GIOTTO: 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.
GIOTTO
Largest movements
- Cash -€39,030
down €39,030 (-15.7%), from €248,573 to €209,543
mainly Net result for the year (-€49,902) and Other debts (-€25,955)
- Receivables within one year -€20,408
down €20,408 (-11.0%), from €185,340 to €164,932
of which Other amounts receivable: -€25,777
- Stocks and contracts -€17,277
down €17,277 (-18.3%), from €94,187 to €76,910
of which Stocks: -€18,412
- Tangible fixed assets -€11,267
down €11,267 (-87.9%), from €12,822 to €1,555
of which Leasing and similar rights: -€10,600
- Profit (loss) carried forward -€48,027
down €48,027 (-13.6%), from €352,002 to €303,975
- Other debts -€25,955
no longer reported in 2025 (was €25,955)
- Trade debts -€10,189
down €10,189 (-27.5%), from €37,006 to €26,817
- Turnover -€239,852
down €239,852 (-29.1%), from €824,365 to €584,513
- Gross operating margin -€145,648
down €145,648 (-56.5%), from €257,924 to €112,276
- Purchases and services -€101,704
down €101,704 (-17.7%), from €573,941 to €472,237
- Taxes +€32,122
up €32,122, from -€28,849 to €3,273
- Write-downs -€14,235
down €14,235 (-46.2%), from €30,843 to €16,608
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 | €551,519 | €462,189 | -€89,330 | -16.2% |
| Fixed assets | 21/28 | €19,109 | €5,625 | -€13,484 | -70.6% |
| Intangible fixed assets | 21 | €6,195 | €3,978 | -€2,217 | -35.8% |
| Tangible fixed assets | 22/27 | €12,822 | €1,555 | -€11,267 | -87.9% |
| Plant, machinery and equipment | 23 | €2,221 | €1,555 | -€666 | -30.0% |
| Furniture and vehicles | 24 | €1 | - | -€1 | |
| Leasing and similar rights | 25 | €10,600 | - | -€10,600 | |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €532,410 | €456,564 | -€75,846 | -14.2% |
| Stocks and contracts in progress | 3 | €94,187 | €76,910 | -€17,277 | -18.3% |
| Stocks | 30/36 | €94,187 | €75,775 | -€18,412 | -19.5% |
| Contracts in progress | 37 | - | €1,135 | +€1,135 | |
| Amounts receivable within one year | 40/41 | €185,340 | €164,932 | -€20,408 | -11.0% |
| Trade receivables | 40 | €1,940 | €7,309 | +€5,369 | +277% |
| Other amounts receivable | 41 | €183,400 | €157,623 | -€25,777 | -14.1% |
| Cash at bank and in hand | 54/58 | €248,573 | €209,543 | -€39,030 | -15.7% |
| Deferred charges and accrued income | 490/1 | €4,310 | €5,179 | +€869 | +20.2% |
| Total equity and liabilities | 10/49 | €551,519 | €462,189 | -€89,330 | -16.2% |
| Equity | 10/15 | €443,038 | €393,137 | -€49,901 | -11.3% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Capital | 10 | €49,579 | - | -€49,579 | |
| Issued capital | 100 | €49,579 | - | -€49,579 | |
| Reserves | 13 | €41,457 | €39,583 | -€1,874 | -4.5% |
| Non-distributable reserves | 130/1 | €4,957 | - | -€4,957 | |
| Reserves not available under the articles | 1311 | €4,957 | - | -€4,957 | |
| Tax-exempt reserves | 132 | €36,500 | €34,625 | -€1,875 | -5.1% |
| Distributable reserves | 133 | - | €4,958 | +€4,958 | |
| Profit (loss) carried forward | 14 | €352,002 | €303,975 | -€48,027 | -13.6% |
| Provisions and deferred taxes | 16 | €1,250 | €625 | -€625 | -50.0% |
| Deferred taxes | 168 | €1,250 | €625 | -€625 | -50.0% |
| Amounts payable | 17/49 | €107,231 | €68,427 | -€38,804 | -36.2% |
| Amounts payable within one year | 42/48 | €107,231 | €68,427 | -€38,804 | -36.2% |
| Trade debts | 44 | €37,006 | €26,817 | -€10,189 | -27.5% |
| Suppliers | 440/4 | €37,006 | €26,817 | -€10,189 | -27.5% |
| Advances received on contracts in progress | 46 | €26,200 | €21,174 | -€5,026 | -19.2% |
| Taxes, remuneration and social security | 45 | €18,070 | €20,436 | +€2,366 | +13.1% |
| Taxes | 450/3 | €13,111 | €11,522 | -€1,589 | -12.1% |
| Remuneration and social security | 454/9 | €4,959 | €8,914 | +€3,955 | +79.8% |
| Other amounts payable | 47/48 | €25,955 | - | -€25,955 | |
| Turnover | 70 | €824,365 | €584,513 | -€239,852 | -29.1% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | €573,941 | €472,237 | -€101,704 | -17.7% |
| Remuneration, social security and pensions | 62 | €119,338 | €125,120 | +€5,782 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,953 | €13,484 | -€3,469 | -20.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,843 | €16,608 | -€14,235 | -46.2% |
| Other operating charges | 640/8 | €5,783 | €6,025 | +€242 | +4.2% |
| Gross operating margin | 9900 | €257,924 | €112,276 | -€145,648 | -56.5% |
| Operating profit (loss) | 9901 | €85,007 | -€48,961 | -€133,968 | |
| Financial income | 75/76B | €4,938 | €2,635 | -€2,303 | -46.6% |
| Recurring financial income | 75 | €4,938 | €2,635 | -€2,303 | -46.6% |
| Financial charges | 65/66B | €2,051 | €928 | -€1,123 | -54.8% |
| Recurring financial charges | 65 | €2,051 | €928 | -€1,123 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | €87,894 | -€47,254 | -€135,148 | |
| Transfer from deferred taxes | 780 | €625 | €625 | = | 0.0% |
| Transfer to deferred taxes | 680 | €1,875 | - | -€1,875 | |
| Income taxes | 67/77 | -€28,849 | €3,273 | +€32,122 | |
| Profit (loss) for the period | 9904 | €115,493 | -€49,902 | -€165,395 | |
| Transfer from tax-exempt reserves | 789 | €1,875 | €1,875 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €5,625 | - | -€5,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,743 | -€48,027 | -€159,770 |
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 15 October 2026 via checked.be.