GARFIELD: what changed
Two fiscal 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.
GARFIELD
Largest movements
- Tangible fixed assets -€14,908
down €14,908 (-3.7%), from €398,555 to €383,648
of which Leasing and similar rights: -€12,788
- Current investments -€5,872
down €5,872 (-89.3%), from €6,576 to €704
- Other debts -€24,702
down €24,702 (-48.4%), from €51,051 to €26,349
- Profit (loss) carried forward +€13,327
up €13,327 (+12.9%), from -€103,649 to -€90,323
- Reserves -€5,791
down €5,791 (-3.2%), from €181,201 to €175,410
of which Tax-exempt reserves: -€5,791
- Gross operating margin -€10,212
down €10,212 (-29.2%), from €35,004 to €24,792
- Depreciation -€1,278
down €1,278 (-7.9%), from €16,186 to €14,908
- Financial income +€376
new in 2025: €376
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 | €405,192 | €384,662 | -€20,530 | -5.1% |
| Fixed assets | 21/28 | €398,555 | €383,648 | -€14,908 | -3.7% |
| Tangible fixed assets | 22/27 | €398,555 | €383,648 | -€14,908 | -3.7% |
| Furniture and vehicles | 24 | €222 | - | -€222 | |
| Leasing and similar rights | 25 | €347,110 | €334,322 | -€12,788 | -3.7% |
| Other tangible fixed assets | 26 | €51,223 | €49,326 | -€1,897 | -3.7% |
| Current assets | 29/58 | €6,636 | €1,014 | -€5,622 | -84.7% |
| Current investments | 50/53 | €6,576 | €704 | -€5,872 | -89.3% |
| Cash at bank and in hand | 54/58 | €60 | €310 | +€249 | +414.1% |
| Total equity and liabilities | 10/49 | €405,192 | €384,662 | -€20,530 | -5.1% |
| Equity | 10/15 | €211,414 | €218,950 | +€7,536 | +3.6% |
| Contributions | 10/11 | €133,863 | €133,863 | = | 0.0% |
| Capital | 10 | €133,863 | €133,863 | = | 0.0% |
| Issued capital | 100 | €133,863 | €133,863 | = | 0.0% |
| Reserves | 13 | €181,201 | €175,410 | -€5,791 | -3.2% |
| Non-distributable reserves | 130/1 | €244 | €244 | = | 0.0% |
| Legal reserve | 130 | €244 | €244 | = | 0.0% |
| Tax-exempt reserves | 132 | €180,957 | €175,166 | -€5,791 | -3.2% |
| Profit (loss) carried forward | 14 | -€103,649 | -€90,323 | +€13,327 | +12.9% |
| Provisions and deferred taxes | 16 | €76,011 | €73,578 | -€2,433 | -3.2% |
| Deferred taxes | 168 | €76,011 | €73,578 | -€2,433 | -3.2% |
| Amounts payable | 17/49 | €117,767 | €92,133 | -€25,633 | -21.8% |
| Amounts payable after more than one year | 17 | €64,285 | €62,729 | -€1,556 | -2.4% |
| Financial debts | 170/4 | €64,285 | €62,729 | -€1,556 | -2.4% |
| Amounts payable within one year | 42/48 | €53,482 | €27,989 | -€25,493 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €1,503 | €1,556 | +€53 | +3.5% |
| Trade debts | 44 | €784 | - | -€784 | |
| Suppliers | 440/4 | €784 | - | -€784 | |
| Taxes, remuneration and social security | 45 | €144 | €84 | -€60 | -41.5% |
| Taxes | 450/3 | €144 | €84 | -€60 | -41.5% |
| Other amounts payable | 47/48 | €51,051 | €26,349 | -€24,702 | -48.4% |
| Accrued charges and deferred income | 492/3 | - | €1,416 | +€1,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,186 | €14,908 | -€1,278 | -7.9% |
| Other operating charges | 640/8 | €2,986 | €2,646 | -€340 | -11.4% |
| Gross operating margin | 9900 | €35,004 | €24,792 | -€10,212 | -29.2% |
| Operating profit (loss) | 9901 | €15,832 | €7,238 | -€8,594 | -54.3% |
| Financial income | 75/76B | - | €376 | +€376 | |
| Recurring financial income | 75 | - | €376 | +€376 | |
| Financial charges | 65/66B | €2,444 | €2,440 | -€4 | -0.2% |
| Recurring financial charges | 65 | €2,444 | €2,440 | -€4 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €13,387 | €5,174 | -€8,213 | -61.4% |
| Transfer from deferred taxes | 780 | €2,433 | €2,433 | = | 0.0% |
| Income taxes | 67/77 | €74 | €71 | -€3 | -4.5% |
| Profit (loss) for the period | 9904 | €15,746 | €7,536 | -€8,210 | -52.1% |
| Transfer from tax-exempt reserves | 789 | €5,791 | €5,791 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,537 | €13,327 | -€8,210 | -38.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.