LET'S GOVAERTS: what changed
LET'S GOVAERTS
Largest movements
- Receivables within one year +€28,574
up €28,574 (+148%), from €19,317 to €47,891
of which Trade receivables: +€33,033
- Cash -€13,488
down €13,488 (-11.4%), from €118,658 to €105,170
mainly Contributions, distributions and other (-€50,371) and Receivables within one year (-€28,574)
- Other debts +€42,815
new in 2025: €42,815
- Reserves -€25,282
down €25,282 (-23.4%), from €108,188 to €82,906
- Tax, wage and social debts -€3,688
down €3,688 (-12.2%), from €30,222 to €26,533
- Gross operating margin +€3,018
up €3,018 (+8.7%), from €34,740 to €37,758
- Taxes +€2,948
up €2,948 (+38.6%), from €7,637 to €10,585
- Depreciation -€1,223
down €1,223 (-44.7%), from €2,736 to €1,512
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,510 | €155,719 | +€15,209 | +10.8% |
| Fixed assets | 21/28 | €2,535 | €2,659 | +€123 | +4.9% |
| Tangible fixed assets | 22/27 | €2,535 | €2,659 | +€123 | +4.9% |
| Plant, machinery and equipment | 23 | €2,535 | €1,467 | -€1,069 | -42.2% |
| Furniture and vehicles | 24 | - | €1,192 | +€1,192 | |
| Current assets | 29/58 | €137,975 | €153,061 | +€15,086 | +10.9% |
| Amounts receivable within one year | 40/41 | €19,317 | €47,891 | +€28,574 | +148% |
| Trade receivables | 40 | €605 | €33,638 | +€33,033 | +5,460% |
| Other amounts receivable | 41 | €18,712 | €14,253 | -€4,459 | -23.8% |
| Cash at bank and in hand | 54/58 | €118,658 | €105,170 | -€13,488 | -11.4% |
| Total equity and liabilities | 10/49 | €140,510 | €155,719 | +€15,209 | +10.8% |
| Equity | 10/15 | €110,188 | €84,906 | -€25,282 | -22.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €108,188 | €82,906 | -€25,282 | -23.4% |
| Distributable reserves | 133 | €108,188 | €82,906 | -€25,282 | -23.4% |
| Amounts payable | 17/49 | €30,322 | €70,813 | +€40,492 | +134% |
| Amounts payable within one year | 42/48 | €30,322 | €70,813 | +€40,492 | +134% |
| Trade debts | 44 | €100 | €1,464 | +€1,364 | +1,364% |
| Suppliers | 440/4 | €100 | €1,464 | +€1,364 | +1,364% |
| Taxes, remuneration and social security | 45 | €30,222 | €26,533 | -€3,688 | -12.2% |
| Taxes | 450/3 | €30,222 | €26,533 | -€3,688 | -12.2% |
| Other amounts payable | 47/48 | - | €42,815 | +€42,815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,736 | €1,512 | -€1,223 | -44.7% |
| Other operating charges | 640/8 | €784 | €470 | -€313 | -40.0% |
| Gross operating margin | 9900 | €34,740 | €37,758 | +€3,018 | +8.7% |
| Operating profit (loss) | 9901 | €31,221 | €35,776 | +€4,555 | +14.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €12 | €102 | +€90 | +725% |
| Recurring financial charges | 65 | €12 | €102 | +€90 | +725% |
| Profit (loss) for the period before taxes | 9903 | €31,208 | €35,673 | +€4,465 | +14.3% |
| Income taxes | 67/77 | €7,637 | €10,585 | +€2,948 | +38.6% |
| Profit (loss) for the period | 9904 | €23,572 | €25,089 | +€1,517 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,572 | €25,089 | +€1,517 | +6.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.