Garcelot: 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.
Garcelot
Largest movements
- Receivables after one year +€330,400
up €330,400 (+121%), from €273,853 to €604,253
- Tangible fixed assets +€35,252
up €35,252 (+662%), from €5,326 to €40,579
- Cash +€34,285
up €34,285 (+11.2%), from €307,334 to €341,619
mainly Debts after one year (+€261,763) and Net result for the year (+€185,807)
- Debts after one year +€261,763
up €261,763 (+19.5%), from €1.3m to €1.6m
of which Other amounts payable: +€293,763
- Reserves +€101,631
up €101,631 (+9.3%), from €1.1m to €1.2m
of which Distributable reserves: +€206,881
- Gross operating margin +€49,673
up €49,673 (+46.1%), from €107,757 to €157,430
- Financial income -€49,054
down €49,054 (-24.5%), from €200,460 to €151,406
- Taxes +€18,866
up €18,866 (+66.7%), from €28,303 to €47,169
- Other operating charges -€6,479
down €6,479 (-93.7%), from €6,914 to €435
- Depreciation +€6,071
up €6,071 (+206%), from €2,942 to €9,013
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 | €2,565,283 | €2,945,553 | +€380,269 | +14.8% |
| Fixed assets | 21/28 | €1,932,538 | €1,969,940 | +€37,402 | +1.9% |
| Tangible fixed assets | 22/27 | €5,326 | €40,579 | +€35,252 | +662% |
| Furniture and vehicles | 24 | €5,326 | €40,579 | +€35,252 | +662% |
| Financial fixed assets | 28 | €1,927,212 | €1,929,362 | +€2,150 | +0.1% |
| Current assets | 29/58 | €632,745 | €975,612 | +€342,867 | +54.2% |
| Amounts receivable after more than one year | 29 | €273,853 | €604,253 | +€330,400 | +121% |
| Other amounts receivable | 291 | €273,853 | €604,253 | +€330,400 | +121% |
| Amounts receivable within one year | 40/41 | €49,759 | €26,442 | -€23,317 | -46.9% |
| Trade receivables | 40 | €24,902 | €24,200 | -€702 | -2.8% |
| Other amounts receivable | 41 | €24,856 | €2,242 | -€22,615 | -91.0% |
| Cash at bank and in hand | 54/58 | €307,334 | €341,619 | +€34,285 | +11.2% |
| Deferred charges and accrued income | 490/1 | €1,800 | €3,298 | +€1,499 | +83.3% |
| Total equity and liabilities | 10/49 | €2,565,283 | €2,945,553 | +€380,269 | +14.8% |
| Equity | 10/15 | €1,114,177 | €1,215,807 | +€101,631 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,095,577 | €1,197,207 | +€101,631 | +9.3% |
| Tax-exempt reserves | 132 | €105,875 | €625 | -€105,250 | -99.4% |
| Distributable reserves | 133 | €989,702 | €1,196,583 | +€206,881 | +20.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,451,107 | €1,729,745 | +€278,638 | +19.2% |
| Amounts payable after more than one year | 17 | €1,339,733 | €1,601,496 | +€261,763 | +19.5% |
| Financial debts | 170/4 | €96,000 | €64,000 | -€32,000 | -33.3% |
| Other amounts payable | 178/9 | €1,243,733 | €1,537,496 | +€293,763 | +23.6% |
| Amounts payable within one year | 42/48 | €91,850 | €108,272 | +€16,422 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €32,000 | €32,000 | = | 0.0% |
| Financial debts | 43 | €23,523 | €23,481 | -€42 | -0.2% |
| Credit institutions | 430/8 | €23,523 | €23,481 | -€42 | -0.2% |
| Trade debts | 44 | €7,252 | €8,847 | +€1,595 | +22.0% |
| Suppliers | 440/4 | €7,252 | €8,847 | +€1,595 | +22.0% |
| Taxes, remuneration and social security | 45 | €29,075 | €43,944 | +€14,869 | +51.1% |
| Taxes | 450/3 | €26,575 | €41,444 | +€14,869 | +56.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €19,524 | €19,977 | +€453 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,942 | €9,013 | +€6,071 | +206% |
| Other operating charges | 640/8 | €6,914 | €435 | -€6,479 | -93.7% |
| Gross operating margin | 9900 | €107,757 | €157,430 | +€49,673 | +46.1% |
| Operating profit (loss) | 9901 | €97,902 | €147,982 | +€50,080 | +51.2% |
| Financial income | 75/76B | €200,460 | €151,406 | -€49,054 | -24.5% |
| Recurring financial income | 75 | €200,460 | €151,406 | -€49,054 | -24.5% |
| Financial charges | 65/66B | €67,218 | €66,412 | -€806 | -1.2% |
| Recurring financial charges | 65 | €67,218 | €66,412 | -€806 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €231,144 | €232,976 | +€1,832 | +0.8% |
| Income taxes | 67/77 | €28,303 | €47,169 | +€18,866 | +66.7% |
| Profit (loss) for the period | 9904 | €202,841 | €185,807 | -€17,033 | -8.4% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €202,841 | €291,057 | +€88,217 | +43.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.