GARP: 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.
GARP
Largest movements
- Cash -€1.2m
down €1.2m (-91.3%), from €1.3m to €113,853
mainly Other debts (-€1.0m) and Contributions, distributions and other (-€175,000)
- Tangible fixed assets -€27,595
down €27,595 (-25.3%), from €109,219 to €81,624
of which Leasing and similar rights: -€26,985
- Other debts -€1.0m
down €1.0m (-99.8%), from €1.0m to €1,579
- Reserves -€209,013
down €209,013 (-19.1%), from €1.1m to €886,332
- Debts after one year -€27,387
down €27,387 (-32.8%), from €83,402 to €56,015
- Tax, wage and social debts +€27,375
up €27,375 (+1014.3%), from €2,699 to €30,074
- Financial income -€74,341
down €74,341 (-63.7%), from €116,623 to €42,282
- Gross operating margin -€5,548
down €5,548 (-17.4%), from -€31,885 to -€37,433
- Other operating charges -€3,487
down €3,487 (-32.9%), from €10,596 to €7,110
- Depreciation +€1,263
up €1,263 (+4.8%), from €26,332 to €27,595
- Financial charges -€540
down €540 (-12.1%), from €4,457 to €3,917
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 | €2,224,518 | €1,009,304 | -€1.2m | -54.6% |
| Fixed assets | 21/28 | €187,969 | €160,374 | -€27,595 | -14.7% |
| Tangible fixed assets | 22/27 | €109,219 | €81,624 | -€27,595 | -25.3% |
| Furniture and vehicles | 24 | €1,038 | €428 | -€610 | -58.8% |
| Leasing and similar rights | 25 | €108,182 | €81,196 | -€26,985 | -24.9% |
| Financial fixed assets | 28 | €78,750 | €78,750 | = | 0.0% |
| Current assets | 29/58 | €2,036,549 | €848,930 | -€1.2m | -58.3% |
| Amounts receivable after more than one year | 29 | €674,933 | €674,933 | = | 0.0% |
| Other amounts receivable | 291 | €674,933 | €674,933 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,973 | €6,553 | -€4,419 | -40.3% |
| Other amounts receivable | 41 | €10,973 | €6,553 | -€4,419 | -40.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,315,576 | €113,853 | -€1.2m | -91.3% |
| Deferred charges and accrued income | 490/1 | €35,068 | €53,590 | +€18,523 | +52.8% |
| Total equity and liabilities | 10/49 | €2,224,518 | €1,009,304 | -€1.2m | -54.6% |
| Equity | 10/15 | €1,096,345 | €887,332 | -€209,013 | -19.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,095,345 | €886,332 | -€209,013 | -19.1% |
| Distributable reserves | 133 | €1,095,345 | €886,332 | -€209,013 | -19.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,128,174 | €121,972 | -€1.0m | -89.2% |
| Amounts payable after more than one year | 17 | €83,402 | €56,015 | -€27,387 | -32.8% |
| Financial debts | 170/4 | €83,402 | €56,015 | -€27,387 | -32.8% |
| Amounts payable within one year | 42/48 | €1,044,772 | €65,957 | -€978,815 | -93.7% |
| Current portion of amounts payable after more than one year | 42 | €26,520 | €27,387 | +€867 | +3.3% |
| Trade debts | 44 | €4,497 | €6,918 | +€2,421 | +53.8% |
| Suppliers | 440/4 | €4,497 | €6,918 | +€2,421 | +53.8% |
| Taxes, remuneration and social security | 45 | €2,699 | €30,074 | +€27,375 | +1014.3% |
| Taxes | 450/3 | €2,699 | €30,074 | +€27,375 | +1014.3% |
| Other amounts payable | 47/48 | €1,011,056 | €1,579 | -€1.0m | -99.8% |
| Non-recurring operating income | 76A | €11,180 | €0 | -€11,180 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,332 | €27,595 | +€1,263 | +4.8% |
| Other operating charges | 640/8 | €10,596 | €7,110 | -€3,487 | -32.9% |
| Gross operating margin | 9900 | -€31,885 | -€37,433 | -€5,548 | -17.4% |
| Operating profit (loss) | 9901 | -€68,813 | -€72,138 | -€3,324 | -4.8% |
| Financial income | 75/76B | €116,623 | €42,282 | -€74,341 | -63.7% |
| Recurring financial income | 75 | €116,623 | €42,282 | -€74,341 | -63.7% |
| Financial charges | 65/66B | €4,457 | €3,917 | -€540 | -12.1% |
| Recurring financial charges | 65 | €4,457 | €3,917 | -€540 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €43,353 | -€33,772 | -€77,125 | |
| Income taxes | 67/77 | €242 | €241 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | €43,111 | -€34,013 | -€77,124 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,111 | -€34,013 | -€77,124 |
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 6 October 2026 via checked.be.