GARWIN: 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.
GARWIN
Largest movements
- Tangible fixed assets -€407
no longer reported in 2025 (was €407)
- Receivables within one year -€209
down €209 (-89.7%), from €233 to €24
of which Other amounts receivable: -€233
- Cash -€189
down €189 (-39.0%), from €485 to €296
mainly Net result for the year (-€4,716) and Trade debts (-€187)
- Profit (loss) carried forward -€4,716
down €4,716 (-1.8%), from -€267,539 to -€272,255
- Other debts +€4,104
up €4,104 (+1.6%), from €261,662 to €265,765
- Trade debts -€187
down €187 (-71.1%), from €263 to €76
- Gross operating margin +€2,526
up €2,526 (+43.5%), from -€5,803 to -€3,278
- Other operating charges -€377
down €377 (-41.1%), from €916 to €539
- Depreciation -€135
down €135 (-25.0%), from €542 to €407
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 | €1,125 | €320 | -€805 | -71.6% |
| Fixed assets | 21/28 | €407 | - | -€407 | |
| Tangible fixed assets | 22/27 | €407 | - | -€407 | |
| Furniture and vehicles | 24 | €407 | - | -€407 | |
| Current assets | 29/58 | €718 | €320 | -€398 | -55.5% |
| Amounts receivable within one year | 40/41 | €233 | €24 | -€209 | -89.7% |
| Trade receivables | 40 | - | €24 | +€24 | |
| Other amounts receivable | 41 | €233 | - | -€233 | |
| Cash at bank and in hand | 54/58 | €485 | €296 | -€189 | -39.0% |
| Total equity and liabilities | 10/49 | €1,125 | €320 | -€805 | -71.6% |
| Equity | 10/15 | -€261,339 | -€266,055 | -€4,716 | -1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,392 | €12,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€267,539 | -€272,255 | -€4,716 | -1.8% |
| Amounts payable | 17/49 | €262,464 | €266,375 | +€3,911 | +1.5% |
| Amounts payable within one year | 42/48 | €262,464 | €266,375 | +€3,911 | +1.5% |
| Trade debts | 44 | €263 | €76 | -€187 | -71.1% |
| Suppliers | 440/4 | €263 | €76 | -€187 | -71.1% |
| Taxes, remuneration and social security | 45 | €540 | €534 | -€6 | -1.1% |
| Taxes | 450/3 | €540 | €534 | -€6 | -1.1% |
| Other amounts payable | 47/48 | €261,662 | €265,765 | +€4,104 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542 | €407 | -€135 | -25.0% |
| Other operating charges | 640/8 | €916 | €539 | -€377 | -41.1% |
| Gross operating margin | 9900 | -€5,803 | -€3,278 | +€2,526 | +43.5% |
| Operating profit (loss) | 9901 | -€7,261 | -€4,223 | +€3,038 | +41.8% |
| Financial charges | 65/66B | €254 | €215 | -€39 | -15.4% |
| Recurring financial charges | 65 | €254 | €215 | -€39 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,515 | -€4,438 | +€3,077 | +40.9% |
| Income taxes | 67/77 | €283 | €278 | -€6 | -2.1% |
| Profit (loss) for the period | 9904 | -€7,799 | -€4,716 | +€3,083 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,799 | -€4,716 | +€3,083 | +39.5% |
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 29 September 2026 via checked.be.