GOVERS BEHEER: 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.
What changed
GOVERS BEHEER
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€46,486
2024 · €6,976-€53,462
Equity
€2.3m
2024 · €3.9m-€1.5m
Cash
€28,455
2024 · €137,776-€109,321
Balance sheet total
€15.0m
2024 · €15.9m-€918,936
Largest movements
Assets
- Receivables after one year -€400,000
no longer reported in 2025 (was €400,000)
- Current investments -€400,000
down €400,000 (-100.0%), from €400,052 to €52
Equity and liabilities
- Reserves -€1.5m
down €1.5m (-93.4%), from €1.6m to €105,528
of which Distributable reserves: -€1.5m
- Other debts +€1.1m
up €1.1m (+31,846%), from €3,554 to €1.1m
- Debts after one year -€500,000
down €500,000 (-5.6%), from €9.0m to €8.5m
Income statement
- Gross operating margin -€36,557
down €36,557, from €5,192 to -€31,365
- Financial charges +€17,082
up €17,082 (+23.4%), from €72,874 to €89,956
- Financial income -€15,879
down €15,879 (-9.9%), from €160,799 to €144,921
- Taxes -€14,551
no longer reported in 2025 (was €14,551)
- Depreciation -€897
down €897 (-1.3%), from €67,647 to €66,750
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.
Result 2024
€6,976
Gross operating margin
-€36,557
Depreciation
+€897
Other operating charges
+€608
Financial income
-€15,879
Financial charges
-€17,082
Taxes
+€14,551
Result 2025
-€46,486
raises the resultlowers the result
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.
From operations
+€1.6m
Investment
+€262,882
Financing
-€2.0m
Cash 2024
€137,776
From operations (derived)
+€1.6m
Net result for the year
-€46,486
Depreciation
+€66,750
Receivables after one year
+€400,000
Receivables within one year
+€81,422
Smaller working-capital items
-€5,772
Other debts
+€1.1m
Investment (derived)
+€262,882
Investment in fixed assets (net)
-€137,118
Current investments
+€400,000
Financing
-€2.0m
Debts after one year
-€500,000
Contributions, distributions and other
-€1.5m
Cash 2025
€28,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,922,381 | €15,003,445 | -€918,936 | -5.8% |
| Fixed assets | 21/28 | €14,425,773 | €14,496,141 | +€70,368 | +0.5% |
| Tangible fixed assets | 22/27 | €263,508 | €196,759 | -€66,750 | -25.3% |
| Plant, machinery and equipment | 23 | €1,353 | €647 | -€706 | -52.2% |
| Furniture and vehicles | 24 | €206,962 | €147,326 | -€59,636 | -28.8% |
| Other tangible fixed assets | 26 | €55,193 | €48,785 | -€6,408 | -11.6% |
| Financial fixed assets | 28 | €14,162,265 | €14,299,382 | +€137,118 | +1.0% |
| Current assets | 29/58 | €1,496,609 | €507,304 | -€989,304 | -66.1% |
| Amounts receivable after more than one year | 29 | €400,000 | - | -€400,000 | |
| Other amounts receivable | 291 | €400,000 | - | -€400,000 | |
| Amounts receivable within one year | 40/41 | €554,836 | €473,414 | -€81,422 | -14.7% |
| Trade receivables | 40 | €40,716 | €43,498 | +€2,782 | +6.8% |
| Other amounts receivable | 41 | €514,119 | €429,916 | -€84,204 | -16.4% |
| Current investments | 50/53 | €400,052 | €52 | -€400,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €137,776 | €28,455 | -€109,321 | -79.3% |
| Deferred charges and accrued income | 490/1 | €3,944 | €5,382 | +€1,438 | +36.5% |
| Total equity and liabilities | 10/49 | €15,922,381 | €15,003,445 | -€918,936 | -5.8% |
| Equity | 10/15 | €3,891,362 | €2,344,875 | -€1.5m | -39.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,605,528 | €105,528 | -€1.5m | -93.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €1,599,331 | €99,331 | -€1.5m | -93.8% |
| Profit (loss) carried forward | 14 | €2,223,860 | €2,177,374 | -€46,486 | -2.1% |
| Amounts payable | 17/49 | €12,031,020 | €12,658,570 | +€627,550 | +5.2% |
| Amounts payable after more than one year | 17 | €9,000,000 | €8,500,000 | -€500,000 | -5.6% |
| Financial debts | 170/4 | €9,000,000 | €8,500,000 | -€500,000 | -5.6% |
| Amounts payable within one year | 42/48 | €3,022,907 | €4,151,614 | +€1.1m | +37.3% |
| Current portion of amounts payable after more than one year | 42 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 43 | €2,500,000 | €2,500,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,500,000 | €2,500,000 | = | 0.0% |
| Trade debts | 44 | €3,332 | €2,081 | -€1,251 | -37.5% |
| Suppliers | 440/4 | €3,332 | €2,081 | -€1,251 | -37.5% |
| Taxes, remuneration and social security | 45 | €16,021 | €14,094 | -€1,927 | -12.0% |
| Taxes | 450/3 | €16,021 | €14,094 | -€1,927 | -12.0% |
| Other amounts payable | 47/48 | €3,554 | €1,135,438 | +€1.1m | +31,846% |
| Accrued charges and deferred income | 492/3 | €8,113 | €6,956 | -€1,156 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,647 | €66,750 | -€897 | -1.3% |
| Other operating charges | 640/8 | €3,944 | €3,337 | -€608 | -15.4% |
| Gross operating margin | 9900 | €5,192 | -€31,365 | -€36,557 | |
| Operating profit (loss) | 9901 | -€66,399 | -€101,451 | -€35,052 | -52.8% |
| Financial income | 75/76B | €160,799 | €144,921 | -€15,879 | -9.9% |
| Recurring financial income | 75 | €160,799 | €144,921 | -€15,879 | -9.9% |
| Financial charges | 65/66B | €72,874 | €89,956 | +€17,082 | +23.4% |
| Recurring financial charges | 65 | €72,874 | €89,956 | +€17,082 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €21,527 | -€46,486 | -€68,013 | |
| Income taxes | 67/77 | €14,551 | - | -€14,551 | |
| Profit (loss) for the period | 9904 | €6,976 | -€46,486 | -€53,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,976 | -€46,486 | -€53,462 |
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 21 October 2026 via checked.be.