GOVU: 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
GOVU
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€45,053
2024 · -€43,883-€1,170
Equity
€672,877
2024 · €717,930-€45,053
Cash
€27,053
2024 · €31,420-€4,367
Balance sheet total
€1.7m
2024 · €1.8m-€79,433
Largest movements
Assets
- Tangible fixed assets -€73,852
down €73,852 (-4.3%), from €1.7m to €1.7m
of which Land and buildings: -€73,852
Equity and liabilities
- Reserves -€45,053
down €45,053 (-6.5%), from €692,930 to €647,877
of which Tax-exempt reserves: -€23,929
- Other debts -€24,385
down €24,385 (-14.8%), from €164,859 to €140,474
- Debts after one year -€22,357
down €22,357 (-3.0%), from €738,057 to €715,700
Income statement
- Gross operating margin +€11,259
up €11,259 (+19.3%), from €58,345 to €69,604
- Financial charges +€6,946
up €6,946 (+26.2%), from €26,519 to €33,465
- Depreciation +€6,884
up €6,884 (+9.3%), from €74,017 to €80,901
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
-€43,883
Gross operating margin
+€11,259
Depreciation
-€6,884
Other operating charges
-€575
Financial income
+€2
Financial charges
-€6,946
Taxes
-€104
Deferred taxes and other
+€2,078
Result 2025
-€45,053
raises the resultlowers the resultnot broken down further in the accounts
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
+€24,195
Investment
-€7,049
Financing
-€21,513
Cash 2024
€31,420
From operations (derived)
+€24,195
Net result for the year
-€45,053
Depreciation
+€80,901
Receivables within one year
-€166
Deferred charges and accrued income
+€1,380
Provisions
-€7,976
Trade debts
+€2,368
Tax, wage and social debts
-€323
Other debts
-€24,385
Accrued charges and deferred income
+€17,450
Investment (derived)
-€7,049
Investment in fixed assets (net)
-€7,049
Financing
-€21,513
Debts after one year
-€22,357
Current portion of long-term debt
+€844
Cash 2025
€27,053
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,766,178 | €1,686,746 | -€79,433 | -4.5% |
| Fixed assets | 21/28 | €1,728,624 | €1,654,772 | -€73,852 | -4.3% |
| Tangible fixed assets | 22/27 | €1,728,624 | €1,654,772 | -€73,852 | -4.3% |
| Land and buildings | 22 | €1,521,325 | €1,447,473 | -€73,852 | -4.9% |
| Other tangible fixed assets | 26 | €207,299 | €207,299 | = | 0.0% |
| Current assets | 29/58 | €37,554 | €31,974 | -€5,581 | -14.9% |
| Amounts receivable within one year | 40/41 | €2,624 | €2,790 | +€166 | +6.3% |
| Trade receivables | 40 | €1,783 | €2,790 | +€1,008 | +56.5% |
| Other amounts receivable | 41 | €841 | €0 | -€841 | -100% |
| Cash at bank and in hand | 54/58 | €31,420 | €27,053 | -€4,367 | -13.9% |
| Deferred charges and accrued income | 490/1 | €3,511 | €2,131 | -€1,380 | -39.3% |
| Total equity and liabilities | 10/49 | €1,766,178 | €1,686,746 | -€79,433 | -4.5% |
| Equity | 10/15 | €717,930 | €672,877 | -€45,053 | -6.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €692,930 | €647,877 | -€45,053 | -6.5% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €401,739 | €377,810 | -€23,929 | -6.0% |
| Distributable reserves | 133 | €288,691 | €267,567 | -€21,123 | -7.3% |
| Provisions and deferred taxes | 16 | €119,913 | €111,937 | -€7,976 | -6.7% |
| Deferred taxes | 168 | €119,913 | €111,937 | -€7,976 | -6.7% |
| Amounts payable | 17/49 | €928,336 | €901,932 | -€26,404 | -2.8% |
| Amounts payable after more than one year | 17 | €738,057 | €715,700 | -€22,357 | -3.0% |
| Financial debts | 170/4 | €738,057 | €715,700 | -€22,357 | -3.0% |
| Amounts payable within one year | 42/48 | €187,604 | €166,107 | -€21,497 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €21,513 | €22,357 | +€844 | +3.9% |
| Trade debts | 44 | €21 | €2,389 | +€2,368 | +11,106% |
| Suppliers | 440/4 | €21 | €2,389 | +€2,368 | +11,106% |
| Taxes, remuneration and social security | 45 | €1,210 | €887 | -€323 | -26.7% |
| Taxes | 450/3 | €1,210 | €887 | -€323 | -26.7% |
| Other amounts payable | 47/48 | €164,859 | €140,474 | -€24,385 | -14.8% |
| Accrued charges and deferred income | 492/3 | €2,674 | €20,125 | +€17,450 | +653% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,017 | €80,901 | +€6,884 | +9.3% |
| Other operating charges | 640/8 | €7,525 | €8,099 | +€575 | +7.6% |
| Gross operating margin | 9900 | €58,345 | €69,604 | +€11,259 | +19.3% |
| Operating profit (loss) | 9901 | -€23,196 | -€19,395 | +€3,801 | +16.4% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €26,519 | €33,465 | +€6,946 | +26.2% |
| Recurring financial charges | 65 | €26,519 | €33,465 | +€6,946 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | -€49,714 | -€52,858 | -€3,144 | -6.3% |
| Transfer from deferred taxes | 780 | €5,899 | €7,976 | +€2,078 | +35.2% |
| Income taxes | 67/77 | €67 | €171 | +€104 | +156% |
| Profit (loss) for the period | 9904 | -€43,883 | -€45,053 | -€1,170 | -2.7% |
| Transfer from tax-exempt reserves | 789 | €17,696 | €23,929 | +€6,233 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,186 | -€21,123 | +€5,063 | +19.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.