GAROG: 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.
GAROG
Largest movements
- Current investments +€189,653
up €189,653 (+26.9%), from €704,803 to €894,456
- Cash +€57,097
up €57,097 (+27.4%), from €208,305 to €265,402
mainly Net result for the year (+€206,421) and Depreciation (+€53,038)
- Tangible fixed assets -€53,038
down €53,038 (-6.8%), from €780,223 to €727,185
- Reserves +€206,421
up €206,421 (+13.9%), from €1.5m to €1.7m
of which Distributable reserves: +€206,421
- Current portion of long-term debt -€20,928
down €20,928 (-100.0%), from €20,928 to €0
- Financial income +€42,150
up €42,150 (+220.2%), from €19,143 to €61,293
- Taxes +€15,786
up €15,786 (+32.3%), from €48,860 to €64,646
- Gross operating margin +€12,182
up €12,182 (+4.5%), from €270,351 to €282,533
- Depreciation -€4,236
down €4,236 (-7.4%), from €57,275 to €53,038
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 | €1,728,197 | €1,919,353 | +€191,156 | +11.1% |
| Fixed assets | 21/28 | €780,223 | €727,185 | -€53,038 | -6.8% |
| Tangible fixed assets | 22/27 | €780,223 | €727,185 | -€53,038 | -6.8% |
| Land and buildings | 22 | €780,223 | €727,185 | -€53,038 | -6.8% |
| Current assets | 29/58 | €947,973 | €1,192,168 | +€244,195 | +25.8% |
| Amounts receivable within one year | 40/41 | €33,065 | €30,495 | -€2,570 | -7.8% |
| Trade receivables | 40 | €26,578 | €27,440 | +€862 | +3.2% |
| Other amounts receivable | 41 | €6,487 | €3,055 | -€3,432 | -52.9% |
| Current investments | 50/53 | €704,803 | €894,456 | +€189,653 | +26.9% |
| Cash at bank and in hand | 54/58 | €208,305 | €265,402 | +€57,097 | +27.4% |
| Deferred charges and accrued income | 490/1 | €1,800 | €1,815 | +€15 | +0.9% |
| Total equity and liabilities | 10/49 | €1,728,197 | €1,919,353 | +€191,156 | +11.1% |
| Equity | 10/15 | €1,699,808 | €1,906,229 | +€206,421 | +12.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €110,516 | €110,516 | = | 0.0% |
| Reserves | 13 | €1,489,292 | €1,695,713 | +€206,421 | +13.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,479,292 | €1,685,713 | +€206,421 | +14.0% |
| Amounts payable | 17/49 | €28,389 | €13,124 | -€15,265 | -53.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €25,671 | €9,967 | -€15,704 | -61.2% |
| Current portion of amounts payable after more than one year | 42 | €20,928 | €0 | -€20,928 | -100.0% |
| Trade debts | 44 | €4,743 | €4,778 | +€36 | +0.8% |
| Suppliers | 440/4 | €4,743 | €4,778 | +€36 | +0.8% |
| Taxes, remuneration and social security | 45 | - | €5,189 | +€5,189 | |
| Taxes | 450/3 | - | €5,189 | +€5,189 | |
| Accrued charges and deferred income | 492/3 | €2,718 | €3,157 | +€439 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,275 | €53,038 | -€4,236 | -7.4% |
| Other operating charges | 640/8 | €15,505 | €15,980 | +€476 | +3.1% |
| Gross operating margin | 9900 | €270,351 | €282,533 | +€12,182 | +4.5% |
| Operating profit (loss) | 9901 | €197,572 | €213,515 | +€15,943 | +8.1% |
| Financial income | 75/76B | €19,143 | €61,293 | +€42,150 | +220.2% |
| Recurring financial income | 75 | €19,143 | €61,293 | +€42,150 | +220.2% |
| Financial charges | 65/66B | €6,427 | €3,740 | -€2,687 | -41.8% |
| Recurring financial charges | 65 | €6,427 | €3,740 | -€2,687 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | €210,288 | €271,067 | +€60,779 | +28.9% |
| Income taxes | 67/77 | €48,860 | €64,646 | +€15,786 | +32.3% |
| Profit (loss) for the period | 9904 | €161,428 | €206,421 | +€44,993 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,428 | €206,421 | +€44,993 | +27.9% |
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 9 October 2026 via checked.be.