Levent Gokinan: what changed
Levent Gokinan
Largest movements
- Cash -€100,071
down €100,071 (-99.4%), from €100,643 to €571
mainly Current portion of long-term debt (-€117,029) and Current investments (-€92,400)
- Current investments +€92,400
new in 2025: €92,400
- Receivables within one year -€50,832
down €50,832 (-58.0%), from €87,570 to €36,738
of which Trade receivables: -€28,832
- Current portion of long-term debt -€117,029
down €117,029 (-56.6%), from €206,632 to €89,603
- Debts after one year -€89,603
down €89,603 (-17.2%), from €522,006 to €432,403
- Other debts +€56,494
new in 2025: €56,494
- Profit (loss) carried forward +€53,990
up €53,990 (+18.0%), from €299,329 to €353,319
- Tax, wage and social debts +€24,666
up €24,666 (+85.7%), from €28,766 to €53,432
- Financial income -€227,901
no longer reported in 2025 (was €227,901)
of which Financial income: -€227,901
- Gross operating margin +€28,163
up €28,163 (+34.6%), from €81,369 to €109,533
- Taxes +€6,618
up €6,618 (+36.8%), from €17,965 to €24,583
- Financial charges +€4,860
up €4,860 (+28.3%), from €17,201 to €22,061
- Depreciation -€2,902
down €2,902 (-37.8%), from €7,675 to €4,773
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 | €1,082,956 | €1,021,834 | -€61,123 | -5.6% |
| Fixed assets | 21/28 | €894,623 | €892,004 | -€2,619 | -0.3% |
| Tangible fixed assets | 22/27 | €4,623 | €2,004 | -€2,619 | -56.7% |
| Plant, machinery and equipment | 23 | €462 | €2,004 | +€1,543 | +334% |
| Furniture and vehicles | 24 | €4,162 | - | -€4,162 | |
| Financial fixed assets | 28 | €890,000 | €890,000 | = | 0.0% |
| Current assets | 29/58 | €188,333 | €129,830 | -€58,503 | -31.1% |
| Amounts receivable within one year | 40/41 | €87,570 | €36,738 | -€50,832 | -58.0% |
| Trade receivables | 40 | €65,570 | €36,738 | -€28,832 | -44.0% |
| Other amounts receivable | 41 | €22,000 | - | -€22,000 | |
| Current investments | 50/53 | - | €92,400 | +€92,400 | |
| Cash at bank and in hand | 54/58 | €100,643 | €571 | -€100,071 | -99.4% |
| Deferred charges and accrued income | 490/1 | €120 | €120 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,082,956 | €1,021,834 | -€61,123 | -5.6% |
| Equity | 10/15 | €321,329 | €375,319 | +€53,990 | +16.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,329 | €353,319 | +€53,990 | +18.0% |
| Amounts payable | 17/49 | €761,627 | €646,515 | -€115,113 | -15.1% |
| Amounts payable after more than one year | 17 | €522,006 | €432,403 | -€89,603 | -17.2% |
| Financial debts | 170/4 | €522,006 | €432,403 | -€89,603 | -17.2% |
| Amounts payable within one year | 42/48 | €239,621 | €214,111 | -€25,510 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €206,632 | €89,603 | -€117,029 | -56.6% |
| Financial debts | 43 | - | €14,385 | +€14,385 | |
| Credit institutions | 430/8 | - | €14,385 | +€14,385 | |
| Trade debts | 44 | €4,223 | €198 | -€4,025 | -95.3% |
| Suppliers | 440/4 | €4,223 | €198 | -€4,025 | -95.3% |
| Taxes, remuneration and social security | 45 | €28,766 | €53,432 | +€24,666 | +85.7% |
| Taxes | 450/3 | €28,766 | €53,432 | +€24,666 | +85.7% |
| Other amounts payable | 47/48 | - | €56,494 | +€56,494 | |
| Non-recurring operating income | 76A | €8,651 | - | -€8,651 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,675 | €4,773 | -€2,902 | -37.8% |
| Other operating charges | 640/8 | €4,557 | €3,664 | -€892 | -19.6% |
| Non-recurring operating charges | 66A | - | €462 | +€462 | |
| Gross operating margin | 9900 | €81,369 | €109,533 | +€28,163 | +34.6% |
| Operating profit (loss) | 9901 | €69,138 | €100,634 | +€31,495 | +45.6% |
| Financial income | 75/76B | €227,901 | - | -€227,901 | |
| Recurring financial income | 75 | €227,901 | - | -€227,901 | |
| Non-recurring financial income | 76B | €227,901 | - | -€227,901 | |
| Financial charges | 65/66B | €17,201 | €22,061 | +€4,860 | +28.3% |
| Recurring financial charges | 65 | €17,201 | €22,061 | +€4,860 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €279,839 | €78,573 | -€201,266 | -71.9% |
| Income taxes | 67/77 | €17,965 | €24,583 | +€6,618 | +36.8% |
| Profit (loss) for the period | 9904 | €261,874 | €53,990 | -€207,884 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €261,874 | €53,990 | -€207,884 | -79.4% |
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 2 November 2026 via checked.be.