GALDEROUX Marc & Max: 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.
GALDEROUX Marc & Max
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€275,885
up €275,885 (+119%), from €231,108 to €506,993
mainly Current investments (+€300,000) and Net result for the year (+€44,523)
- Tangible fixed assets -€36,969
down €36,969 (-32.3%), from €114,585 to €77,615
of which Furniture and vehicles: -€24,163
- Receivables within one year -€14,306
down €14,306 (-27.9%), from €51,195 to €36,889
of which Other amounts receivable: -€9,501
- Other debts -€52,758
down €52,758 (-32.4%), from €162,870 to €110,111
- Reserves -€22,347
down €22,347 (-4.2%), from €532,623 to €510,276
- Financial income -€5,828
down €5,828 (-54.0%), from €10,796 to €4,968
- Gross operating margin +€3,648
up €3,648 (+3.9%), from €94,528 to €98,175
- Depreciation -€2,134
down €2,134 (-5.2%), from €41,255 to €39,121
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 | €731,544 | €653,149 | -€78,396 | -10.7% |
| Fixed assets | 21/28 | €114,585 | €77,615 | -€36,969 | -32.3% |
| Tangible fixed assets | 22/27 | €114,585 | €77,615 | -€36,969 | -32.3% |
| Plant, machinery and equipment | 23 | €32,579 | €19,773 | -€12,806 | -39.3% |
| Furniture and vehicles | 24 | €82,006 | €57,843 | -€24,163 | -29.5% |
| Current assets | 29/58 | €616,960 | €575,534 | -€41,426 | -6.7% |
| Stocks and contracts in progress | 3 | €32,925 | €28,658 | -€4,267 | -13.0% |
| Stocks | 30/36 | €32,925 | €28,658 | -€4,267 | -13.0% |
| Amounts receivable within one year | 40/41 | €51,195 | €36,889 | -€14,306 | -27.9% |
| Trade receivables | 40 | €38,901 | €34,096 | -€4,805 | -12.4% |
| Other amounts receivable | 41 | €12,294 | €2,793 | -€9,501 | -77.3% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €231,108 | €506,993 | +€275,885 | +119% |
| Deferred charges and accrued income | 490/1 | €1,733 | €2,994 | +€1,261 | +72.8% |
| Total equity and liabilities | 10/49 | €731,544 | €653,149 | -€78,396 | -10.7% |
| Equity | 10/15 | €556,661 | €534,338 | -€22,323 | -4.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €532,623 | €510,276 | -€22,347 | -4.2% |
| Distributable reserves | 133 | €532,623 | €510,276 | -€22,347 | -4.2% |
| Profit (loss) carried forward | 14 | €5,038 | €5,062 | +€23 | +0.5% |
| Amounts payable | 17/49 | €174,883 | €118,811 | -€56,072 | -32.1% |
| Amounts payable within one year | 42/48 | €174,883 | €118,795 | -€56,088 | -32.1% |
| Trade debts | 44 | €9,013 | €7,242 | -€1,772 | -19.7% |
| Suppliers | 440/4 | €9,013 | €7,242 | -€1,772 | -19.7% |
| Taxes, remuneration and social security | 45 | €3,000 | €1,442 | -€1,558 | -51.9% |
| Taxes | 450/3 | €3,000 | €1,442 | -€1,558 | -51.9% |
| Other amounts payable | 47/48 | €162,870 | €110,111 | -€52,758 | -32.4% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,255 | €39,121 | -€2,134 | -5.2% |
| Other operating charges | 640/8 | €1,391 | €1,363 | -€28 | -2.0% |
| Non-recurring operating charges | 66A | - | €406 | +€406 | |
| Gross operating margin | 9900 | €94,528 | €98,175 | +€3,648 | +3.9% |
| Operating profit (loss) | 9901 | €51,882 | €57,285 | +€5,403 | +10.4% |
| Financial income | 75/76B | €10,796 | €4,968 | -€5,828 | -54.0% |
| Recurring financial income | 75 | €10,796 | €4,968 | -€5,828 | -54.0% |
| Financial charges | 65/66B | €1,273 | €348 | -€925 | -72.7% |
| Recurring financial charges | 65 | €1,273 | €348 | -€925 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €61,405 | €61,904 | +€499 | +0.8% |
| Income taxes | 67/77 | €16,647 | €17,381 | +€734 | +4.4% |
| Profit (loss) for the period | 9904 | €44,758 | €44,523 | -€234 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,758 | €44,523 | -€234 | -0.5% |
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 25 October 2026 via checked.be.