Galvani: 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.
Galvani
Largest movements
- Cash +€102,665
up €102,665 (+59.7%), from €172,038 to €274,703
mainly Net result for the year (+€128,006) and Current investments (+€96,783)
- Current investments -€96,783
down €96,783 (-12.7%), from €762,796 to €666,013
- Tangible fixed assets -€17,219
down €17,219 (-15.2%), from €113,531 to €96,312
of which Land and buildings: -€12,168
- Receivables within one year +€16,749
up €16,749 (+32.0%), from €52,414 to €69,163
of which Other amounts receivable: +€12,711
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€18,951
down €18,951 (-10.0%), from €188,847 to €169,896
- Financial income +€13,618
up €13,618 (+319%), from €4,273 to €17,892
- Depreciation +€4,381
up €4,381 (+14.8%), from €29,542 to €33,923
- Taxes -€3,174
down €3,174 (-79.9%), from €3,974 to €801
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 | €1,106,784 | €1,111,587 | +€4,803 | +0.4% |
| Fixed assets | 21/28 | €113,928 | €96,709 | -€17,219 | -15.1% |
| Tangible fixed assets | 22/27 | €113,531 | €96,312 | -€17,219 | -15.2% |
| Land and buildings | 22 | €51,963 | €39,794 | -€12,168 | -23.4% |
| Plant, machinery and equipment | 23 | €60,454 | €55,822 | -€4,632 | -7.7% |
| Other tangible fixed assets | 26 | €1,114 | €696 | -€418 | -37.5% |
| Financial fixed assets | 28 | €397 | €397 | = | 0.0% |
| Current assets | 29/58 | €992,856 | €1,014,878 | +€22,022 | +2.2% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,414 | €69,163 | +€16,749 | +32.0% |
| Trade receivables | 40 | €36,626 | €40,664 | +€4,038 | +11.0% |
| Other amounts receivable | 41 | €15,788 | €28,499 | +€12,711 | +80.5% |
| Current investments | 50/53 | €762,796 | €666,013 | -€96,783 | -12.7% |
| Cash at bank and in hand | 54/58 | €172,038 | €274,703 | +€102,665 | +59.7% |
| Deferred charges and accrued income | 490/1 | €609 | - | -€609 | |
| Total equity and liabilities | 10/49 | €1,106,784 | €1,111,587 | +€4,803 | +0.4% |
| Equity | 10/15 | €956,467 | €964,473 | +€8,006 | +0.8% |
| Contributions | 10/11 | €419,600 | €419,600 | = | 0.0% |
| Reserves | 13 | €536,867 | €544,873 | +€8,006 | +1.5% |
| Distributable reserves | 133 | €536,867 | €544,873 | +€8,006 | +1.5% |
| Amounts payable | 17/49 | €150,317 | €147,114 | -€3,203 | -2.1% |
| Amounts payable within one year | 42/48 | €150,134 | €147,114 | -€3,020 | -2.0% |
| Trade debts | 44 | €27,356 | €25,024 | -€2,331 | -8.5% |
| Suppliers | 440/4 | €27,356 | €25,024 | -€2,331 | -8.5% |
| Taxes, remuneration and social security | 45 | €2,778 | €2,070 | -€709 | -25.5% |
| Taxes | 450/3 | €291 | - | -€291 | |
| Remuneration and social security | 454/9 | €2,487 | €2,070 | -€418 | -16.8% |
| Other amounts payable | 47/48 | €120,000 | €120,020 | +€20 | 0.0% |
| Accrued charges and deferred income | 492/3 | €183 | - | -€183 | |
| Remuneration, social security and pensions | 62 | €18,210 | €16,654 | -€1,556 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,542 | €33,923 | +€4,381 | +14.8% |
| Other operating charges | 640/8 | €8,726 | €8,270 | -€457 | -5.2% |
| Gross operating margin | 9900 | €188,847 | €169,896 | -€18,951 | -10.0% |
| Operating profit (loss) | 9901 | €132,369 | €111,050 | -€21,318 | -16.1% |
| Financial income | 75/76B | €4,273 | €17,892 | +€13,618 | +319% |
| Recurring financial income | 75 | €4,273 | €17,892 | +€13,618 | +319% |
| Financial charges | 65/66B | €1,088 | €135 | -€953 | -87.6% |
| Recurring financial charges | 65 | €1,088 | €135 | -€953 | -87.6% |
| Profit (loss) for the period before taxes | 9903 | €135,554 | €128,807 | -€6,747 | -5.0% |
| Income taxes | 67/77 | €3,974 | €801 | -€3,174 | -79.9% |
| Profit (loss) for the period | 9904 | €131,580 | €128,006 | -€3,573 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €131,580 | €128,006 | -€3,573 | -2.7% |
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 13 October 2026 via checked.be.