GALVANIZE: 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.
GALVANIZE
Largest movements
- Tangible fixed assets -€33,161
down €33,161 (-16.0%), from €207,146 to €173,985
of which Furniture and vehicles: -€21,574
- Cash +€20,927
up €20,927 (+79.4%), from €26,343 to €47,271
mainly Net result for the year (+€108,899) and Depreciation (+€38,399)
- Deferred charges and accrued income -€11,223
down €11,223 (-81.5%), from €13,764 to €2,540
- Current investments +€5,879
up €5,879 (+2.3%), from €256,406 to €262,285
- Other debts -€45,865
down €45,865 (-63.6%), from €72,067 to €26,202
- Reserves +€40,120
up €40,120 (+11.9%), from €337,140 to €377,260
- Tax, wage and social debts +€19,564
up €19,564 (+135.3%), from €14,459 to €34,022
- Current portion of long-term debt -€18,133
down €18,133 (-65.4%), from €27,730 to €9,598
- Debts after one year -€9,598
down €9,598 (-14.5%), from €66,231 to €56,634
- Gross operating margin +€45,792
up €45,792 (+33.0%), from €138,627 to €184,419
- Taxes +€15,459
up €15,459 (+56.0%), from €27,591 to €43,050
- Financial income +€8,458
up €8,458 (+105.8%), from €7,997 to €16,455
of which Financial income: +€6,199
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 | €538,339 | €523,997 | -€14,343 | -2.7% |
| Fixed assets | 21/28 | €207,201 | €174,040 | -€33,161 | -16.0% |
| Tangible fixed assets | 22/27 | €207,146 | €173,985 | -€33,161 | -16.0% |
| Land and buildings | 22 | €103,686 | €98,104 | -€5,582 | -5.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €39,808 | €18,234 | -€21,574 | -54.2% |
| Other tangible fixed assets | 26 | €63,653 | €57,647 | -€6,005 | -9.4% |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €331,139 | €349,957 | +€18,818 | +5.7% |
| Amounts receivable within one year | 40/41 | €34,626 | €37,861 | +€3,235 | +9.3% |
| Trade receivables | 40 | €27,126 | €30,361 | +€3,235 | +11.9% |
| Other amounts receivable | 41 | €7,500 | €7,500 | = | 0.0% |
| Current investments | 50/53 | €256,406 | €262,285 | +€5,879 | +2.3% |
| Cash at bank and in hand | 54/58 | €26,343 | €47,271 | +€20,927 | +79.4% |
| Deferred charges and accrued income | 490/1 | €13,764 | €2,540 | -€11,223 | -81.5% |
| Total equity and liabilities | 10/49 | €538,339 | €523,997 | -€14,343 | -2.7% |
| Equity | 10/15 | €351,354 | €390,741 | +€39,386 | +11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €337,140 | €377,260 | +€40,120 | +11.9% |
| Distributable reserves | 133 | €337,140 | €377,260 | +€40,120 | +11.9% |
| Profit (loss) carried forward | 14 | €1,814 | €1,081 | -€734 | -40.4% |
| Amounts payable | 17/49 | €186,985 | €133,256 | -€53,729 | -28.7% |
| Amounts payable after more than one year | 17 | €66,231 | €56,634 | -€9,598 | -14.5% |
| Financial debts | 170/4 | €66,231 | €56,634 | -€9,598 | -14.5% |
| Amounts payable within one year | 42/48 | €120,754 | €76,622 | -€44,131 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €27,730 | €9,598 | -€18,133 | -65.4% |
| Financial debts | 43 | €1,052 | €3,297 | +€2,244 | +213.3% |
| Other loans | 439 | €1,052 | €3,297 | +€2,244 | +213.3% |
| Trade debts | 44 | €5,445 | €3,503 | -€1,941 | -35.7% |
| Suppliers | 440/4 | €5,445 | €3,503 | -€1,941 | -35.7% |
| Taxes, remuneration and social security | 45 | €14,459 | €34,022 | +€19,564 | +135.3% |
| Taxes | 450/3 | €14,459 | €34,022 | +€19,564 | +135.3% |
| Other amounts payable | 47/48 | €72,067 | €26,202 | -€45,865 | -63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,903 | €38,399 | -€1,504 | -3.8% |
| Other operating charges | 640/8 | €2,350 | €2,597 | +€247 | +10.5% |
| Non-recurring operating charges | 66A | - | €2,249 | +€2,249 | |
| Gross operating margin | 9900 | €138,627 | €184,419 | +€45,792 | +33.0% |
| Operating profit (loss) | 9901 | €96,374 | €141,174 | +€44,800 | +46.5% |
| Financial income | 75/76B | €7,997 | €16,455 | +€8,458 | +105.8% |
| Recurring financial income | 75 | €6,534 | €12,733 | +€6,199 | +94.9% |
| Non-recurring financial income | 76B | €1,463 | €3,722 | +€2,259 | +154.5% |
| Financial charges | 65/66B | €4,910 | €5,680 | +€770 | +15.7% |
| Recurring financial charges | 65 | €4,635 | €4,175 | -€460 | -9.9% |
| Non-recurring financial charges | 66B | €275 | €1,505 | +€1,230 | +447.6% |
| Profit (loss) for the period before taxes | 9903 | €99,461 | €151,949 | +€52,488 | +52.8% |
| Income taxes | 67/77 | €27,591 | €43,050 | +€15,459 | +56.0% |
| Profit (loss) for the period | 9904 | €71,870 | €108,899 | +€37,029 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,870 | €108,899 | +€37,029 | +51.5% |
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 10 October 2026 via checked.be.