Hans Govaert: 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.
Hans Govaert
Largest movements
- Cash +€493,518
up €493,518 (+110%), from €449,883 to €943,402
mainly Net result for the year (+€450,979) and Current investments (+€150,000)
- Current investments -€150,000
down €150,000 (-30.6%), from €490,003 to €340,003
- Receivables after one year +€126,500
up €126,500 (+16.7%), from €757,500 to €884,000
- Reserves +€430,979
up €430,979 (+21.0%), from €2.1m to €2.5m
of which Distributable reserves: +€430,979
- Debts after one year -€50,000
down €50,000 (-15.0%), from €333,333 to €283,333
- Current portion of long-term debt +€41,258
up €41,258 (+7.7%), from €534,250 to €575,508
- Depreciation -€78,090
down €78,090 (-72.3%), from €108,072 to €29,981
- Gross operating margin +€48,199
up €48,199 (+7.5%), from €640,870 to €689,070
- Taxes +€40,207
up €40,207 (+24.4%), from €164,563 to €204,771
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 | €3,024,934 | €3,442,969 | +€418,034 | +13.8% |
| Fixed assets | 21/28 | €1,230,871 | €1,200,889 | -€29,981 | -2.4% |
| Tangible fixed assets | 22/27 | €1,230,871 | €1,200,889 | -€29,981 | -2.4% |
| Land and buildings | 22 | €1,196,089 | €1,167,586 | -€28,503 | -2.4% |
| Plant, machinery and equipment | 23 | €34,781 | €33,303 | -€1,478 | -4.3% |
| Current assets | 29/58 | €1,794,064 | €2,242,079 | +€448,015 | +25.0% |
| Amounts receivable after more than one year | 29 | €757,500 | €884,000 | +€126,500 | +16.7% |
| Other amounts receivable | 291 | €757,500 | €884,000 | +€126,500 | +16.7% |
| Amounts receivable within one year | 40/41 | €80,215 | €55,301 | -€24,914 | -31.1% |
| Trade receivables | 40 | - | €817 | +€817 | |
| Other amounts receivable | 41 | €80,215 | €54,484 | -€25,731 | -32.1% |
| Current investments | 50/53 | €490,003 | €340,003 | -€150,000 | -30.6% |
| Cash at bank and in hand | 54/58 | €449,883 | €943,402 | +€493,518 | +110% |
| Deferred charges and accrued income | 490/1 | €16,463 | €19,374 | +€2,911 | +17.7% |
| Total equity and liabilities | 10/49 | €3,024,934 | €3,442,969 | +€418,034 | +13.8% |
| Equity | 10/15 | €2,092,337 | €2,523,316 | +€430,979 | +20.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,050,862 | €2,481,841 | +€430,979 | +21.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €2,047,862 | €2,478,841 | +€430,979 | +21.0% |
| Profit (loss) carried forward | 14 | €11,475 | €11,475 | = | 0.0% |
| Amounts payable | 17/49 | €932,597 | €919,652 | -€12,945 | -1.4% |
| Amounts payable after more than one year | 17 | €333,333 | €283,333 | -€50,000 | -15.0% |
| Financial debts | 170/4 | €333,333 | €283,333 | -€50,000 | -15.0% |
| Amounts payable within one year | 42/48 | €574,017 | €609,067 | +€35,050 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €534,250 | €575,508 | +€41,258 | +7.7% |
| Trade debts | 44 | €11,863 | €8,857 | -€3,005 | -25.3% |
| Suppliers | 440/4 | €11,863 | €8,857 | -€3,005 | -25.3% |
| Taxes, remuneration and social security | 45 | €3,573 | €5,701 | +€2,128 | +59.6% |
| Taxes | 450/3 | €999 | €3,127 | +€2,128 | +213% |
| Remuneration and social security | 454/9 | €2,574 | €2,574 | = | 0.0% |
| Other amounts payable | 47/48 | €24,331 | €19,000 | -€5,331 | -21.9% |
| Accrued charges and deferred income | 492/3 | €25,247 | €27,252 | +€2,006 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,072 | €29,981 | -€78,090 | -72.3% |
| Other operating charges | 640/8 | €2,025 | €4,460 | +€2,434 | +120% |
| Gross operating margin | 9900 | €640,870 | €689,070 | +€48,199 | +7.5% |
| Operating profit (loss) | 9901 | €530,773 | €654,629 | +€123,855 | +23.3% |
| Financial income | 75/76B | €28,413 | €33,124 | +€4,711 | +16.6% |
| Recurring financial income | 75 | €28,413 | €33,124 | +€4,711 | +16.6% |
| Financial charges | 65/66B | €30,143 | €32,003 | +€1,861 | +6.2% |
| Recurring financial charges | 65 | €30,143 | €32,003 | +€1,861 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €529,044 | €655,750 | +€126,706 | +23.9% |
| Income taxes | 67/77 | €164,563 | €204,771 | +€40,207 | +24.4% |
| Profit (loss) for the period | 9904 | €364,481 | €450,979 | +€86,498 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €364,481 | €450,979 | +€86,498 | +23.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.