GARUDA: 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.
GARUDA
Largest movements
- Tangible fixed assets -€6,547
down €6,547 (-2.6%), from €252,875 to €246,328
of which Land and buildings: -€7,913
- Cash +€5,542
up €5,542 (+17.8%), from €31,078 to €36,620
mainly Depreciation (+€7,976) and Other debts (+€85)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€798
down €798 (-8.9%), from €8,934 to €8,136
- Other operating charges +€425
up €425 (+51.3%), from €829 to €1,254
- Financial income +€121
up €121 (+159.6%), from €76 to €197
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 | €283,976 | €283,080 | -€896 | -0.3% |
| Fixed assets | 21/28 | €252,875 | €246,328 | -€6,547 | -2.6% |
| Tangible fixed assets | 22/27 | €252,875 | €246,328 | -€6,547 | -2.6% |
| Land and buildings | 22 | €252,875 | €244,962 | -€7,913 | -3.1% |
| Plant, machinery and equipment | 23 | - | €1,366 | +€1,366 | |
| Current assets | 29/58 | €31,101 | €36,752 | +€5,651 | +18.2% |
| Amounts receivable within one year | 40/41 | €23 | €131 | +€109 | +475.9% |
| Other amounts receivable | 41 | €23 | €131 | +€109 | +475.9% |
| Cash at bank and in hand | 54/58 | €31,078 | €36,620 | +€5,542 | +17.8% |
| Total equity and liabilities | 10/49 | €283,976 | €283,080 | -€896 | -0.3% |
| Equity | 10/15 | -€1,339 | -€2,276 | -€937 | -69.9% |
| Contributions | 10/11 | €7,520 | €7,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,860 | -€9,796 | -€937 | -10.6% |
| Amounts payable | 17/49 | €285,315 | €285,356 | +€41 | 0.0% |
| Amounts payable within one year | 42/48 | €285,315 | €285,356 | +€41 | 0.0% |
| Taxes, remuneration and social security | 45 | €44 | €0 | -€44 | -100.0% |
| Taxes | 450/3 | €44 | €0 | -€44 | -100.0% |
| Other amounts payable | 47/48 | €285,271 | €285,356 | +€85 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,913 | €7,976 | +€63 | +0.8% |
| Other operating charges | 640/8 | €829 | €1,254 | +€425 | +51.3% |
| Gross operating margin | 9900 | €8,934 | €8,136 | -€798 | -8.9% |
| Operating profit (loss) | 9901 | €192 | -€1,094 | -€1,286 | |
| Financial income | 75/76B | €76 | €197 | +€121 | +159.6% |
| Recurring financial income | 75 | €76 | €197 | +€121 | +159.6% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €224 | -€937 | -€1,161 | |
| Profit (loss) for the period | 9904 | €224 | -€937 | -€1,161 | |
| Profit (loss) for the period to be appropriated | 9905 | €224 | -€937 | -€1,161 |
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 1 October 2026 via checked.be.