GARULEO: 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.
GARULEO
Largest movements
- Financial fixed assets +€3.3m
up €3.3m (+13.7%), from €24.1m to €27.4m
- Short-term financial debts +€2.8m
up €2.8m (+189.7%), from €1.5m to €4.2m
- Other debts +€568,038
up €568,038 (+2.6%), from €22.2m to €22.8m
- Financial charges +€149,715
up €149,715 (+429.9%), from €34,829 to €184,543
- Financial income +€95,164
up €95,164 (+70.0%), from €135,963 to €231,127
- Gross operating margin -€7,130
down €7,130 (-17.8%), from -€40,083 to -€47,213
- Depreciation +€6,117
up €6,117 (+1019.5%), from €600 to €6,717
- Other operating charges +€1,534
new in 2024: €1,534
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,101,658 | €27,426,099 | +€3.3m | +13.8% |
| Fixed assets | 21/28 | €24,079,081 | €27,412,501 | +€3.3m | +13.8% |
| Tangible fixed assets | 22/27 | €2,400 | €29,759 | +€27,359 | +1140.0% |
| Furniture and vehicles | 24 | €2,400 | €29,759 | +€27,359 | +1140.0% |
| Financial fixed assets | 28 | €24,076,681 | €27,382,742 | +€3.3m | +13.7% |
| Current assets | 29/58 | €22,577 | €13,598 | -€8,979 | -39.8% |
| Amounts receivable within one year | 40/41 | €9,650 | €4,077 | -€5,572 | -57.7% |
| Trade receivables | 40 | €5,011 | €1,126 | -€3,885 | -77.5% |
| Other amounts receivable | 41 | €4,639 | €2,951 | -€1,687 | -36.4% |
| Cash at bank and in hand | 54/58 | €12,927 | €9,520 | -€3,407 | -26.4% |
| Total equity and liabilities | 10/49 | €24,101,658 | €27,426,099 | +€3.3m | +13.8% |
| Equity | 10/15 | €395,299 | €386,021 | -€9,278 | -2.3% |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Contributions outside capital | 11 | €418,600 | - | -€418,600 | |
| Other | 1109/19 | €418,600 | - | -€418,600 | |
| Profit (loss) carried forward | 14 | -€23,301 | -€32,579 | -€9,278 | -39.8% |
| Amounts payable | 17/49 | €23,706,359 | €27,040,078 | +€3.3m | +14.1% |
| Amounts payable after more than one year | 17 | €0 | €14,716 | +€14,716 | |
| Financial debts | 170/4 | €0 | €14,716 | +€14,716 | |
| Amounts payable within one year | 42/48 | €23,706,359 | €27,025,362 | +€3.3m | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €9,941 | €11,285 | +€1,344 | +13.5% |
| Financial debts | 43 | €1,450,000 | €4,200,000 | +€2.8m | +189.7% |
| Credit institutions | 430/8 | €1,450,000 | €4,200,000 | +€2.8m | +189.7% |
| Trade debts | 44 | €4,542 | €3,764 | -€778 | -17.1% |
| Suppliers | 440/4 | €4,542 | €3,764 | -€778 | -17.1% |
| Taxes, remuneration and social security | 45 | €0 | €399 | +€399 | |
| Taxes | 450/3 | €0 | €399 | +€399 | |
| Other amounts payable | 47/48 | €22,241,876 | €22,809,914 | +€568,038 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €600 | €6,717 | +€6,117 | +1019.5% |
| Other operating charges | 640/8 | - | €1,534 | +€1,534 | |
| Gross operating margin | 9900 | -€40,083 | -€47,213 | -€7,130 | -17.8% |
| Operating profit (loss) | 9901 | -€40,683 | -€55,464 | -€14,780 | -36.3% |
| Financial income | 75/76B | €135,963 | €231,127 | +€95,164 | +70.0% |
| Recurring financial income | 75 | €135,963 | €231,127 | +€95,164 | +70.0% |
| Financial charges | 65/66B | €34,829 | €184,543 | +€149,715 | +429.9% |
| Recurring financial charges | 65 | €34,829 | €184,543 | +€149,715 | +429.9% |
| Profit (loss) for the period before taxes | 9903 | €60,451 | -€8,880 | -€69,331 | |
| Income taxes | 67/77 | - | €399 | +€399 | |
| Profit (loss) for the period | 9904 | €60,451 | -€9,278 | -€69,729 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,451 | -€9,278 | -€69,729 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.