GOVIPAR: what changed
Two fiscal 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.
GOVIPAR
Largest movements
- Tangible fixed assets -€17,310
down €17,310 (-9.1%), from €189,924 to €172,615
of which Plant, machinery and equipment: -€16,950
- Cash -€11,860
down €11,860 (-11.1%), from €107,308 to €95,449
mainly Net result for the year (-€39,600) and Investment in fixed assets (net) (-€7,173)
- Profit (loss) carried forward -€43,100
down €43,100, from €8,002 to -€35,098
- Trade debts +€12,273
new in 2025: €12,273
- Write-downs +€22,742
new in 2025: €22,742
- Gross operating margin +€11,315
up €11,315 (+89.5%), from €12,648 to €23,962
- Other operating charges +€8,541
up €8,541 (+95.5%), from €8,944 to €17,485
- Depreciation -€1,708
down €1,708 (-6.5%), from €26,191 to €24,482
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.
Cash bridge derived
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 | €312,129 | €281,302 | -€30,827 | -9.9% |
| Fixed assets | 21/28 | €189,924 | €172,615 | -€17,310 | -9.1% |
| Tangible fixed assets | 22/27 | €189,924 | €172,615 | -€17,310 | -9.1% |
| Land and buildings | 22 | €87,918 | €87,558 | -€360 | -0.4% |
| Plant, machinery and equipment | 23 | €102,007 | €85,057 | -€16,950 | -16.6% |
| Current assets | 29/58 | €122,205 | €108,687 | -€13,517 | -11.1% |
| Amounts receivable within one year | 40/41 | €14,897 | €13,239 | -€1,658 | -11.1% |
| Trade receivables | 40 | €2,925 | €600 | -€2,325 | -79.5% |
| Other amounts receivable | 41 | €11,972 | €12,639 | +€667 | +5.6% |
| Cash at bank and in hand | 54/58 | €107,308 | €95,449 | -€11,860 | -11.1% |
| Total equity and liabilities | 10/49 | €312,129 | €281,302 | -€30,827 | -9.9% |
| Equity | 10/15 | €311,835 | €268,735 | -€43,100 | -13.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €3,833 | €3,833 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,833 | €3,833 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,833 | €3,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,002 | -€35,098 | -€43,100 | |
| Amounts payable | 17/49 | €294 | €12,567 | +€12,273 | +4175.2% |
| Amounts payable within one year | 42/48 | €120 | €12,393 | +€12,273 | +10227.5% |
| Trade debts | 44 | - | €12,273 | +€12,273 | |
| Suppliers | 440/4 | - | €12,273 | +€12,273 | |
| Other amounts payable | 47/48 | €120 | €120 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €174 | €174 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,191 | €24,482 | -€1,708 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,742 | +€22,742 | |
| Other operating charges | 640/8 | €8,944 | €17,485 | +€8,541 | +95.5% |
| Gross operating margin | 9900 | €12,648 | €23,962 | +€11,315 | +89.5% |
| Operating profit (loss) | 9901 | -€22,487 | -€40,747 | -€18,260 | -81.2% |
| Financial income | 75/76B | €957 | €1,192 | +€235 | +24.6% |
| Recurring financial income | 75 | €957 | €1,192 | +€235 | +24.6% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,575 | -€39,600 | -€18,025 | -83.5% |
| Profit (loss) for the period | 9904 | -€21,575 | -€39,600 | -€18,025 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,575 | -€39,600 | -€18,025 | -83.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.