De Galan: 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.
De Galan
Largest movements
- Current investments +€89,300
up €89,300 (+42.9%), from €208,200 to €297,500
- Cash -€52,373
down €52,373 (-18.8%), from €278,703 to €226,330
mainly Contributions, distributions and other (-€151,188) and Current investments (-€89,300)
- Other debts +€102,273
up €102,273 (+84.5%), from €121,001 to €223,274
- Reserves -€62,609
down €62,609 (-18.8%), from €332,274 to €269,666
- Taxes -€10,778
down €10,778 (-32.2%), from €33,497 to €22,718
- Gross operating margin -€8,650
down €8,650 (-7.2%), from €120,530 to €111,881
- Financial income +€4,689
up €4,689 (+104%), from €4,509 to €9,198
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 | €514,186 | €552,893 | +€38,707 | +7.5% |
| Fixed assets | 21/28 | €7,042 | €5,794 | -€1,248 | -17.7% |
| Tangible fixed assets | 22/27 | €7,042 | €5,794 | -€1,248 | -17.7% |
| Plant, machinery and equipment | 23 | €1,506 | €927 | -€579 | -38.4% |
| Furniture and vehicles | 24 | €1,659 | €1,616 | -€44 | -2.6% |
| Other tangible fixed assets | 26 | €3,876 | €3,251 | -€625 | -16.1% |
| Current assets | 29/58 | €507,144 | €547,099 | +€39,955 | +7.9% |
| Amounts receivable within one year | 40/41 | €16,045 | €18,322 | +€2,277 | +14.2% |
| Trade receivables | 40 | €16,045 | €17,424 | +€1,379 | +8.6% |
| Other amounts receivable | 41 | €1 | €898 | +€897 | +172,538% |
| Current investments | 50/53 | €208,200 | €297,500 | +€89,300 | +42.9% |
| Cash at bank and in hand | 54/58 | €278,703 | €226,330 | -€52,373 | -18.8% |
| Deferred charges and accrued income | 490/1 | €4,197 | €4,948 | +€751 | +17.9% |
| Total equity and liabilities | 10/49 | €514,186 | €552,893 | +€38,707 | +7.5% |
| Equity | 10/15 | €350,874 | €288,266 | -€62,609 | -17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €332,274 | €269,666 | -€62,609 | -18.8% |
| Distributable reserves | 133 | €332,274 | €269,666 | -€62,609 | -18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €163,312 | €264,627 | +€101,316 | +62.0% |
| Amounts payable within one year | 42/48 | €157,906 | €259,768 | +€101,862 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €18,600 | €18,600 | = | 0.0% |
| Financial debts | 43 | €334 | €0 | -€334 | -100% |
| Credit institutions | 430/8 | €334 | €0 | -€334 | -100% |
| Trade debts | 44 | €1,943 | €1,899 | -€45 | -2.3% |
| Suppliers | 440/4 | €1,943 | €1,899 | -€45 | -2.3% |
| Taxes, remuneration and social security | 45 | €16,027 | €15,995 | -€32 | -0.2% |
| Taxes | 450/3 | €16,027 | €15,995 | -€32 | -0.2% |
| Other amounts payable | 47/48 | €121,001 | €223,274 | +€102,273 | +84.5% |
| Accrued charges and deferred income | 492/3 | €5,406 | €4,859 | -€547 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,641 | €1,820 | +€179 | +10.9% |
| Other operating charges | 640/8 | €635 | €883 | +€248 | +39.1% |
| Gross operating margin | 9900 | €120,530 | €111,881 | -€8,650 | -7.2% |
| Operating profit (loss) | 9901 | €118,255 | €109,178 | -€9,077 | -7.7% |
| Financial income | 75/76B | €4,509 | €9,198 | +€4,689 | +104% |
| Recurring financial income | 75 | €4,509 | €9,198 | +€4,689 | +104% |
| Financial charges | 65/66B | €6,829 | €7,078 | +€249 | +3.7% |
| Recurring financial charges | 65 | €6,829 | €7,078 | +€249 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €115,935 | €111,297 | -€4,637 | -4.0% |
| Income taxes | 67/77 | €33,497 | €22,718 | -€10,778 | -32.2% |
| Profit (loss) for the period | 9904 | €82,438 | €88,579 | +€6,141 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,438 | €88,579 | +€6,141 | +7.4% |
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 29 October 2026 via checked.be.