Robert GODENIR: 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.
Robert GODENIR
Largest movements
- Tangible fixed assets +€441,988
up €441,988 (+686%), from €64,425 to €506,413
of which Assets under construction and advance payments: +€429,801
- Cash +€84,964
up €84,964 (+38.0%), from €223,634 to €308,598
mainly Debts after one year (+€361,057) and Other debts (+€186,876)
- Receivables within one year +€20,402
up €20,402 (+10.4%), from €196,168 to €216,570
of which Trade receivables: +€15,016
- Debts after one year +€361,057
new in 2025: €361,057
- Other debts +€186,876
up €186,876 (+38.6%), from €483,970 to €670,845
- Profit (loss) carried forward -€20,195
down €20,195 (-98.2%), from €20,567 to €372
- Current portion of long-term debt +€14,228
up €14,228 (+295%), from €4,826 to €19,054
- Gross operating margin +€65,851
up €65,851 (+37.5%), from €175,761 to €241,611
- Taxes +€16,386
up €16,386 (+49.3%), from €33,228 to €49,614
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 | €520,832 | €1,072,732 | +€551,900 | +106% |
| Fixed assets | 21/28 | €64,469 | €506,457 | +€441,988 | +686% |
| Tangible fixed assets | 22/27 | €64,425 | €506,413 | +€441,988 | +686% |
| Plant, machinery and equipment | 23 | €1,337 | €4,256 | +€2,919 | +218% |
| Furniture and vehicles | 24 | - | €5,030 | +€5,030 | |
| Leasing and similar rights | 25 | €11,628 | €16,407 | +€4,779 | +41.1% |
| Other tangible fixed assets | 26 | €29,241 | €28,700 | -€541 | -1.8% |
| Assets under construction and advance payments | 27 | €22,220 | €452,021 | +€429,801 | +1,934% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €456,363 | €566,275 | +€109,912 | +24.1% |
| Stocks and contracts in progress | 3 | €32,328 | €37,283 | +€4,955 | +15.3% |
| Stocks | 30/36 | €32,328 | €37,283 | +€4,955 | +15.3% |
| Amounts receivable within one year | 40/41 | €196,168 | €216,570 | +€20,402 | +10.4% |
| Trade receivables | 40 | €193,568 | €208,584 | +€15,016 | +7.8% |
| Other amounts receivable | 41 | €2,600 | €7,986 | +€5,386 | +207% |
| Cash at bank and in hand | 54/58 | €223,634 | €308,598 | +€84,964 | +38.0% |
| Deferred charges and accrued income | 490/1 | €4,233 | €3,825 | -€409 | -9.7% |
| Total equity and liabilities | 10/49 | €520,832 | €1,072,732 | +€551,900 | +106% |
| Equity | 10/15 | €23,067 | €2,872 | -€20,195 | -87.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,567 | €372 | -€20,195 | -98.2% |
| Amounts payable | 17/49 | €497,765 | €1,069,860 | +€572,095 | +115% |
| Amounts payable after more than one year | 17 | - | €361,057 | +€361,057 | |
| Financial debts | 170/4 | - | €361,057 | +€361,057 | |
| Amounts payable within one year | 42/48 | €497,765 | €708,803 | +€211,038 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €4,826 | €19,054 | +€14,228 | +295% |
| Trade debts | 44 | €7,794 | €11,277 | +€3,483 | +44.7% |
| Suppliers | 440/4 | €7,794 | €11,277 | +€3,483 | +44.7% |
| Taxes, remuneration and social security | 45 | €1,176 | €7,626 | +€6,451 | +549% |
| Taxes | 450/3 | €1,176 | €7,626 | +€6,451 | +549% |
| Other amounts payable | 47/48 | €483,970 | €670,845 | +€186,876 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,388 | €9,692 | +€2,304 | +31.2% |
| Other operating charges | 640/8 | €2,474 | €2,427 | -€47 | -1.9% |
| Gross operating margin | 9900 | €175,761 | €241,611 | +€65,851 | +37.5% |
| Operating profit (loss) | 9901 | €165,899 | €229,492 | +€63,593 | +38.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €12,117 | €11,573 | -€543 | -4.5% |
| Recurring financial charges | 65 | €12,117 | €11,573 | -€543 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €153,786 | €217,919 | +€64,133 | +41.7% |
| Income taxes | 67/77 | €33,228 | €49,614 | +€16,386 | +49.3% |
| Profit (loss) for the period | 9904 | €120,558 | €168,305 | +€47,747 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,558 | €168,305 | +€47,747 | +39.6% |
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 25 October 2026 via checked.be.