GALBIGA: 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.
GALBIGA
Largest movements
- Tangible fixed assets +€197,781
up €197,781 (+16.7%), from €1.2m to €1.4m
of which Assets under construction and advance payments: +€212,568
- Receivables within one year +€197,522
up €197,522 (+37.1%), from €531,711 to €729,233
of which Trade receivables: +€111,124
- Cash +€33,364
up €33,364 (+13.9%), from €240,234 to €273,598
mainly Other debts (+€351,964) and Advances received (+€258,520)
- Other debts +€351,964
up €351,964 (+476.9%), from €73,801 to €425,765
- Profit (loss) carried forward -€344,143
down €344,143 (-60.3%), from €571,166 to €227,023
- Advances received +€258,520
up €258,520 (+666.3%), from €38,801 to €297,321
- Trade debts +€197,080
up €197,080 (+86.2%), from €228,664 to €425,744
- Tax, wage and social debts +€60,546
up €60,546 (+142.9%), from €42,359 to €102,905
of which Taxes: +€55,023
- Staff costs +€158,284
up €158,284 (+108.8%), from €145,529 to €303,813
- Gross operating margin +€154,426
up €154,426 (+29.0%), from €532,575 to €687,001
- Other operating charges -€58,125
down €58,125 (-61.7%), from €94,179 to €36,054
- Financial charges +€15,012
up €15,012 (+60.9%), from €24,648 to €39,661
- Depreciation +€12,616
up €12,616 (+15.9%), from €79,227 to €91,844
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 | €2,138,336 | €2,591,003 | +€452,667 | +21.2% |
| Fixed assets | 21/28 | €1,181,300 | €1,379,081 | +€197,781 | +16.7% |
| Tangible fixed assets | 22/27 | €1,181,300 | €1,379,081 | +€197,781 | +16.7% |
| Land and buildings | 22 | €753,362 | €720,298 | -€33,064 | -4.4% |
| Plant, machinery and equipment | 23 | €79,229 | €53,880 | -€25,349 | -32.0% |
| Furniture and vehicles | 24 | €20,049 | €63,906 | +€43,857 | +218.7% |
| Other tangible fixed assets | 26 | €2,285 | €2,055 | -€231 | -10.1% |
| Assets under construction and advance payments | 27 | €326,374 | €538,942 | +€212,568 | +65.1% |
| Current assets | 29/58 | €957,036 | €1,211,922 | +€254,886 | +26.6% |
| Amounts receivable within one year | 40/41 | €531,711 | €729,233 | +€197,522 | +37.1% |
| Trade receivables | 40 | €314,311 | €425,435 | +€111,124 | +35.4% |
| Other amounts receivable | 41 | €217,400 | €303,798 | +€86,398 | +39.7% |
| Current investments | 50/53 | €185,092 | €209,091 | +€24,000 | +13.0% |
| Cash at bank and in hand | 54/58 | €240,234 | €273,598 | +€33,364 | +13.9% |
| Total equity and liabilities | 10/49 | €2,138,336 | €2,591,003 | +€452,667 | +21.2% |
| Equity | 10/15 | €593,166 | €249,023 | -€344,143 | -58.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €571,166 | €227,023 | -€344,143 | -60.3% |
| Amounts payable | 17/49 | €1,545,170 | €2,341,980 | +€796,811 | +51.6% |
| Amounts payable after more than one year | 17 | €1,090,245 | €1,029,755 | -€60,490 | -5.5% |
| Financial debts | 170/4 | €1,090,245 | €1,029,755 | -€60,490 | -5.5% |
| Amounts payable within one year | 42/48 | €454,925 | €1,312,226 | +€857,301 | +188.4% |
| Current portion of amounts payable after more than one year | 42 | €71,300 | €60,490 | -€10,810 | -15.2% |
| Trade debts | 44 | €228,664 | €425,744 | +€197,080 | +86.2% |
| Suppliers | 440/4 | €228,664 | €425,744 | +€197,080 | +86.2% |
| Advances received on contracts in progress | 46 | €38,801 | €297,321 | +€258,520 | +666.3% |
| Taxes, remuneration and social security | 45 | €42,359 | €102,905 | +€60,546 | +142.9% |
| Taxes | 450/3 | €22,230 | €77,254 | +€55,023 | +247.5% |
| Remuneration and social security | 454/9 | €20,129 | €25,652 | +€5,523 | +27.4% |
| Other amounts payable | 47/48 | €73,801 | €425,765 | +€351,964 | +476.9% |
| Remuneration, social security and pensions | 62 | €145,529 | €303,813 | +€158,284 | +108.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,227 | €91,844 | +€12,616 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,457 | +€8,457 | |
| Other operating charges | 640/8 | €94,179 | €36,054 | -€58,125 | -61.7% |
| Non-recurring operating charges | 66A | €350 | €5,630 | +€5,280 | +1508.6% |
| Gross operating margin | 9900 | €532,575 | €687,001 | +€154,426 | +29.0% |
| Operating profit (loss) | 9901 | €213,290 | €241,204 | +€27,914 | +13.1% |
| Financial income | 75/76B | €7,202 | €7,844 | +€642 | +8.9% |
| Recurring financial income | 75 | €7,202 | €7,844 | +€642 | +8.9% |
| Financial charges | 65/66B | €24,648 | €39,661 | +€15,012 | +60.9% |
| Recurring financial charges | 65 | €24,648 | €39,661 | +€15,012 | +60.9% |
| Profit (loss) for the period before taxes | 9903 | €195,844 | €209,387 | +€13,543 | +6.9% |
| Income taxes | 67/77 | €46,624 | €53,530 | +€6,906 | +14.8% |
| Profit (loss) for the period | 9904 | €149,220 | €155,857 | +€6,637 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,220 | €155,857 | +€6,637 | +4.4% |
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 10 October 2026 via checked.be.