GARCO: 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.
GARCO
Largest movements
- Tangible fixed assets -€165,292
down €165,292 (-4.1%), from €4.0m to €3.8m
of which Land and buildings: -€206,686
- Cash -€51,281
down €51,281 (-30.2%), from €169,784 to €118,503
mainly Current portion of long-term debt (-€266,669) and Debts after one year (-€174,523)
- Current portion of long-term debt -€266,669
down €266,669 (-60.0%), from €444,445 to €177,776
- Debts after one year -€174,523
down €174,523 (-17.5%), from €994,698 to €820,176
- Accrued charges and deferred income +€91,895
new in 2025: €91,895
- Profit (loss) carried forward +€62,315
up €62,315 (+4.2%), from €1.5m to €1.6m
- Trade debts +€47,692
up €47,692 (+68.7%), from €69,415 to €117,106
- Gross operating margin -€30,941
down €30,941 (-6.6%), from €465,947 to €435,006
- Depreciation -€29,137
down €29,137 (-12.1%), from €241,406 to €212,270
- Taxes +€5,275
up €5,275 (+23.7%), from €22,287 to €27,562
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,232,026 | €4,012,708 | -€219,318 | -5.2% |
| Fixed assets | 21/28 | €4,006,457 | €3,841,165 | -€165,292 | -4.1% |
| Tangible fixed assets | 22/27 | €4,006,407 | €3,841,115 | -€165,292 | -4.1% |
| Land and buildings | 22 | €3,962,258 | €3,755,572 | -€206,686 | -5.2% |
| Plant, machinery and equipment | 23 | €23,123 | €17,539 | -€5,583 | -24.1% |
| Assets under construction and advance payments | 27 | €21,027 | €68,005 | +€46,978 | +223.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €225,568 | €171,543 | -€54,026 | -24.0% |
| Amounts receivable within one year | 40/41 | €49,120 | €44,181 | -€4,939 | -10.1% |
| Trade receivables | 40 | €24,535 | €17,799 | -€6,736 | -27.5% |
| Other amounts receivable | 41 | €24,585 | €26,382 | +€1,797 | +7.3% |
| Cash at bank and in hand | 54/58 | €169,784 | €118,503 | -€51,281 | -30.2% |
| Deferred charges and accrued income | 490/1 | €6,664 | €8,858 | +€2,194 | +32.9% |
| Total equity and liabilities | 10/49 | €4,232,026 | €4,012,708 | -€219,318 | -5.2% |
| Equity | 10/15 | €2,601,552 | €2,663,867 | +€62,315 | +2.4% |
| Contributions | 10/11 | €635,000 | €635,000 | = | 0.0% |
| Capital | 10 | €635,000 | €635,000 | = | 0.0% |
| Issued capital | 100 | €635,000 | €635,000 | = | 0.0% |
| Reserves | 13 | €467,801 | €467,801 | = | 0.0% |
| Non-distributable reserves | 130/1 | €81,845 | €81,845 | = | 0.0% |
| Legal reserve | 130 | €81,845 | €81,845 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,956 | €55,956 | = | 0.0% |
| Distributable reserves | 133 | €330,000 | €330,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,498,751 | €1,561,066 | +€62,315 | +4.2% |
| Amounts payable | 17/49 | €1,630,474 | €1,348,840 | -€281,633 | -17.3% |
| Amounts payable after more than one year | 17 | €994,698 | €820,176 | -€174,523 | -17.5% |
| Financial debts | 170/4 | €994,698 | €820,176 | -€174,523 | -17.5% |
| Amounts payable within one year | 42/48 | €635,775 | €436,769 | -€199,006 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €444,445 | €177,776 | -€266,669 | -60.0% |
| Trade debts | 44 | €69,415 | €117,106 | +€47,692 | +68.7% |
| Suppliers | 440/4 | €69,415 | €117,106 | +€47,692 | +68.7% |
| Taxes, remuneration and social security | 45 | €18,887 | €35,691 | +€16,804 | +89.0% |
| Taxes | 450/3 | €18,887 | €35,691 | +€16,804 | +89.0% |
| Other amounts payable | 47/48 | €103,028 | €106,195 | +€3,167 | +3.1% |
| Accrued charges and deferred income | 492/3 | - | €91,895 | +€91,895 | |
| Non-recurring operating income | 76A | €5,397 | €8,172 | +€2,775 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,406 | €212,270 | -€29,137 | -12.1% |
| Other operating charges | 640/8 | €57,397 | €59,173 | +€1,776 | +3.1% |
| Non-recurring operating charges | 66A | €400 | - | -€400 | |
| Gross operating margin | 9900 | €465,947 | €435,006 | -€30,941 | -6.6% |
| Operating profit (loss) | 9901 | €166,743 | €163,563 | -€3,180 | -1.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €77,775 | €73,686 | -€4,089 | -5.3% |
| Recurring financial charges | 65 | €77,775 | €73,686 | -€4,089 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €88,969 | €89,878 | +€909 | +1.0% |
| Income taxes | 67/77 | €22,287 | €27,562 | +€5,275 | +23.7% |
| Profit (loss) for the period | 9904 | €66,681 | €62,315 | -€4,366 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,681 | €62,315 | -€4,366 | -6.5% |
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 12 October 2026 via checked.be.