GALMAR: 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.
GALMAR
Largest movements
- Tangible fixed assets -€247,674
down €247,674 (-49.2%), from €503,064 to €255,390
of which Land and buildings: -€245,154
- Cash +€170,546
up €170,546 (+276%), from €61,849 to €232,394
mainly Investment in fixed assets (net) (+€226,285) and Trade debts (+€112,158)
- Receivables within one year +€28,725
up €28,725 (+32.4%), from €88,754 to €117,479
of which Other amounts receivable: +€33,131
- Receivables after one year +€7,167
up €7,167 (+37.7%), from €19,000 to €26,167
- Debts after one year -€194,019
down €194,019 (-58.0%), from €334,567 to €140,549
- Trade debts +€112,158
up €112,158 (+325%), from €34,520 to €146,679
- Reserves +€85,000
up €85,000 (+260%), from €32,656 to €117,656
- Other debts -€74,665
down €74,665 (-64.8%), from €115,159 to €40,494
- Tax, wage and social debts +€36,333
up €36,333 (+343%), from €10,579 to €46,912
- Gross operating margin +€115,046
up €115,046 (+120%), from €95,581 to €210,627
- Taxes +€37,221
up €37,221 (+211%), from €17,663 to €54,884
- Other operating charges +€32,885
up €32,885 (+1,593%), from €2,065 to €34,950
- Depreciation -€11,143
down €11,143 (-34.3%), from €32,533 to €21,389
- Financial charges -€8,728
down €8,728 (-42.1%), from €20,735 to €12,006
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 | €678,443 | €631,430 | -€47,014 | -6.9% |
| Fixed assets | 21/28 | €503,064 | €255,390 | -€247,674 | -49.2% |
| Tangible fixed assets | 22/27 | €503,064 | €255,390 | -€247,674 | -49.2% |
| Land and buildings | 22 | €488,761 | €243,606 | -€245,154 | -50.2% |
| Plant, machinery and equipment | 23 | €8,191 | €2,027 | -€6,164 | -75.3% |
| Furniture and vehicles | 24 | €6,112 | €9,756 | +€3,644 | +59.6% |
| Current assets | 29/58 | €175,380 | €376,040 | +€200,660 | +114% |
| Amounts receivable after more than one year | 29 | €19,000 | €26,167 | +€7,167 | +37.7% |
| Trade receivables | 290 | €19,000 | €26,167 | +€7,167 | +37.7% |
| Amounts receivable within one year | 40/41 | €88,754 | €117,479 | +€28,725 | +32.4% |
| Trade receivables | 40 | €60,746 | €56,340 | -€4,406 | -7.3% |
| Other amounts receivable | 41 | €28,008 | €61,139 | +€33,131 | +118% |
| Cash at bank and in hand | 54/58 | €61,849 | €232,394 | +€170,546 | +276% |
| Deferred charges and accrued income | 490/1 | €5,777 | - | -€5,777 | |
| Total equity and liabilities | 10/49 | €678,443 | €631,430 | -€47,014 | -6.9% |
| Equity | 10/15 | €94,816 | €182,392 | +€87,576 | +92.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,656 | €117,656 | +€85,000 | +260% |
| Distributable reserves | 133 | €32,656 | €117,656 | +€85,000 | +260% |
| Profit (loss) carried forward | 14 | €55,960 | €58,536 | +€2,576 | +4.6% |
| Amounts payable | 17/49 | €583,627 | €449,037 | -€134,590 | -23.1% |
| Amounts payable after more than one year | 17 | €334,567 | €140,549 | -€194,019 | -58.0% |
| Financial debts | 170/4 | €334,567 | €140,549 | -€194,019 | -58.0% |
| Amounts payable within one year | 42/48 | €245,165 | €308,489 | +€63,324 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €32,095 | €24,404 | -€7,691 | -24.0% |
| Financial debts | 43 | €52,811 | €50,000 | -€2,811 | -5.3% |
| Credit institutions | 430/8 | €2,811 | - | -€2,811 | |
| Other loans | 439 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €34,520 | €146,679 | +€112,158 | +325% |
| Suppliers | 440/4 | €34,520 | €146,679 | +€112,158 | +325% |
| Taxes, remuneration and social security | 45 | €10,579 | €46,912 | +€36,333 | +343% |
| Taxes | 450/3 | €10,579 | €46,912 | +€36,333 | +343% |
| Other amounts payable | 47/48 | €115,159 | €40,494 | -€74,665 | -64.8% |
| Accrued charges and deferred income | 492/3 | €3,895 | - | -€3,895 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,533 | €21,389 | -€11,143 | -34.3% |
| Other operating charges | 640/8 | €2,065 | €34,950 | +€32,885 | +1,593% |
| Gross operating margin | 9900 | €95,581 | €210,627 | +€115,046 | +120% |
| Operating profit (loss) | 9901 | €60,983 | €154,288 | +€93,305 | +153% |
| Financial income | 75/76B | €249 | €178 | -€71 | -28.4% |
| Recurring financial income | 75 | €249 | €178 | -€71 | -28.4% |
| Financial charges | 65/66B | €20,735 | €12,006 | -€8,728 | -42.1% |
| Recurring financial charges | 65 | €20,735 | €12,006 | -€8,728 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €40,497 | €142,460 | +€101,962 | +252% |
| Income taxes | 67/77 | €17,663 | €54,884 | +€37,221 | +211% |
| Profit (loss) for the period | 9904 | €22,835 | €87,576 | +€64,741 | +284% |
| Profit (loss) for the period to be appropriated | 9905 | €22,835 | €87,576 | +€64,741 | +284% |
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 17 October 2026 via checked.be.