | -€251 | |
| Gross operating margin | 9900 | €135,762 | €295,555 | +€159,792 | +118% |
| Operating profit (loss) | 9901 | €75,782 | €108,912 | +€33,130 | +43.7% |
| Financial income | 75/76B | €6 | €865 | +€859 | +14,483% |
| Recurring financial income | 75 | €6 | €865 | +€859 | +14,483% |
| Financial charges | 65/66B | €3,660 | €12,249 | +€8,589 | +235% |
| Recurring financial charges | 65 | €3,660 | €12,249 | +€8,589 | +235% |
| Profit (loss) for the period before taxes | 9903 | €72,128 | €97,528 | +€25,400 | +35.2% |
| Income taxes | 67/77 | €10,710 | €23,830 | +€13,121 | +123% |
| Profit (loss) for the period | 9904 | €61,418 | €73,697 | +€12,279 | +20.0% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,418 | €10,547 | -€50,871 | -82.8% |
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 5 November 2026 via checked.be.