J. GOVAERE: 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.
J. GOVAERE
Largest movements
- Cash +€46,118
up €46,118 (+43.8%), from €105,174 to €151,292
mainly Net result for the year (+€30,919) and Other debts (+€18,950)
- Reserves +€41,421
up €41,421 (+10.5%), from €393,037 to €434,457
- Other debts +€18,950
up €18,950 (+11.5%), from €164,094 to €183,044
- Profit (loss) carried forward -€16,334
down €16,334 (-100%), from €16,334 to €0
- Gross operating margin -€8,802
down €8,802 (-13.5%), from €65,268 to €56,465
- Financial income +€2,819
up €2,819 (+476%), from €593 to €3,411
- Depreciation -€949
down €949 (-15.7%), from €6,032 to €5,083
- Taxes -€721
down €721 (-6.6%), from €10,855 to €10,134
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 | €598,263 | €644,370 | +€46,107 | +7.7% |
| Fixed assets | 21/28 | €5,525 | €442 | -€5,083 | -92.0% |
| Tangible fixed assets | 22/27 | €5,525 | €442 | -€5,083 | -92.0% |
| Land and buildings | 22 | €27 | €0 | -€27 | -100% |
| Plant, machinery and equipment | 23 | €663 | €442 | -€221 | -33.3% |
| Furniture and vehicles | 24 | €4,835 | €0 | -€4,835 | -100% |
| Current assets | 29/58 | €592,738 | €643,928 | +€51,190 | +8.6% |
| Stocks and contracts in progress | 3 | €401,467 | €402,899 | +€1,432 | +0.4% |
| Stocks | 30/36 | €401,467 | €402,899 | +€1,432 | +0.4% |
| Amounts receivable within one year | 40/41 | €25,325 | €22,705 | -€2,620 | -10.3% |
| Trade receivables | 40 | €23,408 | €21,937 | -€1,471 | -6.3% |
| Other amounts receivable | 41 | €1,917 | €769 | -€1,148 | -59.9% |
| Current investments | 50/53 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Cash at bank and in hand | 54/58 | €105,174 | €151,292 | +€46,118 | +43.8% |
| Deferred charges and accrued income | 490/1 | €771 | €2,032 | +€1,260 | +163% |
| Total equity and liabilities | 10/49 | €598,263 | €644,370 | +€46,107 | +7.7% |
| Equity | 10/15 | €410,471 | €435,557 | +€25,086 | +6.1% |
| Contributions | 10/11 | €1,100 | €1,100 | = | 0.0% |
| Reserves | 13 | €393,037 | €434,457 | +€41,421 | +10.5% |
| Distributable reserves | 133 | €393,037 | €434,457 | +€41,421 | +10.5% |
| Profit (loss) carried forward | 14 | €16,334 | €0 | -€16,334 | -100% |
| Amounts payable | 17/49 | €187,792 | €208,813 | +€21,021 | +11.2% |
| Amounts payable within one year | 42/48 | €176,217 | €196,604 | +€20,387 | +11.6% |
| Trade debts | 44 | €2,151 | €5,421 | +€3,270 | +152% |
| Suppliers | 440/4 | €2,151 | €5,421 | +€3,270 | +152% |
| Taxes, remuneration and social security | 45 | €9,972 | €8,140 | -€1,832 | -18.4% |
| Taxes | 450/3 | €9,972 | €8,140 | -€1,832 | -18.4% |
| Other amounts payable | 47/48 | €164,094 | €183,044 | +€18,950 | +11.5% |
| Accrued charges and deferred income | 492/3 | €11,575 | €12,208 | +€634 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,032 | €5,083 | -€949 | -15.7% |
| Other operating charges | 640/8 | €1,414 | €1,294 | -€120 | -8.5% |
| Gross operating margin | 9900 | €65,268 | €56,465 | -€8,802 | -13.5% |
| Operating profit (loss) | 9901 | €57,822 | €50,088 | -€7,734 | -13.4% |
| Financial income | 75/76B | €593 | €3,411 | +€2,819 | +476% |
| Recurring financial income | 75 | €593 | €3,411 | +€2,819 | +476% |
| Financial charges | 65/66B | €11,831 | €12,446 | +€615 | +5.2% |
| Recurring financial charges | 65 | €11,831 | €12,446 | +€615 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €46,584 | €41,054 | -€5,530 | -11.9% |
| Income taxes | 67/77 | €10,855 | €10,134 | -€721 | -6.6% |
| Profit (loss) for the period | 9904 | €35,729 | €30,919 | -€4,809 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,729 | €30,919 | -€4,809 | -13.5% |
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 25 October 2026 via checked.be.