Garfunkel: 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.
Garfunkel
Largest movements
- Cash +€93,173
up €93,173 (+82.8%), from €112,543 to €205,716
mainly Net result for the year (+€192,263) and Deferred charges and accrued income (+€1,345)
- Reserves +€111,013
up €111,013 (+130.7%), from €84,936 to €195,948
- Tax, wage and social debts -€19,640
down €19,640 (-47.6%), from €41,254 to €21,613
- Gross operating margin +€115,822
up €115,822 (+84.1%), from €137,703 to €253,525
- Taxes +€29,137
up €29,137 (+96.5%), from €30,188 to €59,325
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 | €132,111 | €223,792 | +€91,680 | +69.4% |
| Fixed assets | 21/28 | €1,616 | €652 | -€964 | -59.6% |
| Tangible fixed assets | 22/27 | €1,616 | €652 | -€964 | -59.6% |
| Furniture and vehicles | 24 | €1,616 | €652 | -€964 | -59.6% |
| Current assets | 29/58 | €130,495 | €223,139 | +€92,644 | +71.0% |
| Amounts receivable within one year | 40/41 | €16,517 | €17,333 | +€817 | +4.9% |
| Trade receivables | 40 | €16,517 | €17,333 | +€817 | +4.9% |
| Cash at bank and in hand | 54/58 | €112,543 | €205,716 | +€93,173 | +82.8% |
| Deferred charges and accrued income | 490/1 | €1,435 | €90 | -€1,345 | -93.7% |
| Total equity and liabilities | 10/49 | €132,111 | €223,792 | +€91,680 | +69.4% |
| Equity | 10/15 | €89,936 | €200,948 | +€111,013 | +123.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,936 | €195,948 | +€111,013 | +130.7% |
| Distributable reserves | 133 | €84,936 | €195,948 | +€111,013 | +130.7% |
| Amounts payable | 17/49 | €42,176 | €22,843 | -€19,332 | -45.8% |
| Amounts payable within one year | 42/48 | €42,176 | €22,843 | -€19,332 | -45.8% |
| Trade debts | 44 | €235 | €543 | +€308 | +131.3% |
| Suppliers | 440/4 | €235 | €543 | +€308 | +131.3% |
| Taxes, remuneration and social security | 45 | €41,254 | €21,613 | -€19,640 | -47.6% |
| Taxes | 450/3 | €41,254 | €21,613 | -€19,640 | -47.6% |
| Other amounts payable | 47/48 | €687 | €687 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €964 | €964 | = | 0.0% |
| Other operating charges | 640/8 | €64 | - | -€64 | |
| Gross operating margin | 9900 | €137,703 | €253,525 | +€115,822 | +84.1% |
| Operating profit (loss) | 9901 | €136,675 | €252,561 | +€115,887 | +84.8% |
| Financial charges | 65/66B | €823 | €974 | +€151 | +18.3% |
| Recurring financial charges | 65 | €823 | €974 | +€151 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €135,852 | €251,588 | +€115,736 | +85.2% |
| Income taxes | 67/77 | €30,188 | €59,325 | +€29,137 | +96.5% |
| Profit (loss) for the period | 9904 | €105,664 | €192,263 | +€86,599 | +82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,664 | €192,263 | +€86,599 | +82.0% |
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 1 October 2026 via checked.be.