GIRAFEO: 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.
GIRAFEO
Largest movements
- Receivables within one year +€49,200
up €49,200 (+228%), from €21,580 to €70,779
of which Trade receivables: +€43,128
- Tangible fixed assets +€12,008
up €12,008 (+1,972%), from €609 to €12,617
- Cash -€9,859
down €9,859 (-93.8%), from €10,512 to €652
mainly Receivables within one year (-€49,200) and Investment in fixed assets (net) (-€12,928)
- Trade debts +€34,181
up €34,181 (+803%), from €4,257 to €38,438
- Profit (loss) carried forward +€14,668
up €14,668 (+28.2%), from -€51,937 to -€37,269
- Other debts +€2,210
up €2,210 (+3.7%), from €59,880 to €62,089
- Tax, wage and social debts +€953
up €953 (+41.2%), from €2,311 to €3,265
- Gross operating margin +€44,924
up €44,924, from -€27,867 to €17,056
- Financial charges -€352
down €352 (-30.0%), from €1,174 to €822
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 | €34,971 | €86,983 | +€52,012 | +149% |
| Fixed assets | 21/28 | €2,189 | €14,197 | +€12,008 | +549% |
| Tangible fixed assets | 22/27 | €609 | €12,617 | +€12,008 | +1,972% |
| Furniture and vehicles | 24 | €609 | €12,617 | +€12,008 | +1,972% |
| Financial fixed assets | 28 | €1,580 | €1,580 | = | 0.0% |
| Current assets | 29/58 | €32,782 | €72,786 | +€40,004 | +122% |
| Amounts receivable within one year | 40/41 | €21,580 | €70,779 | +€49,200 | +228% |
| Trade receivables | 40 | €17,651 | €60,779 | +€43,128 | +244% |
| Other amounts receivable | 41 | €3,928 | €10,000 | +€6,072 | +155% |
| Cash at bank and in hand | 54/58 | €10,512 | €652 | -€9,859 | -93.8% |
| Deferred charges and accrued income | 490/1 | €691 | €1,354 | +€663 | +96.1% |
| Total equity and liabilities | 10/49 | €34,971 | €86,983 | +€52,012 | +149% |
| Equity | 10/15 | -€31,477 | -€16,809 | +€14,668 | +46.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,937 | -€37,269 | +€14,668 | +28.2% |
| Amounts payable | 17/49 | €66,448 | €103,792 | +€37,344 | +56.2% |
| Amounts payable within one year | 42/48 | €66,448 | €103,792 | +€37,344 | +56.2% |
| Trade debts | 44 | €4,257 | €38,438 | +€34,181 | +803% |
| Suppliers | 440/4 | €4,257 | €38,438 | +€34,181 | +803% |
| Taxes, remuneration and social security | 45 | €2,311 | €3,265 | +€953 | +41.2% |
| Taxes | 450/3 | €2,311 | €3,265 | +€953 | +41.2% |
| Other amounts payable | 47/48 | €59,880 | €62,089 | +€2,210 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €978 | €920 | -€58 | -5.9% |
| Gross operating margin | 9900 | -€27,867 | €17,056 | +€44,924 | |
| Operating profit (loss) | 9901 | -€28,845 | €16,136 | +€44,982 | |
| Financial income | 75/76B | €14 | €0 | -€14 | -100% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -100% |
| Financial charges | 65/66B | €1,174 | €822 | -€352 | -30.0% |
| Recurring financial charges | 65 | €1,174 | €822 | -€352 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,005 | €15,314 | +€45,320 | |
| Income taxes | 67/77 | €535 | €647 | +€112 | +20.9% |
| Profit (loss) for the period | 9904 | -€30,540 | €14,668 | +€45,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,540 | €14,668 | +€45,208 |
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 14 October 2026 via checked.be.