Immo Govaerts: 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.
Immo Govaerts
Largest movements
- Cash +€38,606
up €38,606 (+300%), from €12,864 to €51,470
mainly Net result for the year (+€29,654) and Debts after one year (+€20,802)
- Receivables within one year +€17,326
up €17,326 (+21.3%), from €81,374 to €98,700
of which Other amounts receivable: +€17,326
- Profit (loss) carried forward +€29,654
up €29,654 (+48.0%), from -€61,783 to -€32,129
- Debts after one year +€20,802
new in 2025: €20,802
- Current portion of long-term debt +€4,893
new in 2025: €4,893
- Gross operating margin +€16,619
up €16,619 (+51.9%), from €32,017 to €48,636
- Taxes +€2,664
up €2,664 (+35.4%), from €7,527 to €10,192
- Financial income +€1,730
up €1,730 (+38.0%), from €4,558 to €6,288
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 | €164,551 | €219,352 | +€54,801 | +33.3% |
| Fixed assets | 21/28 | €20,300 | €19,155 | -€1,145 | -5.6% |
| Tangible fixed assets | 22/27 | €20,300 | €19,155 | -€1,145 | -5.6% |
| Land and buildings | 22 | €13,783 | €13,783 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,221 | +€2,221 | |
| Furniture and vehicles | 24 | €6,517 | €3,152 | -€3,366 | -51.6% |
| Current assets | 29/58 | €144,251 | €200,197 | +€55,946 | +38.8% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €81,374 | €98,700 | +€17,326 | +21.3% |
| Trade receivables | 40 | €1,076 | €1,076 | = | 0.0% |
| Other amounts receivable | 41 | €80,298 | €97,624 | +€17,326 | +21.6% |
| Cash at bank and in hand | 54/58 | €12,864 | €51,470 | +€38,606 | +300% |
| Deferred charges and accrued income | 490/1 | €12 | €27 | +€14 | +116% |
| Total equity and liabilities | 10/49 | €164,551 | €219,352 | +€54,801 | +33.3% |
| Equity | 10/15 | €163,157 | €192,812 | +€29,654 | +18.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €162,941 | €162,941 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €156,741 | €156,741 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,783 | -€32,129 | +€29,654 | +48.0% |
| Amounts payable | 17/49 | €1,394 | €26,541 | +€25,147 | +1,804% |
| Amounts payable after more than one year | 17 | - | €20,802 | +€20,802 | |
| Financial debts | 170/4 | - | €20,802 | +€20,802 | |
| Amounts payable within one year | 42/48 | €1,391 | €5,714 | +€4,323 | +311% |
| Current portion of amounts payable after more than one year | 42 | - | €4,893 | +€4,893 | |
| Trade debts | 44 | €1,391 | €642 | -€749 | -53.9% |
| Suppliers | 440/4 | €1,391 | €642 | -€749 | -53.9% |
| Taxes, remuneration and social security | 45 | €0 | €179 | +€179 | |
| Taxes | 450/3 | €0 | €179 | +€179 | |
| Accrued charges and deferred income | 492/3 | €3 | €25 | +€22 | +845% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,366 | €3,592 | +€227 | +6.7% |
| Other operating charges | 640/8 | €10,817 | €11,150 | +€333 | +3.1% |
| Gross operating margin | 9900 | €32,017 | €48,636 | +€16,619 | +51.9% |
| Operating profit (loss) | 9901 | €17,834 | €33,894 | +€16,059 | +90.0% |
| Financial income | 75/76B | €4,558 | €6,288 | +€1,730 | +38.0% |
| Recurring financial income | 75 | €4,558 | €6,288 | +€1,730 | +38.0% |
| Financial charges | 65/66B | €171 | €335 | +€164 | +95.8% |
| Recurring financial charges | 65 | €171 | €335 | +€164 | +95.8% |
| Profit (loss) for the period before taxes | 9903 | €22,221 | €39,846 | +€17,625 | +79.3% |
| Income taxes | 67/77 | €7,527 | €10,192 | +€2,664 | +35.4% |
| Profit (loss) for the period | 9904 | €14,693 | €29,654 | +€14,961 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €14,693 | €29,654 | +€14,961 | +102% |
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 24 October 2026 via checked.be.