GOVO: 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.
GOVO
Largest movements
- Cash +€32,026
up €32,026 (+319.1%), from €10,038 to €42,063
mainly Net result for the year (+€31,809) and Receivables within one year (+€18,885)
- Receivables within one year -€18,885
down €18,885 (-62.6%), from €30,174 to €11,289
of which Trade receivables: -€19,943
- Tangible fixed assets +€6,291
up €6,291 (+17.3%), from €36,328 to €42,619
of which Plant, machinery and equipment: +€10,201
- Deferred charges and accrued income -€3,002
down €3,002 (-52.0%), from €5,771 to €2,769
- Intangible fixed assets +€2,278
new in 2025: €2,278
- Reserves +€31,809
up €31,809 (+114.2%), from €27,846 to €59,655
- Other debts -€15,381
down €15,381 (-66.3%), from €23,211 to €7,831
- Trade debts +€1,526
up €1,526 (+66.0%), from €2,314 to €3,840
- Tax, wage and social debts +€1,317
up €1,317 (+7.6%), from €17,314 to €18,630
- Gross operating margin +€31,819
up €31,819 (+107.2%), from €29,672 to €61,491
- Taxes +€8,488
up €8,488 (+177.5%), from €4,781 to €13,269
- Depreciation +€4,021
up €4,021 (+52.2%), from €7,697 to €11,718
- Financial charges -€1,406
down €1,406 (-32.3%), from €4,353 to €2,947
- Other operating charges -€748
down €748 (-62.9%), from €1,188 to €440
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 | €82,314 | €101,019 | +€18,705 | +22.7% |
| Fixed assets | 21/28 | €36,328 | €44,898 | +€8,570 | +23.6% |
| Intangible fixed assets | 21 | - | €2,278 | +€2,278 | |
| Tangible fixed assets | 22/27 | €36,328 | €42,619 | +€6,291 | +17.3% |
| Plant, machinery and equipment | 23 | €4,143 | €14,344 | +€10,201 | +246.2% |
| Furniture and vehicles | 24 | €7,273 | €6,174 | -€1,099 | -15.1% |
| Other tangible fixed assets | 26 | €24,912 | €22,101 | -€2,811 | -11.3% |
| Current assets | 29/58 | €45,986 | €56,121 | +€10,135 | +22.0% |
| Amounts receivable within one year | 40/41 | €30,174 | €11,289 | -€18,885 | -62.6% |
| Trade receivables | 40 | €30,174 | €10,231 | -€19,943 | -66.1% |
| Other amounts receivable | 41 | €0 | €1,058 | +€1,058 | |
| Current investments | 50/53 | €4 | €0 | -€4 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,038 | €42,063 | +€32,026 | +319.1% |
| Deferred charges and accrued income | 490/1 | €5,771 | €2,769 | -€3,002 | -52.0% |
| Total equity and liabilities | 10/49 | €82,314 | €101,019 | +€18,705 | +22.7% |
| Equity | 10/15 | €37,846 | €69,655 | +€31,809 | +84.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €27,846 | €59,655 | +€31,809 | +114.2% |
| Distributable reserves | 133 | €27,846 | €59,655 | +€31,809 | +114.2% |
| Amounts payable | 17/49 | €44,468 | €31,363 | -€13,105 | -29.5% |
| Amounts payable within one year | 42/48 | €42,839 | €30,301 | -€12,538 | -29.3% |
| Trade debts | 44 | €2,314 | €3,840 | +€1,526 | +66.0% |
| Suppliers | 440/4 | €2,314 | €3,840 | +€1,526 | +66.0% |
| Taxes, remuneration and social security | 45 | €17,314 | €18,630 | +€1,317 | +7.6% |
| Taxes | 450/3 | €17,314 | €18,630 | +€1,317 | +7.6% |
| Other amounts payable | 47/48 | €23,211 | €7,831 | -€15,381 | -66.3% |
| Accrued charges and deferred income | 492/3 | €1,629 | €1,062 | -€567 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,697 | €11,718 | +€4,021 | +52.2% |
| Other operating charges | 640/8 | €1,188 | €440 | -€748 | -62.9% |
| Non-recurring operating charges | 66A | - | €1,335 | +€1,335 | |
| Gross operating margin | 9900 | €29,672 | €61,491 | +€31,819 | +107.2% |
| Operating profit (loss) | 9901 | €20,787 | €47,997 | +€27,211 | +130.9% |
| Financial income | 75/76B | €173 | €28 | -€145 | -84.1% |
| Recurring financial income | 75 | €173 | €28 | -€145 | -84.1% |
| Financial charges | 65/66B | €4,353 | €2,947 | -€1,406 | -32.3% |
| Recurring financial charges | 65 | €4,353 | €2,947 | -€1,406 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €16,606 | €45,078 | +€28,472 | +171.5% |
| Income taxes | 67/77 | €4,781 | €13,269 | +€8,488 | +177.5% |
| Profit (loss) for the period | 9904 | €11,825 | €31,809 | +€19,984 | +169.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,825 | €31,809 | +€19,984 | +169.0% |
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 11 October 2026 via checked.be.