GIRAF: 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.
GIRAF
Largest movements
- Receivables within one year -€47,792
down €47,792 (-59.1%), from €80,850 to €33,059
of which Trade receivables: -€49,957
- Cash -€13,495
down €13,495 (-33.3%), from €40,518 to €27,023
mainly Trade debts (-€54,202) and Investment in fixed assets (net) (-€14,283)
- Trade debts -€54,202
down €54,202 (-79.9%), from €67,839 to €13,637
- Other debts -€8,357
down €8,357 (-42.0%), from €19,917 to €11,560
- Reserves +€8,071
up €8,071 (+3.5%), from €230,799 to €238,870
- Debts after one year -€7,661
down €7,661 (-52.6%), from €14,568 to €6,908
- Gross operating margin -€72,209
down €72,209 (-62.5%), from €115,551 to €43,342
- Taxes -€24,396
down €24,396 (-77.1%), from €31,639 to €7,243
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 | €360,966 | €299,805 | -€61,161 | -16.9% |
| Fixed assets | 21/28 | €29,215 | €29,723 | +€508 | +1.7% |
| Tangible fixed assets | 22/27 | €27,215 | €27,723 | +€508 | +1.9% |
| Plant, machinery and equipment | 23 | €1,705 | €2,100 | +€395 | +23.2% |
| Furniture and vehicles | 24 | €6,237 | €5,545 | -€692 | -11.1% |
| Other tangible fixed assets | 26 | €19,273 | €20,077 | +€804 | +4.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €331,751 | €270,082 | -€61,669 | -18.6% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €80,850 | €33,059 | -€47,792 | -59.1% |
| Trade receivables | 40 | €77,191 | €27,235 | -€49,957 | -64.7% |
| Other amounts receivable | 41 | €3,659 | €5,824 | +€2,165 | +59.2% |
| Current investments | 50/53 | €110,000 | €110,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,518 | €27,023 | -€13,495 | -33.3% |
| Deferred charges and accrued income | 490/1 | €383 | €0 | -€383 | -100.0% |
| Total equity and liabilities | 10/49 | €360,966 | €299,805 | -€61,161 | -16.9% |
| Equity | 10/15 | €236,999 | €245,070 | +€8,071 | +3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €230,799 | €238,870 | +€8,071 | +3.5% |
| Distributable reserves | 133 | €230,799 | €238,870 | +€8,071 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,968 | €54,735 | -€69,233 | -55.8% |
| Amounts payable after more than one year | 17 | €14,568 | €6,908 | -€7,661 | -52.6% |
| Financial debts | 170/4 | €14,568 | €6,908 | -€7,661 | -52.6% |
| Amounts payable within one year | 42/48 | €109,399 | €47,828 | -€61,572 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €8,334 | €7,661 | -€673 | -8.1% |
| Trade debts | 44 | €67,839 | €13,637 | -€54,202 | -79.9% |
| Suppliers | 440/4 | €67,839 | €13,637 | -€54,202 | -79.9% |
| Taxes, remuneration and social security | 45 | €13,309 | €14,970 | +€1,661 | +12.5% |
| Taxes | 450/3 | €13,309 | €14,970 | +€1,661 | +12.5% |
| Other amounts payable | 47/48 | €19,917 | €11,560 | -€8,357 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,565 | €13,775 | -€790 | -5.4% |
| Other operating charges | 640/8 | €1,625 | €955 | -€670 | -41.2% |
| Gross operating margin | 9900 | €115,551 | €43,342 | -€72,209 | -62.5% |
| Operating profit (loss) | 9901 | €99,361 | €28,612 | -€70,748 | -71.2% |
| Financial income | 75/76B | €386 | €100 | -€286 | -74.1% |
| Recurring financial income | 75 | €386 | €100 | -€286 | -74.1% |
| Financial charges | 65/66B | €2,618 | €1,782 | -€836 | -31.9% |
| Recurring financial charges | 65 | €2,618 | €1,782 | -€836 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €97,129 | €26,930 | -€70,199 | -72.3% |
| Income taxes | 67/77 | €31,639 | €7,243 | -€24,396 | -77.1% |
| Profit (loss) for the period | 9904 | €65,489 | €19,687 | -€45,802 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €65,489 | €19,687 | -€45,802 | -69.9% |
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 9 October 2026 via checked.be.