GALWICO: 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.
GALWICO
Largest movements
- Receivables within one year +€44,818
up €44,818 (+5.1%), from €878,754 to €923,572
of which Other amounts receivable: +€32,500
- Reserves +€49,057
up €49,057 (+26.8%), from €183,292 to €232,350
of which Distributable reserves: +€49,057
- Gross operating margin +€13,194
up €13,194 (+27.5%), from €48,013 to €61,207
- Financial income -€7,807
down €7,807 (-28.6%), from €27,314 to €19,508
- Taxes +€2,651
up €2,651 (+12.4%), from €21,310 to €23,961
- Financial charges +€1,143
up €1,143, from -€1,113 to €29
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 | €1,252,328 | €1,291,310 | +€38,982 | +3.1% |
| Fixed assets | 21/28 | €4,512 | €594 | -€3,917 | -86.8% |
| Tangible fixed assets | 22/27 | €4,392 | €474 | -€3,917 | -89.2% |
| Plant, machinery and equipment | 23 | €900 | €474 | -€426 | -47.3% |
| Furniture and vehicles | 24 | €3,492 | €0 | -€3,492 | -100% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €1,247,816 | €1,290,715 | +€42,899 | +3.4% |
| Stocks and contracts in progress | 3 | €22,301 | €22,238 | -€62 | -0.3% |
| Stocks | 30/36 | €22,301 | €22,238 | -€62 | -0.3% |
| Amounts receivable within one year | 40/41 | €878,754 | €923,572 | +€44,818 | +5.1% |
| Trade receivables | 40 | €337,754 | €350,072 | +€12,318 | +3.6% |
| Other amounts receivable | 41 | €541,000 | €573,500 | +€32,500 | +6.0% |
| Current investments | 50/53 | €318,683 | €318,683 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,712 | €11,988 | -€1,724 | -12.6% |
| Deferred charges and accrued income | 490/1 | €14,367 | €14,234 | -€133 | -0.9% |
| Total equity and liabilities | 10/49 | €1,252,328 | €1,291,310 | +€38,982 | +3.1% |
| Equity | 10/15 | €1,222,165 | €1,271,223 | +€49,057 | +4.0% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €183,292 | €232,350 | +€49,057 | +26.8% |
| Non-distributable reserves | 130/1 | €9,049 | €9,049 | = | 0.0% |
| Legal reserve | 130 | €9,049 | €9,049 | = | 0.0% |
| Distributable reserves | 133 | €174,243 | €223,301 | +€49,057 | +28.2% |
| Profit (loss) carried forward | 14 | €975,873 | €975,873 | = | 0.0% |
| Amounts payable | 17/49 | €30,162 | €20,087 | -€10,075 | -33.4% |
| Amounts payable within one year | 42/48 | €30,160 | €20,083 | -€10,077 | -33.4% |
| Trade debts | 44 | €3,747 | €3,678 | -€68 | -1.8% |
| Suppliers | 440/4 | €3,747 | €3,678 | -€68 | -1.8% |
| Taxes, remuneration and social security | 45 | €16,413 | €16,405 | -€8 | -0.1% |
| Taxes | 450/3 | €16,413 | €16,405 | -€8 | -0.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €10,000 | €0 | -€10,000 | -100% |
| Accrued charges and deferred income | 492/3 | €2 | €4 | +€1 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,500 | €4,583 | +€83 | +1.8% |
| Other operating charges | 640/8 | €2,987 | €3,083 | +€96 | +3.2% |
| Gross operating margin | 9900 | €48,013 | €61,207 | +€13,194 | +27.5% |
| Operating profit (loss) | 9901 | €40,526 | €53,541 | +€13,015 | +32.1% |
| Financial income | 75/76B | €27,314 | €19,508 | -€7,807 | -28.6% |
| Recurring financial income | 75 | €27,314 | €19,508 | -€7,807 | -28.6% |
| Financial charges | 65/66B | -€1,113 | €29 | +€1,143 | |
| Recurring financial charges | 65 | -€1,113 | €29 | +€1,143 | |
| Profit (loss) for the period before taxes | 9903 | €68,953 | €73,019 | +€4,066 | +5.9% |
| Income taxes | 67/77 | €21,310 | €23,961 | +€2,651 | +12.4% |
| Profit (loss) for the period | 9904 | €47,643 | €49,057 | +€1,414 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,643 | €49,057 | +€1,414 | +3.0% |
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 22 October 2026 via checked.be.