GALABOV: 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.
GALABOV
Largest movements
- Receivables after one year -€81,724
down €81,724 (-41.8%), from €195,555 to €113,831
of which Other amounts receivable: -€195,555
- Tangible fixed assets +€26,485
up €26,485 (+57.5%), from €46,036 to €72,521
of which Furniture and vehicles: +€30,848
- Cash +€19,617
up €19,617 (+17.8%), from €109,935 to €129,552
mainly Net result for the year (+€323,072) and Receivables after one year (+€81,724)
- Deferred charges and accrued income -€16,120
no longer reported in 2025 (was €16,120)
- Current investments +€12,000
new in 2025: €12,000
- Debts after one year -€66,663
down €66,663 (-12.4%), from €539,207 to €472,544
- Reserves +€45,274
up €45,274 (+11.4%), from €396,419 to €441,693
- Tax, wage and social debts -€31,122
down €31,122 (-61.9%), from €50,277 to €19,155
of which Taxes: -€31,122
- Financial income +€179,655
up €179,655 (+43825.8%), from €410 to €180,065
- Gross operating margin +€61,920
up €61,920 (+36.3%), from €170,713 to €232,633
- Taxes +€22,835
up €22,835 (+74.2%), from €30,768 to €53,604
- Financial charges -€9,839
down €9,839 (-28.7%), from €34,290 to €24,451
- Depreciation -€3,337
down €3,337 (-23.6%), from €14,114 to €10,777
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 | €1,084,308 | €1,044,407 | -€39,901 | -3.7% |
| Fixed assets | 21/28 | €751,036 | €777,521 | +€26,485 | +3.5% |
| Tangible fixed assets | 22/27 | €46,036 | €72,521 | +€26,485 | +57.5% |
| Plant, machinery and equipment | 23 | €30,666 | €26,303 | -€4,363 | -14.2% |
| Furniture and vehicles | 24 | €15,370 | €46,219 | +€30,848 | +200.7% |
| Financial fixed assets | 28 | €705,000 | €705,000 | = | 0.0% |
| Current assets | 29/58 | €333,272 | €266,886 | -€66,386 | -19.9% |
| Amounts receivable after more than one year | 29 | €195,555 | €113,831 | -€81,724 | -41.8% |
| Trade receivables | 290 | - | €113,831 | +€113,831 | |
| Other amounts receivable | 291 | €195,555 | - | -€195,555 | |
| Amounts receivable within one year | 40/41 | €11,662 | €11,504 | -€158 | -1.4% |
| Trade receivables | 40 | €158 | - | -€158 | |
| Other amounts receivable | 41 | €11,504 | €11,504 | = | 0.0% |
| Current investments | 50/53 | - | €12,000 | +€12,000 | |
| Cash at bank and in hand | 54/58 | €109,935 | €129,552 | +€19,617 | +17.8% |
| Deferred charges and accrued income | 490/1 | €16,120 | - | -€16,120 | |
| Total equity and liabilities | 10/49 | €1,084,308 | €1,044,407 | -€39,901 | -3.7% |
| Equity | 10/15 | €398,919 | €444,193 | +€45,274 | +11.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €396,419 | €441,693 | +€45,274 | +11.4% |
| Distributable reserves | 133 | €396,419 | €441,693 | +€45,274 | +11.4% |
| Amounts payable | 17/49 | €685,389 | €600,214 | -€85,175 | -12.4% |
| Amounts payable after more than one year | 17 | €539,207 | €472,544 | -€66,663 | -12.4% |
| Financial debts | 170/4 | €539,207 | €472,544 | -€66,663 | -12.4% |
| Amounts payable within one year | 42/48 | €146,182 | €127,670 | -€18,512 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €91,956 | €102,725 | +€10,769 | +11.7% |
| Financial debts | 43 | €230 | €230 | = | 0.0% |
| Credit institutions | 430/8 | €230 | €230 | = | 0.0% |
| Trade debts | 44 | - | €1,996 | +€1,996 | |
| Suppliers | 440/4 | - | €1,996 | +€1,996 | |
| Taxes, remuneration and social security | 45 | €50,277 | €19,155 | -€31,122 | -61.9% |
| Taxes | 450/3 | €42,226 | €11,104 | -€31,122 | -73.7% |
| Remuneration and social security | 454/9 | €8,051 | €8,051 | = | 0.0% |
| Other amounts payable | 47/48 | €3,719 | €3,565 | -€154 | -4.2% |
| Non-recurring operating income | 76A | - | €12,251 | +€12,251 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,114 | €10,777 | -€3,337 | -23.6% |
| Other operating charges | 640/8 | €1,243 | €794 | -€450 | -36.2% |
| Gross operating margin | 9900 | €170,713 | €232,633 | +€61,920 | +36.3% |
| Operating profit (loss) | 9901 | €155,355 | €221,062 | +€65,707 | +42.3% |
| Financial income | 75/76B | €410 | €180,065 | +€179,655 | +43825.8% |
| Recurring financial income | 75 | €410 | €180,065 | +€179,655 | +43825.8% |
| Financial charges | 65/66B | €34,290 | €24,451 | -€9,839 | -28.7% |
| Recurring financial charges | 65 | €34,290 | €24,451 | -€9,839 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €121,475 | €376,676 | +€255,201 | +210.1% |
| Income taxes | 67/77 | €30,768 | €53,604 | +€22,835 | +74.2% |
| Profit (loss) for the period | 9904 | €90,707 | €323,072 | +€232,365 | +256.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,707 | €323,072 | +€232,365 | +256.2% |
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 12 October 2026 via checked.be.