PHILIPPE GOFFARD: 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.
PHILIPPE GOFFARD
Largest movements
- Current investments +€50,051
new in 2025: €50,051
- Receivables within one year -€49,696
down €49,696 (-11.1%), from €446,217 to €396,520
of which Other amounts receivable: -€49,946
- Cash -€38,908
down €38,908 (-68.9%), from €56,448 to €17,540
mainly Contributions, distributions and other (-€131,150) and Current investments (-€50,051)
- Tangible fixed assets +€5,398
up €5,398 (+66.7%), from €8,098 to €13,496
of which Furniture and vehicles: +€6,141
- Reserves -€59,450
down €59,450 (-27.4%), from €217,350 to €157,900
- Other debts +€51,150
up €51,150 (+63.9%), from €80,000 to €131,150
- Current portion of long-term debt -€14,056
no longer reported in 2025 (was €14,056)
- Tax, wage and social debts -€11,791
down €11,791 (-25.7%), from €45,931 to €34,140
- Gross operating margin +€34,690
up €34,690 (+38.8%), from €89,521 to €124,211
- Taxes +€9,749
up €9,749 (+42.8%), from €22,799 to €32,547
- Financial charges +€5,472
up €5,472 (+63.9%), from €8,563 to €14,035
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 | €513,636 | €481,209 | -€32,427 | -6.3% |
| Fixed assets | 21/28 | €8,098 | €13,496 | +€5,398 | +66.7% |
| Tangible fixed assets | 22/27 | €8,098 | €13,496 | +€5,398 | +66.7% |
| Furniture and vehicles | 24 | €4,640 | €10,781 | +€6,141 | +132.4% |
| Other tangible fixed assets | 26 | €3,458 | €2,715 | -€743 | -21.5% |
| Current assets | 29/58 | €505,538 | €467,713 | -€37,825 | -7.5% |
| Amounts receivable within one year | 40/41 | €446,217 | €396,520 | -€49,696 | -11.1% |
| Trade receivables | 40 | - | €250 | +€250 | |
| Other amounts receivable | 41 | €446,217 | €396,270 | -€49,946 | -11.2% |
| Current investments | 50/53 | - | €50,051 | +€50,051 | |
| Cash at bank and in hand | 54/58 | €56,448 | €17,540 | -€38,908 | -68.9% |
| Deferred charges and accrued income | 490/1 | €2,874 | €3,601 | +€728 | +25.3% |
| Total equity and liabilities | 10/49 | €513,636 | €481,209 | -€32,427 | -6.3% |
| Equity | 10/15 | €367,575 | €308,212 | -€59,363 | -16.1% |
| Contributions | 10/11 | €25,200 | €25,200 | = | 0.0% |
| Reserves | 13 | €217,350 | €157,900 | -€59,450 | -27.4% |
| Distributable reserves | 133 | €217,350 | €157,900 | -€59,450 | -27.4% |
| Profit (loss) carried forward | 14 | €125,025 | €125,112 | +€87 | +0.1% |
| Amounts payable | 17/49 | €146,061 | €172,997 | +€26,936 | +18.4% |
| Amounts payable within one year | 42/48 | €146,061 | €167,997 | +€21,936 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €14,056 | - | -€14,056 | |
| Trade debts | 44 | €6,074 | €2,707 | -€3,367 | -55.4% |
| Suppliers | 440/4 | €6,074 | €2,707 | -€3,367 | -55.4% |
| Taxes, remuneration and social security | 45 | €45,931 | €34,140 | -€11,791 | -25.7% |
| Taxes | 450/3 | €45,931 | €34,140 | -€11,791 | -25.7% |
| Other amounts payable | 47/48 | €80,000 | €131,150 | +€51,150 | +63.9% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,908 | €2,252 | +€344 | +18.0% |
| Other operating charges | 640/8 | €3,588 | €3,618 | +€30 | +0.8% |
| Gross operating margin | 9900 | €89,521 | €124,211 | +€34,690 | +38.8% |
| Operating profit (loss) | 9901 | €84,025 | €118,341 | +€34,316 | +40.8% |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €8,563 | €14,035 | +€5,472 | +63.9% |
| Recurring financial charges | 65 | €8,563 | €14,035 | +€5,472 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | €75,462 | €104,334 | +€28,873 | +38.3% |
| Income taxes | 67/77 | €22,799 | €32,547 | +€9,749 | +42.8% |
| Profit (loss) for the period | 9904 | €52,663 | €71,787 | +€19,124 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,663 | €71,787 | +€19,124 | +36.3% |
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 11 October 2026 via checked.be.