Sander Godfroid: what changed
What changed
Sander Godfroid
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€19,841
2024 · €44,941-€25,100
Equity
€163,700
2024 · €147,191+€16,509
Cash
€82,373
2024 · €89,999-€7,626
Balance sheet total
€200,508
2024 · €186,393+€14,115
Largest movements
Assets
- Stocks and contracts -€29,890
down €29,890 (-44.6%), from €66,964 to €37,075
- Tangible fixed assets +€28,922
up €28,922 (+205%), from €14,125 to €43,047
of which Land and buildings: +€29,236
- Receivables within one year +€21,105
up €21,105 (+177%), from €11,932 to €33,037
of which Trade receivables: +€18,986
- Cash -€7,626
down €7,626 (-8.5%), from €89,999 to €82,373
mainly Investment in fixed assets (net) (-€34,982) and Receivables within one year (-€21,105)
Equity and liabilities
- Reserves +€16,509
up €16,509 (+11.3%), from €146,189 to €162,698
- Tax, wage and social debts -€5,450
down €5,450 (-36.2%), from €15,040 to €9,590
- Other debts +€3,576
up €3,576 (+16.6%), from €21,557 to €25,133
Income statement
- Gross operating margin -€36,736
down €36,736 (-49.7%), from €73,915 to €37,179
- Taxes -€11,798
down €11,798 (-55.0%), from €21,465 to €9,667
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.
Result 2024
€44,941
Gross operating margin
-€36,736
Depreciation
-€336
Other operating charges
+€173
Financial income
+€0
Financial charges
+€2
Taxes
+€11,798
Result 2025
€19,841
raises the resultlowers the result
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.
From operations
+€30,689
Investment
-€34,982
Financing
-€3,332
Cash 2024
€89,999
From operations (derived)
+€30,689
Net result for the year
+€19,841
Depreciation
+€6,060
Stocks and contracts
+€29,890
Receivables within one year
-€21,105
Deferred charges and accrued income
-€1,603
Trade debts
-€577
Tax, wage and social debts
-€5,450
Other debts
+€3,576
Accrued charges and deferred income
+€57
Investment (derived)
-€34,982
Investment in fixed assets (net)
-€34,982
Financing
-€3,332
Contributions, distributions and other
-€3,332
Cash 2025
€82,373
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €186,393 | €200,508 | +€14,115 | +7.6% |
| Fixed assets | 21/28 | €14,875 | €43,797 | +€28,922 | +194% |
| Tangible fixed assets | 22/27 | €14,125 | €43,047 | +€28,922 | +205% |
| Land and buildings | 22 | - | €29,236 | +€29,236 | |
| Plant, machinery and equipment | 23 | €5,635 | €3,315 | -€2,320 | -41.2% |
| Furniture and vehicles | 24 | €7,959 | €5,378 | -€2,581 | -32.4% |
| Other tangible fixed assets | 26 | €531 | €5,118 | +€4,587 | +864% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €171,518 | €156,710 | -€14,807 | -8.6% |
| Stocks and contracts in progress | 3 | €66,964 | €37,075 | -€29,890 | -44.6% |
| Stocks | 30/36 | €66,964 | €37,075 | -€29,890 | -44.6% |
| Amounts receivable within one year | 40/41 | €11,932 | €33,037 | +€21,105 | +177% |
| Trade receivables | 40 | €335 | €19,321 | +€18,986 | +5,673% |
| Other amounts receivable | 41 | €11,597 | €13,716 | +€2,118 | +18.3% |
| Cash at bank and in hand | 54/58 | €89,999 | €82,373 | -€7,626 | -8.5% |
| Deferred charges and accrued income | 490/1 | €2,623 | €4,226 | +€1,603 | +61.1% |
| Total equity and liabilities | 10/49 | €186,393 | €200,508 | +€14,115 | +7.6% |
| Equity | 10/15 | €147,191 | €163,700 | +€16,509 | +11.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €146,189 | €162,698 | +€16,509 | +11.3% |
| Distributable reserves | 133 | €146,189 | €162,698 | +€16,509 | +11.3% |
| Profit (loss) carried forward | 14 | €2 | €2 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,000 | €1,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,000 | €1,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable | 17/49 | €38,202 | €35,807 | -€2,394 | -6.3% |
| Amounts payable within one year | 42/48 | €37,568 | €35,116 | -€2,452 | -6.5% |
| Trade debts | 44 | €970 | €393 | -€577 | -59.5% |
| Suppliers | 440/4 | €970 | €393 | -€577 | -59.5% |
| Taxes, remuneration and social security | 45 | €15,040 | €9,590 | -€5,450 | -36.2% |
| Taxes | 450/3 | €15,040 | €9,590 | -€5,450 | -36.2% |
| Other amounts payable | 47/48 | €21,557 | €25,133 | +€3,576 | +16.6% |
| Accrued charges and deferred income | 492/3 | €634 | €691 | +€57 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,724 | €6,060 | +€336 | +5.9% |
| Other operating charges | 640/8 | €1,640 | €1,467 | -€173 | -10.5% |
| Gross operating margin | 9900 | €73,915 | €37,179 | -€36,736 | -49.7% |
| Operating profit (loss) | 9901 | €66,551 | €29,652 | -€36,900 | -55.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €145 | €144 | -€2 | -1.1% |
| Recurring financial charges | 65 | €145 | €144 | -€2 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €66,406 | €29,508 | -€36,898 | -55.6% |
| Income taxes | 67/77 | €21,465 | €9,667 | -€11,798 | -55.0% |
| Profit (loss) for the period | 9904 | €44,941 | €19,841 | -€25,100 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,941 | €19,841 | -€25,100 | -55.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.