GARNITAL: what changed
GARNITAL
Largest movements
- Current investments +€45,000
up €45,000 (+69.2%), from €65,000 to €110,000
- Cash -€31,856
down €31,856 (-33.8%), from €94,259 to €62,403
mainly Current investments (-€45,000) and Stocks and contracts (-€13,617)
- Stocks and contracts +€13,617
up €13,617 (+18.9%), from €72,132 to €85,749
- Receivables within one year +€10,086
up €10,086 (+20.4%), from €49,394 to €59,480
of which Trade receivables: +€6,560
- Tangible fixed assets -€6,303
down €6,303 (-17.1%), from €36,784 to €30,481
of which Furniture and vehicles: -€7,669
- Reserves +€37,255
up €37,255 (+17.8%), from €209,462 to €246,717
- Tax, wage and social debts -€6,384
down €6,384 (-23.8%), from €26,817 to €20,433
- Short-term financial debts -€6,000
down €6,000 (-100%), from €6,000 to €0
- Trade debts +€4,482
up €4,482 (+16.1%), from €27,867 to €32,349
- Gross operating margin -€25,174
down €25,174 (-27.6%), from €91,211 to €66,037
- Taxes -€7,865
down €7,865 (-29.5%), from €26,672 to €18,807
- Financial income +€1,808
up €1,808 (+142%), from €1,277 to €3,085
- Depreciation +€1,652
up €1,652 (+19.7%), from €8,389 to €10,040
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €318,705 | €348,112 | +€29,407 | +9.2% |
| Fixed assets | 21/28 | €37,520 | €30,481 | -€7,040 | -18.8% |
| Intangible fixed assets | 21 | €736 | €0 | -€736 | -100% |
| Tangible fixed assets | 22/27 | €36,784 | €30,481 | -€6,303 | -17.1% |
| Plant, machinery and equipment | 23 | €267 | €1,633 | +€1,366 | +511% |
| Furniture and vehicles | 24 | €36,516 | €28,847 | -€7,669 | -21.0% |
| Current assets | 29/58 | €281,185 | €317,632 | +€36,447 | +13.0% |
| Stocks and contracts in progress | 3 | €72,132 | €85,749 | +€13,617 | +18.9% |
| Stocks | 30/36 | €72,132 | €85,749 | +€13,617 | +18.9% |
| Amounts receivable within one year | 40/41 | €49,394 | €59,480 | +€10,086 | +20.4% |
| Trade receivables | 40 | €40,698 | €47,258 | +€6,560 | +16.1% |
| Other amounts receivable | 41 | €8,697 | €12,222 | +€3,525 | +40.5% |
| Current investments | 50/53 | €65,000 | €110,000 | +€45,000 | +69.2% |
| Cash at bank and in hand | 54/58 | €94,259 | €62,403 | -€31,856 | -33.8% |
| Deferred charges and accrued income | 490/1 | €399 | €0 | -€399 | -100% |
| Total equity and liabilities | 10/49 | €318,705 | €348,112 | +€29,407 | +9.2% |
| Equity | 10/15 | €258,021 | €295,276 | +€37,255 | +14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,462 | €246,717 | +€37,255 | +17.8% |
| Distributable reserves | 133 | €209,462 | €246,717 | +€37,255 | +17.8% |
| Profit (loss) carried forward | 14 | €29,959 | €29,959 | = | 0.0% |
| Amounts payable | 17/49 | €60,684 | €52,837 | -€7,848 | -12.9% |
| Amounts payable within one year | 42/48 | €60,684 | €52,782 | -€7,903 | -13.0% |
| Financial debts | 43 | €6,000 | €0 | -€6,000 | -100% |
| Credit institutions | 430/8 | €6,000 | €0 | -€6,000 | -100% |
| Trade debts | 44 | €27,867 | €32,349 | +€4,482 | +16.1% |
| Suppliers | 440/4 | €27,867 | €32,349 | +€4,482 | +16.1% |
| Taxes, remuneration and social security | 45 | €26,817 | €20,433 | -€6,384 | -23.8% |
| Taxes | 450/3 | €26,817 | €20,433 | -€6,384 | -23.8% |
| Accrued charges and deferred income | 492/3 | - | €55 | +€55 | |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,389 | €10,040 | +€1,652 | +19.7% |
| Other operating charges | 640/8 | €970 | €1,244 | +€274 | +28.3% |
| Gross operating margin | 9900 | €91,211 | €66,037 | -€25,174 | -27.6% |
| Operating profit (loss) | 9901 | €81,853 | €54,754 | -€27,099 | -33.1% |
| Financial income | 75/76B | €1,277 | €3,085 | +€1,808 | +142% |
| Recurring financial income | 75 | €1,277 | €3,085 | +€1,808 | +142% |
| Financial charges | 65/66B | €2,597 | €1,776 | -€821 | -31.6% |
| Recurring financial charges | 65 | €2,597 | €1,776 | -€821 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €80,533 | €56,062 | -€24,471 | -30.4% |
| Income taxes | 67/77 | €26,672 | €18,807 | -€7,865 | -29.5% |
| Profit (loss) for the period | 9904 | €53,861 | €37,255 | -€16,606 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,861 | €37,255 | -€16,606 | -30.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.