GARAVIAN: 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.
GARAVIAN
Largest movements
- Financial fixed assets +€460,000
up €460,000 (+1,150%), from €40,000 to €500,000
- Current investments +€250,000
new in 2025: €250,000
- Cash -€105,336
down €105,336 (-40.5%), from €260,174 to €154,838
mainly Contributions, distributions and other (-€1.6m) and Investment in fixed assets (net) (-€436,030)
- Tangible fixed assets -€41,489
down €41,489 (-55.1%), from €75,292 to €33,803
of which Furniture and vehicles: -€36,706
- Receivables within one year -€29,215
down €29,215 (-38.9%), from €75,015 to €45,801
of which Other amounts receivable: -€53,676
- Other debts +€680,000
up €680,000, from €0 to €680,000
- Profit (loss) carried forward -€117,136
down €117,136 (-27.4%), from €427,888 to €310,751
- Financial income +€1.3m
up €1.3m (+604%), from €211,629 to €1.5m
- Gross operating margin -€128,002
down €128,002 (-58.5%), from €218,779 to €90,777
- Taxes -€22,834
down €22,834 (-73.5%), from €31,056 to €8,222
- Depreciation -€17,867
down €17,867 (-50.5%), from €35,386 to €17,519
- Other operating charges +€5,517
up €5,517 (+241%), from €2,290 to €7,807
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 | €459,053 | €1,021,972 | +€562,919 | +123% |
| Fixed assets | 21/28 | €115,292 | €533,803 | +€418,511 | +363% |
| Tangible fixed assets | 22/27 | €75,292 | €33,803 | -€41,489 | -55.1% |
| Land and buildings | 22 | €21,827 | €19,386 | -€2,441 | -11.2% |
| Plant, machinery and equipment | 23 | €4,486 | €2,144 | -€2,342 | -52.2% |
| Furniture and vehicles | 24 | €48,979 | €12,273 | -€36,706 | -74.9% |
| Financial fixed assets | 28 | €40,000 | €500,000 | +€460,000 | +1,150% |
| Current assets | 29/58 | €343,762 | €488,169 | +€144,407 | +42.0% |
| Amounts receivable within one year | 40/41 | €75,015 | €45,801 | -€29,215 | -38.9% |
| Trade receivables | 40 | €0 | €24,462 | +€24,462 | |
| Other amounts receivable | 41 | €75,015 | €21,339 | -€53,676 | -71.6% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €260,174 | €154,838 | -€105,336 | -40.5% |
| Deferred charges and accrued income | 490/1 | €8,572 | €37,530 | +€28,958 | +338% |
| Total equity and liabilities | 10/49 | €459,053 | €1,021,972 | +€562,919 | +123% |
| Equity | 10/15 | €448,348 | €331,211 | -€117,136 | -26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €427,888 | €310,751 | -€117,136 | -27.4% |
| Amounts payable | 17/49 | €10,706 | €690,761 | +€680,055 | +6,352% |
| Amounts payable within one year | 42/48 | €9,032 | €690,761 | +€681,729 | +7,548% |
| Trade debts | 44 | €2,998 | €1,822 | -€1,177 | -39.2% |
| Suppliers | 440/4 | €2,998 | €1,822 | -€1,177 | -39.2% |
| Taxes, remuneration and social security | 45 | €6,034 | €8,939 | +€2,905 | +48.2% |
| Taxes | 450/3 | - | €2,689 | +€2,689 | |
| Remuneration and social security | 454/9 | €6,034 | €6,250 | +€216 | +3.6% |
| Other amounts payable | 47/48 | €0 | €680,000 | +€680,000 | |
| Accrued charges and deferred income | 492/3 | €1,673 | €0 | -€1,673 | -100% |
| Remuneration, social security and pensions | 62 | €59,540 | €61,899 | +€2,359 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,386 | €17,519 | -€17,867 | -50.5% |
| Other operating charges | 640/8 | €2,290 | €7,807 | +€5,517 | +241% |
| Gross operating margin | 9900 | €218,779 | €90,777 | -€128,002 | -58.5% |
| Operating profit (loss) | 9901 | €121,563 | €3,552 | -€118,011 | -97.1% |
| Financial income | 75/76B | €211,629 | €1,489,586 | +€1.3m | +604% |
| Recurring financial income | 75 | €211,629 | €1,489,586 | +€1.3m | +604% |
| Financial charges | 65/66B | -€997 | €2,052 | +€3,049 | |
| Recurring financial charges | 65 | -€997 | €2,052 | +€3,049 | |
| Profit (loss) for the period before taxes | 9903 | €334,189 | €1,491,085 | +€1.2m | +346% |
| Income taxes | 67/77 | €31,056 | €8,222 | -€22,834 | -73.5% |
| Profit (loss) for the period | 9904 | €303,134 | €1,482,864 | +€1.2m | +389% |
| Profit (loss) for the period to be appropriated | 9905 | €303,134 | €1,482,864 | +€1.2m | +389% |
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 23 October 2026 via checked.be.