GOVLAND: 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.
GOVLAND
Largest movements
- Receivables within one year +€114,406
up €114,406 (+84.5%), from €135,415 to €249,821
of which Trade receivables: +€105,526
- Cash +€3,401
up €3,401 (+690%), from €493 to €3,894
mainly Net result for the year (+€72,289) and Tax, wage and social debts (+€58,003)
- Tangible fixed assets -€2,965
down €2,965 (-26.6%), from €11,140 to €8,175
of which Furniture and vehicles: -€2,965
- Reserves +€72,289
up €72,289 (+150%), from €48,041 to €120,330
of which Distributable reserves: +€72,289
- Tax, wage and social debts +€58,003
up €58,003 (+105%), from €55,003 to €113,006
of which Taxes: +€49,063
- Trade debts -€13,878
down €13,878 (-40.5%), from €34,236 to €20,357
- Gross operating margin +€72,678
up €72,678 (+83.1%), from €87,504 to €160,181
- Taxes +€24,760
up €24,760 (+975%), from €2,538 to €27,298
- Staff costs +€4,845
up €4,845 (+9.9%), from €48,798 to €53,643
- Other operating charges -€4,248
down €4,248 (-57.2%), from €7,429 to €3,181
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 | €164,994 | €280,958 | +€115,964 | +70.3% |
| Fixed assets | 21/28 | €16,590 | €13,625 | -€2,965 | -17.9% |
| Tangible fixed assets | 22/27 | €11,140 | €8,175 | -€2,965 | -26.6% |
| Furniture and vehicles | 24 | €7,010 | €4,045 | -€2,965 | -42.3% |
| Other tangible fixed assets | 26 | €4,130 | €4,130 | = | 0.0% |
| Financial fixed assets | 28 | €5,450 | €5,450 | = | 0.0% |
| Current assets | 29/58 | €148,404 | €267,333 | +€118,929 | +80.1% |
| Amounts receivable within one year | 40/41 | €135,415 | €249,821 | +€114,406 | +84.5% |
| Trade receivables | 40 | €135,025 | €240,552 | +€105,526 | +78.2% |
| Other amounts receivable | 41 | €390 | €9,269 | +€8,880 | +2,277% |
| Cash at bank and in hand | 54/58 | €493 | €3,894 | +€3,401 | +690% |
| Deferred charges and accrued income | 490/1 | €12,496 | €13,618 | +€1,122 | +9.0% |
| Total equity and liabilities | 10/49 | €164,994 | €280,958 | +€115,964 | +70.3% |
| Equity | 10/15 | €60,441 | €132,730 | +€72,289 | +120% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €48,041 | €120,330 | +€72,289 | +150% |
| Non-distributable reserves | 130/1 | €480 | €480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €480 | €480 | = | 0.0% |
| Distributable reserves | 133 | €47,561 | €119,850 | +€72,289 | +152% |
| Amounts payable | 17/49 | €104,553 | €148,228 | +€43,675 | +41.8% |
| Amounts payable after more than one year | 17 | €2,088 | €777 | -€1,311 | -62.8% |
| Financial debts | 170/4 | €2,088 | €777 | -€1,311 | -62.8% |
| Amounts payable within one year | 42/48 | €102,465 | €147,451 | +€44,986 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €1,285 | €1,311 | +€26 | +2.0% |
| Financial debts | 43 | €1,677 | €1,374 | -€302 | -18.0% |
| Credit institutions | 430/8 | €1,677 | €1,374 | -€302 | -18.0% |
| Trade debts | 44 | €34,236 | €20,357 | -€13,878 | -40.5% |
| Suppliers | 440/4 | €34,236 | €20,357 | -€13,878 | -40.5% |
| Taxes, remuneration and social security | 45 | €55,003 | €113,006 | +€58,003 | +105% |
| Taxes | 450/3 | €30,636 | €79,699 | +€49,063 | +160% |
| Remuneration and social security | 454/9 | €24,367 | €33,307 | +€8,940 | +36.7% |
| Other amounts payable | 47/48 | €10,266 | €11,403 | +€1,137 | +11.1% |
| Remuneration, social security and pensions | 62 | €48,798 | €53,643 | +€4,845 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,983 | €2,990 | +€8 | +0.3% |
| Other operating charges | 640/8 | €7,429 | €3,181 | -€4,248 | -57.2% |
| Gross operating margin | 9900 | €87,504 | €160,181 | +€72,678 | +83.1% |
| Operating profit (loss) | 9901 | €28,293 | €100,367 | +€72,073 | +255% |
| Financial income | 75/76B | €1 | €27 | +€26 | +1,984% |
| Recurring financial income | 75 | €1 | €27 | +€26 | +1,984% |
| Financial charges | 65/66B | €372 | €807 | +€435 | +117% |
| Recurring financial charges | 65 | €372 | €807 | +€435 | +117% |
| Profit (loss) for the period before taxes | 9903 | €27,922 | €99,587 | +€71,664 | +257% |
| Income taxes | 67/77 | €2,538 | €27,298 | +€24,760 | +975% |
| Profit (loss) for the period | 9904 | €25,384 | €72,289 | +€46,905 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €25,384 | €72,289 | +€46,905 | +185% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.