GARDA GROUP: 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.
GARDA GROUP
Largest movements
- Intangible fixed assets -€114,694
down €114,694 (-18.1%), from €634,256 to €519,562
- Receivables within one year -€94,881
down €94,881 (-48.7%), from €194,929 to €100,048
of which Trade receivables: -€87,813
- Cash +€43,330
up €43,330 (+273%), from €15,879 to €59,209
mainly Depreciation (+€154,474) and Receivables within one year (+€94,881)
- Debts after one year -€114,392
down €114,392 (-27.0%), from €423,129 to €308,738
- Current portion of long-term debt -€62,772
down €62,772 (-38.7%), from €162,164 to €99,392
- Trade debts +€16,702
up €16,702 (+12.7%), from €131,510 to €148,212
- Accrued charges and deferred income -€15,157
down €15,157 (-25.2%), from €60,032 to €44,875
- Gross operating margin +€24,517
up €24,517 (+5.1%), from €483,163 to €507,680
- Staff costs +€22,403
up €22,403 (+7.6%), from €295,068 to €317,471
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 | €902,087 | €737,771 | -€164,316 | -18.2% |
| Fixed assets | 21/28 | €651,018 | €534,366 | -€116,652 | -17.9% |
| Intangible fixed assets | 21 | €634,256 | €519,562 | -€114,694 | -18.1% |
| Tangible fixed assets | 22/27 | €13,663 | €11,705 | -€1,958 | -14.3% |
| Plant, machinery and equipment | 23 | €8,425 | €7,528 | -€897 | -10.6% |
| Other tangible fixed assets | 26 | €5,238 | €4,177 | -€1,061 | -20.3% |
| Financial fixed assets | 28 | €3,099 | €3,099 | = | 0.0% |
| Current assets | 29/58 | €251,070 | €203,406 | -€47,664 | -19.0% |
| Amounts receivable after more than one year | 29 | €30,060 | €30,060 | = | 0.0% |
| Other amounts receivable | 291 | €30,060 | €30,060 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €194,929 | €100,048 | -€94,881 | -48.7% |
| Trade receivables | 40 | €160,097 | €72,283 | -€87,813 | -54.9% |
| Other amounts receivable | 41 | €34,832 | €27,764 | -€7,068 | -20.3% |
| Current investments | 50/53 | - | €5,996 | +€5,996 | |
| Cash at bank and in hand | 54/58 | €15,879 | €59,209 | +€43,330 | +273% |
| Deferred charges and accrued income | 490/1 | €10,202 | €8,094 | -€2,109 | -20.7% |
| Total equity and liabilities | 10/49 | €902,087 | €737,771 | -€164,316 | -18.2% |
| Equity | 10/15 | €75,099 | €82,181 | +€7,083 | +9.4% |
| Contributions | 10/11 | €53,298 | €53,298 | = | 0.0% |
| Reserves | 13 | €4,607 | €4,607 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,383 | €3,383 | = | 0.0% |
| Distributable reserves | 133 | €1,223 | €1,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,194 | €24,277 | +€7,083 | +41.2% |
| Amounts payable | 17/49 | €826,989 | €655,590 | -€171,399 | -20.7% |
| Amounts payable after more than one year | 17 | €423,129 | €308,738 | -€114,392 | -27.0% |
| Financial debts | 170/4 | €423,129 | €308,738 | -€114,392 | -27.0% |
| Amounts payable within one year | 42/48 | €343,827 | €301,977 | -€41,850 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €162,164 | €99,392 | -€62,772 | -38.7% |
| Trade debts | 44 | €131,510 | €148,212 | +€16,702 | +12.7% |
| Suppliers | 440/4 | €131,510 | €148,212 | +€16,702 | +12.7% |
| Taxes, remuneration and social security | 45 | €50,153 | €49,373 | -€780 | -1.6% |
| Taxes | 450/3 | €7,140 | €1,687 | -€5,453 | -76.4% |
| Remuneration and social security | 454/9 | €43,013 | €47,686 | +€4,673 | +10.9% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Accrued charges and deferred income | 492/3 | €60,032 | €44,875 | -€15,157 | -25.2% |
| Remuneration, social security and pensions | 62 | €295,068 | €317,471 | +€22,403 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,813 | €154,474 | +€4,661 | +3.1% |
| Other operating charges | 640/8 | €2,309 | €2,268 | -€41 | -1.8% |
| Non-recurring operating charges | 66A | €408 | €0 | -€408 | -100% |
| Gross operating margin | 9900 | €483,163 | €507,680 | +€24,517 | +5.1% |
| Operating profit (loss) | 9901 | €35,565 | €33,467 | -€2,097 | -5.9% |
| Financial income | 75/76B | €264 | €0 | -€264 | -100% |
| Recurring financial income | 75 | €264 | €0 | -€264 | -100% |
| Financial charges | 65/66B | €10,521 | €9,708 | -€814 | -7.7% |
| Recurring financial charges | 65 | €10,521 | €9,708 | -€814 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €25,307 | €23,760 | -€1,547 | -6.1% |
| Income taxes | 67/77 | €10,536 | €11,677 | +€1,141 | +10.8% |
| Profit (loss) for the period | 9904 | €14,771 | €12,083 | -€2,688 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,771 | €12,083 | -€2,688 | -18.2% |
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 22 October 2026 via checked.be.