GALOPIN: 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.
GALOPIN
Largest movements
- Tangible fixed assets -€389,735
down €389,735 (-78.0%), from €499,765 to €110,030
of which Land and buildings: -€389,523
- Current investments +€250,000
up €250,000 (+50000.0%), from €500 to €250,500
- Intangible fixed assets -€68,630
no longer reported in 2025 (was €68,630)
- Cash -€50,204
down €50,204 (-45.7%), from €109,756 to €59,553
mainly Current investments (-€250,000) and Debts after one year (-€194,864)
- Debts after one year -€194,864
down €194,864 (-52.1%), from €373,846 to €178,982
- Current portion of long-term debt -€58,564
no longer reported in 2025 (was €58,564)
- Investment grants -€7,745
no longer reported in 2025 (was €7,745)
- Depreciation -€69,811
no longer reported in 2025 (was €69,811)
- Gross operating margin +€38,932
up €38,932, from -€27,125 to €11,807
- Other operating charges +€9,749
up €9,749 (+336.4%), from €2,898 to €12,647
- Financial income +€6,139
up €6,139 (+328.6%), from €1,868 to €8,007
- Staff costs -€1,859
down €1,859 (-93.0%), from €2,000 to €141
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 | €683,009 | €420,723 | -€262,287 | -38.4% |
| Fixed assets | 21/28 | €568,395 | €110,030 | -€458,365 | -80.6% |
| Intangible fixed assets | 21 | €68,630 | - | -€68,630 | |
| Tangible fixed assets | 22/27 | €499,765 | €110,030 | -€389,735 | -78.0% |
| Land and buildings | 22 | €499,553 | €110,030 | -€389,523 | -78.0% |
| Furniture and vehicles | 24 | €212 | - | -€212 | |
| Current assets | 29/58 | €114,615 | €310,693 | +€196,078 | +171.1% |
| Amounts receivable within one year | 40/41 | €1,754 | €457 | -€1,297 | -74.0% |
| Trade receivables | 40 | €522 | €357 | -€165 | -31.6% |
| Other amounts receivable | 41 | €1,232 | €100 | -€1,132 | -91.9% |
| Current investments | 50/53 | €500 | €250,500 | +€250,000 | +50000.0% |
| Cash at bank and in hand | 54/58 | €109,756 | €59,553 | -€50,204 | -45.7% |
| Deferred charges and accrued income | 490/1 | €2,604 | €183 | -€2,421 | -93.0% |
| Total equity and liabilities | 10/49 | €683,009 | €420,723 | -€262,287 | -38.4% |
| Equity | 10/15 | €248,310 | €241,280 | -€7,031 | -2.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €284 | €284 | = | 0.0% |
| Distributable reserves | 133 | €284 | €284 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,719 | -€59,004 | +€715 | +1.2% |
| Investment grants | 15 | €7,745 | - | -€7,745 | |
| Amounts payable | 17/49 | €434,699 | €179,443 | -€255,256 | -58.7% |
| Amounts payable after more than one year | 17 | €373,846 | €178,982 | -€194,864 | -52.1% |
| Financial debts | 170/4 | €373,846 | €178,982 | -€194,864 | -52.1% |
| Amounts payable within one year | 42/48 | €60,033 | €461 | -€59,572 | -99.2% |
| Current portion of amounts payable after more than one year | 42 | €58,564 | - | -€58,564 | |
| Trade debts | 44 | €1,304 | €295 | -€1,009 | -77.4% |
| Suppliers | 440/4 | €1,304 | €295 | -€1,009 | -77.4% |
| Taxes, remuneration and social security | 45 | €166 | €166 | = | 0.0% |
| Taxes | 450/3 | €166 | €166 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €820 | - | -€820 | |
| Remuneration, social security and pensions | 62 | €2,000 | €141 | -€1,859 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,811 | - | -€69,811 | |
| Other operating charges | 640/8 | €2,898 | €12,647 | +€9,749 | +336.4% |
| Gross operating margin | 9900 | -€27,125 | €11,807 | +€38,932 | |
| Operating profit (loss) | 9901 | -€101,834 | -€981 | +€100,853 | +99.0% |
| Financial income | 75/76B | €1,868 | €8,007 | +€6,139 | +328.6% |
| Recurring financial income | 75 | €1,868 | €8,007 | +€6,139 | +328.6% |
| Financial charges | 65/66B | €6,916 | €6,267 | -€649 | -9.4% |
| Recurring financial charges | 65 | €6,916 | €6,267 | -€649 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€106,881 | €759 | +€107,640 | |
| Income taxes | 67/77 | €466 | €44 | -€422 | -90.5% |
| Profit (loss) for the period | 9904 | -€107,348 | €715 | +€108,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,348 | €715 | +€108,063 |
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 11 October 2026 via checked.be.