Liesbeth Govaers: 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.
Liesbeth Govaers
Largest movements
- Receivables within one year +€113,861
up €113,861 (+19,554%), from €582 to €114,443
of which Other amounts receivable: +€111,209
- Cash -€23,055
down €23,055 (-8.7%), from €265,762 to €242,707
mainly Receivables within one year (-€113,861) and Investment in fixed assets (net) (-€14,079)
- Tangible fixed assets +€8,396
up €8,396 (+64.5%), from €13,019 to €21,415
of which Plant, machinery and equipment: +€4,631
- Reserves +€104,398
up €104,398 (+40.4%), from €258,113 to €362,511
- Gross operating margin -€86,367
down €86,367 (-38.2%), from €226,157 to €139,789
- Taxes -€22,588
down €22,588 (-44.6%), from €50,643 to €28,055
- Financial income +€4,655
up €4,655 (+1,203%), from €387 to €5,042
- Depreciation +€3,908
up €3,908 (+220%), from €1,774 to €5,683
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 | €300,935 | €401,534 | +€100,599 | +33.4% |
| Fixed assets | 21/28 | €13,019 | €21,415 | +€8,396 | +64.5% |
| Tangible fixed assets | 22/27 | €13,019 | €21,415 | +€8,396 | +64.5% |
| Plant, machinery and equipment | 23 | €4,122 | €8,753 | +€4,631 | +112% |
| Furniture and vehicles | 24 | €8,897 | €12,662 | +€3,765 | +42.3% |
| Current assets | 29/58 | €287,916 | €380,119 | +€92,203 | +32.0% |
| Amounts receivable after more than one year | 29 | €14,400 | €14,400 | = | 0.0% |
| Other amounts receivable | 291 | €14,400 | €14,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €582 | €114,443 | +€113,861 | +19,554% |
| Trade receivables | 40 | - | €2,652 | +€2,652 | |
| Other amounts receivable | 41 | €582 | €111,791 | +€111,209 | +19,098% |
| Cash at bank and in hand | 54/58 | €265,762 | €242,707 | -€23,055 | -8.7% |
| Deferred charges and accrued income | 490/1 | €7,172 | €8,569 | +€1,397 | +19.5% |
| Total equity and liabilities | 10/49 | €300,935 | €401,534 | +€100,599 | +33.4% |
| Equity | 10/15 | €259,113 | €363,511 | +€104,398 | +40.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €258,113 | €362,511 | +€104,398 | +40.4% |
| Distributable reserves | 133 | €258,113 | €362,511 | +€104,398 | +40.4% |
| Amounts payable | 17/49 | €41,822 | €38,023 | -€3,799 | -9.1% |
| Amounts payable within one year | 42/48 | €41,822 | €38,023 | -€3,799 | -9.1% |
| Trade debts | 44 | €11,683 | €8,599 | -€3,084 | -26.4% |
| Suppliers | 440/4 | €11,683 | €8,599 | -€3,084 | -26.4% |
| Taxes, remuneration and social security | 45 | €30,140 | €29,425 | -€715 | -2.4% |
| Taxes | 450/3 | €26,513 | €26,515 | +€2 | 0.0% |
| Remuneration and social security | 454/9 | €3,626 | €2,909 | -€717 | -19.8% |
| Remuneration, social security and pensions | 62 | €5,618 | €5,953 | +€335 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,774 | €5,683 | +€3,908 | +220% |
| Other operating charges | 640/8 | €985 | €642 | -€342 | -34.8% |
| Gross operating margin | 9900 | €226,157 | €139,789 | -€86,367 | -38.2% |
| Operating profit (loss) | 9901 | €217,779 | €127,511 | -€90,268 | -41.4% |
| Financial income | 75/76B | €387 | €5,042 | +€4,655 | +1,203% |
| Recurring financial income | 75 | €387 | €5,042 | +€4,655 | +1,203% |
| Financial charges | 65/66B | €140 | €100 | -€40 | -28.4% |
| Recurring financial charges | 65 | €140 | €100 | -€40 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €218,026 | €132,453 | -€85,573 | -39.2% |
| Income taxes | 67/77 | €50,643 | €28,055 | -€22,588 | -44.6% |
| Profit (loss) for the period | 9904 | €167,383 | €104,398 | -€62,985 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €167,383 | €104,398 | -€62,985 | -37.6% |
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 31 October 2026 via checked.be.