GARCAR: 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.
GARCAR
Largest movements
- Cash -€138,876
down €138,876 (-42.8%), from €324,557 to €185,680
mainly Debts after one year (-€79,675) and Receivables within one year (-€72,050)
- Receivables within one year +€72,050
up €72,050 (+127%), from €56,512 to €128,562
of which Other amounts receivable: +€73,634
- Stocks and contracts +€18,804
up €18,804 (+22.2%), from €84,671 to €103,475
- Tangible fixed assets -€8,129
down €8,129 (-8.2%), from €98,734 to €90,606
of which Land and buildings: -€11,615
- Debts after one year -€79,675
down €79,675 (-70.6%), from €112,921 to €33,246
of which Other amounts payable: -€93,474
- Reserves +€50,858
up €50,858 (+18.4%), from €276,495 to €327,354
of which Distributable reserves: +€51,433
- Other debts -€24,300
down €24,300 (-96.7%), from €25,133 to €833
- Current portion of long-term debt +€8,993
up €8,993 (+54.6%), from €16,472 to €25,465
- Accrued charges and deferred income -€7,409
down €7,409 (-100%), from €7,409 to €0
- Gross operating margin -€23,367
down €23,367 (-17.3%), from €134,758 to €111,391
- Financial charges -€5,915
down €5,915 (-70.1%), from €8,440 to €2,525
- Taxes -€4,634
down €4,634 (-15.9%), from €29,139 to €24,505
- Financial income +€2,679
up €2,679 (+223%), from €1,201 to €3,881
- Depreciation -€1,758
down €1,758 (-10.2%), from €17,287 to €15,529
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 | €588,089 | €532,288 | -€55,801 | -9.5% |
| Fixed assets | 21/28 | €98,974 | €90,846 | -€8,129 | -8.2% |
| Tangible fixed assets | 22/27 | €98,734 | €90,606 | -€8,129 | -8.2% |
| Land and buildings | 22 | €93,680 | €82,065 | -€11,615 | -12.4% |
| Plant, machinery and equipment | 23 | €3,882 | €8,241 | +€4,359 | +112% |
| Furniture and vehicles | 24 | €1,173 | €300 | -€873 | -74.4% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €489,115 | €441,442 | -€47,673 | -9.7% |
| Stocks and contracts in progress | 3 | €84,671 | €103,475 | +€18,804 | +22.2% |
| Stocks | 30/36 | €84,671 | €103,475 | +€18,804 | +22.2% |
| Amounts receivable within one year | 40/41 | €56,512 | €128,562 | +€72,050 | +127% |
| Trade receivables | 40 | €50,331 | €48,746 | -€1,584 | -3.1% |
| Other amounts receivable | 41 | €6,181 | €79,815 | +€73,634 | +1,191% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €324,557 | €185,680 | -€138,876 | -42.8% |
| Deferred charges and accrued income | 490/1 | €3,375 | €3,725 | +€350 | +10.4% |
| Total equity and liabilities | 10/49 | €588,089 | €532,288 | -€55,801 | -9.5% |
| Equity | 10/15 | €391,495 | €442,354 | +€50,858 | +13.0% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €276,495 | €327,354 | +€50,858 | +18.4% |
| Tax-exempt reserves | 132 | €6,900 | €6,325 | -€575 | -8.3% |
| Distributable reserves | 133 | €269,595 | €321,029 | +€51,433 | +19.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €196,594 | €89,934 | -€106,659 | -54.3% |
| Amounts payable after more than one year | 17 | €112,921 | €33,246 | -€79,675 | -70.6% |
| Financial debts | 170/4 | €19,447 | €33,246 | +€13,799 | +71.0% |
| Other amounts payable | 178/9 | €93,474 | €0 | -€93,474 | -100% |
| Amounts payable within one year | 42/48 | €76,264 | €56,688 | -€19,576 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €16,472 | €25,465 | +€8,993 | +54.6% |
| Trade debts | 44 | €5,361 | €8,191 | +€2,830 | +52.8% |
| Suppliers | 440/4 | €5,361 | €8,191 | +€2,830 | +52.8% |
| Taxes, remuneration and social security | 45 | €29,298 | €22,198 | -€7,099 | -24.2% |
| Taxes | 450/3 | €24,600 | €14,699 | -€9,901 | -40.2% |
| Remuneration and social security | 454/9 | €4,698 | €7,500 | +€2,802 | +59.6% |
| Other amounts payable | 47/48 | €25,133 | €833 | -€24,300 | -96.7% |
| Accrued charges and deferred income | 492/3 | €7,409 | €0 | -€7,409 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €11,303 | €11,879 | +€576 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,287 | €15,529 | -€1,758 | -10.2% |
| Other operating charges | 640/8 | €8,861 | €9,143 | +€282 | +3.2% |
| Gross operating margin | 9900 | €134,758 | €111,391 | -€23,367 | -17.3% |
| Operating profit (loss) | 9901 | €97,307 | €74,841 | -€22,467 | -23.1% |
| Financial income | 75/76B | €1,201 | €3,881 | +€2,679 | +223% |
| Recurring financial income | 75 | €1,201 | €3,881 | +€2,679 | +223% |
| Financial charges | 65/66B | €8,440 | €2,525 | -€5,915 | -70.1% |
| Recurring financial charges | 65 | €8,440 | €2,525 | -€5,915 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €90,069 | €76,196 | -€13,873 | -15.4% |
| Income taxes | 67/77 | €29,139 | €24,505 | -€4,634 | -15.9% |
| Profit (loss) for the period | 9904 | €60,930 | €51,691 | -€9,239 | -15.2% |
| Transfer from tax-exempt reserves | 789 | €575 | €575 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,505 | €52,266 | -€9,239 | -15.0% |
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 16 October 2026 via checked.be.