GARAMOND: 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.
What changed
GARAMOND
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€562,896
2024 · €3.0m-€2.5m
Equity
€108.1m
2024 · €107.6m+€512,896
Cash
€581,843
2024 · €1.6m-€977,271
Balance sheet total
€108.3m
2024 · €107.8m+€491,012
Largest movements
Assets
- Current investments +€1.5m
up €1.5m (+16.4%), from €8.9m to €10.3m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€2.3m
down €2.3m (-70.9%), from €3.2m to €943,302
- Financial charges +€150,882
up €150,882 (+118.9%), from €126,879 to €277,761
- Gross operating margin -€14,632
down €14,632 (-23.6%), from -€62,056 to -€76,688
- Depreciation -€1,176
down €1,176 (-5.8%), from €20,417 to €19,241
- Taxes -€815
no longer reported in 2025 (was €815)
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
€3.0m
Gross operating margin
-€14,632
Depreciation
+€1,176
Other operating charges
+€45
Financial income
-€2.3m
Financial charges
-€150,882
Taxes
+€815
Result 2025
€562,896
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.
From operations
+€553,662
Investment
-€1.5m
Financing
-€77,454
Cash 2024
€1.6m
From operations (derived)
+€553,662
Net result for the year
+€562,896
Depreciation
+€19,241
Receivables within one year
-€24,681
Deferred charges and accrued income
-€9,364
Trade debts
+€5,570
Investment (derived)
-€1.5m
Current investments
-€1.5m
Financing
-€77,454
Debts after one year
-€27,809
Current portion of long-term debt
+€356
Contributions, distributions and other
-€50,000
Cash 2025
€581,843
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,838,152 | €108,329,164 | +€491,012 | +0.5% |
| Fixed assets | 21/28 | €97,334,615 | €97,315,374 | -€19,241 | 0.0% |
| Tangible fixed assets | 22/27 | €434,615 | €415,374 | -€19,241 | -4.4% |
| Land and buildings | 22 | €394,576 | €382,458 | -€12,117 | -3.1% |
| Plant, machinery and equipment | 23 | €9,355 | €7,936 | -€1,419 | -15.2% |
| Furniture and vehicles | 24 | €30,684 | €24,980 | -€5,704 | -18.6% |
| Financial fixed assets | 28 | €96,900,000 | €96,900,000 | = | 0.0% |
| Current assets | 29/58 | €10,503,537 | €11,013,790 | +€510,253 | +4.9% |
| Amounts receivable within one year | 40/41 | €62,716 | €87,397 | +€24,681 | +39.4% |
| Other amounts receivable | 41 | €62,716 | €87,397 | +€24,681 | +39.4% |
| Current investments | 50/53 | €8,865,297 | €10,318,776 | +€1.5m | +16.4% |
| Cash at bank and in hand | 54/58 | €1,559,114 | €581,843 | -€977,271 | -62.7% |
| Deferred charges and accrued income | 490/1 | €16,411 | €25,774 | +€9,364 | +57.1% |
| Total equity and liabilities | 10/49 | €107,838,152 | €108,329,164 | +€491,012 | +0.5% |
| Equity | 10/15 | €107,615,687 | €108,128,583 | +€512,896 | +0.5% |
| Contributions | 10/11 | €96,961,600 | €96,961,600 | = | 0.0% |
| Capital | 10 | €67,891,600 | €67,891,600 | = | 0.0% |
| Issued capital | 100 | €67,891,600 | €67,891,600 | = | 0.0% |
| Outside capital | 11 | €29,070,000 | €29,070,000 | = | 0.0% |
| Share premium | 1100/10 | €29,070,000 | €29,070,000 | = | 0.0% |
| Reserves | 13 | €10,654,087 | €11,166,983 | +€512,896 | +4.8% |
| Non-distributable reserves | 130/1 | €542,704 | €570,849 | +€28,145 | +5.2% |
| Legal reserve | 130 | €542,704 | €570,849 | +€28,145 | +5.2% |
| Distributable reserves | 133 | €10,111,382 | €10,596,133 | +€484,751 | +4.8% |
| Amounts payable | 17/49 | €222,465 | €200,582 | -€21,884 | -9.8% |
| Amounts payable after more than one year | 17 | €142,696 | €114,887 | -€27,809 | -19.5% |
| Financial debts | 170/4 | €142,696 | €114,887 | -€27,809 | -19.5% |
| Amounts payable within one year | 42/48 | €79,769 | €85,695 | +€5,926 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €27,454 | €27,809 | +€356 | +1.3% |
| Trade debts | 44 | €2,315 | €7,885 | +€5,570 | +240.6% |
| Suppliers | 440/4 | €2,315 | €7,885 | +€5,570 | +240.6% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,417 | €19,241 | -€1,176 | -5.8% |
| Other operating charges | 640/8 | €6,761 | €6,716 | -€45 | -0.7% |
| Gross operating margin | 9900 | -€62,056 | -€76,688 | -€14,632 | -23.6% |
| Operating profit (loss) | 9901 | -€89,234 | -€102,645 | -€13,411 | -15.0% |
| Financial income | 75/76B | €3,240,996 | €943,302 | -€2.3m | -70.9% |
| Recurring financial income | 75 | €3,240,996 | €943,302 | -€2.3m | -70.9% |
| Financial charges | 65/66B | €126,879 | €277,761 | +€150,882 | +118.9% |
| Recurring financial charges | 65 | €126,879 | €277,761 | +€150,882 | +118.9% |
| Profit (loss) for the period before taxes | 9903 | €3,024,883 | €562,896 | -€2.5m | -81.4% |
| Income taxes | 67/77 | €815 | - | -€815 | |
| Profit (loss) for the period | 9904 | €3,024,068 | €562,896 | -€2.5m | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,024,068 | €562,896 | -€2.5m | -81.4% |
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 8 October 2026 via checked.be.