GARA: 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.
GARA
Largest movements
- Tangible fixed assets +€166,465
up €166,465 (+294.9%), from €56,455 to €222,920
of which Land and buildings: +€165,761
- Cash -€138,396
down €138,396 (-65.1%), from €212,746 to €74,350
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€192,022)
- Receivables after one year -€4,250
down €4,250 (-100.0%), from €4,250 to €0
- Reserves -€118,075
down €118,075 (-51.6%), from €228,898 to €110,823
- Debts after one year +€108,467
new in 2025: €108,467
- Other debts +€15,420
up €15,420 (+28.3%), from €54,572 to €69,993
- Tax, wage and social debts +€8,854
up €8,854 (+77.1%), from €11,488 to €20,342
- Current portion of long-term debt +€6,063
new in 2025: €6,063
- Gross operating margin +€55,714
up €55,714 (+60.6%), from €91,915 to €147,629
- Taxes +€18,677
up €18,677 (+110.9%), from €16,843 to €35,520
- Depreciation +€11,455
up €11,455 (+81.2%), from €14,102 to €25,557
- Financial charges +€1,816
up €1,816 (+148.5%), from €1,223 to €3,039
- Other operating charges -€1,611
down €1,611 (-50.4%), from €3,199 to €1,588
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 | €304,291 | €327,319 | +€23,028 | +7.6% |
| Fixed assets | 21/28 | €56,455 | €222,920 | +€166,465 | +294.9% |
| Tangible fixed assets | 22/27 | €56,455 | €222,920 | +€166,465 | +294.9% |
| Land and buildings | 22 | - | €165,761 | +€165,761 | |
| Plant, machinery and equipment | 23 | €11 | €0 | -€11 | -100.0% |
| Furniture and vehicles | 24 | €43,874 | €45,914 | +€2,040 | +4.7% |
| Other tangible fixed assets | 26 | €12,570 | €11,245 | -€1,325 | -10.5% |
| Current assets | 29/58 | €247,836 | €104,399 | -€143,437 | -57.9% |
| Amounts receivable after more than one year | 29 | €4,250 | €0 | -€4,250 | -100.0% |
| Other amounts receivable | 291 | €4,250 | €0 | -€4,250 | -100.0% |
| Amounts receivable within one year | 40/41 | €24,673 | €25,137 | +€464 | +1.9% |
| Trade receivables | 40 | €23,192 | €23,980 | +€789 | +3.4% |
| Other amounts receivable | 41 | €1,481 | €1,157 | -€324 | -21.9% |
| Cash at bank and in hand | 54/58 | €212,746 | €74,350 | -€138,396 | -65.1% |
| Deferred charges and accrued income | 490/1 | €6,168 | €4,912 | -€1,256 | -20.4% |
| Total equity and liabilities | 10/49 | €304,291 | €327,319 | +€23,028 | +7.6% |
| Equity | 10/15 | €233,898 | €115,823 | -€118,075 | -50.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €228,898 | €110,823 | -€118,075 | -51.6% |
| Distributable reserves | 133 | €228,898 | €110,823 | -€118,075 | -51.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €70,393 | €211,496 | +€141,103 | +200.5% |
| Amounts payable after more than one year | 17 | - | €108,467 | +€108,467 | |
| Financial debts | 170/4 | - | €108,467 | +€108,467 | |
| Amounts payable within one year | 42/48 | €70,393 | €103,029 | +€32,636 | +46.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,063 | +€6,063 | |
| Trade debts | 44 | €4,333 | €6,632 | +€2,299 | +53.1% |
| Suppliers | 440/4 | €4,333 | €6,632 | +€2,299 | +53.1% |
| Taxes, remuneration and social security | 45 | €11,488 | €20,342 | +€8,854 | +77.1% |
| Taxes | 450/3 | €11,488 | €20,342 | +€8,854 | +77.1% |
| Other amounts payable | 47/48 | €54,572 | €69,993 | +€15,420 | +28.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,102 | €25,557 | +€11,455 | +81.2% |
| Other operating charges | 640/8 | €3,199 | €1,588 | -€1,611 | -50.4% |
| Gross operating margin | 9900 | €91,915 | €147,629 | +€55,714 | +60.6% |
| Operating profit (loss) | 9901 | €74,615 | €120,485 | +€45,870 | +61.5% |
| Financial income | 75/76B | €131 | €0 | -€131 | -100.0% |
| Recurring financial income | 75 | €131 | €0 | -€131 | -100.0% |
| Financial charges | 65/66B | €1,223 | €3,039 | +€1,816 | +148.5% |
| Recurring financial charges | 65 | €1,223 | €3,039 | +€1,816 | +148.5% |
| Profit (loss) for the period before taxes | 9903 | €73,522 | €117,445 | +€43,923 | +59.7% |
| Income taxes | 67/77 | €16,843 | €35,520 | +€18,677 | +110.9% |
| Profit (loss) for the period | 9904 | €56,679 | €81,925 | +€25,246 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,679 | €81,925 | +€25,246 | +44.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.