GALU: 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.
GALU
Largest movements
- Cash +€193,421
up €193,421 (+1367.5%), from €14,145 to €207,566
mainly Other debts (+€216,816) and Net result for the year (+€56,851)
- Tangible fixed assets +€54,615
up €54,615 (+2.4%), from €2.3m to €2.3m
of which Assets under construction and advance payments: +€85,625
- Other debts +€216,816
up €216,816 (+61.7%), from €351,530 to €568,346
- Profit (loss) carried forward +€56,851
up €56,851 (+11.8%), from €482,288 to €539,139
- Debts after one year -€54,673
down €54,673 (-8.5%), from €645,643 to €590,971
- Depreciation -€19,007
down €19,007 (-38.0%), from €50,017 to €31,010
- Gross operating margin +€16,338
up €16,338 (+10.3%), from €158,283 to €174,620
- Financial charges +€11,060
up €11,060 (+33.8%), from €32,748 to €43,808
- Taxes +€6,184
up €6,184 (+46.9%), from €13,186 to €19,370
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 | €2,301,426 | €2,548,038 | +€246,611 | +10.7% |
| Fixed assets | 21/28 | €2,282,486 | €2,337,101 | +€54,615 | +2.4% |
| Tangible fixed assets | 22/27 | €2,282,468 | €2,337,082 | +€54,615 | +2.4% |
| Land and buildings | 22 | €911,529 | €880,519 | -€31,010 | -3.4% |
| Assets under construction and advance payments | 27 | €1,370,939 | €1,456,563 | +€85,625 | +6.2% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €18,940 | €210,937 | +€191,997 | +1013.7% |
| Amounts receivable within one year | 40/41 | €1,819 | €0 | -€1,819 | -100.0% |
| Other amounts receivable | 41 | €1,819 | €0 | -€1,819 | -100.0% |
| Cash at bank and in hand | 54/58 | €14,145 | €207,566 | +€193,421 | +1367.5% |
| Deferred charges and accrued income | 490/1 | €2,976 | €3,371 | +€395 | +13.3% |
| Total equity and liabilities | 10/49 | €2,301,426 | €2,548,038 | +€246,611 | +10.7% |
| Equity | 10/15 | €952,634 | €1,009,485 | +€56,851 | +6.0% |
| Contributions | 10/11 | €319,046 | €319,046 | = | 0.0% |
| Capital | 10 | €319,046 | €319,046 | = | 0.0% |
| Issued capital | 100 | €319,046 | €319,046 | = | 0.0% |
| Reserves | 13 | €151,300 | €151,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €43,381 | €43,381 | = | 0.0% |
| Legal reserve | 130 | €43,381 | €43,381 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,918 | €107,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | €482,288 | €539,139 | +€56,851 | +11.8% |
| Provisions and deferred taxes | 16 | €45,331 | €45,331 | = | 0.0% |
| Deferred taxes | 168 | €45,331 | €45,331 | = | 0.0% |
| Amounts payable | 17/49 | €1,303,461 | €1,493,221 | +€189,760 | +14.6% |
| Amounts payable after more than one year | 17 | €645,643 | €590,971 | -€54,673 | -8.5% |
| Financial debts | 170/4 | €645,643 | €590,971 | -€54,673 | -8.5% |
| Amounts payable within one year | 42/48 | €629,965 | €861,857 | +€231,892 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €65,503 | €54,673 | -€10,830 | -16.5% |
| Trade debts | 44 | €212,933 | €236,973 | +€24,041 | +11.3% |
| Suppliers | 440/4 | €212,933 | €236,973 | +€24,041 | +11.3% |
| Taxes, remuneration and social security | 45 | €0 | €1,865 | +€1,865 | |
| Taxes | 450/3 | €0 | €1,865 | +€1,865 | |
| Other amounts payable | 47/48 | €351,530 | €568,346 | +€216,816 | +61.7% |
| Accrued charges and deferred income | 492/3 | €27,852 | €40,394 | +€12,541 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,017 | €31,010 | -€19,007 | -38.0% |
| Other operating charges | 640/8 | €23,597 | €23,596 | -€1 | 0.0% |
| Gross operating margin | 9900 | €158,283 | €174,620 | +€16,338 | +10.3% |
| Operating profit (loss) | 9901 | €84,668 | €120,014 | +€35,346 | +41.7% |
| Financial income | 75/76B | €8 | €16 | +€8 | +98.0% |
| Recurring financial income | 75 | €8 | €16 | +€8 | +98.0% |
| Financial charges | 65/66B | €32,748 | €43,808 | +€11,060 | +33.8% |
| Recurring financial charges | 65 | €32,748 | €43,808 | +€11,060 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €51,928 | €76,221 | +€24,293 | +46.8% |
| Income taxes | 67/77 | €13,186 | €19,370 | +€6,184 | +46.9% |
| Profit (loss) for the period | 9904 | €38,742 | €56,851 | +€18,109 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,742 | €56,851 | +€18,109 | +46.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.