GARAGULIAN: what changed
GARAGULIAN
Largest movements
- Stocks and contracts +€153,703
up €153,703 (+95.4%), from €161,189 to €314,892
- Receivables within one year +€76,769
up €76,769 (+429%), from €17,916 to €94,684
- Cash -€71,579
down €71,579 (-23.4%), from €305,712 to €234,133
mainly Stocks and contracts (-€153,703) and Other debts (-€81,653)
- Tangible fixed assets -€27,664
down €27,664 (-7.2%), from €384,060 to €356,396
of which Land and buildings: -€23,035
- Reserves +€134,284
up €134,284 (+74.9%), from €179,230 to €313,513
of which Distributable reserves: +€134,284
- Trade debts +€82,272
up €82,272 (+177%), from €46,423 to €128,695
- Other debts -€81,653
down €81,653 (-27.2%), from €300,338 to €218,685
- Tax, wage and social debts +€23,877
up €23,877 (+51.9%), from €46,028 to €69,905
of which Taxes: +€26,190
- Debts after one year -€21,945
down €21,945 (-8.7%), from €251,107 to €229,162
- Gross operating margin +€104,999
up €104,999 (+62.8%), from €167,320 to €272,319
- Taxes +€30,325
up €30,325 (+250%), from €12,130 to €42,455
- Other operating charges -€19,074
down €19,074 (-89.8%), from €21,243 to €2,169
- Staff costs +€6,507
up €6,507 (+17.9%), from €36,292 to €42,799
- Financial charges -€6,275
down €6,275 (-21.7%), from €28,908 to €22,633
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €869,767 | €1,000,506 | +€130,739 | +15.0% |
| Fixed assets | 21/28 | €384,460 | €356,796 | -€27,664 | -7.2% |
| Tangible fixed assets | 22/27 | €384,060 | €356,396 | -€27,664 | -7.2% |
| Land and buildings | 22 | €365,890 | €342,855 | -€23,035 | -6.3% |
| Plant, machinery and equipment | 23 | €15,639 | €11,677 | -€3,963 | -25.3% |
| Furniture and vehicles | 24 | €2,530 | €1,865 | -€666 | -26.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €485,307 | €643,710 | +€158,403 | +32.6% |
| Stocks and contracts in progress | 3 | €161,189 | €314,892 | +€153,703 | +95.4% |
| Stocks | 30/36 | €161,189 | €314,892 | +€153,703 | +95.4% |
| Amounts receivable within one year | 40/41 | €17,916 | €94,684 | +€76,769 | +429% |
| Trade receivables | 40 | €17,916 | €94,684 | +€76,769 | +429% |
| Cash at bank and in hand | 54/58 | €305,712 | €234,133 | -€71,579 | -23.4% |
| Deferred charges and accrued income | 490/1 | €490 | - | -€490 | |
| Total equity and liabilities | 10/49 | €869,767 | €1,000,506 | +€130,739 | +15.0% |
| Equity | 10/15 | €197,830 | €332,113 | +€134,284 | +67.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,230 | €313,513 | +€134,284 | +74.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €177,370 | €311,653 | +€134,284 | +75.7% |
| Amounts payable | 17/49 | €671,937 | €668,392 | -€3,545 | -0.5% |
| Amounts payable after more than one year | 17 | €251,107 | €229,162 | -€21,945 | -8.7% |
| Financial debts | 170/4 | €251,107 | €229,162 | -€21,945 | -8.7% |
| Amounts payable within one year | 42/48 | €420,830 | €439,231 | +€18,401 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €24,124 | €21,945 | -€2,178 | -9.0% |
| Trade debts | 44 | €46,423 | €128,695 | +€82,272 | +177% |
| Suppliers | 440/4 | €46,423 | €128,695 | +€82,272 | +177% |
| Advances received on contracts in progress | 46 | €3,917 | - | -€3,917 | |
| Taxes, remuneration and social security | 45 | €46,028 | €69,905 | +€23,877 | +51.9% |
| Taxes | 450/3 | €38,292 | €64,482 | +€26,190 | +68.4% |
| Remuneration and social security | 454/9 | €7,737 | €5,423 | -€2,313 | -29.9% |
| Other amounts payable | 47/48 | €300,338 | €218,685 | -€81,653 | -27.2% |
| Remuneration, social security and pensions | 62 | €36,292 | €42,799 | +€6,507 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,929 | €27,664 | -€266 | -1.0% |
| Other operating charges | 640/8 | €21,243 | €2,169 | -€19,074 | -89.8% |
| Non-recurring operating charges | 66A | - | €483 | +€483 | |
| Gross operating margin | 9900 | €167,320 | €272,319 | +€104,999 | +62.8% |
| Operating profit (loss) | 9901 | €81,856 | €199,205 | +€117,349 | +143% |
| Financial income | 75/76B | €578 | €166 | -€411 | -71.2% |
| Recurring financial income | 75 | €578 | €166 | -€411 | -71.2% |
| Financial charges | 65/66B | €28,908 | €22,633 | -€6,275 | -21.7% |
| Recurring financial charges | 65 | €28,908 | €22,633 | -€6,275 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €53,526 | €176,738 | +€123,212 | +230% |
| Income taxes | 67/77 | €12,130 | €42,455 | +€30,325 | +250% |
| Profit (loss) for the period | 9904 | €41,396 | €134,284 | +€92,888 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €41,396 | €134,284 | +€92,888 | +224% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.