GARZINI: 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.
GARZINI
Largest movements
- Receivables after one year -€48,561
down €48,561 (-100%), from €48,561 to €0
- Cash +€36,096
up €36,096 (+35.1%), from €102,897 to €138,993
mainly Tax, wage and social debts (+€96,190) and Receivables after one year (+€48,561)
- Receivables within one year +€35,117
up €35,117 (+41.8%), from €84,112 to €119,229
of which Other amounts receivable: +€19,737
- Stocks and contracts +€22,819
up €22,819 (+16.7%), from €136,912 to €159,731
- Tangible fixed assets -€16,162
down €16,162 (-36.8%), from €43,899 to €27,737
of which Furniture and vehicles: -€13,464
- Tax, wage and social debts +€96,190
up €96,190 (+309%), from €31,084 to €127,275
of which Taxes: +€96,022
- Debts after one year -€36,433
down €36,433 (-28.4%), from €128,337 to €91,904
- Current portion of long-term debt -€29,261
down €29,261 (-57.7%), from €50,694 to €21,433
- Profit (loss) carried forward -€9,374
down €9,374 (-8.1%), from €115,415 to €106,040
- Trade debts -€7,183
down €7,183 (-8.3%), from €86,409 to €79,226
- Gross operating margin -€100,936
down €100,936 (-37.3%), from €270,910 to €169,975
- Financial charges +€56,462
up €56,462 (+699%), from €8,082 to €64,544
of which Non-recurring financial charges: +€58,674
- Staff costs -€44,463
down €44,463 (-33.6%), from €132,431 to €87,968
- Depreciation -€4,142
down €4,142 (-12.2%), from €33,942 to €29,801
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 | €442,047 | €461,896 | +€19,849 | +4.5% |
| Fixed assets | 21/28 | €61,766 | €34,330 | -€27,436 | -44.4% |
| Intangible fixed assets | 21 | €17,867 | €6,593 | -€11,274 | -63.1% |
| Tangible fixed assets | 22/27 | €43,899 | €27,737 | -€16,162 | -36.8% |
| Plant, machinery and equipment | 23 | €5,042 | €2,345 | -€2,698 | -53.5% |
| Furniture and vehicles | 24 | €38,856 | €25,392 | -€13,464 | -34.7% |
| Current assets | 29/58 | €380,282 | €427,566 | +€47,285 | +12.4% |
| Amounts receivable after more than one year | 29 | €48,561 | €0 | -€48,561 | -100% |
| Other amounts receivable | 291 | €48,561 | €0 | -€48,561 | -100% |
| Stocks and contracts in progress | 3 | €136,912 | €159,731 | +€22,819 | +16.7% |
| Stocks | 30/36 | €136,912 | €159,731 | +€22,819 | +16.7% |
| Amounts receivable within one year | 40/41 | €84,112 | €119,229 | +€35,117 | +41.8% |
| Trade receivables | 40 | €83,931 | €99,311 | +€15,380 | +18.3% |
| Other amounts receivable | 41 | €181 | €19,918 | +€19,737 | +10,898% |
| Cash at bank and in hand | 54/58 | €102,897 | €138,993 | +€36,096 | +35.1% |
| Deferred charges and accrued income | 490/1 | €7,800 | €9,613 | +€1,814 | +23.3% |
| Total equity and liabilities | 10/49 | €442,047 | €461,896 | +€19,849 | +4.5% |
| Equity | 10/15 | €140,275 | €130,900 | -€9,374 | -6.7% |
| Contributions | 10/11 | €22,600 | €22,600 | = | 0.0% |
| Reserves | 13 | €2,260 | €2,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,260 | €2,260 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,260 | €2,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,415 | €106,040 | -€9,374 | -8.1% |
| Amounts payable | 17/49 | €301,772 | €330,996 | +€29,223 | +9.7% |
| Amounts payable after more than one year | 17 | €128,337 | €91,904 | -€36,433 | -28.4% |
| Financial debts | 170/4 | €128,337 | €91,904 | -€36,433 | -28.4% |
| Amounts payable within one year | 42/48 | €170,754 | €234,308 | +€63,553 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €50,694 | €21,433 | -€29,261 | -57.7% |
| Financial debts | 43 | €0 | €3,807 | +€3,807 | |
| Credit institutions | 430/8 | €0 | €3,807 | +€3,807 | |
| Trade debts | 44 | €86,409 | €79,226 | -€7,183 | -8.3% |
| Suppliers | 440/4 | €86,409 | €79,226 | -€7,183 | -8.3% |
| Taxes, remuneration and social security | 45 | €31,084 | €127,275 | +€96,190 | +309% |
| Taxes | 450/3 | €8,686 | €104,708 | +€96,022 | +1,105% |
| Remuneration and social security | 454/9 | €22,398 | €22,567 | +€169 | +0.8% |
| Other amounts payable | 47/48 | €2,566 | €2,566 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,681 | €4,785 | +€2,104 | +78.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €132,431 | €87,968 | -€44,463 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,942 | €29,801 | -€4,142 | -12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,713 | €2,050 | -€2,663 | -56.5% |
| Non-recurring operating charges | 66A | €2,773 | €0 | -€2,773 | -100% |
| Gross operating margin | 9900 | €270,910 | €169,975 | -€100,936 | -37.3% |
| Operating profit (loss) | 9901 | €97,051 | €50,157 | -€46,894 | -48.3% |
| Financial income | 75/76B | €3,070 | €5,288 | +€2,218 | +72.3% |
| Recurring financial income | 75 | €3,070 | €5,288 | +€2,218 | +72.3% |
| Financial charges | 65/66B | €8,082 | €64,544 | +€56,462 | +699% |
| Recurring financial charges | 65 | €8,082 | €5,871 | -€2,212 | -27.4% |
| Non-recurring financial charges | 66B | - | €58,674 | +€58,674 | |
| Profit (loss) for the period before taxes | 9903 | €92,038 | -€9,099 | -€101,138 | |
| Income taxes | 67/77 | -€153 | €275 | +€428 | |
| Profit (loss) for the period | 9904 | €92,191 | -€9,374 | -€101,565 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,191 | -€9,374 | -€101,565 |
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 20 October 2026 via checked.be.