GARNITURE: what changed
GARNITURE
Largest movements
- Financial fixed assets +€40,000
up €40,000 (+889%), from €4,500 to €44,500
- Stocks and contracts +€23,883
up €23,883 (+30.8%), from €77,534 to €101,417
- Cash -€20,853
down €20,853 (-48.9%), from €42,684 to €21,831
mainly Investment in fixed assets (net) (-€43,379) and Stocks and contracts (-€23,883)
- Tangible fixed assets -€16,934
down €16,934 (-27.8%), from €60,938 to €44,004
- Receivables within one year +€8,765
up €8,765 (+6.9%), from €127,861 to €136,626
of which Trade receivables: +€8,835
- Other debts +€34,839
up €34,839 (+398%), from €8,761 to €43,600
- Short-term financial debts +€30,234
up €30,234 (+121%), from €25,000 to €55,234
- Debts after one year -€21,304
down €21,304 (-71.3%), from €29,861 to €8,556
- Current portion of long-term debt -€21,151
down €21,151 (-49.8%), from €42,455 to €21,304
- Reserves +€7,248
up €7,248 (+9.3%), from €77,819 to €85,067
- Gross operating margin -€16,871
down €16,871 (-30.0%), from €56,320 to €39,450
- Depreciation -€3,266
down €3,266 (-13.8%), from €23,635 to €20,369
- Other operating charges +€1,362
up €1,362 (+71.8%), from €1,897 to €3,259
- Taxes +€1,314
up €1,314 (+942%), from €140 to €1,454
- Staff costs -€793
down €793 (-100%), from €793 to €0
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 | €314,345 | €351,306 | +€36,961 | +11.8% |
| Fixed assets | 21/28 | €65,493 | €88,504 | +€23,010 | +35.1% |
| Intangible fixed assets | 21 | €56 | €0 | -€56 | -100% |
| Tangible fixed assets | 22/27 | €60,938 | €44,004 | -€16,934 | -27.8% |
| Plant, machinery and equipment | 23 | €26,316 | €18,298 | -€8,017 | -30.5% |
| Furniture and vehicles | 24 | €21,426 | €15,070 | -€6,356 | -29.7% |
| Other tangible fixed assets | 26 | €13,196 | €10,636 | -€2,560 | -19.4% |
| Financial fixed assets | 28 | €4,500 | €44,500 | +€40,000 | +889% |
| Current assets | 29/58 | €248,851 | €262,802 | +€13,951 | +5.6% |
| Stocks and contracts in progress | 3 | €77,534 | €101,417 | +€23,883 | +30.8% |
| Stocks | 30/36 | €77,534 | €101,417 | +€23,883 | +30.8% |
| Amounts receivable within one year | 40/41 | €127,861 | €136,626 | +€8,765 | +6.9% |
| Trade receivables | 40 | €126,493 | €135,328 | +€8,835 | +7.0% |
| Other amounts receivable | 41 | €1,368 | €1,298 | -€70 | -5.2% |
| Cash at bank and in hand | 54/58 | €42,684 | €21,831 | -€20,853 | -48.9% |
| Deferred charges and accrued income | 490/1 | €772 | €2,928 | +€2,156 | +279% |
| Total equity and liabilities | 10/49 | €314,345 | €351,306 | +€36,961 | +11.8% |
| Equity | 10/15 | €92,781 | €103,667 | +€10,886 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,819 | €85,067 | +€7,248 | +9.3% |
| Distributable reserves | 133 | €77,819 | €85,067 | +€7,248 | +9.3% |
| Profit (loss) carried forward | 14 | -€3,638 | €0 | +€3,638 | |
| Amounts payable | 17/49 | €221,564 | €247,640 | +€26,076 | +11.8% |
| Amounts payable after more than one year | 17 | €29,861 | €8,556 | -€21,304 | -71.3% |
| Financial debts | 170/4 | €29,861 | €8,556 | -€21,304 | -71.3% |
| Amounts payable within one year | 42/48 | €191,703 | €239,083 | +€47,380 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €42,455 | €21,304 | -€21,151 | -49.8% |
| Financial debts | 43 | €25,000 | €55,234 | +€30,234 | +121% |
| Credit institutions | 430/8 | €25,000 | €55,234 | +€30,234 | +121% |
| Trade debts | 44 | €115,347 | €117,452 | +€2,105 | +1.8% |
| Suppliers | 440/4 | €115,347 | €117,452 | +€2,105 | +1.8% |
| Taxes, remuneration and social security | 45 | €140 | €1,493 | +€1,354 | +970% |
| Taxes | 450/3 | €140 | €1,493 | +€1,354 | +970% |
| Other amounts payable | 47/48 | €8,761 | €43,600 | +€34,839 | +398% |
| Remuneration, social security and pensions | 62 | €793 | €0 | -€793 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,635 | €20,369 | -€3,266 | -13.8% |
| Other operating charges | 640/8 | €1,897 | €3,259 | +€1,362 | +71.8% |
| Non-recurring operating charges | 66A | €10,335 | €0 | -€10,335 | -100% |
| Gross operating margin | 9900 | €56,320 | €39,450 | -€16,871 | -30.0% |
| Operating profit (loss) | 9901 | €19,660 | €15,822 | -€3,838 | -19.5% |
| Financial income | 75/76B | €74 | €857 | +€783 | +1,065% |
| Recurring financial income | 75 | €74 | €857 | +€783 | +1,065% |
| Financial charges | 65/66B | €4,229 | €4,339 | +€110 | +2.6% |
| Recurring financial charges | 65 | €4,229 | €4,339 | +€110 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €15,505 | €12,340 | -€3,165 | -20.4% |
| Income taxes | 67/77 | €140 | €1,454 | +€1,314 | +942% |
| Profit (loss) for the period | 9904 | €15,365 | €10,886 | -€4,480 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,365 | €10,886 | -€4,480 | -29.2% |
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.