GARNIER: 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.
GARNIER
Largest movements
- Cash -€353,347
down €353,347 (-66.8%), from €528,611 to €175,264
mainly Trade debts (-€625,608) and Contributions, distributions and other (-€45,500)
- Receivables within one year -€260,298
down €260,298 (-33.7%), from €772,359 to €512,061
of which Trade receivables: -€489,679
- Stocks and contracts +€22,595
up €22,595 (+18.4%), from €123,024 to €145,619
- Trade debts -€625,608
down €625,608 (-67.4%), from €928,272 to €302,664
- Reserves +€40,000
up €40,000 (+39.4%), from €101,480 to €141,480
of which Distributable reserves: +€40,000
- Gross operating margin +€31,433
up €31,433 (+18.7%), from €168,432 to €199,866
- Other operating charges +€6,764
up €6,764 (+31.9%), from €21,218 to €27,982
- Financial charges +€5,651
up €5,651 (+202.8%), from €2,787 to €8,438
- Staff costs +€5,484
up €5,484 (+11.2%), from €49,124 to €54,608
- Depreciation +€3,871
up €3,871 (+35.9%), from €10,775 to €14,646
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,778,289 | €1,187,609 | -€590,680 | -33.2% |
| Fixed assets | 21/28 | €350,611 | €354,664 | +€4,053 | +1.2% |
| Tangible fixed assets | 22/27 | €349,901 | €353,954 | +€4,053 | +1.2% |
| Land and buildings | 22 | €336,437 | €342,240 | +€5,803 | +1.7% |
| Plant, machinery and equipment | 23 | €13,464 | €11,714 | -€1,750 | -13.0% |
| Financial fixed assets | 28 | €710 | €710 | = | 0.0% |
| Current assets | 29/58 | €1,427,677 | €832,945 | -€594,733 | -41.7% |
| Stocks and contracts in progress | 3 | €123,024 | €145,619 | +€22,595 | +18.4% |
| Stocks | 30/36 | €123,024 | €145,619 | +€22,595 | +18.4% |
| Amounts receivable within one year | 40/41 | €772,359 | €512,061 | -€260,298 | -33.7% |
| Trade receivables | 40 | €595,783 | €106,104 | -€489,679 | -82.2% |
| Other amounts receivable | 41 | €176,575 | €405,957 | +€229,381 | +129.9% |
| Cash at bank and in hand | 54/58 | €528,611 | €175,264 | -€353,347 | -66.8% |
| Deferred charges and accrued income | 490/1 | €3,683 | - | -€3,683 | |
| Total equity and liabilities | 10/49 | €1,778,289 | €1,187,609 | -€590,680 | -33.2% |
| Equity | 10/15 | €548,635 | €575,702 | +€27,067 | +4.9% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €101,480 | €141,480 | +€40,000 | +39.4% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Distributable reserves | 133 | €99,000 | €139,000 | +€40,000 | +40.4% |
| Profit (loss) carried forward | 14 | €422,355 | €409,422 | -€12,933 | -3.1% |
| Amounts payable | 17/49 | €1,229,653 | €611,907 | -€617,747 | -50.2% |
| Amounts payable after more than one year | 17 | €171,179 | €160,602 | -€10,577 | -6.2% |
| Financial debts | 170/4 | €171,179 | €160,602 | -€10,577 | -6.2% |
| Amounts payable within one year | 42/48 | €1,058,475 | €451,305 | -€607,170 | -57.4% |
| Current portion of amounts payable after more than one year | 42 | €7,392 | €9,178 | +€1,786 | +24.2% |
| Trade debts | 44 | €928,272 | €302,664 | -€625,608 | -67.4% |
| Suppliers | 440/4 | €928,272 | €302,664 | -€625,608 | -67.4% |
| Advances received on contracts in progress | 46 | - | €2,169 | +€2,169 | |
| Taxes, remuneration and social security | 45 | €73,811 | €78,795 | +€4,984 | +6.8% |
| Taxes | 450/3 | €62,350 | €68,199 | +€5,850 | +9.4% |
| Remuneration and social security | 454/9 | €11,461 | €10,596 | -€866 | -7.6% |
| Other amounts payable | 47/48 | €48,999 | €58,499 | +€9,500 | +19.4% |
| Remuneration, social security and pensions | 62 | €49,124 | €54,608 | +€5,484 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,775 | €14,646 | +€3,871 | +35.9% |
| Other operating charges | 640/8 | €21,218 | €27,982 | +€6,764 | +31.9% |
| Gross operating margin | 9900 | €168,432 | €199,866 | +€31,433 | +18.7% |
| Operating profit (loss) | 9901 | €87,315 | €102,630 | +€15,315 | +17.5% |
| Financial income | 75/76B | €46 | €406 | +€359 | +774.9% |
| Recurring financial income | 75 | €46 | €406 | +€359 | +774.9% |
| Financial charges | 65/66B | €2,787 | €8,438 | +€5,651 | +202.8% |
| Recurring financial charges | 65 | €2,787 | €8,438 | +€5,651 | +202.8% |
| Profit (loss) for the period before taxes | 9903 | €84,574 | €94,598 | +€10,023 | +11.9% |
| Income taxes | 67/77 | €22,634 | €22,031 | -€603 | -2.7% |
| Profit (loss) for the period | 9904 | €61,940 | €72,567 | +€10,627 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,940 | €72,567 | +€10,627 | +17.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.