GARSOU: 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.
GARSOU
Largest movements
- Tangible fixed assets +€73,418
up €73,418 (+68.7%), from €106,895 to €180,313
of which Furniture and vehicles: +€67,154
- Stocks and contracts +€64,759
up €64,759 (+7.3%), from €893,055 to €957,813
- Deferred charges and accrued income +€19,290
up €19,290 (+305%), from €6,318 to €25,608
- Short-term financial debts +€58,414
up €58,414 (+117%), from €50,000 to €108,414
- Debts after one year +€34,675
up €34,675 (+145%), from €23,852 to €58,528
- Trade debts +€17,481
up €17,481 (+13.0%), from €134,483 to €151,964
- Tax, wage and social debts +€15,269
up €15,269 (+41.0%), from €37,243 to €52,511
of which Taxes: +€7,711
- Gross operating margin +€32,053
up €32,053 (+10.4%), from €307,035 to €339,088
- Staff costs +€24,963
up €24,963 (+9.2%), from €272,363 to €297,327
- Financial income -€18,410
down €18,410 (-87.2%), from €21,110 to €2,699
- Financial charges +€4,016
up €4,016 (+35.0%), from €11,482 to €15,498
of which Non-recurring financial charges: +€2,410
- Taxes -€3,501
down €3,501 (-55.6%), from €6,300 to €2,799
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.
Derived cash bridge
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 | €1,267,001 | €1,402,119 | +€135,119 | +10.7% |
| Fixed assets | 21/28 | €107,564 | €180,982 | +€73,418 | +68.3% |
| Tangible fixed assets | 22/27 | €106,895 | €180,313 | +€73,418 | +68.7% |
| Plant, machinery and equipment | 23 | €1,408 | €1,975 | +€567 | +40.3% |
| Furniture and vehicles | 24 | €34,962 | €102,116 | +€67,154 | +192% |
| Leasing and similar rights | 25 | €7,436 | - | -€7,436 | |
| Other tangible fixed assets | 26 | €63,089 | €76,222 | +€13,133 | +20.8% |
| Financial fixed assets | 28 | €669 | €669 | = | 0.0% |
| Current assets | 29/58 | €1,159,437 | €1,221,138 | +€61,701 | +5.3% |
| Stocks and contracts in progress | 3 | €893,055 | €957,813 | +€64,759 | +7.3% |
| Stocks | 30/36 | €893,055 | €957,813 | +€64,759 | +7.3% |
| Amounts receivable within one year | 40/41 | €225,932 | €217,585 | -€8,347 | -3.7% |
| Trade receivables | 40 | €210,124 | €200,384 | -€9,740 | -4.6% |
| Other amounts receivable | 41 | €15,808 | €17,201 | +€1,393 | +8.8% |
| Cash at bank and in hand | 54/58 | €34,132 | €20,131 | -€14,001 | -41.0% |
| Deferred charges and accrued income | 490/1 | €6,318 | €25,608 | +€19,290 | +305% |
| Total equity and liabilities | 10/49 | €1,267,001 | €1,402,119 | +€135,119 | +10.7% |
| Equity | 10/15 | €983,817 | €986,396 | +€2,579 | +0.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €82,635 | €82,635 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €76,485 | €76,485 | = | 0.0% |
| Profit (loss) carried forward | 14 | €839,682 | €842,261 | +€2,579 | +0.3% |
| Amounts payable | 17/49 | €283,183 | €415,723 | +€132,540 | +46.8% |
| Amounts payable after more than one year | 17 | €23,852 | €58,528 | +€34,675 | +145% |
| Financial debts | 170/4 | €23,852 | €58,528 | +€34,675 | +145% |
| Amounts payable within one year | 42/48 | €259,331 | €357,108 | +€97,777 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €17,567 | €24,267 | +€6,700 | +38.1% |
| Financial debts | 43 | €50,000 | €108,414 | +€58,414 | +117% |
| Credit institutions | 430/8 | €50,000 | €108,414 | +€58,414 | +117% |
| Trade debts | 44 | €134,483 | €151,964 | +€17,481 | +13.0% |
| Suppliers | 440/4 | €134,483 | €151,964 | +€17,481 | +13.0% |
| Taxes, remuneration and social security | 45 | €37,243 | €52,511 | +€15,269 | +41.0% |
| Taxes | 450/3 | €18,870 | €26,581 | +€7,711 | +40.9% |
| Remuneration and social security | 454/9 | €18,373 | €25,931 | +€7,557 | +41.1% |
| Other amounts payable | 47/48 | €20,038 | €19,952 | -€86 | -0.4% |
| Accrued charges and deferred income | 492/3 | - | €88 | +€88 | |
| Non-recurring operating income | 76A | - | €5,201 | +€5,201 | |
| Remuneration, social security and pensions | 62 | €272,363 | €297,327 | +€24,963 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,015 | €20,201 | -€814 | -3.9% |
| Other operating charges | 640/8 | €3,981 | €3,384 | -€597 | -15.0% |
| Gross operating margin | 9900 | €307,035 | €339,088 | +€32,053 | +10.4% |
| Operating profit (loss) | 9901 | €9,676 | €18,176 | +€8,500 | +87.9% |
| Financial income | 75/76B | €21,110 | €2,699 | -€18,410 | -87.2% |
| Recurring financial income | 75 | €21,110 | €2,699 | -€18,410 | -87.2% |
| Financial charges | 65/66B | €11,482 | €15,498 | +€4,016 | +35.0% |
| Recurring financial charges | 65 | €11,482 | €13,088 | +€1,606 | +14.0% |
| Non-recurring financial charges | 66B | - | €2,410 | +€2,410 | |
| Profit (loss) for the period before taxes | 9903 | €19,304 | €5,378 | -€13,926 | -72.1% |
| Income taxes | 67/77 | €6,300 | €2,799 | -€3,501 | -55.6% |
| Profit (loss) for the period | 9904 | €13,004 | €2,579 | -€10,425 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,004 | €2,579 | -€10,425 | -80.2% |
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 18 October 2026 via checked.be.