GALENO: 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.
GALENO
Largest movements
- Cash -€136,871
down €136,871 (-31.3%), from €437,234 to €300,362
mainly Contributions, distributions and other (-€182,775) and Receivables within one year (-€26,125)
- Receivables within one year +€26,125
up €26,125 (+105%), from €24,868 to €50,993
of which Trade receivables: +€30,893
- Reserves -€114,500
down €114,500 (-26.2%), from €436,201 to €321,702
- Gross operating margin +€50,617
up €50,617 (+95.2%), from €53,177 to €103,793
- Taxes +€14,946
up €14,946 (+116%), from €12,869 to €27,815
- Depreciation -€1,663
down €1,663 (-28.3%), from €5,882 to €4,220
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 | €481,579 | €368,461 | -€113,118 | -23.5% |
| Fixed assets | 21/28 | €11,645 | €7,426 | -€4,220 | -36.2% |
| Tangible fixed assets | 22/27 | €11,645 | €7,426 | -€4,220 | -36.2% |
| Plant, machinery and equipment | 23 | €1,901 | €1,701 | -€200 | -10.5% |
| Furniture and vehicles | 24 | €9,745 | €5,725 | -€4,020 | -41.2% |
| Current assets | 29/58 | €469,933 | €361,035 | -€108,898 | -23.2% |
| Amounts receivable within one year | 40/41 | €24,868 | €50,993 | +€26,125 | +105% |
| Trade receivables | 40 | €17,661 | €48,554 | +€30,893 | +175% |
| Other amounts receivable | 41 | €7,207 | €2,439 | -€4,768 | -66.2% |
| Cash at bank and in hand | 54/58 | €437,234 | €300,362 | -€136,871 | -31.3% |
| Deferred charges and accrued income | 490/1 | €7,831 | €9,679 | +€1,848 | +23.6% |
| Total equity and liabilities | 10/49 | €481,579 | €368,461 | -€113,118 | -23.5% |
| Equity | 10/15 | €454,801 | €340,302 | -€114,500 | -25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,201 | €321,702 | -€114,500 | -26.2% |
| Distributable reserves | 133 | €436,201 | €321,702 | -€114,500 | -26.2% |
| Amounts payable | 17/49 | €26,777 | €28,159 | +€1,382 | +5.2% |
| Amounts payable within one year | 42/48 | €25,890 | €27,303 | +€1,412 | +5.5% |
| Trade debts | 44 | €2,851 | €6,516 | +€3,665 | +129% |
| Suppliers | 440/4 | €2,851 | €6,516 | +€3,665 | +129% |
| Taxes, remuneration and social security | 45 | €9,358 | €8,048 | -€1,310 | -14.0% |
| Taxes | 450/3 | €9,358 | €8,048 | -€1,310 | -14.0% |
| Other amounts payable | 47/48 | €13,682 | €12,739 | -€943 | -6.9% |
| Accrued charges and deferred income | 492/3 | €887 | €857 | -€30 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,882 | €4,220 | -€1,663 | -28.3% |
| Other operating charges | 640/8 | €592 | €758 | +€166 | +28.1% |
| Gross operating margin | 9900 | €53,177 | €103,793 | +€50,617 | +95.2% |
| Operating profit (loss) | 9901 | €46,703 | €98,816 | +€52,113 | +112% |
| Financial income | 75/76B | €256 | €849 | +€593 | +232% |
| Recurring financial income | 75 | €256 | €849 | +€593 | +232% |
| Financial charges | 65/66B | €2,594 | €3,574 | +€980 | +37.8% |
| Recurring financial charges | 65 | €2,594 | €3,574 | +€980 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €44,365 | €96,091 | +€51,726 | +117% |
| Income taxes | 67/77 | €12,869 | €27,815 | +€14,946 | +116% |
| Profit (loss) for the period | 9904 | €31,495 | €68,275 | +€36,780 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €31,495 | €68,275 | +€36,780 | +117% |
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 15 October 2026 via checked.be.