GARE: 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.
GARE
Largest movements
- Tangible fixed assets +€496,856
up €496,856 (+63.7%), from €780,409 to €1.3m
- Receivables within one year -€138,195
down €138,195 (-89.0%), from €155,213 to €17,018
of which Trade receivables: -€134,463
- Cash +€67,289
up €67,289 (+556%), from €12,093 to €79,381
mainly Debts after one year (+€262,644) and Receivables within one year (+€138,195)
- Debts after one year +€262,644
up €262,644 (+145%), from €181,703 to €444,347
- Other debts +€136,843
up €136,843 (+1,872%), from €7,309 to €144,152
- Current portion of long-term debt +€50,299
up €50,299 (+83.4%), from €60,306 to €110,605
- Advances received +€21,175
new in 2025: €21,175
- Short-term financial debts -€16,580
down €16,580 (-80.0%), from €20,731 to €4,151
- Depreciation +€67,368
up €67,368 (+342%), from €19,697 to €87,065
- Gross operating margin -€8,196
down €8,196 (-7.9%), from €104,332 to €96,136
- Taxes -€6,307
down €6,307 (-76.0%), from €8,304 to €1,997
- Financial charges -€1,817
down €1,817 (-14.2%), from €12,761 to €10,944
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 | €965,870 | €1,394,100 | +€428,230 | +44.3% |
| Fixed assets | 21/28 | €780,409 | €1,277,265 | +€496,856 | +63.7% |
| Tangible fixed assets | 22/27 | €780,409 | €1,277,265 | +€496,856 | +63.7% |
| Land and buildings | 22 | €780,409 | €1,277,265 | +€496,856 | +63.7% |
| Current assets | 29/58 | €185,461 | €116,835 | -€68,626 | -37.0% |
| Amounts receivable within one year | 40/41 | €155,213 | €17,018 | -€138,195 | -89.0% |
| Trade receivables | 40 | €146,463 | €12,000 | -€134,463 | -91.8% |
| Other amounts receivable | 41 | €8,750 | €5,018 | -€3,732 | -42.6% |
| Cash at bank and in hand | 54/58 | €12,093 | €79,381 | +€67,289 | +556% |
| Deferred charges and accrued income | 490/1 | €18,156 | €20,436 | +€2,280 | +12.6% |
| Total equity and liabilities | 10/49 | €965,870 | €1,394,100 | +€428,230 | +44.3% |
| Equity | 10/15 | €671,563 | €659,866 | -€11,697 | -1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €452,000 | €452,000 | = | 0.0% |
| Reserves | 13 | €213,363 | €213,363 | = | 0.0% |
| Distributable reserves | 133 | €213,363 | €213,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€11,697 | -€11,697 | |
| Amounts payable | 17/49 | €294,307 | €734,235 | +€439,928 | +149% |
| Amounts payable after more than one year | 17 | €181,703 | €444,347 | +€262,644 | +145% |
| Financial debts | 170/4 | €181,703 | €444,347 | +€262,644 | +145% |
| Amounts payable within one year | 42/48 | €107,066 | €289,888 | +€182,822 | +171% |
| Current portion of amounts payable after more than one year | 42 | €60,306 | €110,605 | +€50,299 | +83.4% |
| Financial debts | 43 | €20,731 | €4,151 | -€16,580 | -80.0% |
| Credit institutions | 430/8 | €20,731 | €4,151 | -€16,580 | -80.0% |
| Trade debts | 44 | €3,481 | €513 | -€2,968 | -85.3% |
| Suppliers | 440/4 | €3,481 | €513 | -€2,968 | -85.3% |
| Advances received on contracts in progress | 46 | - | €21,175 | +€21,175 | |
| Taxes, remuneration and social security | 45 | €15,239 | €9,291 | -€5,948 | -39.0% |
| Taxes | 450/3 | €15,239 | €9,291 | -€5,948 | -39.0% |
| Other amounts payable | 47/48 | €7,309 | €144,152 | +€136,843 | +1,872% |
| Accrued charges and deferred income | 492/3 | €5,539 | - | -€5,539 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,697 | €87,065 | +€67,368 | +342% |
| Other operating charges | 640/8 | €6,846 | €7,888 | +€1,043 | +15.2% |
| Gross operating margin | 9900 | €104,332 | €96,136 | -€8,196 | -7.9% |
| Operating profit (loss) | 9901 | €77,789 | €1,183 | -€76,606 | -98.5% |
| Financial income | 75/76B | €138 | €61 | -€78 | -56.1% |
| Recurring financial income | 75 | €138 | €61 | -€78 | -56.1% |
| Financial charges | 65/66B | €12,761 | €10,944 | -€1,817 | -14.2% |
| Recurring financial charges | 65 | €12,761 | €10,944 | -€1,817 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €65,167 | -€9,700 | -€74,867 | |
| Income taxes | 67/77 | €8,304 | €1,997 | -€6,307 | -76.0% |
| Profit (loss) for the period | 9904 | €56,863 | -€11,697 | -€68,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,863 | -€11,697 | -€68,560 |
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 20 October 2026 via checked.be.