GIARD: 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.
GIARD
Largest movements
- Receivables within one year +€25,623
up €25,623 (+28.5%), from €89,972 to €115,595
of which Trade receivables: +€31,174
- Tangible fixed assets -€12,298
down €12,298 (-31.4%), from €39,133 to €26,836
of which Furniture and vehicles: -€10,968
- Deferred charges and accrued income +€7,368
up €7,368 (+309.7%), from €2,379 to €9,747
- Stocks and contracts -€7,035
down €7,035 (-18.4%), from €38,132 to €31,097
- Cash +€5,622
up €5,622 (+13.0%), from €43,109 to €48,730
mainly Net result for the year (+€31,717) and Depreciation (+€13,923)
- Reserves +€31,717
up €31,717 (+37.4%), from €84,715 to €116,431
- Other debts -€15,396
down €15,396 (-48.3%), from €31,872 to €16,476
- Debts after one year -€9,509
down €9,509 (-49.1%), from €19,363 to €9,855
- Trade debts +€7,514
up €7,514 (+37.8%), from €19,869 to €27,384
- Tax, wage and social debts +€5,566
up €5,566 (+86.0%), from €6,474 to €12,040
of which Taxes: +€6,255
- Gross operating margin +€20,400
up €20,400 (+42.7%), from €47,777 to €68,178
- Taxes +€6,257
up €6,257 (+95.0%), from €6,588 to €12,845
- Staff costs -€831
down €831 (-8.9%), from €9,293 to €8,463
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 | €214,624 | €233,895 | +€19,271 | +9.0% |
| Fixed assets | 21/28 | €40,929 | €28,632 | -€12,298 | -30.0% |
| Tangible fixed assets | 22/27 | €39,133 | €26,836 | -€12,298 | -31.4% |
| Plant, machinery and equipment | 23 | €5,794 | €4,464 | -€1,330 | -23.0% |
| Furniture and vehicles | 24 | €33,339 | €22,372 | -€10,968 | -32.9% |
| Financial fixed assets | 28 | €1,796 | €1,796 | = | 0.0% |
| Current assets | 29/58 | €173,695 | €205,263 | +€31,568 | +18.2% |
| Stocks and contracts in progress | 3 | €38,132 | €31,097 | -€7,035 | -18.4% |
| Stocks | 30/36 | €38,132 | €31,097 | -€7,035 | -18.4% |
| Amounts receivable within one year | 40/41 | €89,972 | €115,595 | +€25,623 | +28.5% |
| Trade receivables | 40 | €83,985 | €115,159 | +€31,174 | +37.1% |
| Other amounts receivable | 41 | €5,987 | €436 | -€5,551 | -92.7% |
| Current investments | 50/53 | €103 | €93 | -€10 | -9.7% |
| Cash at bank and in hand | 54/58 | €43,109 | €48,730 | +€5,622 | +13.0% |
| Deferred charges and accrued income | 490/1 | €2,379 | €9,747 | +€7,368 | +309.7% |
| Total equity and liabilities | 10/49 | €214,624 | €233,895 | +€19,271 | +9.0% |
| Equity | 10/15 | €127,605 | €158,489 | +€30,884 | +24.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €84,715 | €116,431 | +€31,717 | +37.4% |
| Distributable reserves | 133 | €84,715 | €116,431 | +€31,717 | +37.4% |
| Profit (loss) carried forward | 14 | €36,691 | €35,858 | -€833 | -2.3% |
| Amounts payable | 17/49 | €87,019 | €75,406 | -€11,613 | -13.3% |
| Amounts payable after more than one year | 17 | €19,363 | €9,855 | -€9,509 | -49.1% |
| Financial debts | 170/4 | €19,363 | €9,855 | -€9,509 | -49.1% |
| Amounts payable within one year | 42/48 | €67,656 | €65,551 | -€2,104 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €9,318 | €9,509 | +€191 | +2.1% |
| Financial debts | 43 | €123 | €143 | +€20 | +15.8% |
| Credit institutions | 430/8 | €123 | €143 | +€20 | +15.8% |
| Trade debts | 44 | €19,869 | €27,384 | +€7,514 | +37.8% |
| Suppliers | 440/4 | €19,869 | €27,384 | +€7,514 | +37.8% |
| Taxes, remuneration and social security | 45 | €6,474 | €12,040 | +€5,566 | +86.0% |
| Taxes | 450/3 | €5,104 | €11,359 | +€6,255 | +122.5% |
| Remuneration and social security | 454/9 | €1,370 | €681 | -€689 | -50.3% |
| Other amounts payable | 47/48 | €31,872 | €16,476 | -€15,396 | -48.3% |
| Remuneration, social security and pensions | 62 | €9,293 | €8,463 | -€831 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,645 | €13,923 | +€278 | +2.0% |
| Other operating charges | 640/8 | €1,226 | €1,401 | +€175 | +14.3% |
| Non-recurring operating charges | 66A | - | €90 | +€90 | |
| Gross operating margin | 9900 | €47,777 | €68,178 | +€20,400 | +42.7% |
| Operating profit (loss) | 9901 | €23,613 | €44,300 | +€20,687 | +87.6% |
| Financial income | 75/76B | €1,111 | €1,149 | +€38 | +3.4% |
| Recurring financial income | 75 | €1,111 | €1,149 | +€38 | +3.4% |
| Financial charges | 65/66B | €1,182 | €888 | -€294 | -24.9% |
| Recurring financial charges | 65 | €1,182 | €888 | -€294 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €23,542 | €44,561 | +€21,019 | +89.3% |
| Income taxes | 67/77 | €6,588 | €12,845 | +€6,257 | +95.0% |
| Profit (loss) for the period | 9904 | €16,955 | €31,717 | +€14,762 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,955 | €31,717 | +€14,762 | +87.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.