DR. GIART M.: 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.
DR. GIART M.
Largest movements
- Receivables after one year -€138,342
down €138,342 (-37.8%), from €365,797 to €227,455
- Cash +€10,000
up €10,000 (+407%), from €2,458 to €12,457
mainly Receivables after one year (+€138,342) and Net result for the year (+€60,600)
- Tangible fixed assets +€7,058
up €7,058 (+6.4%), from €109,588 to €116,647
of which Plant, machinery and equipment: +€4,431
- Reserves -€109,005
down €109,005 (-27.4%), from €398,358 to €289,354
of which Distributable reserves: -€109,005
- Other debts -€9,535
down €9,535 (-14.8%), from €64,313 to €54,777
- Current portion of long-term debt -€9,052
down €9,052 (-100%), from €9,052 to €0
- Gross operating margin -€9,098
down €9,098 (-8.1%), from €112,258 to €103,160
- Depreciation -€8,513
down €8,513 (-29.0%), from €29,366 to €20,852
- Financial income -€1,837
down €1,837 (-23.6%), from €7,770 to €5,933
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 | €492,121 | €364,995 | -€127,126 | -25.8% |
| Fixed assets | 21/28 | €109,588 | €116,647 | +€7,058 | +6.4% |
| Tangible fixed assets | 22/27 | €109,588 | €116,647 | +€7,058 | +6.4% |
| Land and buildings | 22 | €84,877 | €89,266 | +€4,389 | +5.2% |
| Plant, machinery and equipment | 23 | €21,774 | €26,205 | +€4,431 | +20.3% |
| Furniture and vehicles | 24 | €2,937 | €1,175 | -€1,762 | -60.0% |
| Current assets | 29/58 | €382,532 | €248,348 | -€134,184 | -35.1% |
| Amounts receivable after more than one year | 29 | €365,797 | €227,455 | -€138,342 | -37.8% |
| Other amounts receivable | 291 | €365,797 | €227,455 | -€138,342 | -37.8% |
| Amounts receivable within one year | 40/41 | €3,733 | €0 | -€3,733 | -100% |
| Other amounts receivable | 41 | €3,733 | €0 | -€3,733 | -100% |
| Cash at bank and in hand | 54/58 | €2,458 | €12,457 | +€10,000 | +407% |
| Deferred charges and accrued income | 490/1 | €10,544 | €8,435 | -€2,109 | -20.0% |
| Total equity and liabilities | 10/49 | €492,121 | €364,995 | -€127,126 | -25.8% |
| Equity | 10/15 | €418,358 | €309,354 | -€109,005 | -26.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €398,358 | €289,354 | -€109,005 | -27.4% |
| Tax-exempt reserves | 132 | €2,447 | €2,447 | = | 0.0% |
| Distributable reserves | 133 | €395,911 | €286,907 | -€109,005 | -27.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,762 | €55,641 | -€18,121 | -24.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €73,762 | €55,641 | -€18,121 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €9,052 | €0 | -€9,052 | -100% |
| Trade debts | 44 | €398 | €538 | +€140 | +35.1% |
| Suppliers | 440/4 | €398 | €538 | +€140 | +35.1% |
| Taxes, remuneration and social security | 45 | - | €326 | +€326 | |
| Taxes | 450/3 | - | €326 | +€326 | |
| Other amounts payable | 47/48 | €64,313 | €54,777 | -€9,535 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,366 | €20,852 | -€8,513 | -29.0% |
| Other operating charges | 640/8 | €1,600 | €1,714 | +€114 | +7.1% |
| Gross operating margin | 9900 | €112,258 | €103,160 | -€9,098 | -8.1% |
| Operating profit (loss) | 9901 | €81,292 | €80,594 | -€698 | -0.9% |
| Financial income | 75/76B | €7,770 | €5,933 | -€1,837 | -23.6% |
| Recurring financial income | 75 | €7,770 | €5,933 | -€1,837 | -23.6% |
| Financial charges | 65/66B | €721 | €602 | -€120 | -16.6% |
| Recurring financial charges | 65 | €721 | €602 | -€120 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €88,341 | €85,926 | -€2,415 | -2.7% |
| Income taxes | 67/77 | €25,208 | €25,326 | +€119 | +0.5% |
| Profit (loss) for the period | 9904 | €63,134 | €60,600 | -€2,534 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,134 | €60,600 | -€2,534 | -4.0% |
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 31 October 2026 via checked.be.