GARNOTEC: 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.
GARNOTEC
Largest movements
- Cash +€203,192
up €203,192 (+6.3%), from €3.2m to €3.4m
mainly Net result for the year (+€681,689) and Depreciation (+€146,797)
- Stocks and contracts +€134,958
up €134,958 (+13.1%), from €1.0m to €1.2m
- Tangible fixed assets -€90,183
down €90,183 (-5.1%), from €1.8m to €1.7m
of which Land and buildings: -€86,220
- Trade debts -€431,453
down €431,453 (-91.5%), from €471,589 to €40,136
- Reserves +€350,000
up €350,000 (+8.4%), from €4.2m to €4.5m
of which Distributable reserves: +€350,000
- Profit (loss) carried forward +€326,689
up €326,689 (+45.7%), from €715,245 to €1.0m
- Gross operating margin +€313,651
up €313,651 (+33.4%), from €938,891 to €1.3m
- Taxes +€78,943
up €78,943 (+42.0%), from €187,774 to €266,717
- Financial charges +€34,615
up €34,615 (+77.2%), from €44,814 to €79,429
- Financial income +€33,828
up €33,828 (+95.5%), from €35,415 to €69,243
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 | €6,345,747 | €6,624,375 | +€278,628 | +4.4% |
| Fixed assets | 21/28 | €1,782,289 | €1,692,106 | -€90,183 | -5.1% |
| Tangible fixed assets | 22/27 | €1,782,289 | €1,692,106 | -€90,183 | -5.1% |
| Land and buildings | 22 | €1,511,988 | €1,425,768 | -€86,220 | -5.7% |
| Plant, machinery and equipment | 23 | €124,474 | €108,415 | -€16,059 | -12.9% |
| Furniture and vehicles | 24 | €145,827 | €157,923 | +€12,096 | +8.3% |
| Current assets | 29/58 | €4,563,458 | €4,932,269 | +€368,811 | +8.1% |
| Stocks and contracts in progress | 3 | €1,032,183 | €1,167,141 | +€134,958 | +13.1% |
| Stocks | 30/36 | €1,032,183 | €1,167,141 | +€134,958 | +13.1% |
| Amounts receivable within one year | 40/41 | €302,679 | €333,340 | +€30,661 | +10.1% |
| Trade receivables | 40 | €302,679 | €333,340 | +€30,661 | +10.1% |
| Cash at bank and in hand | 54/58 | €3,228,596 | €3,431,788 | +€203,192 | +6.3% |
| Total equity and liabilities | 10/49 | €6,345,747 | €6,624,375 | +€278,628 | +4.4% |
| Equity | 10/15 | €4,891,955 | €5,568,644 | +€676,689 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,158,110 | €4,508,110 | +€350,000 | +8.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €4,100,000 | €4,450,000 | +€350,000 | +8.5% |
| Profit (loss) carried forward | 14 | €715,245 | €1,041,934 | +€326,689 | +45.7% |
| Amounts payable | 17/49 | €1,453,792 | €1,055,731 | -€398,061 | -27.4% |
| Amounts payable within one year | 42/48 | €1,446,190 | €1,013,824 | -€432,366 | -29.9% |
| Trade debts | 44 | €471,589 | €40,136 | -€431,453 | -91.5% |
| Suppliers | 440/4 | €471,589 | €40,136 | -€431,453 | -91.5% |
| Taxes, remuneration and social security | 45 | €111,086 | €143,137 | +€32,051 | +28.9% |
| Taxes | 450/3 | €86,605 | €119,389 | +€32,784 | +37.9% |
| Remuneration and social security | 454/9 | €24,481 | €23,748 | -€733 | -3.0% |
| Other amounts payable | 47/48 | €863,515 | €830,551 | -€32,964 | -3.8% |
| Accrued charges and deferred income | 492/3 | €7,602 | €41,907 | +€34,305 | +451.3% |
| Remuneration, social security and pensions | 62 | €128,430 | €130,607 | +€2,177 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,437 | €146,797 | +€360 | +0.2% |
| Other operating charges | 640/8 | €16,261 | €16,546 | +€285 | +1.8% |
| Gross operating margin | 9900 | €938,891 | €1,252,542 | +€313,651 | +33.4% |
| Operating profit (loss) | 9901 | €647,763 | €958,592 | +€310,829 | +48.0% |
| Financial income | 75/76B | €35,415 | €69,243 | +€33,828 | +95.5% |
| Recurring financial income | 75 | €35,415 | €69,243 | +€33,828 | +95.5% |
| Financial charges | 65/66B | €44,814 | €79,429 | +€34,615 | +77.2% |
| Recurring financial charges | 65 | €44,814 | €79,429 | +€34,615 | +77.2% |
| Profit (loss) for the period before taxes | 9903 | €638,364 | €948,406 | +€310,042 | +48.6% |
| Income taxes | 67/77 | €187,774 | €266,717 | +€78,943 | +42.0% |
| Profit (loss) for the period | 9904 | €450,590 | €681,689 | +€231,099 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €450,590 | €681,689 | +€231,099 | +51.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.