GIORGI: 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.
GIORGI
Largest movements
- Tangible fixed assets +€274,591
up €274,591 (+39.8%), from €690,323 to €964,913
of which Land and buildings: +€189,976
- Cash -€245,294
down €245,294 (-41.4%), from €591,885 to €346,590
mainly Investment in fixed assets (net) (-€362,887) and Debts after one year (-€60,365)
- Receivables within one year -€48,389
down €48,389 (-58.6%), from €82,512 to €34,123
of which Trade receivables: -€65,427
- Debts after one year -€60,365
down €60,365 (-13.1%), from €461,844 to €401,479
- Reserves +€32,023
up €32,023 (+4.5%), from €710,462 to €742,484
- Other debts +€23,482
up €23,482 (+26.7%), from €87,928 to €111,410
- Gross operating margin -€251,874
down €251,874 (-55.5%), from €453,612 to €201,738
- Staff costs -€130,558
down €130,558 (-85.9%), from €151,962 to €21,404
- Other operating charges -€34,132
down €34,132 (-58.8%), from €58,095 to €23,962
- Taxes -€30,569
down €30,569 (-81.8%), from €37,378 to €6,809
- Depreciation +€11,401
up €11,401 (+15.0%), from €76,048 to €87,449
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 | €1,376,602 | €1,364,757 | -€11,845 | -0.9% |
| Fixed assets | 21/28 | €691,465 | €966,902 | +€275,438 | +39.8% |
| Intangible fixed assets | 21 | - | €1,512 | +€1,512 | |
| Tangible fixed assets | 22/27 | €690,323 | €964,913 | +€274,591 | +39.8% |
| Land and buildings | 22 | €475,434 | €665,411 | +€189,976 | +40.0% |
| Plant, machinery and equipment | 23 | €17,816 | €19,158 | +€1,342 | +7.5% |
| Furniture and vehicles | 24 | €31,847 | €133,250 | +€101,403 | +318.4% |
| Leasing and similar rights | 25 | €165,225 | €147,095 | -€18,130 | -11.0% |
| Financial fixed assets | 28 | €1,142 | €477 | -€665 | -58.2% |
| Current assets | 29/58 | €685,138 | €397,855 | -€287,283 | -41.9% |
| Stocks and contracts in progress | 3 | €868 | €1,458 | +€590 | +67.9% |
| Stocks | 30/36 | €868 | €1,458 | +€590 | +67.9% |
| Amounts receivable within one year | 40/41 | €82,512 | €34,123 | -€48,389 | -58.6% |
| Trade receivables | 40 | €66,197 | €770 | -€65,427 | -98.8% |
| Other amounts receivable | 41 | €16,315 | €33,353 | +€17,038 | +104.4% |
| Cash at bank and in hand | 54/58 | €591,885 | €346,590 | -€245,294 | -41.4% |
| Deferred charges and accrued income | 490/1 | €9,873 | €15,683 | +€5,811 | +58.9% |
| Total equity and liabilities | 10/49 | €1,376,602 | €1,364,757 | -€11,845 | -0.9% |
| Equity | 10/15 | €729,062 | €761,084 | +€32,023 | +4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €710,462 | €742,484 | +€32,023 | +4.5% |
| Distributable reserves | 133 | €710,462 | €742,484 | +€32,023 | +4.5% |
| Amounts payable | 17/49 | €647,540 | €603,672 | -€43,868 | -6.8% |
| Amounts payable after more than one year | 17 | €461,844 | €401,479 | -€60,365 | -13.1% |
| Financial debts | 170/4 | €461,844 | €401,479 | -€60,365 | -13.1% |
| Amounts payable within one year | 42/48 | €182,571 | €200,300 | +€17,728 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €57,412 | €61,713 | +€4,300 | +7.5% |
| Trade debts | 44 | €14,497 | €13,074 | -€1,424 | -9.8% |
| Suppliers | 440/4 | €14,497 | €13,074 | -€1,424 | -9.8% |
| Taxes, remuneration and social security | 45 | €22,733 | €14,103 | -€8,630 | -38.0% |
| Taxes | 450/3 | €11,786 | €11,218 | -€568 | -4.8% |
| Remuneration and social security | 454/9 | €10,947 | €2,885 | -€8,062 | -73.6% |
| Other amounts payable | 47/48 | €87,928 | €111,410 | +€23,482 | +26.7% |
| Accrued charges and deferred income | 492/3 | €3,125 | €1,894 | -€1,231 | -39.4% |
| Remuneration, social security and pensions | 62 | €151,962 | €21,404 | -€130,558 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,048 | €87,449 | +€11,401 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€852 | - | +€852 | |
| Other operating charges | 640/8 | €58,095 | €23,962 | -€34,132 | -58.8% |
| Gross operating margin | 9900 | €453,612 | €201,738 | -€251,874 | -55.5% |
| Operating profit (loss) | 9901 | €168,360 | €68,924 | -€99,437 | -59.1% |
| Financial income | 75/76B | €1,040 | €552 | -€488 | -46.9% |
| Recurring financial income | 75 | €1,040 | €552 | -€488 | -46.9% |
| Financial charges | 65/66B | €39,114 | €30,644 | -€8,470 | -21.7% |
| Recurring financial charges | 65 | €39,114 | €30,644 | -€8,470 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €130,286 | €38,832 | -€91,455 | -70.2% |
| Income taxes | 67/77 | €37,378 | €6,809 | -€30,569 | -81.8% |
| Profit (loss) for the period | 9904 | €92,908 | €32,023 | -€60,886 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €92,908 | €32,023 | -€60,886 | -65.5% |
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 8 October 2026 via checked.be.