GARIO: 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.
GARIO
Largest movements
- Tangible fixed assets +€391,685
up €391,685 (+123%), from €317,629 to €709,314
of which Land and buildings: +€330,677
- Cash -€117,736
down €117,736 (-55.5%), from €212,000 to €94,264
mainly Investment in fixed assets (net) (-€474,512) and Other debts (-€81,317)
- Receivables within one year +€54,642
up €54,642 (+44.4%), from €123,015 to €177,658
of which Other amounts receivable: +€30,347
- Debts after one year +€379,340
up €379,340 (+258%), from €147,001 to €526,341
of which Financial debts: +€379,340
- Other debts -€81,317
down €81,317 (-42.6%), from €190,834 to €109,516
- Trade debts +€60,558
up €60,558 (+301%), from €20,110 to €80,668
- Tax, wage and social debts -€47,061
down €47,061 (-92.4%), from €50,911 to €3,851
- Current portion of long-term debt +€26,999
up €26,999 (+141%), from €19,155 to €46,154
- Gross operating margin -€215,394
down €215,394 (-68.9%), from €312,706 to €97,313
- Taxes -€63,920
down €63,920 (-88.7%), from €72,076 to €8,155
- Depreciation +€26,870
up €26,870 (+48.0%), from €55,956 to €82,827
- Financial charges +€8,686
up €8,686 (+93.7%), from €9,269 to €17,955
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 | €652,644 | €981,236 | +€328,591 | +50.3% |
| Fixed assets | 21/28 | €317,629 | €709,314 | +€391,685 | +123% |
| Tangible fixed assets | 22/27 | €317,629 | €709,314 | +€391,685 | +123% |
| Land and buildings | 22 | €225,230 | €555,907 | +€330,677 | +147% |
| Plant, machinery and equipment | 23 | €5,095 | €5,578 | +€483 | +9.5% |
| Furniture and vehicles | 24 | €79,736 | €59,264 | -€20,472 | -25.7% |
| Leasing and similar rights | 25 | €7,567 | €88,566 | +€80,998 | +1,070% |
| Current assets | 29/58 | €335,016 | €271,922 | -€63,094 | -18.8% |
| Amounts receivable within one year | 40/41 | €123,015 | €177,658 | +€54,642 | +44.4% |
| Trade receivables | 40 | €105,848 | €130,143 | +€24,296 | +23.0% |
| Other amounts receivable | 41 | €17,168 | €47,514 | +€30,347 | +177% |
| Cash at bank and in hand | 54/58 | €212,000 | €94,264 | -€117,736 | -55.5% |
| Total equity and liabilities | 10/49 | €652,644 | €981,236 | +€328,591 | +50.3% |
| Equity | 10/15 | €223,824 | €214,707 | -€9,117 | -4.1% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €203,373 | €203,373 | = | 0.0% |
| Distributable reserves | 133 | €203,373 | €203,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,117 | -€9,117 | |
| Amounts payable | 17/49 | €428,821 | €766,529 | +€337,708 | +78.8% |
| Amounts payable after more than one year | 17 | €147,001 | €526,341 | +€379,340 | +258% |
| Financial debts | 170/4 | €144,671 | €524,011 | +€379,340 | +262% |
| Other amounts payable | 178/9 | €2,330 | €2,330 | = | 0.0% |
| Amounts payable within one year | 42/48 | €281,010 | €240,188 | -€40,822 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €19,155 | €46,154 | +€26,999 | +141% |
| Trade debts | 44 | €20,110 | €80,668 | +€60,558 | +301% |
| Suppliers | 440/4 | €20,110 | €80,668 | +€60,558 | +301% |
| Taxes, remuneration and social security | 45 | €50,911 | €3,851 | -€47,061 | -92.4% |
| Taxes | 450/3 | €50,911 | €3,851 | -€47,061 | -92.4% |
| Other amounts payable | 47/48 | €190,834 | €109,516 | -€81,317 | -42.6% |
| Accrued charges and deferred income | 492/3 | €810 | - | -€810 | |
| Non-recurring operating income | 76A | - | €1,087 | +€1,087 | |
| Remuneration, social security and pensions | 62 | €547 | €200 | -€347 | -63.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,956 | €82,827 | +€26,870 | +48.0% |
| Other operating charges | 640/8 | €276 | €279 | +€4 | +1.3% |
| Gross operating margin | 9900 | €312,706 | €97,313 | -€215,394 | -68.9% |
| Operating profit (loss) | 9901 | €255,927 | €14,006 | -€241,921 | -94.5% |
| Financial income | 75/76B | €1,730 | €2,987 | +€1,256 | +72.6% |
| Recurring financial income | 75 | €1,730 | €2,987 | +€1,256 | +72.6% |
| Financial charges | 65/66B | €9,269 | €17,955 | +€8,686 | +93.7% |
| Recurring financial charges | 65 | €9,269 | €17,955 | +€8,686 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €248,389 | -€961 | -€249,351 | |
| Income taxes | 67/77 | €72,076 | €8,155 | -€63,920 | -88.7% |
| Profit (loss) for the period | 9904 | €176,314 | -€9,117 | -€185,430 | |
| Profit (loss) for the period to be appropriated | 9905 | €176,314 | -€9,117 | -€185,430 |
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 14 October 2026 via checked.be.