GARNIWAT: 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.
GARNIWAT
Largest movements
- Tangible fixed assets -€19,086
down €19,086 (-32.0%), from €59,659 to €40,573
of which Furniture and vehicles: -€14,635
- Cash -€13,397
down €13,397 (-34.3%), from €39,061 to €25,664
mainly Stocks and contracts (-€12,350) and Receivables within one year (-€7,052)
- Stocks and contracts +€12,350
up €12,350 (+7.2%), from €170,500 to €182,850
- Receivables within one year +€7,052
up €7,052 (+8.7%), from €81,226 to €88,279
of which Trade receivables: +€8,777
- Deferred charges and accrued income +€6,577
up €6,577 (+29.1%), from €22,624 to €29,201
- Debts after one year -€6,931
down €6,931 (-76.0%), from €9,117 to €2,187
- Short-term financial debts +€4,698
up €4,698 (+2.4%), from €194,524 to €199,222
- Profit (loss) carried forward -€4,417
down €4,417 (-3.7%), from -€118,519 to -€122,936
- Gross operating margin +€10,222
up €10,222 (+7.8%), from €131,647 to €141,870
- Staff costs +€7,395
up €7,395 (+8.2%), from €90,222 to €97,617
- Other operating charges +€4,032
up €4,032 (+51.0%), from €7,903 to €11,935
- Financial charges -€2,832
down €2,832 (-14.6%), from €19,371 to €16,539
- Depreciation -€2,369
down €2,369 (-10.1%), from €23,358 to €20,990
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 | €373,138 | €366,635 | -€6,503 | -1.7% |
| Fixed assets | 21/28 | €59,727 | €40,641 | -€19,086 | -32.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €59,659 | €40,573 | -€19,086 | -32.0% |
| Land and buildings | 22 | €8,952 | €7,700 | -€1,253 | -14.0% |
| Plant, machinery and equipment | 23 | €22,982 | €19,784 | -€3,198 | -13.9% |
| Furniture and vehicles | 24 | €27,725 | €13,090 | -€14,635 | -52.8% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €68 | €68 | = | 0.0% |
| Current assets | 29/58 | €313,411 | €325,994 | +€12,582 | +4.0% |
| Stocks and contracts in progress | 3 | €170,500 | €182,850 | +€12,350 | +7.2% |
| Stocks | 30/36 | €170,500 | €182,850 | +€12,350 | +7.2% |
| Amounts receivable within one year | 40/41 | €81,226 | €88,279 | +€7,052 | +8.7% |
| Trade receivables | 40 | €79,502 | €88,279 | +€8,777 | +11.0% |
| Other amounts receivable | 41 | €1,724 | - | -€1,724 | |
| Cash at bank and in hand | 54/58 | €39,061 | €25,664 | -€13,397 | -34.3% |
| Deferred charges and accrued income | 490/1 | €22,624 | €29,201 | +€6,577 | +29.1% |
| Total equity and liabilities | 10/49 | €373,138 | €366,635 | -€6,503 | -1.7% |
| Equity | 10/15 | €53,008 | €48,591 | -€4,417 | -8.3% |
| Contributions | 10/11 | €118,592 | €118,592 | = | 0.0% |
| Reserves | 13 | €52,936 | €52,936 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €51,076 | €51,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,519 | -€122,936 | -€4,417 | -3.7% |
| Amounts payable | 17/49 | €320,129 | €318,043 | -€2,086 | -0.7% |
| Amounts payable after more than one year | 17 | €9,117 | €2,187 | -€6,931 | -76.0% |
| Financial debts | 170/4 | €9,117 | €2,187 | -€6,931 | -76.0% |
| Amounts payable within one year | 42/48 | €311,012 | €315,856 | +€4,844 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €6,290 | €6,561 | +€271 | +4.3% |
| Financial debts | 43 | €194,524 | €199,222 | +€4,698 | +2.4% |
| Credit institutions | 430/8 | €194,524 | €199,222 | +€4,698 | +2.4% |
| Trade debts | 44 | €21,993 | €19,478 | -€2,515 | -11.4% |
| Suppliers | 440/4 | €21,993 | €19,478 | -€2,515 | -11.4% |
| Taxes, remuneration and social security | 45 | €9,392 | €8,834 | -€558 | -5.9% |
| Taxes | 450/3 | €3,817 | €8,481 | +€4,664 | +122% |
| Remuneration and social security | 454/9 | €5,575 | €352 | -€5,223 | -93.7% |
| Other amounts payable | 47/48 | €78,813 | €81,761 | +€2,949 | +3.7% |
| Non-recurring operating income | 76A | - | €1,725 | +€1,725 | |
| Remuneration, social security and pensions | 62 | €90,222 | €97,617 | +€7,395 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,358 | €20,990 | -€2,369 | -10.1% |
| Other operating charges | 640/8 | €7,903 | €11,935 | +€4,032 | +51.0% |
| Gross operating margin | 9900 | €131,647 | €141,870 | +€10,222 | +7.8% |
| Operating profit (loss) | 9901 | €10,164 | €11,328 | +€1,164 | +11.5% |
| Financial income | 75/76B | €354 | €2,315 | +€1,961 | +554% |
| Recurring financial income | 75 | €354 | €2,315 | +€1,961 | +554% |
| Financial charges | 65/66B | €19,371 | €16,539 | -€2,832 | -14.6% |
| Recurring financial charges | 65 | €19,371 | €16,539 | -€2,832 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,853 | -€2,896 | +€5,957 | +67.3% |
| Income taxes | 67/77 | €1,482 | €1,521 | +€39 | +2.6% |
| Profit (loss) for the period | 9904 | -€10,335 | -€4,417 | +€5,918 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,335 | -€4,417 | +€5,918 | +57.3% |
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 15 October 2026 via checked.be.