GIRALDO: 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.
What changed
GIRALDO
NACE 47.721, Retail sale of footwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€16,834
2024 · €78,609-€95,443
Equity
€3.4m
2024 · €3.5m-€116,834
Cash
€231,820
2024 · €341,025-€109,205
Balance sheet total
€3.8m
2024 · €3.8m-€74,313
Largest movements
Assets
- Cash -€109,205
down €109,205 (-32.0%), from €341,025 to €231,820
mainly Contributions, distributions and other (-€100,000) and Stocks and contracts (-€28,483)
Equity and liabilities
- Reserves -€116,834
down €116,834 (-3.9%), from €3.0m to €2.9m
of which Distributable reserves: -€116,834
- Other debts +€38,972
up €38,972 (+19.5%), from €200,000 to €238,972
Income statement
- Gross operating margin -€68,094
down €68,094 (-34.8%), from €195,450 to €127,355
- Staff costs +€19,867
up €19,867 (+27.6%), from €71,919 to €91,786
- Other operating charges +€15,978
up €15,978 (+50.6%), from €31,591 to €47,569
- Financial income +€10,070
up €10,070 (+35.8%), from €28,153 to €38,224
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.
Result 2024
€78,609
Gross operating margin
-€68,094
Staff costs
-€19,867
Depreciation
-€400
Other operating charges
-€15,978
Financial income
+€10,070
Financial charges
-€1,174
Result 2025
-€16,834
raises the resultlowers the result
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.
From operations
+€20,212
Investment
-€29,417
Financing
-€100,000
Cash 2024
€341,025
From operations (derived)
+€20,212
Net result for the year
-€16,834
Depreciation
+€36,215
Stocks and contracts
-€28,483
Receivables within one year
-€13,441
Deferred charges and accrued income
+€233
Trade debts
+€26,465
Tax, wage and social debts
-€20,443
Advances received
-€3,795
Other debts
+€38,972
Accrued charges and deferred income
+€1,323
Investment (derived)
-€29,417
Investment in fixed assets (net)
-€12,954
Current investments
-€16,463
Financing
-€100,000
Contributions, distributions and other
-€100,000
Cash 2025
€231,820
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,825,844 | €3,751,531 | -€74,313 | -1.9% |
| Fixed assets | 21/28 | €1,981,100 | €1,957,839 | -€23,261 | -1.2% |
| Tangible fixed assets | 22/27 | €1,507,169 | €1,488,708 | -€18,461 | -1.2% |
| Land and buildings | 22 | €1,501,183 | €1,482,926 | -€18,257 | -1.2% |
| Plant, machinery and equipment | 23 | €40 | €0 | -€40 | -100% |
| Furniture and vehicles | 24 | €645 | €1,682 | +€1,036 | +161% |
| Other tangible fixed assets | 26 | €5,300 | €4,100 | -€1,200 | -22.6% |
| Financial fixed assets | 28 | €473,931 | €469,131 | -€4,800 | -1.0% |
| Current assets | 29/58 | €1,844,744 | €1,793,692 | -€51,052 | -2.8% |
| Stocks and contracts in progress | 3 | €343,345 | €371,828 | +€28,483 | +8.3% |
| Stocks | 30/36 | €343,345 | €371,828 | +€28,483 | +8.3% |
| Amounts receivable within one year | 40/41 | €108,978 | €122,419 | +€13,441 | +12.3% |
| Trade receivables | 40 | €86,419 | €109,607 | +€23,188 | +26.8% |
| Other amounts receivable | 41 | €22,559 | €12,812 | -€9,748 | -43.2% |
| Current investments | 50/53 | €1,049,359 | €1,065,822 | +€16,463 | +1.6% |
| Cash at bank and in hand | 54/58 | €341,025 | €231,820 | -€109,205 | -32.0% |
| Deferred charges and accrued income | 490/1 | €2,037 | €1,804 | -€233 | -11.4% |
| Total equity and liabilities | 10/49 | €3,825,844 | €3,751,531 | -€74,313 | -1.9% |
| Equity | 10/15 | €3,467,026 | €3,350,192 | -€116,834 | -3.4% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €3,017,026 | €2,900,192 | -€116,834 | -3.9% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €2,915,776 | €2,798,942 | -€116,834 | -4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €358,818 | €401,339 | +€42,521 | +11.9% |
| Amounts payable within one year | 42/48 | €358,818 | €400,016 | +€41,199 | +11.5% |
| Trade debts | 44 | €100,250 | €126,715 | +€26,465 | +26.4% |
| Suppliers | 440/4 | €100,250 | €126,715 | +€26,465 | +26.4% |
| Advances received on contracts in progress | 46 | €4,238 | €443 | -€3,795 | -89.5% |
| Taxes, remuneration and social security | 45 | €54,330 | €33,887 | -€20,443 | -37.6% |
| Taxes | 450/3 | €46,285 | €21,922 | -€24,363 | -52.6% |
| Remuneration and social security | 454/9 | €8,045 | €11,964 | +€3,920 | +48.7% |
| Other amounts payable | 47/48 | €200,000 | €238,972 | +€38,972 | +19.5% |
| Accrued charges and deferred income | 492/3 | €0 | €1,323 | +€1,323 | |
| Non-recurring operating income | 76A | - | €807 | +€807 | |
| Remuneration, social security and pensions | 62 | €71,919 | €91,786 | +€19,867 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,815 | €36,215 | +€400 | +1.1% |
| Other operating charges | 640/8 | €31,591 | €47,569 | +€15,978 | +50.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €195,450 | €127,355 | -€68,094 | -34.8% |
| Operating profit (loss) | 9901 | €56,125 | -€48,215 | -€104,340 | |
| Financial income | 75/76B | €28,153 | €38,224 | +€10,070 | +35.8% |
| Recurring financial income | 75 | €28,153 | €38,224 | +€10,070 | +35.8% |
| Financial charges | 65/66B | €5,669 | €6,843 | +€1,174 | +20.7% |
| Recurring financial charges | 65 | €5,669 | €6,843 | +€1,174 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €78,609 | -€16,834 | -€95,443 | |
| Profit (loss) for the period | 9904 | €78,609 | -€16,834 | -€95,443 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,609 | -€16,834 | -€95,443 |
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 19 October 2026 via checked.be.