GARZADIL: 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.
GARZADIL
Largest movements
- Receivables within one year +€4,584
up €4,584 (+52.8%), from €8,687 to €13,270
of which Trade receivables: +€4,584
- Cash -€1,358
down €1,358 (-95.0%), from €1,430 to €72
mainly Receivables within one year (-€4,584) and Tax, wage and social debts (-€3,921)
- Tangible fixed assets -€474
down €474 (-31.4%), from €1,510 to €1,036
- Trade debts +€6,696
up €6,696 (+112%), from €5,994 to €12,690
- Tax, wage and social debts -€3,921
down €3,921 (-27.9%), from €14,077 to €10,156
- Gross operating margin -€7,295
down €7,295 (-53.8%), from €13,549 to €6,254
- Taxes -€3,692
down €3,692 (-90.1%), from €4,100 to €408
- Financial charges +€2,667
up €2,667 (+182%), from €1,468 to €4,134
- Staff costs -€254
no longer reported in 2025 (was €254)
- Financial income -€177
no longer reported in 2025 (was €177)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,945 | €14,578 | +€2,633 | +22.0% |
| Fixed assets | 21/28 | €1,710 | €1,236 | -€474 | -27.7% |
| Tangible fixed assets | 22/27 | €1,510 | €1,036 | -€474 | -31.4% |
| Furniture and vehicles | 24 | €1,510 | €1,036 | -€474 | -31.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €10,234 | €13,342 | +€3,108 | +30.4% |
| Amounts receivable within one year | 40/41 | €8,687 | €13,270 | +€4,584 | +52.8% |
| Trade receivables | 40 | €861 | €5,445 | +€4,584 | +532% |
| Other amounts receivable | 41 | €7,825 | €7,825 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,430 | €72 | -€1,358 | -95.0% |
| Deferred charges and accrued income | 490/1 | €118 | - | -€118 | |
| Total equity and liabilities | 10/49 | €11,945 | €14,578 | +€2,633 | +22.0% |
| Equity | 10/15 | -€8,126 | -€8,268 | -€142 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,726 | -€26,868 | -€142 | -0.5% |
| Amounts payable | 17/49 | €20,071 | €22,846 | +€2,775 | +13.8% |
| Amounts payable within one year | 42/48 | €20,071 | €22,846 | +€2,775 | +13.8% |
| Trade debts | 44 | €5,994 | €12,690 | +€6,696 | +112% |
| Suppliers | 440/4 | €5,994 | €12,690 | +€6,696 | +112% |
| Taxes, remuneration and social security | 45 | €14,077 | €10,156 | -€3,921 | -27.9% |
| Taxes | 450/3 | €14,077 | €10,156 | -€3,921 | -27.9% |
| Remuneration, social security and pensions | 62 | €254 | - | -€254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €781 | €934 | +€153 | +19.6% |
| Other operating charges | 640/8 | €964 | €919 | -€45 | -4.7% |
| Gross operating margin | 9900 | €13,549 | €6,254 | -€7,295 | -53.8% |
| Operating profit (loss) | 9901 | €11,549 | €4,400 | -€7,149 | -61.9% |
| Financial income | 75/76B | €177 | - | -€177 | |
| Recurring financial income | 75 | €177 | - | -€177 | |
| Financial charges | 65/66B | €1,468 | €4,134 | +€2,667 | +182% |
| Recurring financial charges | 65 | €1,468 | €4,134 | +€2,667 | +182% |
| Profit (loss) for the period before taxes | 9903 | €10,258 | €266 | -€9,992 | -97.4% |
| Income taxes | 67/77 | €4,100 | €408 | -€3,692 | -90.1% |
| Profit (loss) for the period | 9904 | €6,158 | -€142 | -€6,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,158 | -€142 | -€6,300 |
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.