Gardelex: 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.
Gardelex
Largest movements
- Cash +€43,581
up €43,581 (+148.5%), from €29,344 to €72,925
mainly Net result for the year (+€36,171) and Other debts (+€3,686)
- Reserves +€35,312
up €35,312 (+284.4%), from €12,414 to €47,727
- Other debts +€3,686
up €3,686 (+76.4%), from €4,821 to €8,506
- Trade debts +€2,757
new in 2025: €2,757
- Tax, wage and social debts +€1,955
up €1,955 (+11.9%), from €16,430 to €18,384
of which Taxes: +€7,216
- Gross operating margin +€31,508
up €31,508 (+174.5%), from €18,053 to €49,561
- Taxes +€7,010
up €7,010 (+182.6%), from €3,839 to €10,849
- Other operating charges +€903
up €903 (+377.1%), from €239 to €1,142
- Financial charges +€584
up €584 (+89.0%), from €656 to €1,240
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 | €34,866 | €78,575 | +€43,709 | +125.4% |
| Fixed assets | 21/28 | €4,056 | €3,874 | -€182 | -4.5% |
| Tangible fixed assets | 22/27 | €1,746 | €1,564 | -€182 | -10.4% |
| Plant, machinery and equipment | 23 | €1,746 | €1,564 | -€182 | -10.4% |
| Financial fixed assets | 28 | €2,310 | €2,310 | = | 0.0% |
| Current assets | 29/58 | €30,810 | €74,701 | +€43,891 | +142.5% |
| Amounts receivable within one year | 40/41 | €87 | €148 | +€61 | +70.2% |
| Trade receivables | 40 | €87 | €148 | +€61 | +70.2% |
| Cash at bank and in hand | 54/58 | €29,344 | €72,925 | +€43,581 | +148.5% |
| Deferred charges and accrued income | 490/1 | €1,379 | €1,627 | +€248 | +18.0% |
| Total equity and liabilities | 10/49 | €34,866 | €78,575 | +€43,709 | +125.4% |
| Equity | 10/15 | €12,415 | €47,728 | +€35,312 | +284.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €12,414 | €47,727 | +€35,312 | +284.4% |
| Distributable reserves | 133 | €12,414 | €47,727 | +€35,312 | +284.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,450 | €30,847 | +€8,397 | +37.4% |
| Amounts payable within one year | 42/48 | €21,250 | €29,647 | +€8,397 | +39.5% |
| Trade debts | 44 | - | €2,757 | +€2,757 | |
| Suppliers | 440/4 | - | €2,757 | +€2,757 | |
| Taxes, remuneration and social security | 45 | €16,430 | €18,384 | +€1,955 | +11.9% |
| Taxes | 450/3 | €11,168 | €18,384 | +€7,216 | +64.6% |
| Remuneration and social security | 454/9 | €5,261 | €0 | -€5,261 | -100.0% |
| Other amounts payable | 47/48 | €4,821 | €8,506 | +€3,686 | +76.4% |
| Accrued charges and deferred income | 492/3 | €1,200 | €1,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71 | €182 | +€111 | +155.3% |
| Other operating charges | 640/8 | €239 | €1,142 | +€903 | +377.1% |
| Gross operating margin | 9900 | €18,053 | €49,561 | +€31,508 | +174.5% |
| Operating profit (loss) | 9901 | €17,743 | €48,237 | +€30,494 | +171.9% |
| Financial income | 75/76B | €0 | €23 | +€23 | +232300.0% |
| Recurring financial income | 75 | €0 | €23 | +€23 | +232300.0% |
| Financial charges | 65/66B | €656 | €1,240 | +€584 | +89.0% |
| Recurring financial charges | 65 | €656 | €1,240 | +€584 | +89.0% |
| Profit (loss) for the period before taxes | 9903 | €17,087 | €47,021 | +€29,934 | +175.2% |
| Income taxes | 67/77 | €3,839 | €10,849 | +€7,010 | +182.6% |
| Profit (loss) for the period | 9904 | €13,247 | €36,171 | +€22,924 | +173.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,247 | €36,171 | +€22,924 | +173.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.