GIRAMA: 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.
GIRAMA
Largest movements
- Tangible fixed assets +€32,779
up €32,779 (+10.4%), from €316,133 to €348,912
of which Furniture and vehicles: +€47,509
- Receivables within one year +€23,139
up €23,139 (+21.0%), from €110,151 to €133,290
of which Trade receivables: +€27,994
- Other debts +€49,025
up €49,025 (+117%), from €41,924 to €90,949
- Reserves +€10,058
up €10,058 (+10.7%), from €94,282 to €104,340
of which Distributable reserves: +€10,058
- Gross operating margin -€8,386
down €8,386 (-16.7%), from €50,135 to €41,748
- Depreciation +€5,646
up €5,646 (+31.7%), from €17,812 to €23,458
- Financial income +€826
up €826 (+65.9%), from €1,254 to €2,080
- Other operating charges +€752
up €752 (+11.5%), from €6,530 to €7,282
- Financial charges -€609
down €609 (-16.7%), from €3,639 to €3,030
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 | €443,393 | €503,251 | +€59,858 | +13.5% |
| Fixed assets | 21/28 | €316,133 | €348,912 | +€32,779 | +10.4% |
| Tangible fixed assets | 22/27 | €316,133 | €348,912 | +€32,779 | +10.4% |
| Land and buildings | 22 | €313,827 | €300,436 | -€13,391 | -4.3% |
| Plant, machinery and equipment | 23 | €1,339 | - | -€1,339 | |
| Furniture and vehicles | 24 | €967 | €48,475 | +€47,509 | +4,914% |
| Current assets | 29/58 | €127,260 | €154,340 | +€27,079 | +21.3% |
| Stocks and contracts in progress | 3 | €6,000 | €6,000 | = | 0.0% |
| Stocks | 30/36 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,151 | €133,290 | +€23,139 | +21.0% |
| Trade receivables | 40 | €101,161 | €129,155 | +€27,994 | +27.7% |
| Other amounts receivable | 41 | €8,990 | €4,136 | -€4,855 | -54.0% |
| Cash at bank and in hand | 54/58 | €4,690 | €7,700 | +€3,011 | +64.2% |
| Deferred charges and accrued income | 490/1 | €6,419 | €7,349 | +€929 | +14.5% |
| Total equity and liabilities | 10/49 | €443,393 | €503,251 | +€59,858 | +13.5% |
| Equity | 10/15 | €193,748 | €203,806 | +€10,058 | +5.2% |
| Contributions | 10/11 | €84,400 | €84,400 | = | 0.0% |
| Capital | 10 | €84,400 | €84,400 | = | 0.0% |
| Issued capital | 100 | €84,400 | €84,400 | = | 0.0% |
| Reserves | 13 | €94,282 | €104,340 | +€10,058 | +10.7% |
| Non-distributable reserves | 130/1 | €7,294 | €7,294 | = | 0.0% |
| Legal reserve | 130 | €7,294 | €7,294 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,243 | €13,243 | = | 0.0% |
| Distributable reserves | 133 | €73,745 | €83,802 | +€10,058 | +13.6% |
| Profit (loss) carried forward | 14 | €15,066 | €15,066 | = | 0.0% |
| Amounts payable | 17/49 | €249,645 | €299,446 | +€49,800 | +19.9% |
| Amounts payable after more than one year | 17 | €159,432 | €156,731 | -€2,701 | -1.7% |
| Financial debts | 170/4 | €159,432 | €156,731 | -€2,701 | -1.7% |
| Amounts payable within one year | 42/48 | €90,213 | €142,714 | +€52,501 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €16,496 | €21,526 | +€5,031 | +30.5% |
| Trade debts | 44 | €28,736 | €27,167 | -€1,570 | -5.5% |
| Suppliers | 440/4 | €28,736 | €27,167 | -€1,570 | -5.5% |
| Taxes, remuneration and social security | 45 | €3,057 | €3,072 | +€15 | +0.5% |
| Remuneration and social security | 454/9 | €3,057 | €3,072 | +€15 | +0.5% |
| Other amounts payable | 47/48 | €41,924 | €90,949 | +€49,025 | +117% |
| Remuneration, social security and pensions | 62 | €24 | - | -€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,812 | €23,458 | +€5,646 | +31.7% |
| Other operating charges | 640/8 | €6,530 | €7,282 | +€752 | +11.5% |
| Gross operating margin | 9900 | €50,135 | €41,748 | -€8,386 | -16.7% |
| Operating profit (loss) | 9901 | €25,769 | €11,008 | -€14,761 | -57.3% |
| Financial income | 75/76B | €1,254 | €2,080 | +€826 | +65.9% |
| Recurring financial income | 75 | €1,254 | €2,080 | +€826 | +65.9% |
| Financial charges | 65/66B | €3,639 | €3,030 | -€609 | -16.7% |
| Recurring financial charges | 65 | €3,639 | €3,030 | -€609 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €23,383 | €10,058 | -€13,325 | -57.0% |
| Profit (loss) for the period | 9904 | €23,383 | €10,058 | -€13,325 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,383 | €10,058 | -€13,325 | -57.0% |
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 16 October 2026 via checked.be.