GARWAL: 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.
GARWAL
Largest movements
- Cash -€4,531
down €4,531 (-88.1%), from €5,141 to €610
mainly Trade debts (-€6,995) and Stocks and contracts (-€4,211)
- Stocks and contracts +€4,211
up €4,211 (+25.3%), from €16,657 to €20,868
- Tangible fixed assets -€249
down €249 (-25.0%), from €994 to €746
- Trade debts -€6,995
down €6,995 (-95.1%), from €7,359 to €364
- Profit (loss) carried forward +€2,399
up €2,399 (+169.0%), from €1,420 to €3,819
- Tax, wage and social debts +€2,027
up €2,027 (+108.5%), from €1,868 to €3,895
of which Taxes: +€2,347
- Other debts +€2,000
new in 2025: €2,000
- Gross operating margin +€2,977
up €2,977 (+171.8%), from €1,733 to €4,710
- Other operating charges +€908
up €908 (+321.6%), from €282 to €1,191
- Taxes +€393
up €393 (+190.2%), from €207 to €600
- Staff costs +€63
new in 2025: €63
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 | €22,793 | €22,224 | -€569 | -2.5% |
| Fixed assets | 21/28 | €994 | €746 | -€249 | -25.0% |
| Tangible fixed assets | 22/27 | €994 | €746 | -€249 | -25.0% |
| Furniture and vehicles | 24 | €994 | €746 | -€249 | -25.0% |
| Current assets | 29/58 | €21,799 | €21,478 | -€321 | -1.5% |
| Stocks and contracts in progress | 3 | €16,657 | €20,868 | +€4,211 | +25.3% |
| Stocks | 30/36 | €16,657 | €20,868 | +€4,211 | +25.3% |
| Cash at bank and in hand | 54/58 | €5,141 | €610 | -€4,531 | -88.1% |
| Total equity and liabilities | 10/49 | €22,793 | €22,224 | -€569 | -2.5% |
| Equity | 10/15 | €8,566 | €10,965 | +€2,399 | +28.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €947 | €947 | = | 0.0% |
| Non-distributable reserves | 130/1 | €447 | €447 | = | 0.0% |
| Reserves not available under the articles | 1311 | €447 | €447 | = | 0.0% |
| Distributable reserves | 133 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,420 | €3,819 | +€2,399 | +169.0% |
| Amounts payable | 17/49 | €14,227 | €11,258 | -€2,968 | -20.9% |
| Amounts payable after more than one year | 17 | €5,000 | €5,000 | = | 0.0% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,227 | €6,258 | -€2,968 | -32.2% |
| Trade debts | 44 | €7,359 | €364 | -€6,995 | -95.1% |
| Suppliers | 440/4 | €7,359 | €364 | -€6,995 | -95.1% |
| Taxes, remuneration and social security | 45 | €1,868 | €3,895 | +€2,027 | +108.5% |
| Taxes | 450/3 | €1,548 | €3,895 | +€2,347 | +151.6% |
| Remuneration and social security | 454/9 | €320 | - | -€320 | |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | - | €63 | +€63 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249 | €249 | = | 0.0% |
| Other operating charges | 640/8 | €282 | €1,191 | +€908 | +321.6% |
| Gross operating margin | 9900 | €1,733 | €4,710 | +€2,977 | +171.8% |
| Operating profit (loss) | 9901 | €1,202 | €3,208 | +€2,006 | +166.9% |
| Financial charges | 65/66B | €168 | €190 | +€22 | +12.9% |
| Recurring financial charges | 65 | €168 | €190 | +€22 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €1,033 | €3,017 | +€1,984 | +192.0% |
| Income taxes | 67/77 | €207 | €600 | +€393 | +190.2% |
| Profit (loss) for the period | 9904 | €827 | €2,418 | +€1,591 | +192.4% |
| Profit (loss) for the period to be appropriated | 9905 | €827 | €2,418 | +€1,591 | +192.4% |
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 12 October 2026 via checked.be.