Daniel Garabedian: what changed
Two fiscal 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.
Daniel Garabedian
Largest movements
- Receivables within one year -€306,538
down €306,538 (-51.8%), from €591,974 to €285,436
of which Trade receivables: -€306,531
- Cash -€92,457
down €92,457 (-36.8%), from €251,126 to €158,669
mainly Other debts (-€304,787) and Contributions, distributions and other (-€158,313)
- Tangible fixed assets +€41,715
up €41,715 (+71.8%), from €58,087 to €99,803
of which Furniture and vehicles: +€42,632
- Other debts -€304,787
down €304,787 (-65.2%), from €467,574 to €162,788
- Tax, wage and social debts -€52,725
down €52,725 (-36.6%), from €143,996 to €91,270
- Gross operating margin -€465,397
down €465,397 (-65.1%), from €714,754 to €249,357
- Taxes -€118,791
down €118,791 (-65.6%), from €181,083 to €62,291
- Other operating charges +€16,715
up €16,715 (+3539.1%), from €472 to €17,187
- Depreciation +€7,342
up €7,342 (+266.6%), from €2,754 to €10,096
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 | €958,000 | €601,681 | -€356,320 | -37.2% |
| Fixed assets | 21/28 | €61,087 | €102,803 | +€41,715 | +68.3% |
| Tangible fixed assets | 22/27 | €58,087 | €99,803 | +€41,715 | +71.8% |
| Land and buildings | 22 | €53,441 | €52,524 | -€917 | -1.7% |
| Furniture and vehicles | 24 | €4,646 | €47,278 | +€42,632 | +917.5% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €896,913 | €498,878 | -€398,035 | -44.4% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €591,974 | €285,436 | -€306,538 | -51.8% |
| Trade receivables | 40 | €591,967 | €285,436 | -€306,531 | -51.8% |
| Other amounts receivable | 41 | €7 | - | -€7 | |
| Cash at bank and in hand | 54/58 | €251,126 | €158,669 | -€92,457 | -36.8% |
| Deferred charges and accrued income | 490/1 | €3,813 | €4,774 | +€960 | +25.2% |
| Total equity and liabilities | 10/49 | €958,000 | €601,681 | -€356,320 | -37.2% |
| Equity | 10/15 | €321,930 | €321,930 | = | 0.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €271,930 | €271,930 | = | 0.0% |
| Distributable reserves | 133 | €271,930 | €271,930 | = | 0.0% |
| Amounts payable | 17/49 | €636,071 | €279,751 | -€356,320 | -56.0% |
| Amounts payable within one year | 42/48 | €634,871 | €275,280 | -€359,591 | -56.6% |
| Trade debts | 44 | €23,301 | €21,222 | -€2,078 | -8.9% |
| Suppliers | 440/4 | €23,301 | €21,222 | -€2,078 | -8.9% |
| Taxes, remuneration and social security | 45 | €143,996 | €91,270 | -€52,725 | -36.6% |
| Taxes | 450/3 | €143,996 | €91,270 | -€52,725 | -36.6% |
| Other amounts payable | 47/48 | €467,574 | €162,788 | -€304,787 | -65.2% |
| Accrued charges and deferred income | 492/3 | €1,200 | €4,471 | +€3,271 | +272.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,754 | €10,096 | +€7,342 | +266.6% |
| Other operating charges | 640/8 | €472 | €17,187 | +€16,715 | +3539.1% |
| Gross operating margin | 9900 | €714,754 | €249,357 | -€465,397 | -65.1% |
| Operating profit (loss) | 9901 | €711,527 | €222,074 | -€489,454 | -68.8% |
| Financial income | 75/76B | €2,506 | €2,500 | -€6 | -0.2% |
| Recurring financial income | 75 | €2,506 | €2,500 | -€6 | -0.2% |
| Financial charges | 65/66B | €816 | €3,970 | +€3,153 | +386.3% |
| Recurring financial charges | 65 | €816 | €3,970 | +€3,153 | +386.3% |
| Profit (loss) for the period before taxes | 9903 | €713,217 | €220,604 | -€492,612 | -69.1% |
| Income taxes | 67/77 | €181,083 | €62,291 | -€118,791 | -65.6% |
| Profit (loss) for the period | 9904 | €532,134 | €158,313 | -€373,821 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €532,134 | €158,313 | -€373,821 | -70.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.