GALOR: what changed
Two fiscal 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.
GALOR
Largest movements
- Tangible fixed assets +€106,874
up €106,874 (+40.5%), from €263,778 to €370,652
of which Land and buildings: +€109,801
- Receivables within one year -€26,127
no longer reported in 2025 (was €26,127)
- Deferred charges and accrued income +€9,060
up €9,060 (+11.6%), from €77,802 to €86,862
- Cash -€8,355
down €8,355 (-78.9%), from €10,592 to €2,237
mainly Investment in fixed assets (net) (-€128,022) and Deferred charges and accrued income (-€9,060)
- Other debts +€77,000
up €77,000 (+109.8%), from €70,140 to €147,140
- Depreciation +€5,780
up €5,780 (+37.6%), from €15,368 to €21,148
- Gross operating margin -€2,992
down €2,992 (-10.1%), from €29,756 to €26,764
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 | €378,299 | €459,751 | +€81,452 | +21.5% |
| Fixed assets | 21/28 | €263,778 | €370,652 | +€106,874 | +40.5% |
| Tangible fixed assets | 22/27 | €263,778 | €370,652 | +€106,874 | +40.5% |
| Land and buildings | 22 | €244,778 | €354,579 | +€109,801 | +44.9% |
| Plant, machinery and equipment | 23 | €19,000 | €16,074 | -€2,927 | -15.4% |
| Current assets | 29/58 | €114,521 | €89,099 | -€25,422 | -22.2% |
| Amounts receivable within one year | 40/41 | €26,127 | - | -€26,127 | |
| Trade receivables | 40 | €26,127 | - | -€26,127 | |
| Cash at bank and in hand | 54/58 | €10,592 | €2,237 | -€8,355 | -78.9% |
| Deferred charges and accrued income | 490/1 | €77,802 | €86,862 | +€9,060 | +11.6% |
| Total equity and liabilities | 10/49 | €378,299 | €459,751 | +€81,452 | +21.5% |
| Equity | 10/15 | €304,782 | €308,006 | +€3,224 | +1.1% |
| Contributions | 10/11 | €446,208 | €446,208 | = | 0.0% |
| Capital | 10 | €446,208 | €446,208 | = | 0.0% |
| Issued capital | 100 | €446,208 | €446,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,426 | -€138,203 | +€3,224 | +2.3% |
| Amounts payable | 17/49 | €73,517 | €151,745 | +€78,228 | +106.4% |
| Amounts payable within one year | 42/48 | €73,517 | €151,345 | +€77,828 | +105.9% |
| Trade debts | 44 | €3,377 | €4,205 | +€828 | +24.5% |
| Suppliers | 440/4 | €3,377 | €4,205 | +€828 | +24.5% |
| Other amounts payable | 47/48 | €70,140 | €147,140 | +€77,000 | +109.8% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,368 | €21,148 | +€5,780 | +37.6% |
| Other operating charges | 640/8 | €2,133 | €2,133 | -€0 | 0.0% |
| Gross operating margin | 9900 | €29,756 | €26,764 | -€2,992 | -10.1% |
| Operating profit (loss) | 9901 | €12,255 | €3,483 | -€8,772 | -71.6% |
| Financial charges | 65/66B | €367 | €260 | -€108 | -29.3% |
| Recurring financial charges | 65 | €367 | €260 | -€108 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €11,888 | €3,224 | -€8,664 | -72.9% |
| Profit (loss) for the period | 9904 | €11,888 | €3,224 | -€8,664 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,888 | €3,224 | -€8,664 | -72.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.