Galenicap: 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.
Galenicap
Largest movements
- Receivables after one year +€452,480
up €452,480 (+192%), from €235,838 to €688,318
- Cash +€294,613
up €294,613 (+651%), from €45,237 to €339,850
mainly Contributions, distributions and other (+€999,996) and Debts after one year (+€317,763)
- Receivables within one year +€36,545
up €36,545 (+317%), from €11,528 to €48,073
of which Trade receivables: +€19,932
- Intangible fixed assets -€16,864
down €16,864 (-4.2%), from €403,842 to €386,979
- Contributions +€999,996
up €999,996 (+100,000%), from €1,000 to €1.0m
- Profit (loss) carried forward -€533,037
down €533,037 (-73.3%), from -€726,998 to -€1.3m
- Debts after one year +€317,763
up €317,763 (+24.1%), from €1.3m to €1.6m
- Gross operating margin -€279,050
down €279,050 (-186%), from -€150,290 to -€429,341
- Financial charges +€26,213
up €26,213 (+50.8%), from €51,626 to €77,839
- Taxes -€17,374
new in 2025: -€17,374
- Financial income +€10,044
up €10,044 (+75.5%), from €13,302 to €23,347
- Depreciation +€6,521
up €6,521 (+10.9%), from €59,656 to €66,177
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 | €699,121 | €1,469,659 | +€770,538 | +110% |
| Fixed assets | 21/28 | €404,842 | €389,479 | -€15,364 | -3.8% |
| Intangible fixed assets | 21 | €403,842 | €386,979 | -€16,864 | -4.2% |
| Financial fixed assets | 28 | €1,000 | €2,500 | +€1,500 | +150% |
| Current assets | 29/58 | €294,278 | €1,080,180 | +€785,902 | +267% |
| Amounts receivable after more than one year | 29 | €235,838 | €688,318 | +€452,480 | +192% |
| Other amounts receivable | 291 | €235,838 | €688,318 | +€452,480 | +192% |
| Amounts receivable within one year | 40/41 | €11,528 | €48,073 | +€36,545 | +317% |
| Trade receivables | 40 | €211 | €20,143 | +€19,932 | +9,447% |
| Other amounts receivable | 41 | €11,317 | €27,930 | +€16,613 | +147% |
| Cash at bank and in hand | 54/58 | €45,237 | €339,850 | +€294,613 | +651% |
| Deferred charges and accrued income | 490/1 | €1,675 | €3,939 | +€2,264 | +135% |
| Total equity and liabilities | 10/49 | €699,121 | €1,469,659 | +€770,538 | +110% |
| Equity | 10/15 | -€725,998 | -€259,038 | +€466,960 | +64.3% |
| Contributions | 10/11 | €1,000 | €1,000,996 | +€999,996 | +100,000% |
| Profit (loss) carried forward | 14 | -€726,998 | -€1,260,034 | -€533,037 | -73.3% |
| Amounts payable | 17/49 | €1,425,118 | €1,728,697 | +€303,578 | +21.3% |
| Amounts payable after more than one year | 17 | €1,317,563 | €1,635,325 | +€317,763 | +24.1% |
| Financial debts | 170/4 | €1,317,563 | €1,635,325 | +€317,763 | +24.1% |
| Amounts payable within one year | 42/48 | €93,756 | €89,906 | -€3,850 | -4.1% |
| Trade debts | 44 | €93,756 | €85,051 | -€8,704 | -9.3% |
| Suppliers | 440/4 | €93,756 | €85,051 | -€8,704 | -9.3% |
| Taxes, remuneration and social security | 45 | - | €4,855 | +€4,855 | |
| Taxes | 450/3 | - | €4,855 | +€4,855 | |
| Accrued charges and deferred income | 492/3 | €13,800 | €3,465 | -€10,335 | -74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,656 | €66,177 | +€6,521 | +10.9% |
| Other operating charges | 640/8 | €400 | €400 | -€0 | -0.1% |
| Gross operating margin | 9900 | -€150,290 | -€429,341 | -€279,050 | -186% |
| Operating profit (loss) | 9901 | -€210,347 | -€495,918 | -€285,571 | -136% |
| Financial income | 75/76B | €13,302 | €23,347 | +€10,044 | +75.5% |
| Recurring financial income | 75 | €13,302 | €23,347 | +€10,044 | +75.5% |
| Financial charges | 65/66B | €51,626 | €77,839 | +€26,213 | +50.8% |
| Recurring financial charges | 65 | €51,626 | €77,839 | +€26,213 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | -€248,670 | -€550,410 | -€301,740 | -121% |
| Income taxes | 67/77 | - | -€17,374 | -€17,374 | |
| Profit (loss) for the period | 9904 | -€248,670 | -€533,037 | -€284,367 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€248,670 | -€533,037 | -€284,367 | -114% |
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 19 October 2026 via checked.be.