GARTHUS: 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.
GARTHUS
Largest movements
- Cash +€17,196
up €17,196 (+62.5%), from €27,493 to €44,689
mainly Net result for the year (+€44,528) and Tax, wage and social debts (+€13,418)
- Tangible fixed assets -€8,182
down €8,182 (-4.7%), from €175,374 to €167,192
of which Land and buildings: -€7,422
- Receivables within one year -€6,170
down €6,170 (-25.4%), from €24,289 to €18,119
of which Other amounts receivable: -€7,954
- Current investments +€3,000
new in 2025: €3,000
- Tax, wage and social debts +€13,418
up €13,418 (+77.2%), from €17,392 to €30,810
of which Taxes: +€11,658
- Debts after one year -€8,317
down €8,317 (-5.8%), from €143,318 to €135,001
- Gross operating margin +€9,070
up €9,070 (+14.8%), from €61,331 to €70,401
- Taxes +€2,204
up €2,204 (+19.2%), from €11,482 to €13,686
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 | €227,486 | €233,376 | +€5,890 | +2.6% |
| Fixed assets | 21/28 | €175,374 | €167,192 | -€8,182 | -4.7% |
| Tangible fixed assets | 22/27 | €175,374 | €167,192 | -€8,182 | -4.7% |
| Land and buildings | 22 | €173,987 | €166,565 | -€7,422 | -4.3% |
| Furniture and vehicles | 24 | €1,387 | €627 | -€760 | -54.8% |
| Current assets | 29/58 | €52,112 | €66,184 | +€14,072 | +27.0% |
| Amounts receivable within one year | 40/41 | €24,289 | €18,119 | -€6,170 | -25.4% |
| Trade receivables | 40 | €16,335 | €18,119 | +€1,784 | +10.9% |
| Other amounts receivable | 41 | €7,954 | - | -€7,954 | |
| Current investments | 50/53 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €27,493 | €44,689 | +€17,196 | +62.5% |
| Deferred charges and accrued income | 490/1 | €330 | €377 | +€47 | +14.4% |
| Total equity and liabilities | 10/49 | €227,486 | €233,376 | +€5,890 | +2.6% |
| Equity | 10/15 | €56,508 | €58,451 | +€1,943 | +3.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | - | -€2,000 | |
| Other | 1109/19 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €54,508 | €56,451 | +€1,943 | +3.6% |
| Amounts payable | 17/49 | €170,978 | €174,925 | +€3,947 | +2.3% |
| Amounts payable after more than one year | 17 | €143,318 | €135,001 | -€8,317 | -5.8% |
| Financial debts | 170/4 | €143,318 | €135,001 | -€8,317 | -5.8% |
| Amounts payable within one year | 42/48 | €27,660 | €39,924 | +€12,264 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €8,159 | €8,317 | +€158 | +1.9% |
| Trade debts | 44 | €2,109 | €797 | -€1,312 | -62.2% |
| Suppliers | 440/4 | €2,109 | €797 | -€1,312 | -62.2% |
| Taxes, remuneration and social security | 45 | €17,392 | €30,810 | +€13,418 | +77.2% |
| Taxes | 450/3 | €17,392 | €29,050 | +€11,658 | +67.0% |
| Remuneration and social security | 454/9 | - | €1,760 | +€1,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,421 | €8,182 | -€239 | -2.8% |
| Other operating charges | 640/8 | €370 | €868 | +€498 | +134.5% |
| Gross operating margin | 9900 | €61,331 | €70,401 | +€9,070 | +14.8% |
| Operating profit (loss) | 9901 | €52,540 | €61,351 | +€8,811 | +16.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,513 | €3,137 | -€376 | -10.7% |
| Recurring financial charges | 65 | €3,513 | €3,137 | -€376 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €49,027 | €58,214 | +€9,187 | +18.7% |
| Income taxes | 67/77 | €11,482 | €13,686 | +€2,204 | +19.2% |
| Profit (loss) for the period | 9904 | €37,545 | €44,528 | +€6,983 | +18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,545 | €44,528 | +€6,983 | +18.6% |
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 10 October 2026 via checked.be.