GIORGIO GROUP: 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.
GIORGIO GROUP
Largest movements
- Cash +€24,829
up €24,829 (+81.9%), from €30,332 to €55,161
mainly Net result for the year (+€15,722) and Trade debts (+€15,476)
- Deferred charges and accrued income -€10,331
no longer reported in 2025 (was €10,331)
- Stocks and contracts -€8,787
down €8,787 (-38.0%), from €23,129 to €14,341
- Tangible fixed assets -€3,887
down €3,887 (-5.9%), from €65,559 to €61,672
- Receivables within one year -€2,199
down €2,199 (-61.5%), from €3,579 to €1,379
- Other debts -€31,574
down €31,574 (-69.0%), from €45,774 to €14,200
- Profit (loss) carried forward +€15,722
up €15,722 (+19.3%), from €81,618 to €97,340
- Trade debts +€15,476
up €15,476 (+341.1%), from €4,538 to €20,014
- Gross operating margin -€33,150
down €33,150 (-34.6%), from €95,683 to €62,533
- Staff costs +€18,386
up €18,386 (+121.2%), from €15,167 to €33,552
- Depreciation +€1,199
up €1,199 (+12.7%), from €9,441 to €10,640
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 | €132,930 | €132,553 | -€377 | -0.3% |
| Fixed assets | 21/28 | €65,559 | €61,672 | -€3,887 | -5.9% |
| Tangible fixed assets | 22/27 | €65,559 | €61,672 | -€3,887 | -5.9% |
| Furniture and vehicles | 24 | €65,559 | €61,672 | -€3,887 | -5.9% |
| Current assets | 29/58 | €67,371 | €70,882 | +€3,510 | +5.2% |
| Stocks and contracts in progress | 3 | €23,129 | €14,341 | -€8,787 | -38.0% |
| Stocks | 30/36 | €23,129 | €14,341 | -€8,787 | -38.0% |
| Amounts receivable within one year | 40/41 | €3,579 | €1,379 | -€2,199 | -61.5% |
| Other amounts receivable | 41 | €3,579 | €1,379 | -€2,199 | -61.5% |
| Cash at bank and in hand | 54/58 | €30,332 | €55,161 | +€24,829 | +81.9% |
| Deferred charges and accrued income | 490/1 | €10,331 | - | -€10,331 | |
| Total equity and liabilities | 10/49 | €132,930 | €132,553 | -€377 | -0.3% |
| Equity | 10/15 | €82,618 | €98,340 | +€15,722 | +19.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,618 | €97,340 | +€15,722 | +19.3% |
| Amounts payable | 17/49 | €50,312 | €34,214 | -€16,098 | -32.0% |
| Amounts payable within one year | 42/48 | €50,312 | €34,214 | -€16,098 | -32.0% |
| Trade debts | 44 | €4,538 | €20,014 | +€15,476 | +341.1% |
| Suppliers | 440/4 | €4,538 | €20,014 | +€15,476 | +341.1% |
| Other amounts payable | 47/48 | €45,774 | €14,200 | -€31,574 | -69.0% |
| Remuneration, social security and pensions | 62 | €15,167 | €33,552 | +€18,386 | +121.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,441 | €10,640 | +€1,199 | +12.7% |
| Other operating charges | 640/8 | €98 | €317 | +€219 | +224.5% |
| Non-recurring operating charges | 66A | - | €2,155 | +€2,155 | |
| Gross operating margin | 9900 | €95,683 | €62,533 | -€33,150 | -34.6% |
| Operating profit (loss) | 9901 | €70,978 | €15,869 | -€55,109 | -77.6% |
| Financial charges | 65/66B | €74 | €147 | +€73 | +98.7% |
| Recurring financial charges | 65 | €74 | €147 | +€73 | +98.7% |
| Profit (loss) for the period before taxes | 9903 | €70,904 | €15,722 | -€55,182 | -77.8% |
| Profit (loss) for the period | 9904 | €70,904 | €15,722 | -€55,182 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,904 | €15,722 | -€55,182 | -77.8% |
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 4 October 2026 via checked.be.