giraf! management: 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! management
Largest movements
- Cash +€361,304
up €361,304 (+515%), from €70,145 to €431,449
mainly Accrued charges and deferred income (+€339,187) and Net result for the year (+€119,918)
- Current investments +€98,009
up €98,009 (+49.0%), from €200,000 to €298,009
- Receivables within one year -€8,807
down €8,807 (-42.9%), from €20,538 to €11,732
of which Trade receivables: -€20,518
- Accrued charges and deferred income +€339,187
up €339,187 (+54,775%), from €619 to €339,806
- Reserves +€119,918
up €119,918 (+46.9%), from €255,520 to €375,438
- Tax, wage and social debts -€8,949
down €8,949 (-23.8%), from €37,638 to €28,689
of which Taxes: -€9,436
- Gross operating margin +€26,859
up €26,859 (+20.1%), from €133,783 to €160,643
- Taxes +€7,767
up €7,767 (+27.7%), from €28,040 to €35,807
- Financial income +€5,646
up €5,646 (+56,456,200%), from €0 to €5,646
- Financial charges +€3,057
up €3,057 (+69.1%), from €4,423 to €7,481
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 | €298,303 | €746,346 | +€448,043 | +150% |
| Fixed assets | 21/28 | €6,459 | €3,967 | -€2,491 | -38.6% |
| Tangible fixed assets | 22/27 | €6,459 | €3,967 | -€2,491 | -38.6% |
| Plant, machinery and equipment | 23 | €875 | €621 | -€254 | -29.0% |
| Furniture and vehicles | 24 | €5,583 | €3,346 | -€2,237 | -40.1% |
| Current assets | 29/58 | €291,844 | €742,379 | +€450,534 | +154% |
| Amounts receivable within one year | 40/41 | €20,538 | €11,732 | -€8,807 | -42.9% |
| Trade receivables | 40 | €20,518 | €0 | -€20,518 | -100% |
| Other amounts receivable | 41 | €21 | €11,732 | +€11,711 | +56,466% |
| Current investments | 50/53 | €200,000 | €298,009 | +€98,009 | +49.0% |
| Cash at bank and in hand | 54/58 | €70,145 | €431,449 | +€361,304 | +515% |
| Deferred charges and accrued income | 490/1 | €1,161 | €1,189 | +€28 | +2.4% |
| Total equity and liabilities | 10/49 | €298,303 | €746,346 | +€448,043 | +150% |
| Equity | 10/15 | €255,620 | €375,538 | +€119,918 | +46.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €255,520 | €375,438 | +€119,918 | +46.9% |
| Distributable reserves | 133 | €255,520 | €375,438 | +€119,918 | +46.9% |
| Amounts payable | 17/49 | €42,683 | €370,808 | +€328,125 | +769% |
| Amounts payable within one year | 42/48 | €42,064 | €31,002 | -€11,062 | -26.3% |
| Financial debts | 43 | €0 | €77 | +€77 | |
| Credit institutions | 430/8 | €0 | €77 | +€77 | |
| Trade debts | 44 | €2,097 | €2,236 | +€139 | +6.6% |
| Suppliers | 440/4 | €2,097 | €2,236 | +€139 | +6.6% |
| Taxes, remuneration and social security | 45 | €37,638 | €28,689 | -€8,949 | -23.8% |
| Taxes | 450/3 | €37,638 | €28,202 | -€9,436 | -25.1% |
| Remuneration and social security | 454/9 | €0 | €487 | +€487 | |
| Other amounts payable | 47/48 | €2,329 | €0 | -€2,329 | -100% |
| Accrued charges and deferred income | 492/3 | €619 | €339,806 | +€339,187 | +54,775% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,536 | €2,491 | +€955 | +62.2% |
| Other operating charges | 640/8 | €395 | €591 | +€196 | +49.6% |
| Gross operating margin | 9900 | €133,783 | €160,643 | +€26,859 | +20.1% |
| Operating profit (loss) | 9901 | €131,852 | €157,560 | +€25,708 | +19.5% |
| Financial income | 75/76B | €0 | €5,646 | +€5,646 | +56,456,200% |
| Recurring financial income | 75 | €0 | €5,646 | +€5,646 | +56,456,200% |
| Financial charges | 65/66B | €4,423 | €7,481 | +€3,057 | +69.1% |
| Recurring financial charges | 65 | €4,423 | €7,481 | +€3,057 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | €127,429 | €155,725 | +€28,296 | +22.2% |
| Income taxes | 67/77 | €28,040 | €35,807 | +€7,767 | +27.7% |
| Profit (loss) for the period | 9904 | €99,389 | €119,918 | +€20,529 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €99,389 | €119,918 | +€20,529 | +20.7% |
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 26 October 2026 via checked.be.