GARUDA: 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.
GARUDA
Largest movements
- Stocks and contracts -€251,623
down €251,623 (-100.0%), from €251,623 to €0
- Tangible fixed assets -€140,748
down €140,748 (-45.3%), from €310,369 to €169,622
of which Land and buildings: -€128,180
- Receivables within one year -€53,268
down €53,268 (-7.6%), from €704,230 to €650,962
of which Trade receivables: -€34,768
- Cash +€48,642
up €48,642 (+85.2%), from €57,105 to €105,747
mainly Stocks and contracts (+€251,623) and Investment in fixed assets (net) (+€110,436)
- Profit (loss) carried forward -€265,258
down €265,258 (-45.2%), from -€586,779 to -€852,037
- Other debts -€108,210
down €108,210 (-40.3%), from €268,280 to €160,071
- Debts after one year -€17,667
down €17,667 (-52.6%), from €33,567 to €15,900
- Gross operating margin +€300,112
up €300,112 (+59.2%), from -€506,898 to -€206,786
- Financial income -€8,431
down €8,431 (-93.1%), from €9,055 to €624
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 | €1,337,596 | €930,591 | -€407,005 | -30.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €310,639 | €169,892 | -€140,748 | -45.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €310,369 | €169,622 | -€140,748 | -45.3% |
| Land and buildings | 22 | €236,092 | €107,912 | -€128,180 | -54.3% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €74,278 | €61,710 | -€12,568 | -16.9% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €1,026,956 | €760,699 | -€266,257 | -25.9% |
| Stocks and contracts in progress | 3 | €251,623 | €0 | -€251,623 | -100.0% |
| Stocks | 30/36 | €251,623 | €0 | -€251,623 | -100.0% |
| Amounts receivable within one year | 40/41 | €704,230 | €650,962 | -€53,268 | -7.6% |
| Trade receivables | 40 | €646,896 | €612,128 | -€34,768 | -5.4% |
| Other amounts receivable | 41 | €57,333 | €38,834 | -€18,500 | -32.3% |
| Current investments | 50/53 | €50 | €50 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,105 | €105,747 | +€48,642 | +85.2% |
| Deferred charges and accrued income | 490/1 | €13,948 | €3,940 | -€10,008 | -71.7% |
| Total equity and liabilities | 10/49 | €1,337,596 | €930,591 | -€407,005 | -30.4% |
| Equity | 10/15 | €989,972 | €724,713 | -€265,258 | -26.8% |
| Contributions | 10/11 | €693,592 | €693,592 | = | 0.0% |
| Reserves | 13 | €883,159 | €883,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,931 | €9,931 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,931 | €9,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,440 | €56,440 | = | 0.0% |
| Distributable reserves | 133 | €816,787 | €816,787 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€586,779 | -€852,037 | -€265,258 | -45.2% |
| Amounts payable | 17/49 | €347,624 | €205,878 | -€141,746 | -40.8% |
| Amounts payable after more than one year | 17 | €33,567 | €15,900 | -€17,667 | -52.6% |
| Financial debts | 170/4 | €33,567 | €15,900 | -€17,667 | -52.6% |
| Amounts payable within one year | 42/48 | €308,057 | €189,977 | -€118,079 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €17,990 | €17,667 | -€323 | -1.8% |
| Trade debts | 44 | €15,968 | €4,101 | -€11,868 | -74.3% |
| Suppliers | 440/4 | €15,968 | €4,101 | -€11,868 | -74.3% |
| Taxes, remuneration and social security | 45 | €5,819 | €8,139 | +€2,321 | +39.9% |
| Taxes | 450/3 | €5,819 | €8,139 | +€2,321 | +39.9% |
| Other amounts payable | 47/48 | €268,280 | €160,071 | -€108,210 | -40.3% |
| Accrued charges and deferred income | 492/3 | €6,000 | €0 | -€6,000 | -100.0% |
| Non-recurring operating income | 76A | €14,956 | €65,128 | +€50,173 | +335.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,766 | €30,311 | +€4,545 | +17.6% |
| Other operating charges | 640/8 | €13,917 | €17,557 | +€3,639 | +26.1% |
| Gross operating margin | 9900 | -€506,898 | -€206,786 | +€300,112 | +59.2% |
| Operating profit (loss) | 9901 | -€546,582 | -€254,654 | +€291,928 | +53.4% |
| Financial income | 75/76B | €9,055 | €624 | -€8,431 | -93.1% |
| Recurring financial income | 75 | €9,055 | €624 | -€8,431 | -93.1% |
| Financial charges | 65/66B | €14,512 | €10,457 | -€4,054 | -27.9% |
| Recurring financial charges | 65 | €14,512 | €10,457 | -€4,054 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | -€552,038 | -€264,487 | +€287,551 | +52.1% |
| Income taxes | 67/77 | €414 | €772 | +€358 | +86.4% |
| Profit (loss) for the period | 9904 | -€552,452 | -€265,258 | +€287,194 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€552,452 | -€265,258 | +€287,194 | +52.0% |
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 11 October 2026 via checked.be.