GARMAT: what changed
What changed
GARMAT
NACE 28.293, Manufacture of machinery and equipment not elsewhere classified
filed annual accounts (NBB)
Net result for the year
-€847,874
2025 · -€1.0m+€158,526
Equity
€175,469
2025 · €23,343+€152,126
Cash
€1.2m
2025 · €375,394+€838,211
Balance sheet total
€3.0m
2025 · €4.5m-€1.5m
Largest movements
Assets
- Stocks and contracts -€2.0m
down €2.0m (-67.6%), from €2.9m to €944,408
of which Contracts in progress: -€2.1m
- Cash +€838,211
up €838,211 (+223%), from €375,394 to €1.2m
mainly Stocks and contracts (+€2.0m) and Contributions, distributions and other (+€1.0m)
- Receivables within one year -€264,577
down €264,577 (-28.9%), from €914,379 to €649,802
of which Trade receivables: -€140,475
- Tangible fixed assets -€60,661
down €60,661 (-42.3%), from €143,272 to €82,610
of which Furniture and vehicles: -€45,603
Equity and liabilities
- Advances received -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Contributions +€1.0m
up €1.0m (+250%), from €400,000 to €1.4m
- Profit (loss) carried forward -€847,874
down €847,874 (-84.2%), from -€1.0m to -€1.9m
- Debts after one year +€323,709
up €323,709 (+26.3%), from €1.2m to €1.6m
- Trade debts -€122,902
down €122,902 (-14.2%), from €867,703 to €744,801
Income statement
- Gross operating margin +€151,301
up €151,301 (+13.8%), from €1.1m to €1.2m
- Staff costs -€29,334
down €29,334 (-1.5%), from €2.0m to €1.9m
- Other operating charges -€21,438
down €21,438 (-68.0%), from €31,523 to €10,085
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
-€1.0m
Gross operating margin
+€151,301
Staff costs
+€29,334
Depreciation
-€563
Write-downs
-€337
Provisions
-€8,724
Other operating charges
+€21,438
Other operating items
-€32,385
Financial income
-€596
Financial charges
+€1,037
Taxes
-€1,978
Result 2026
-€847,874
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€483,799
Investment
+€12,066
Financing
+€1.3m
Cash 2025
€375,394
From operations (derived)
-€483,799
Net result for the year
-€847,874
Depreciation
+€74,568
Stocks and contracts
+€2.0m
Receivables within one year
+€264,577
Deferred charges and accrued income
+€10,269
Provisions
+€24,041
Trade debts
-€122,902
Tax, wage and social debts
+€117,428
Advances received
-€2.0m
Accrued charges and deferred income
+€347
Investment (derived)
+€12,066
Investment in fixed assets (net)
+€12,066
Financing
+€1.3m
Debts after one year
+€323,709
Current portion of long-term debt
-€13,765
Contributions, distributions and other
+€1.0m
Cash 2026
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,502,052 | €3,009,246 | -€1.5m | -33.2% |
| Formation expenses | 20 | €111,701 | €87,719 | -€23,982 | -21.5% |
| Fixed assets | 21/28 | €147,645 | €84,994 | -€62,651 | -42.4% |
| Intangible fixed assets | 21 | €2,873 | €883 | -€1,990 | -69.3% |
| Tangible fixed assets | 22/27 | €143,272 | €82,610 | -€60,661 | -42.3% |
| Plant, machinery and equipment | 23 | €43,032 | €29,803 | -€13,229 | -30.7% |
| Furniture and vehicles | 24 | €97,509 | €51,906 | -€45,603 | -46.8% |
| Other tangible fixed assets | 26 | €2,730 | €902 | -€1,828 | -67.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €4,242,707 | €2,836,534 | -€1.4m | -33.1% |
| Stocks and contracts in progress | 3 | €2,913,946 | €944,408 | -€2.0m | -67.6% |
| Stocks | 30/36 | €670,263 | €753,854 | +€83,591 | +12.5% |
| Contracts in progress | 37 | €2,243,683 | €190,554 | -€2.1m | -91.5% |
| Amounts receivable within one year | 40/41 | €914,379 | €649,802 | -€264,577 | -28.9% |
| Trade receivables | 40 | €790,277 | €649,802 | -€140,475 | -17.8% |
| Other amounts receivable | 41 | €124,101 | €0 | -€124,101 | -100% |
| Cash at bank and in hand | 54/58 | €375,394 | €1,213,605 | +€838,211 | +223% |
| Deferred charges and accrued income | 490/1 | €38,988 | €28,720 | -€10,269 | -26.3% |
| Total equity and liabilities | 10/49 | €4,502,052 | €3,009,246 | -€1.5m | -33.2% |
| Equity | 10/15 | €23,343 | €175,469 | +€152,126 | +652% |
| Contributions | 10/11 | €400,000 | €1,400,000 | +€1.0m | +250% |
| Capital | 10 | €400,000 | €1,400,000 | +€1.0m | +250% |
| Issued capital | 100 | €400,000 | €1,400,000 | +€1.0m | +250% |
| Reserves | 13 | €629,742 | €629,742 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €589,742 | €589,742 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,006,400 | -€1,854,274 | -€847,874 | -84.2% |
| Provisions and deferred taxes | 16 | €139,987 | €164,029 | +€24,041 | +17.2% |
| Provisions for liabilities and charges | 160/5 | €139,987 | €164,029 | +€24,041 | +17.2% |
| Other liabilities and charges | 164/5 | €139,987 | €164,029 | +€24,041 | +17.2% |
| Amounts payable | 17/49 | €4,338,722 | €2,669,749 | -€1.7m | -38.5% |
| Amounts payable after more than one year | 17 | €1,230,984 | €1,554,693 | +€323,709 | +26.3% |
| Financial debts | 170/4 | €1,230,984 | €1,554,693 | +€323,709 | +26.3% |
| Amounts payable within one year | 42/48 | €3,107,738 | €1,114,709 | -€2.0m | -64.1% |
| Current portion of amounts payable after more than one year | 42 | €35,873 | €22,108 | -€13,765 | -38.4% |
| Trade debts | 44 | €867,703 | €744,801 | -€122,902 | -14.2% |
| Suppliers | 440/4 | €867,703 | €744,801 | -€122,902 | -14.2% |
| Advances received on contracts in progress | 46 | €1,973,790 | €0 | -€2.0m | -100% |
| Taxes, remuneration and social security | 45 | €230,372 | €347,800 | +€117,428 | +51.0% |
| Taxes | 450/3 | €0 | €71,406 | +€71,406 | +714,064,800% |
| Remuneration and social security | 454/9 | €230,372 | €276,393 | +€46,022 | +20.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €347 | +€347 | |
| Non-recurring operating income | 76A | €9,224 | €0 | -€9,224 | -100% |
| Remuneration, social security and pensions | 62 | €1,968,177 | €1,938,843 | -€29,334 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,004 | €74,568 | +€563 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€337 | €0 | +€337 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,317 | €24,041 | +€8,724 | +57.0% |
| Other operating charges | 640/8 | €31,523 | €10,085 | -€21,438 | -68.0% |
| Non-recurring operating charges | 66A | - | €32,385 | +€32,385 | |
| Gross operating margin | 9900 | €1,098,110 | €1,249,411 | +€151,301 | +13.8% |
| Operating profit (loss) | 9901 | -€990,575 | -€830,512 | +€160,063 | +16.2% |
| Financial income | 75/76B | €2,800 | €2,204 | -€596 | -21.3% |
| Recurring financial income | 75 | €2,800 | €2,204 | -€596 | -21.3% |
| Financial charges | 65/66B | €18,625 | €17,589 | -€1,037 | -5.6% |
| Recurring financial charges | 65 | €18,625 | €17,589 | -€1,037 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,006,400 | -€845,896 | +€160,504 | +15.9% |
| Income taxes | 67/77 | €0 | €1,978 | +€1,978 | |
| Profit (loss) for the period | 9904 | -€1,006,400 | -€847,874 | +€158,526 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,006,400 | -€847,874 | +€158,526 | +15.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.