GARROVAN TRADING: 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.
What changed
GARROVAN TRADING
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€439,573
2024 · €1.2m-€751,621
Equity
€1.8m
2024 · €1.3m+€439,573
Cash
€7,630
2024 · €16,080-€8,450
Balance sheet total
€7.7m
2024 · €7.7m-€19,938
Largest movements
Assets
- Stocks and contracts -€1.4m
down €1.4m (-51.3%), from €2.7m to €1.3m
- Receivables within one year +€1.4m
up €1.4m (+101.0%), from €1.4m to €2.8m
Equity and liabilities
- Short-term financial debts -€700,000
down €700,000 (-100.0%), from €700,000 to €0
- Reserves +€439,573
up €439,573 (+34.8%), from €1.3m to €1.7m
of which Distributable reserves: +€441,977
- Other debts +€109,497
up €109,497 (+2.5%), from €4.4m to €4.5m
- Tax, wage and social debts +€99,783
new in 2025: €99,783
Income statement
- Financial income -€1.1m
down €1.1m (-95.9%), from €1.2m to €48,071
- Gross operating margin +€493,782
up €493,782 (+472.9%), from €104,425 to €598,207
- Taxes +€99,783
new in 2025: €99,783
- Financial charges +€13,793
up €13,793 (+21.0%), from €65,551 to €79,344
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.
Result 2024
€1.2m
Gross operating margin
+€493,782
Staff costs
+€587
Depreciation
+€4,248
Other operating charges
+€637
Financial income
-€1.1m
Financial charges
-€13,793
Taxes
-€99,783
Result 2025
€439,573
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.
From operations
+€713,176
Investment
€0
Financing
-€721,626
Cash 2024
€16,080
From operations (derived)
+€713,176
Net result for the year
+€439,573
Depreciation
+€19,713
Stocks and contracts
+€1.4m
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€12,207
Provisions
-€1,238
Trade debts
+€40,204
Tax, wage and social debts
+€99,783
Other debts
+€109,497
Accrued charges and deferred income
+€13,869
Financing
-€721,626
Debts after one year
-€22,045
Current portion of long-term debt
+€418
Short-term financial debts
-€700,000
Cash 2025
€7,630
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,731,302 | €7,711,365 | -€19,938 | -0.3% |
| Fixed assets | 21/28 | €3,584,181 | €3,564,468 | -€19,713 | -0.5% |
| Tangible fixed assets | 22/27 | €549,181 | €529,468 | -€19,713 | -3.6% |
| Land and buildings | 22 | €546,059 | €529,468 | -€16,591 | -3.0% |
| Furniture and vehicles | 24 | €3,122 | €0 | -€3,122 | -100.0% |
| Financial fixed assets | 28 | €3,035,000 | €3,035,000 | = | 0.0% |
| Current assets | 29/58 | €4,147,121 | €4,146,896 | -€225 | 0.0% |
| Stocks and contracts in progress | 3 | €2,740,106 | €1,333,263 | -€1.4m | -51.3% |
| Stocks | 30/36 | €2,740,106 | €1,333,263 | -€1.4m | -51.3% |
| Amounts receivable within one year | 40/41 | €1,389,179 | €2,792,040 | +€1.4m | +101.0% |
| Other amounts receivable | 41 | €1,389,179 | €2,792,040 | +€1.4m | +101.0% |
| Cash at bank and in hand | 54/58 | €16,080 | €7,630 | -€8,450 | -52.5% |
| Deferred charges and accrued income | 490/1 | €1,756 | €13,963 | +€12,207 | +695.2% |
| Total equity and liabilities | 10/49 | €7,731,302 | €7,711,365 | -€19,938 | -0.3% |
| Equity | 10/15 | €1,324,919 | €1,764,492 | +€439,573 | +33.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,262,919 | €1,702,492 | +€439,573 | +34.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €58,478 | €56,074 | -€2,404 | -4.1% |
| Distributable reserves | 133 | €1,198,242 | €1,640,219 | +€441,977 | +36.9% |
| Provisions and deferred taxes | 16 | €30,112 | €28,874 | -€1,238 | -4.1% |
| Deferred taxes | 168 | €30,112 | €28,874 | -€1,238 | -4.1% |
| Amounts payable | 17/49 | €6,376,272 | €5,917,999 | -€458,273 | -7.2% |
| Amounts payable after more than one year | 17 | €1,154,098 | €1,132,053 | -€22,045 | -1.9% |
| Financial debts | 170/4 | €1,154,098 | €1,132,053 | -€22,045 | -1.9% |
| Amounts payable within one year | 42/48 | €5,113,688 | €4,663,590 | -€450,098 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €21,626 | €22,045 | +€418 | +1.9% |
| Financial debts | 43 | €700,000 | €0 | -€700,000 | -100.0% |
| Credit institutions | 430/8 | €700,000 | €0 | -€700,000 | -100.0% |
| Trade debts | 44 | €5,296 | €45,499 | +€40,204 | +759.2% |
| Suppliers | 440/4 | €5,296 | €45,499 | +€40,204 | +759.2% |
| Taxes, remuneration and social security | 45 | - | €99,783 | +€99,783 | |
| Taxes | 450/3 | - | €99,783 | +€99,783 | |
| Other amounts payable | 47/48 | €4,386,767 | €4,496,264 | +€109,497 | +2.5% |
| Accrued charges and deferred income | 492/3 | €108,486 | €122,355 | +€13,869 | +12.8% |
| Remuneration, social security and pensions | 62 | €587 | €0 | -€587 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,961 | €19,713 | -€4,248 | -17.7% |
| Other operating charges | 640/8 | €9,739 | €9,102 | -€637 | -6.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €104,425 | €598,207 | +€493,782 | +472.9% |
| Operating profit (loss) | 9901 | €70,138 | €569,392 | +€499,254 | +711.8% |
| Financial income | 75/76B | €1,185,370 | €48,071 | -€1.1m | -95.9% |
| Recurring financial income | 75 | €1,185,370 | €48,071 | -€1.1m | -95.9% |
| Financial charges | 65/66B | €65,551 | €79,344 | +€13,793 | +21.0% |
| Recurring financial charges | 65 | €65,551 | €79,344 | +€13,793 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €1,189,956 | €538,118 | -€651,838 | -54.8% |
| Transfer from deferred taxes | 780 | €1,238 | €1,238 | = | 0.0% |
| Income taxes | 67/77 | - | €99,783 | +€99,783 | |
| Profit (loss) for the period | 9904 | €1,191,194 | €439,573 | -€751,621 | -63.1% |
| Transfer from tax-exempt reserves | 789 | €2,404 | €2,404 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,193,598 | €441,977 | -€751,621 | -63.0% |
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 12 October 2026 via checked.be.