GALVESTON: 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.
What changed
GALVESTON
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€195,734
2024 · €140,451+€55,283
Equity
€1.7m
2024 · €1.7m+€40,547
Cash
€11,569
2024 · €32,045-€20,476
Balance sheet total
€4.4m
2024 · €4.5m-€19,221
Largest movements
Assets
- Receivables within one year +€210,577
up €210,577 (+25.0%), from €842,266 to €1.1m
of which Trade receivables: +€304,268
- Tangible fixed assets -€201,444
down €201,444 (-5.6%), from €3.6m to €3.4m
of which Land and buildings: -€139,996
Equity and liabilities
- Other debts +€342,917
up €342,917 (+40.9%), from €838,028 to €1.2m
- Debts after one year -€252,482
down €252,482 (-36.5%), from €692,055 to €439,572
of which Financial debts: -€252,482
- Current portion of long-term debt -€192,633
down €192,633 (-43.3%), from €445,115 to €252,482
- Short-term financial debts +€46,231
up €46,231 (+15.5%), from €297,900 to €344,131
- Profit (loss) carried forward +€45,734
up €45,734 (+113%), from €40,451 to €86,186
Income statement
- Gross operating margin +€147,543
up €147,543 (+15.5%), from €952,621 to €1.1m
- Taxes +€52,810
up €52,810 (+107%), from €49,189 to €101,999
- Staff costs +€22,909
up €22,909 (+12.7%), from €180,205 to €203,114
- Depreciation +€17,982
up €17,982 (+4.1%), from €436,374 to €454,355
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.
Result 2024
€140,451
Gross operating margin
+€147,543
Staff costs
-€22,909
Depreciation
-€17,982
Other operating charges
-€2,563
Financial income
+€5,393
Financial charges
+€4,046
Taxes
-€52,810
Deferred taxes and other
-€5,436
Result 2025
€195,734
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€786,506
Investment
-€252,911
Financing
-€554,071
Cash 2024
€32,045
From operations (derived)
+€786,506
Net result for the year
+€195,734
Depreciation
+€454,355
Receivables within one year
-€210,577
Deferred charges and accrued income
+€7,878
Provisions
-€1,964
Trade debts
+€33,121
Tax, wage and social debts
-€31,566
Other debts
+€342,917
Accrued charges and deferred income
-€3,393
Investment (derived)
-€252,911
Investment in fixed assets (net)
-€252,911
Financing
-€554,071
Debts after one year
-€252,482
Current portion of long-term debt
-€192,633
Short-term financial debts
+€46,231
Contributions, distributions and other
-€155,187
Cash 2025
€11,569
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,453,320 | €4,434,098 | -€19,221 | -0.4% |
| Fixed assets | 21/28 | €3,569,097 | €3,367,653 | -€201,444 | -5.6% |
| Tangible fixed assets | 22/27 | €3,568,760 | €3,367,316 | -€201,444 | -5.6% |
| Land and buildings | 22 | €3,329,032 | €3,189,035 | -€139,996 | -4.2% |
| Plant, machinery and equipment | 23 | €235,486 | €163,299 | -€72,187 | -30.7% |
| Furniture and vehicles | 24 | - | €14,982 | +€14,982 | |
| Assets under construction and advance payments | 27 | €4,242 | - | -€4,242 | |
| Financial fixed assets | 28 | €336 | €336 | = | 0.0% |
| Current assets | 29/58 | €884,223 | €1,066,446 | +€182,222 | +20.6% |
| Amounts receivable within one year | 40/41 | €842,266 | €1,052,843 | +€210,577 | +25.0% |
| Trade receivables | 40 | €146,412 | €450,679 | +€304,268 | +208% |
| Other amounts receivable | 41 | €695,854 | €602,163 | -€93,691 | -13.5% |
| Cash at bank and in hand | 54/58 | €32,045 | €11,569 | -€20,476 | -63.9% |
| Deferred charges and accrued income | 490/1 | €9,912 | €2,034 | -€7,878 | -79.5% |
| Total equity and liabilities | 10/49 | €4,453,320 | €4,434,098 | -€19,221 | -0.4% |
| Equity | 10/15 | €1,651,580 | €1,692,128 | +€40,547 | +2.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,507,678 | €1,507,678 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,501,528 | €1,501,528 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,451 | €86,186 | +€45,734 | +113% |
| Investment grants | 15 | €41,951 | €36,764 | -€5,187 | -12.4% |
| Provisions and deferred taxes | 16 | €36,466 | €34,502 | -€1,964 | -5.4% |
| Deferred taxes | 168 | €36,466 | €34,502 | -€1,964 | -5.4% |
| Amounts payable | 17/49 | €2,765,273 | €2,707,468 | -€57,805 | -2.1% |
| Amounts payable after more than one year | 17 | €692,055 | €439,572 | -€252,482 | -36.5% |
| Financial debts | 170/4 | €689,710 | €437,227 | -€252,482 | -36.6% |
| Other amounts payable | 178/9 | €2,345 | €2,345 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,064,110 | €2,262,180 | +€198,070 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €445,115 | €252,482 | -€192,633 | -43.3% |
| Financial debts | 43 | €297,900 | €344,131 | +€46,231 | +15.5% |
| Credit institutions | 430/8 | €297,900 | €344,131 | +€46,231 | +15.5% |
| Trade debts | 44 | €417,888 | €451,009 | +€33,121 | +7.9% |
| Suppliers | 440/4 | €417,888 | €451,009 | +€33,121 | +7.9% |
| Taxes, remuneration and social security | 45 | €65,178 | €33,612 | -€31,566 | -48.4% |
| Taxes | 450/3 | €40,253 | €12,600 | -€27,653 | -68.7% |
| Remuneration and social security | 454/9 | €24,925 | €21,012 | -€3,913 | -15.7% |
| Other amounts payable | 47/48 | €838,028 | €1,180,946 | +€342,917 | +40.9% |
| Accrued charges and deferred income | 492/3 | €9,109 | €5,716 | -€3,393 | -37.2% |
| Remuneration, social security and pensions | 62 | €180,205 | €203,114 | +€22,909 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €436,374 | €454,355 | +€17,982 | +4.1% |
| Other operating charges | 640/8 | €105,626 | €108,189 | +€2,563 | +2.4% |
| Gross operating margin | 9900 | €952,621 | €1,100,164 | +€147,543 | +15.5% |
| Operating profit (loss) | 9901 | €230,416 | €334,506 | +€104,089 | +45.2% |
| Financial income | 75/76B | €10,122 | €15,516 | +€5,393 | +53.3% |
| Recurring financial income | 75 | €10,122 | €15,516 | +€5,393 | +53.3% |
| Financial charges | 65/66B | €58,298 | €54,251 | -€4,046 | -6.9% |
| Recurring financial charges | 65 | €58,298 | €54,251 | -€4,046 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €182,241 | €295,770 | +€113,529 | +62.3% |
| Transfer from deferred taxes | 780 | €7,400 | €1,964 | -€5,436 | -73.5% |
| Income taxes | 67/77 | €49,189 | €101,999 | +€52,810 | +107% |
| Profit (loss) for the period | 9904 | €140,451 | €195,734 | +€55,283 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €140,451 | €195,734 | +€55,283 | +39.4% |
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 30 October 2026 via checked.be.