JOSEPH GOFFINET: what changed
Two fiscal 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.
JOSEPH GOFFINET
Largest movements
- Receivables within one year -€129,948
down €129,948 (-74.3%), from €174,885 to €44,937
of which Trade receivables: -€145,502
- Cash +€31,400
up €31,400 (+18.2%), from €172,960 to €204,360
mainly Receivables within one year (+€129,948) and Stocks and contracts (+€18,059)
- Tangible fixed assets -€18,512
down €18,512 (-22.0%), from €84,267 to €65,756
- Stocks and contracts -€18,059
down €18,059 (-5.7%), from €318,920 to €300,862
- Provisions -€92,233
down €92,233 (-95.6%), from €96,429 to €4,195
- Profit (loss) carried forward -€35,180
down €35,180 (-6.8%), from €518,787 to €483,607
- Gross operating margin -€99,863
down €99,863, from €36,730 to -€63,133
- Provisions -€90,818
new in 2025: -€90,818
- Financial income -€57,995
down €57,995 (-97.8%), from €59,313 to €1,318
of which Non-recurring financial income: -€47,040
- Taxes -€7,321
down €7,321 (-97.3%), from €7,522 to €201
- Depreciation -€3,391
down €3,391 (-20.0%), from €16,938 to €13,547
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 | €755,458 | €617,897 | -€137,561 | -18.2% |
| Fixed assets | 21/28 | €84,267 | €65,756 | -€18,512 | -22.0% |
| Tangible fixed assets | 22/27 | €84,267 | €65,756 | -€18,512 | -22.0% |
| Land and buildings | 22 | €43,510 | €36,211 | -€7,299 | -16.8% |
| Plant, machinery and equipment | 23 | €31,369 | €22,904 | -€8,466 | -27.0% |
| Furniture and vehicles | 24 | €9,388 | €6,641 | -€2,747 | -29.3% |
| Current assets | 29/58 | €671,190 | €552,141 | -€119,049 | -17.7% |
| Stocks and contracts in progress | 3 | €318,920 | €300,862 | -€18,059 | -5.7% |
| Stocks | 30/36 | €318,920 | €300,862 | -€18,059 | -5.7% |
| Amounts receivable within one year | 40/41 | €174,885 | €44,937 | -€129,948 | -74.3% |
| Trade receivables | 40 | €173,161 | €27,659 | -€145,502 | -84.0% |
| Other amounts receivable | 41 | €1,724 | €17,278 | +€15,554 | +902.1% |
| Cash at bank and in hand | 54/58 | €172,960 | €204,360 | +€31,400 | +18.2% |
| Deferred charges and accrued income | 490/1 | €4,425 | €1,983 | -€2,443 | -55.2% |
| Total equity and liabilities | 10/49 | €755,458 | €617,897 | -€137,561 | -18.2% |
| Equity | 10/15 | €633,828 | €594,401 | -€39,427 | -6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €101,745 | €97,689 | -€4,056 | -4.0% |
| Tax-exempt reserves | 132 | €15,979 | €11,922 | -€4,056 | -25.4% |
| Distributable reserves | 133 | €85,767 | €85,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | €518,787 | €483,607 | -€35,180 | -6.8% |
| Investment grants | 15 | €896 | €705 | -€190 | -21.3% |
| Provisions and deferred taxes | 16 | €96,429 | €4,195 | -€92,233 | -95.6% |
| Provisions for liabilities and charges | 160/5 | €96,429 | €4,195 | -€92,233 | -95.6% |
| Pensions and similar obligations | 160 | €90,818 | - | -€90,818 | |
| Taxes | 161 | €5,611 | €4,195 | -€1,416 | -25.2% |
| Amounts payable | 17/49 | €25,201 | €19,300 | -€5,901 | -23.4% |
| Amounts payable within one year | 42/48 | €25,201 | €19,300 | -€5,901 | -23.4% |
| Trade debts | 44 | €7,798 | €5,440 | -€2,358 | -30.2% |
| Suppliers | 440/4 | €7,798 | €5,440 | -€2,358 | -30.2% |
| Taxes, remuneration and social security | 45 | €16,544 | €13,001 | -€3,543 | -21.4% |
| Taxes | 450/3 | €9,256 | €4,968 | -€4,288 | -46.3% |
| Remuneration and social security | 454/9 | €7,287 | €8,033 | +€745 | +10.2% |
| Other amounts payable | 47/48 | €859 | €859 | = | 0.0% |
| Non-recurring operating income | 76A | - | €17,448 | +€17,448 | |
| Remuneration, social security and pensions | 62 | €53,523 | €55,595 | +€2,072 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,938 | €13,547 | -€3,391 | -20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,596 | -€728 | +€868 | +54.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€90,818 | -€90,818 | |
| Other operating charges | 640/8 | €936 | €859 | -€77 | -8.3% |
| Gross operating margin | 9900 | €36,730 | -€63,133 | -€99,863 | |
| Operating profit (loss) | 9901 | -€33,071 | -€41,588 | -€8,517 | -25.8% |
| Financial income | 75/76B | €59,313 | €1,318 | -€57,995 | -97.8% |
| Recurring financial income | 75 | €12,273 | €1,318 | -€10,955 | -89.3% |
| Non-recurring financial income | 76B | €47,040 | - | -€47,040 | |
| Financial charges | 65/66B | €157 | €181 | +€25 | +15.6% |
| Recurring financial charges | 65 | €157 | €181 | +€25 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €26,086 | -€40,451 | -€66,537 | |
| Transfer from deferred taxes | 780 | €1,481 | €1,416 | -€65 | -4.4% |
| Income taxes | 67/77 | €7,522 | €201 | -€7,321 | -97.3% |
| Profit (loss) for the period | 9904 | €20,044 | -€39,236 | -€59,280 | |
| Transfer from tax-exempt reserves | 789 | €4,251 | €4,056 | -€195 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,295 | -€35,180 | -€59,475 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.