GARWIG: 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.
What changed
GARWIG
NACE 38.330, Waste collection, recovery and disposal activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€282,660
2024 · €223,471+€59,189
Equity
€6.1m
2024 · €5.8m+€282,660
Cash
€3.0m
2024 · €2.5m+€528,287
Balance sheet total
€11.7m
2024 · €11.8m-€84,892
Largest movements
Assets
- Receivables within one year -€789,903
down €789,903 (-16.1%), from €4.9m to €4.1m
of which Trade receivables: -€803,580
- Cash +€528,287
up €528,287 (+21.3%), from €2.5m to €3.0m
mainly Receivables within one year (+€789,903) and Depreciation (+€658,612)
- Current investments +€500,000
up €500,000 (+50.0%), from €1.0m to €1.5m
- Tangible fixed assets -€312,370
down €312,370 (-17.8%), from €1.8m to €1.4m
of which Leasing and similar rights: -€331,886
Equity and liabilities
- Provisions -€294,461
down €294,461 (-49.2%), from €598,395 to €303,934
- Reserves +€282,100
up €282,100 (+5.1%), from €5.5m to €5.8m
of which Distributable reserves: +€282,100
- Current portion of long-term debt -€143,189
down €143,189 (-28.9%), from €495,205 to €352,016
Income statement
- Turnover -€257,044
down €257,044 (-1.3%), from €20.5m to €20.2m
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.
Result 2024
€223,471
Turnover
-€257,044
Other operating income
-€61,390
Goods and materials
+€78,156
Services and other goods
+€137,595
Staff costs
-€66,021
Depreciation
+€176,594
Write-downs
-€56,146
Provisions
+€115,330
Other operating charges
+€2,938
Other operating items
-€18,768
Financial income
+€12,922
Financial charges
+€10,238
Taxes
-€15,214
Result 2025
€282,660
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.
From operations
+€1.5m
Investment
-€846,262
Financing
-€144,042
Cash 2024
€2.5m
From operations (derived)
+€1.5m
Net result for the year
+€282,660
Depreciation
+€658,612
Stocks and contracts
-€2,475
Receivables within one year
+€789,903
Deferred charges and accrued income
+€13,400
Provisions
-€294,461
Trade debts
+€78,225
Tax, wage and social debts
-€28,939
Other debts
+€11,956
Accrued charges and deferred income
+€9,709
Investment (derived)
-€846,262
Investment in fixed assets (net)
-€346,262
Current investments
-€500,000
Financing
-€144,042
Debts after one year
-€76,549
Current portion of long-term debt
-€143,189
Short-term financial debts
+€75,696
Cash 2025
€3.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,783,591 | €11,698,699 | -€84,892 | -0.7% |
| Fixed assets | 21/28 | €3,291,526 | €2,979,176 | -€312,350 | -9.5% |
| Intangible fixed assets | 21 | €27,364 | €27,602 | +€237 | +0.9% |
| Tangible fixed assets | 22/27 | €1,758,410 | €1,446,040 | -€312,370 | -17.8% |
| Land and buildings | 22 | €485,858 | €444,371 | -€41,488 | -8.5% |
| Plant, machinery and equipment | 23 | €242,366 | €202,620 | -€39,746 | -16.4% |
| Furniture and vehicles | 24 | €112,996 | €213,745 | +€100,749 | +89.2% |
| Leasing and similar rights | 25 | €917,190 | €585,304 | -€331,886 | -36.2% |
| Financial fixed assets | 28 | €1,505,751 | €1,505,534 | -€218 | 0.0% |
| Affiliated companies | 280/1 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts receivable | 281 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €5,751 | €5,534 | -€218 | -3.8% |
| Amounts receivable and cash guarantees | 285/8 | €5,751 | €5,534 | -€218 | -3.8% |
| Current assets | 29/58 | €8,492,065 | €8,719,523 | +€227,458 | +2.7% |
| Stocks and contracts in progress | 3 | €46,061 | €48,536 | +€2,475 | +5.4% |
| Stocks | 30/36 | €46,061 | €48,536 | +€2,475 | +5.4% |
| Goods purchased for resale | 34 | €46,061 | €48,536 | +€2,475 | +5.4% |
| Amounts receivable within one year | 40/41 | €4,912,851 | €4,122,948 | -€789,903 | -16.1% |
| Trade receivables | 40 | €4,701,500 | €3,897,920 | -€803,580 | -17.1% |
| Other amounts receivable | 41 | €211,351 | €225,028 | +€13,677 | +6.5% |
| Current investments | 50/53 | €1,000,000 | €1,500,000 | +€500,000 | +50.0% |
| Other investments | 51/53 | €1,000,000 | €1,500,000 | +€500,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €2,478,429 | €3,006,716 | +€528,287 | +21.3% |
| Deferred charges and accrued income | 490/1 | €54,724 | €41,324 | -€13,400 | -24.5% |
| Total equity and liabilities | 10/49 | €11,783,591 | €11,698,699 | -€84,892 | -0.7% |
| Equity | 10/15 | €5,792,685 | €6,075,345 | +€282,660 | +4.9% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Capital | 10 | €280,000 | €280,000 | = | 0.0% |
| Issued capital | 100 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €5,512,150 | €5,794,250 | +€282,100 | +5.1% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Legal reserve | 130 | €28,000 | €28,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,250 | €161,250 | = | 0.0% |
| Distributable reserves | 133 | €5,322,900 | €5,605,000 | +€282,100 | +5.3% |
| Profit (loss) carried forward | 14 | €535 | €1,095 | +€560 | +104.8% |
| Provisions and deferred taxes | 16 | €598,395 | €303,934 | -€294,461 | -49.2% |
| Provisions for liabilities and charges | 160/5 | €598,395 | €303,934 | -€294,461 | -49.2% |
| Other liabilities and charges | 164/5 | €598,395 | €303,934 | -€294,461 | -49.2% |
| Amounts payable | 17/49 | €5,392,511 | €5,319,420 | -€73,092 | -1.4% |
| Amounts payable after more than one year | 17 | €954,938 | €878,388 | -€76,549 | -8.0% |
| Financial debts | 170/4 | €534,938 | €458,388 | -€76,549 | -14.3% |
| Leasing and similar obligations | 172 | €414,588 | €275,202 | -€139,386 | -33.6% |
| Credit institutions | 173 | €120,349 | €183,186 | +€62,837 | +52.2% |
| Other amounts payable | 178/9 | €420,000 | €420,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,412,184 | €4,405,933 | -€6,251 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €495,205 | €352,016 | -€143,189 | -28.9% |
| Financial debts | 43 | €0 | €75,696 | +€75,696 | |
| Credit institutions | 430/8 | €0 | €75,696 | +€75,696 | |
| Trade debts | 44 | €3,649,161 | €3,727,385 | +€78,225 | +2.1% |
| Suppliers | 440/4 | €3,649,161 | €3,727,385 | +€78,225 | +2.1% |
| Taxes, remuneration and social security | 45 | €227,260 | €198,320 | -€28,939 | -12.7% |
| Taxes | 450/3 | €43,935 | €44,672 | +€737 | +1.7% |
| Remuneration and social security | 454/9 | €183,325 | €153,649 | -€29,676 | -16.2% |
| Other amounts payable | 47/48 | €40,558 | €52,515 | +€11,956 | +29.5% |
| Accrued charges and deferred income | 492/3 | €25,390 | €35,098 | +€9,709 | +38.2% |
| Operating income | 70/76A | €20,671,645 | €20,351,434 | -€320,211 | -1.5% |
| Turnover | 70 | €20,498,205 | €20,241,161 | -€257,044 | -1.3% |
| Other operating income | 74 | €171,663 | €110,273 | -€61,390 | -35.8% |
| Non-recurring operating income | 76A | €1,777 | €0 | -€1,777 | -100.0% |
| Operating charges | 60/66A | €20,226,073 | €19,854,618 | -€371,454 | -1.8% |
| Goods for resale, raw materials and consumables | 60 | €106,563 | €28,407 | -€78,156 | -73.3% |
| Purchases | 600/8 | €100,441 | €30,881 | -€69,559 | -69.3% |
| Change in stocks: decrease (increase) | 609 | €6,122 | -€2,475 | -€8,597 | |
| Services and other goods | 61 | €17,943,676 | €17,806,081 | -€137,595 | -0.8% |
| Remuneration, social security and pensions | 62 | €1,001,196 | €1,067,217 | +€66,021 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €835,206 | €658,612 | -€176,594 | -21.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,899 | €71,045 | +€56,146 | +376.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€179,131 | -€294,461 | -€115,330 | -64.4% |
| Other operating charges | 640/8 | €503,664 | €500,726 | -€2,938 | -0.6% |
| Non-recurring operating charges | 66A | - | €16,991 | +€16,991 | |
| Operating profit (loss) | 9901 | €445,572 | €496,815 | +€51,243 | +11.5% |
| Financial income | 75/76B | €85,194 | €98,116 | +€12,922 | +15.2% |
| Recurring financial income | 75 | €85,194 | €98,116 | +€12,922 | +15.2% |
| Income from current assets | 751 | €68,916 | €62,827 | -€6,089 | -8.8% |
| Other financial income | 752/9 | €16,278 | €35,290 | +€19,011 | +116.8% |
| Financial charges | 65/66B | €71,099 | €60,861 | -€10,238 | -14.4% |
| Recurring financial charges | 65 | €71,099 | €60,861 | -€10,238 | -14.4% |
| Debt charges | 650 | €68,684 | €56,683 | -€12,000 | -17.5% |
| Other financial charges | 652/9 | €2,416 | €4,178 | +€1,762 | +73.0% |
| Profit (loss) for the period before taxes | 9903 | €459,668 | €534,071 | +€74,403 | +16.2% |
| Income taxes | 67/77 | €236,196 | €251,410 | +€15,214 | +6.4% |
| Taxes | 670/3 | €236,196 | €251,410 | +€15,214 | +6.4% |
| Profit (loss) for the period | 9904 | €223,471 | €282,660 | +€59,189 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €223,471 | €282,660 | +€59,189 | +26.5% |
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 8 October 2026 via checked.be.