GARMYN ELLEN: 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.
GARMYN ELLEN
Largest movements
- Cash +€37,521
up €37,521 (+50.6%), from €74,145 to €111,666
mainly Other debts (+€32,256) and Depreciation (+€25,937)
- Intangible fixed assets -€23,500
down €23,500 (-50.0%), from €47,000 to €23,500
- Tangible fixed assets -€2,437
down €2,437 (-54.9%), from €4,443 to €2,006
- Other debts +€32,256
up €32,256 (+82.2%), from €39,230 to €71,486
- Reserves -€16,624
down €16,624 (-35.0%), from €47,555 to €30,932
- Debts after one year -€6,865
down €6,865 (-79.9%), from €8,595 to €1,730
- Tax, wage and social debts +€1,913
up €1,913 (+43.3%), from €4,423 to €6,336
of which Taxes: +€1,989
- Gross operating margin +€14,776
up €14,776 (+23.7%), from €62,338 to €77,114
- Taxes +€3,237
up €3,237 (+2,287%), from €142 to €3,379
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 | €129,726 | €141,739 | +€12,013 | +9.3% |
| Fixed assets | 21/28 | €51,718 | €25,506 | -€26,212 | -50.7% |
| Intangible fixed assets | 21 | €47,000 | €23,500 | -€23,500 | -50.0% |
| Tangible fixed assets | 22/27 | €4,443 | €2,006 | -€2,437 | -54.9% |
| Plant, machinery and equipment | 23 | €1,253 | €776 | -€477 | -38.1% |
| Furniture and vehicles | 24 | €2,024 | €1,127 | -€896 | -44.3% |
| Other tangible fixed assets | 26 | €1,166 | €102 | -€1,064 | -91.2% |
| Financial fixed assets | 28 | €275 | €0 | -€275 | -100% |
| Current assets | 29/58 | €78,008 | €116,233 | +€38,225 | +49.0% |
| Amounts receivable within one year | 40/41 | €1,747 | €1,869 | +€121 | +6.9% |
| Trade receivables | 40 | €1,747 | €1,869 | +€121 | +6.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €74,145 | €111,666 | +€37,521 | +50.6% |
| Deferred charges and accrued income | 490/1 | €2,116 | €2,699 | +€583 | +27.5% |
| Total equity and liabilities | 10/49 | €129,726 | €141,739 | +€12,013 | +9.3% |
| Equity | 10/15 | €66,105 | €49,482 | -€16,624 | -25.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €47,555 | €30,932 | -€16,624 | -35.0% |
| Distributable reserves | 133 | €47,555 | €30,932 | -€16,624 | -35.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €63,621 | €92,258 | +€28,636 | +45.0% |
| Amounts payable after more than one year | 17 | €8,595 | €1,730 | -€6,865 | -79.9% |
| Financial debts | 170/4 | €8,595 | €1,730 | -€6,865 | -79.9% |
| Amounts payable within one year | 42/48 | €55,026 | €90,527 | +€35,501 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €6,775 | €6,865 | +€89 | +1.3% |
| Trade debts | 44 | €4,598 | €5,840 | +€1,242 | +27.0% |
| Suppliers | 440/4 | €4,598 | €5,840 | +€1,242 | +27.0% |
| Taxes, remuneration and social security | 45 | €4,423 | €6,336 | +€1,913 | +43.3% |
| Taxes | 450/3 | €3,751 | €5,740 | +€1,989 | +53.0% |
| Remuneration and social security | 454/9 | €672 | €597 | -€75 | -11.2% |
| Other amounts payable | 47/48 | €39,230 | €71,486 | +€32,256 | +82.2% |
| Remuneration, social security and pensions | 62 | €30,226 | €30,580 | +€354 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,541 | €25,937 | -€603 | -2.3% |
| Other operating charges | 640/8 | €845 | €984 | +€139 | +16.5% |
| Gross operating margin | 9900 | €62,338 | €77,114 | +€14,776 | +23.7% |
| Operating profit (loss) | 9901 | €4,727 | €19,613 | +€14,886 | +315% |
| Financial charges | 65/66B | €4,194 | €3,427 | -€767 | -18.3% |
| Recurring financial charges | 65 | €4,194 | €3,427 | -€767 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €533 | €16,186 | +€15,653 | +2,937% |
| Income taxes | 67/77 | €142 | €3,379 | +€3,237 | +2,287% |
| Profit (loss) for the period | 9904 | €391 | €12,807 | +€12,416 | +3,172% |
| Profit (loss) for the period to be appropriated | 9905 | €391 | €12,807 | +€12,416 | +3,172% |
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 23 October 2026 via checked.be.