ETS. GALAURE: 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.
ETS. GALAURE
Largest movements
- Receivables within one year +€111,226
up €111,226 (+541%), from €20,548 to €131,773
of which Trade receivables: +€98,417
- Stocks and contracts -€50,078
down €50,078 (-82.7%), from €60,578 to €10,500
of which Contracts in progress: -€50,578
- Cash -€41,251
down €41,251 (-88.2%), from €46,749 to €5,498
mainly Receivables within one year (-€111,226) and Investment in fixed assets (net) (-€29,596)
- Receivables after one year +€12,000
new in 2025: €12,000
- Tangible fixed assets +€10,680
up €10,680 (+35.4%), from €30,210 to €40,891
of which Furniture and vehicles: +€15,050
- Trade debts +€34,298
up €34,298 (+93.5%), from €36,683 to €70,981
- Other debts +€8,599
up €8,599 (+48.6%), from €17,697 to €26,297
- Tax, wage and social debts -€7,755
down €7,755 (-100%), from €7,755 to €0
of which Taxes: -€7,755
- Debts after one year +€3,271
up €3,271 (+98.7%), from €3,316 to €6,587
- Current portion of long-term debt +€2,504
up €2,504 (+47.9%), from €5,232 to €7,735
- Depreciation +€8,100
up €8,100 (+74.9%), from €10,816 to €18,916
- Gross operating margin -€3,793
down €3,793 (-12.9%), from €29,504 to €25,711
- Taxes -€1,881
down €1,881 (-65.1%), from €2,889 to €1,007
- Other operating charges -€1,728
down €1,728 (-35.0%), from €4,939 to €3,211
- Financial charges -€1,503
down €1,503 (-37.3%), from €4,028 to €2,525
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 | €161,106 | €203,336 | +€42,230 | +26.2% |
| Fixed assets | 21/28 | €30,210 | €40,891 | +€10,680 | +35.4% |
| Tangible fixed assets | 22/27 | €30,210 | €40,891 | +€10,680 | +35.4% |
| Plant, machinery and equipment | 23 | €16,448 | €22,032 | +€5,584 | +34.0% |
| Furniture and vehicles | 24 | €1,108 | €16,159 | +€15,050 | +1,358% |
| Leasing and similar rights | 25 | €12,654 | €2,700 | -€9,954 | -78.7% |
| Current assets | 29/58 | €130,896 | €162,446 | +€31,550 | +24.1% |
| Amounts receivable after more than one year | 29 | - | €12,000 | +€12,000 | |
| Other amounts receivable | 291 | - | €12,000 | +€12,000 | |
| Stocks and contracts in progress | 3 | €60,578 | €10,500 | -€50,078 | -82.7% |
| Stocks | 30/36 | €10,000 | €10,500 | +€500 | +5.0% |
| Contracts in progress | 37 | €50,578 | €0 | -€50,578 | -100% |
| Amounts receivable within one year | 40/41 | €20,548 | €131,773 | +€111,226 | +541% |
| Trade receivables | 40 | €8,379 | €106,796 | +€98,417 | +1,175% |
| Other amounts receivable | 41 | €12,169 | €24,977 | +€12,808 | +105% |
| Cash at bank and in hand | 54/58 | €46,749 | €5,498 | -€41,251 | -88.2% |
| Deferred charges and accrued income | 490/1 | €3,022 | €2,675 | -€347 | -11.5% |
| Total equity and liabilities | 10/49 | €161,106 | €203,336 | +€42,230 | +26.2% |
| Equity | 10/15 | €89,674 | €90,987 | +€1,313 | +1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €77,274 | €78,587 | +€1,313 | +1.7% |
| Distributable reserves | 133 | €77,274 | €78,587 | +€1,313 | +1.7% |
| Amounts payable | 17/49 | €71,432 | €112,350 | +€40,918 | +57.3% |
| Amounts payable after more than one year | 17 | €3,316 | €6,587 | +€3,271 | +98.7% |
| Financial debts | 170/4 | €3,316 | €6,587 | +€3,271 | +98.7% |
| Amounts payable within one year | 42/48 | €68,116 | €105,763 | +€37,646 | +55.3% |
| Current portion of amounts payable after more than one year | 42 | €5,232 | €7,735 | +€2,504 | +47.9% |
| Financial debts | 43 | €750 | €750 | = | 0.0% |
| Credit institutions | 430/8 | €750 | €750 | = | 0.0% |
| Trade debts | 44 | €36,683 | €70,981 | +€34,298 | +93.5% |
| Suppliers | 440/4 | €36,683 | €70,981 | +€34,298 | +93.5% |
| Taxes, remuneration and social security | 45 | €7,755 | €0 | -€7,755 | -100% |
| Taxes | 450/3 | €7,755 | €0 | -€7,755 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €17,697 | €26,297 | +€8,599 | +48.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,409 | €0 | -€15,409 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,816 | €18,916 | +€8,100 | +74.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €521 | €0 | -€521 | -100% |
| Other operating charges | 640/8 | €4,939 | €3,211 | -€1,728 | -35.0% |
| Non-recurring operating charges | 66A | €107 | €0 | -€107 | -100% |
| Gross operating margin | 9900 | €29,504 | €25,711 | -€3,793 | -12.9% |
| Operating profit (loss) | 9901 | €13,122 | €3,585 | -€9,537 | -72.7% |
| Financial income | 75/76B | €0 | €1,260 | +€1,260 | |
| Recurring financial income | 75 | €0 | €1,260 | +€1,260 | |
| Financial charges | 65/66B | €4,028 | €2,525 | -€1,503 | -37.3% |
| Recurring financial charges | 65 | €4,028 | €2,525 | -€1,503 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €9,094 | €2,320 | -€6,774 | -74.5% |
| Income taxes | 67/77 | €2,889 | €1,007 | -€1,881 | -65.1% |
| Profit (loss) for the period | 9904 | €6,205 | €1,313 | -€4,892 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,205 | €1,313 | -€4,892 | -78.8% |
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 24 October 2026 via checked.be.