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
- Receivables within one year -€11,378
down €11,378 (-80.4%), from €14,144 to €2,765
of which Trade receivables: -€13,378
- Cash -€7,196
down €7,196 (-89.1%), from €8,074 to €878
mainly Other debts (-€57,970) and Tax, wage and social debts (-€10,834)
- Tangible fixed assets -€1,831
down €1,831 (-18.4%), from €9,953 to €8,122
- Stocks and contracts +€825
up €825 (+41.1%), from €2,007 to €2,832
- Financial fixed assets +€500
new in 2025: €500
- Other debts -€57,970
down €57,970 (-54.9%), from €105,687 to €47,716
- Profit (loss) carried forward +€38,915
up €38,915 (+34.0%), from -€114,336 to -€75,421
- Tax, wage and social debts -€10,834
down €10,834 (-72.7%), from €14,901 to €4,067
- Trade debts +€6,378
up €6,378 (+110%), from €5,778 to €12,157
- Short-term financial debts +€4,223
new in 2025: €4,223
- Gross operating margin -€96,984
down €96,984 (-69.1%), from €140,371 to €43,387
- Other operating charges -€1,733
down €1,733 (-74.5%), from €2,326 to €593
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 | €35,029 | €15,742 | -€19,287 | -55.1% |
| Fixed assets | 21/28 | €9,953 | €8,622 | -€1,331 | -13.4% |
| Tangible fixed assets | 22/27 | €9,953 | €8,122 | -€1,831 | -18.4% |
| Furniture and vehicles | 24 | €9,953 | €8,122 | -€1,831 | -18.4% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €25,076 | €7,120 | -€17,957 | -71.6% |
| Stocks and contracts in progress | 3 | €2,007 | €2,832 | +€825 | +41.1% |
| Stocks | 30/36 | €2,007 | €2,832 | +€825 | +41.1% |
| Amounts receivable within one year | 40/41 | €14,144 | €2,765 | -€11,378 | -80.4% |
| Trade receivables | 40 | €13,444 | €65 | -€13,378 | -99.5% |
| Other amounts receivable | 41 | €700 | €2,700 | +€2,000 | +286% |
| Cash at bank and in hand | 54/58 | €8,074 | €878 | -€7,196 | -89.1% |
| Deferred charges and accrued income | 490/1 | €851 | €644 | -€208 | -24.4% |
| Total equity and liabilities | 10/49 | €35,029 | €15,742 | -€19,287 | -55.1% |
| Equity | 10/15 | -€92,336 | -€53,421 | +€38,915 | +42.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,336 | -€75,421 | +€38,915 | +34.0% |
| Amounts payable | 17/49 | €127,366 | €69,163 | -€58,203 | -45.7% |
| Amounts payable within one year | 42/48 | €126,366 | €68,163 | -€58,203 | -46.1% |
| Financial debts | 43 | - | €4,223 | +€4,223 | |
| Credit institutions | 430/8 | - | €4,223 | +€4,223 | |
| Trade debts | 44 | €5,778 | €12,157 | +€6,378 | +110% |
| Suppliers | 440/4 | €5,778 | €12,157 | +€6,378 | +110% |
| Taxes, remuneration and social security | 45 | €14,901 | €4,067 | -€10,834 | -72.7% |
| Taxes | 450/3 | €14,901 | €4,067 | -€10,834 | -72.7% |
| Other amounts payable | 47/48 | €105,687 | €47,716 | -€57,970 | -54.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,479 | €3,119 | +€640 | +25.8% |
| Other operating charges | 640/8 | €2,326 | €593 | -€1,733 | -74.5% |
| Non-recurring operating charges | 66A | €1,109 | - | -€1,109 | |
| Gross operating margin | 9900 | €140,371 | €43,387 | -€96,984 | -69.1% |
| Operating profit (loss) | 9901 | €134,457 | €39,675 | -€94,783 | -70.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,688 | €759 | -€928 | -55.0% |
| Recurring financial charges | 65 | €1,688 | €759 | -€928 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €132,770 | €38,915 | -€93,854 | -70.7% |
| Profit (loss) for the period | 9904 | €132,770 | €38,915 | -€93,854 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €132,770 | €38,915 | -€93,854 | -70.7% |
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 13 October 2026 via checked.be.