GARWIG LOGISTICS: 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.
What changed
GARWIG LOGISTICS
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,849
2024 · €164,798-€188,647
Equity
€1.5m
2024 · €1.5m-€23,849
Cash
€162,501
2024 · €215,533-€53,033
Balance sheet total
€5.5m
2024 · €5.9m-€446,697
Largest movements
Assets
- Tangible fixed assets -€409,134
down €409,134 (-9.3%), from €4.4m to €4.0m
of which Leasing and similar rights: -€320,068
Equity and liabilities
- Debts after one year -€619,477
down €619,477 (-24.4%), from €2.5m to €1.9m
- Trade debts +€166,769
up €166,769 (+45.3%), from €368,094 to €534,862
Income statement
- Services and other goods +€301,253
up €301,253 (+12.7%), from €2.4m to €2.7m
- Turnover +€247,939
up €247,939 (+4.1%), from €6.1m to €6.3m
- Staff costs +€168,499
up €168,499 (+6.7%), from €2.5m to €2.7m
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
€164,798
Turnover
+€247,939
Other operating income
-€14,269
Services and other goods
-€301,253
Staff costs
-€168,499
Depreciation
-€20,852
Other operating charges
-€3,194
Other operating items
-€1,706
Financial income
-€82
Financial charges
+€10,928
Taxes
+€62,341
Result 2025
-€23,849
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€1.2m
Investment
-€648,424
Financing
-€579,230
Cash 2024
€215,533
From operations (derived)
+€1.2m
Net result for the year
-€23,849
Depreciation
+€1.0m
Receivables within one year
+€11,951
Deferred charges and accrued income
-€3,222
Trade debts
+€166,769
Tax, wage and social debts
-€11,060
Smaller working-capital items
+€673
Investment (derived)
-€648,424
Investment in fixed assets (net)
-€648,424
Financing
-€579,230
Debts after one year
-€619,477
Current portion of long-term debt
+€40,247
Cash 2025
€162,501
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,928,085 | €5,481,388 | -€446,697 | -7.5% |
| Fixed assets | 21/28 | €4,426,371 | €4,041,434 | -€384,936 | -8.7% |
| Tangible fixed assets | 22/27 | €4,416,513 | €4,007,378 | -€409,134 | -9.3% |
| Plant, machinery and equipment | 23 | €2,956 | €3,418 | +€462 | +15.6% |
| Furniture and vehicles | 24 | €476,562 | €387,034 | -€89,528 | -18.8% |
| Leasing and similar rights | 25 | €3,936,995 | €3,616,927 | -€320,068 | -8.1% |
| Financial fixed assets | 28 | €9,858 | €34,056 | +€24,198 | +245% |
| Other financial fixed assets | 284/8 | €9,858 | €34,056 | +€24,198 | +245% |
| Amounts receivable and cash guarantees | 285/8 | €9,858 | €34,056 | +€24,198 | +245% |
| Current assets | 29/58 | €1,501,715 | €1,439,953 | -€61,761 | -4.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,148,314 | €1,136,364 | -€11,951 | -1.0% |
| Trade receivables | 40 | €1,148,005 | €914,752 | -€233,253 | -20.3% |
| Other amounts receivable | 41 | €310 | €221,612 | +€221,302 | +71,441% |
| Cash at bank and in hand | 54/58 | €215,533 | €162,501 | -€53,033 | -24.6% |
| Deferred charges and accrued income | 490/1 | €137,867 | €141,089 | +€3,222 | +2.3% |
| Total equity and liabilities | 10/49 | €5,928,085 | €5,481,388 | -€446,697 | -7.5% |
| Equity | 10/15 | €1,511,873 | €1,488,024 | -€23,849 | -1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,491,000 | €1,491,000 | = | 0.0% |
| Distributable reserves | 133 | €1,491,000 | €1,491,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €873 | -€22,976 | -€23,849 | |
| Amounts payable | 17/49 | €4,416,213 | €3,993,364 | -€422,849 | -9.6% |
| Amounts payable after more than one year | 17 | €2,539,078 | €1,919,601 | -€619,477 | -24.4% |
| Financial debts | 170/4 | €2,539,078 | €1,919,601 | -€619,477 | -24.4% |
| Leasing and similar obligations | 172 | €2,374,781 | €1,742,387 | -€632,394 | -26.6% |
| Credit institutions | 173 | €164,297 | €177,213 | +€12,917 | +7.9% |
| Amounts payable within one year | 42/48 | €1,876,381 | €2,073,338 | +€196,957 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €1,178,402 | €1,218,649 | +€40,247 | +3.4% |
| Trade debts | 44 | €368,094 | €534,862 | +€166,769 | +45.3% |
| Suppliers | 440/4 | €368,094 | €534,862 | +€166,769 | +45.3% |
| Taxes, remuneration and social security | 45 | €327,351 | €316,290 | -€11,060 | -3.4% |
| Taxes | 450/3 | €96,525 | €37,030 | -€59,495 | -61.6% |
| Remuneration and social security | 454/9 | €230,826 | €279,260 | +€48,434 | +21.0% |
| Other amounts payable | 47/48 | €2,534 | €3,536 | +€1,002 | +39.5% |
| Accrued charges and deferred income | 492/3 | €754 | €425 | -€329 | -43.6% |
| Operating income | 70/76A | €6,262,074 | €6,494,038 | +€231,965 | +3.7% |
| Turnover | 70 | €6,100,829 | €6,348,767 | +€247,939 | +4.1% |
| Other operating income | 74 | €158,195 | €143,926 | -€14,269 | -9.0% |
| Non-recurring operating income | 76A | €3,050 | €1,344 | -€1,706 | -55.9% |
| Operating charges | 60/66A | €5,911,665 | €6,405,462 | +€493,797 | +8.4% |
| Services and other goods | 61 | €2,366,568 | €2,667,821 | +€301,253 | +12.7% |
| Remuneration, social security and pensions | 62 | €2,514,286 | €2,682,785 | +€168,499 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,012,508 | €1,033,360 | +€20,852 | +2.1% |
| Other operating charges | 640/8 | €18,303 | €21,496 | +€3,194 | +17.5% |
| Operating profit (loss) | 9901 | €350,409 | €88,577 | -€261,833 | -74.7% |
| Financial income | 75/76B | €87 | €4 | -€82 | -95.1% |
| Recurring financial income | 75 | €87 | €4 | -€82 | -95.1% |
| Other financial income | 752/9 | €87 | €4 | -€82 | -95.1% |
| Financial charges | 65/66B | €121,350 | €110,422 | -€10,928 | -9.0% |
| Recurring financial charges | 65 | €121,350 | €110,422 | -€10,928 | -9.0% |
| Debt charges | 650 | €114,324 | €103,931 | -€10,393 | -9.1% |
| Other financial charges | 652/9 | €7,026 | €6,491 | -€535 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €229,146 | -€21,842 | -€250,987 | |
| Income taxes | 67/77 | €64,348 | €2,007 | -€62,341 | -96.9% |
| Taxes | 670/3 | €64,348 | €2,007 | -€62,341 | -96.9% |
| Profit (loss) for the period | 9904 | €164,798 | -€23,849 | -€188,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €164,798 | -€23,849 | -€188,647 |
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 18 October 2026 via checked.be.