GARCQ: 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.
GARCQ
Largest movements
- Receivables within one year +€369,987
up €369,987 (+13.9%), from €2.7m to €3.0m
of which Other amounts receivable: +€604,613
- Tangible fixed assets -€131,893
down €131,893 (-2.5%), from €5.2m to €5.1m
of which Land and buildings: -€121,908
- Debts after one year +€326,783
up €326,783 (+9.8%), from €3.3m to €3.7m
- Profit (loss) carried forward -€227,526
down €227,526 (-26.8%), from -€848,872 to -€1.1m
- Other debts +€128,801
up €128,801 (+3.8%), from €3.4m to €3.5m
- Trade debts +€124,830
up €124,830 (+54.3%), from €229,723 to €354,553
- Staff costs +€66,451
up €66,451 (+449.6%), from €14,781 to €81,232
- Depreciation -€65,215
down €65,215 (-29.1%), from €223,815 to €158,600
- Gross operating margin +€50,573
up €50,573, from -€9,481 to €41,093
- Financial income +€31,236
up €31,236 (+65.7%), from €47,559 to €78,794
- Other operating charges -€5,495
down €5,495 (-17.7%), from €31,058 to €25,564
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 | €7,922,524 | €8,215,937 | +€293,413 | +3.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €5,243,755 | €5,111,863 | -€131,893 | -2.5% |
| Tangible fixed assets | 22/27 | €5,233,755 | €5,101,863 | -€131,893 | -2.5% |
| Land and buildings | 22 | €4,360,524 | €4,238,616 | -€121,908 | -2.8% |
| Plant, machinery and equipment | 23 | €1,974 | €671 | -€1,303 | -66.0% |
| Furniture and vehicles | 24 | €24,026 | €15,345 | -€8,682 | -36.1% |
| Assets under construction and advance payments | 27 | €847,231 | €847,231 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €2,678,769 | €3,104,075 | +€425,306 | +15.9% |
| Amounts receivable within one year | 40/41 | €2,667,883 | €3,037,870 | +€369,987 | +13.9% |
| Trade receivables | 40 | €424,720 | €190,094 | -€234,626 | -55.2% |
| Other amounts receivable | 41 | €2,243,162 | €2,847,775 | +€604,613 | +27.0% |
| Cash at bank and in hand | 54/58 | €10,886 | €63,050 | +€52,164 | +479.2% |
| Deferred charges and accrued income | 490/1 | €0 | €3,155 | +€3,155 | |
| Total equity and liabilities | 10/49 | €7,922,524 | €8,215,937 | +€293,413 | +3.7% |
| Equity | 10/15 | €663,864 | €436,338 | -€227,526 | -34.3% |
| Contributions | 10/11 | €1,512,736 | €1,512,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€848,872 | -€1,076,398 | -€227,526 | -26.8% |
| Amounts payable | 17/49 | €7,258,660 | €7,779,599 | +€520,939 | +7.2% |
| Amounts payable after more than one year | 17 | €3,327,060 | €3,653,844 | +€326,783 | +9.8% |
| Financial debts | 170/4 | €3,327,060 | €3,653,844 | +€326,783 | +9.8% |
| Amounts payable within one year | 42/48 | €3,931,600 | €4,125,755 | +€194,155 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €204,142 | €208,139 | +€3,997 | +2.0% |
| Trade debts | 44 | €229,723 | €354,553 | +€124,830 | +54.3% |
| Suppliers | 440/4 | €229,723 | €354,553 | +€124,830 | +54.3% |
| Taxes, remuneration and social security | 45 | €85,910 | €22,438 | -€63,472 | -73.9% |
| Taxes | 450/3 | €81,768 | €8,513 | -€73,255 | -89.6% |
| Remuneration and social security | 454/9 | €4,141 | €13,925 | +€9,783 | +236.2% |
| Other amounts payable | 47/48 | €3,411,826 | €3,540,626 | +€128,801 | +3.8% |
| Remuneration, social security and pensions | 62 | €14,781 | €81,232 | +€66,451 | +449.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,815 | €158,600 | -€65,215 | -29.1% |
| Other operating charges | 640/8 | €31,058 | €25,564 | -€5,495 | -17.7% |
| Non-recurring operating charges | 66A | €24,635 | €8,412 | -€16,223 | -65.9% |
| Gross operating margin | 9900 | -€9,481 | €41,093 | +€50,573 | |
| Operating profit (loss) | 9901 | -€303,770 | -€232,714 | +€71,055 | +23.4% |
| Financial income | 75/76B | €47,559 | €78,794 | +€31,236 | +65.7% |
| Recurring financial income | 75 | €47,559 | €78,794 | +€31,236 | +65.7% |
| Financial charges | 65/66B | €72,429 | €73,532 | +€1,103 | +1.5% |
| Recurring financial charges | 65 | €72,429 | €73,532 | +€1,103 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€328,640 | -€227,452 | +€101,188 | +30.8% |
| Income taxes | 67/77 | €22 | €74 | +€51 | +233.0% |
| Profit (loss) for the period | 9904 | -€328,662 | -€227,526 | +€101,136 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€328,662 | -€227,526 | +€101,136 | +30.8% |
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 11 October 2026 via checked.be.