GARNO: what changed
Two fiscal 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.
GARNO
Largest movements
- Tangible fixed assets +€517,129
up €517,129 (+171.0%), from €302,373 to €819,502
of which Land and buildings: +€501,402
- Cash -€49,929
down €49,929 (-56.0%), from €89,103 to €39,175
mainly Investment in fixed assets (net) (-€557,876) and Debts after one year (-€10,063)
- Stocks and contracts -€47,545
down €47,545 (-78.2%), from €60,831 to €13,285
- Receivables within one year -€17,425
down €17,425 (-29.1%), from €59,809 to €42,384
of which Trade receivables: -€16,536
- Other debts +€386,019
up €386,019 (+287.2%), from €134,399 to €520,418
- Profit (loss) carried forward +€22,615
up €22,615 (+97.9%), from €23,089 to €45,704
- Tax, wage and social debts +€10,691
up €10,691 (+26.3%), from €40,642 to €51,333
of which Taxes: +€6,050
- Debts after one year -€10,063
down €10,063 (-5.8%), from €173,125 to €163,062
- Trade debts -€9,720
down €9,720 (-48.6%), from €20,015 to €10,295
- Gross operating margin +€46,960
up €46,960 (+40.6%), from €115,649 to €162,610
- Staff costs +€39,540
up €39,540 (+92.1%), from €42,951 to €82,491
- Depreciation +€10,801
up €10,801 (+36.1%), from €29,946 to €40,747
- Other operating charges -€7,377
down €7,377 (-79.5%), from €9,274 to €1,897
- Taxes +€4,531
up €4,531 (+61.0%), from €7,428 to €11,959
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.
Cash bridge derived
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 | €512,116 | €914,346 | +€402,230 | +78.5% |
| Fixed assets | 21/28 | €302,373 | €819,502 | +€517,129 | +171.0% |
| Tangible fixed assets | 22/27 | €302,373 | €819,502 | +€517,129 | +171.0% |
| Land and buildings | 22 | €235,002 | €736,404 | +€501,402 | +213.4% |
| Plant, machinery and equipment | 23 | €38,056 | €37,790 | -€266 | -0.7% |
| Furniture and vehicles | 24 | €29,315 | €45,308 | +€15,993 | +54.6% |
| Current assets | 29/58 | €209,743 | €94,844 | -€114,899 | -54.8% |
| Stocks and contracts in progress | 3 | €60,831 | €13,285 | -€47,545 | -78.2% |
| Stocks | 30/36 | €60,831 | €13,285 | -€47,545 | -78.2% |
| Amounts receivable within one year | 40/41 | €59,809 | €42,384 | -€17,425 | -29.1% |
| Trade receivables | 40 | €58,920 | €42,384 | -€16,536 | -28.1% |
| Other amounts receivable | 41 | €889 | - | -€889 | |
| Cash at bank and in hand | 54/58 | €89,103 | €39,175 | -€49,929 | -56.0% |
| Total equity and liabilities | 10/49 | €512,116 | €914,346 | +€402,230 | +78.5% |
| Equity | 10/15 | €133,392 | €156,007 | +€22,615 | +17.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €90,302 | €90,302 | = | 0.0% |
| Distributable reserves | 133 | €90,302 | €90,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,089 | €45,704 | +€22,615 | +97.9% |
| Amounts payable | 17/49 | €378,724 | €758,339 | +€379,615 | +100.2% |
| Amounts payable after more than one year | 17 | €173,125 | €163,062 | -€10,063 | -5.8% |
| Financial debts | 170/4 | €173,125 | €163,062 | -€10,063 | -5.8% |
| Amounts payable within one year | 42/48 | €205,600 | €593,704 | +€388,105 | +188.8% |
| Current portion of amounts payable after more than one year | 42 | €9,930 | €10,063 | +€133 | +1.3% |
| Trade debts | 44 | €20,015 | €10,295 | -€9,720 | -48.6% |
| Suppliers | 440/4 | €20,015 | €10,295 | -€9,720 | -48.6% |
| Advances received on contracts in progress | 46 | €614 | €1,596 | +€982 | +159.8% |
| Taxes, remuneration and social security | 45 | €40,642 | €51,333 | +€10,691 | +26.3% |
| Taxes | 450/3 | €31,185 | €37,235 | +€6,050 | +19.4% |
| Remuneration and social security | 454/9 | €9,457 | €14,098 | +€4,641 | +49.1% |
| Other amounts payable | 47/48 | €134,399 | €520,418 | +€386,019 | +287.2% |
| Accrued charges and deferred income | 492/3 | - | €1,573 | +€1,573 | |
| Remuneration, social security and pensions | 62 | €42,951 | €82,491 | +€39,540 | +92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,946 | €40,747 | +€10,801 | +36.1% |
| Other operating charges | 640/8 | €9,274 | €1,897 | -€7,377 | -79.5% |
| Gross operating margin | 9900 | €115,649 | €162,610 | +€46,960 | +40.6% |
| Operating profit (loss) | 9901 | €33,478 | €37,475 | +€3,997 | +11.9% |
| Financial income | 75/76B | €48 | - | -€48 | |
| Recurring financial income | 75 | €48 | - | -€48 | |
| Financial charges | 65/66B | €3,008 | €2,900 | -€108 | -3.6% |
| Recurring financial charges | 65 | €3,008 | €2,900 | -€108 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €30,517 | €34,574 | +€4,057 | +13.3% |
| Income taxes | 67/77 | €7,428 | €11,959 | +€4,531 | +61.0% |
| Profit (loss) for the period | 9904 | €23,089 | €22,615 | -€475 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,089 | €22,615 | -€475 | -2.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.