GIRARD: 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.
GIRARD
Largest movements
- Cash +€12,689
up €12,689 (+6.5%), from €194,395 to €207,084
mainly Net result for the year (+€71,445) and Tax, wage and social debts (+€38,134)
- Tangible fixed assets -€5,359
down €5,359 (-12.8%), from €41,839 to €36,480
of which Furniture and vehicles: -€4,097
- Receivables within one year -€2,647
down €2,647 (-15.8%), from €16,792 to €14,146
- Other debts -€44,302
down €44,302 (-72.7%), from €60,963 to €16,661
- Reserves +€43,801
up €43,801 (+20.1%), from €218,049 to €261,850
- Trade debts -€42,618
down €42,618 (-95.3%), from €44,717 to €2,099
- Tax, wage and social debts +€38,134
up €38,134 (+268%), from €14,243 to €52,377
- Accrued charges and deferred income +€9,669
up €9,669 (+138%), from €6,994 to €16,663
- Taxes +€38,461
new in 2025: €38,461
- Gross operating margin +€32,082
up €32,082 (+35.9%), from €89,388 to €121,470
- Depreciation +€7,674
up €7,674 (+240%), from €3,201 to €10,876
- Provisions -€4,000
no longer reported in 2025 (was €4,000)
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 | €253,027 | €257,710 | +€4,683 | +1.9% |
| Fixed assets | 21/28 | €41,839 | €36,480 | -€5,359 | -12.8% |
| Tangible fixed assets | 22/27 | €41,839 | €36,480 | -€5,359 | -12.8% |
| Furniture and vehicles | 24 | €40,577 | €36,480 | -€4,097 | -10.1% |
| Other tangible fixed assets | 26 | €1,262 | - | -€1,262 | |
| Current assets | 29/58 | €211,188 | €221,230 | +€10,042 | +4.8% |
| Amounts receivable within one year | 40/41 | €16,792 | €14,146 | -€2,647 | -15.8% |
| Trade receivables | 40 | €16,792 | €14,146 | -€2,647 | -15.8% |
| Cash at bank and in hand | 54/58 | €194,395 | €207,084 | +€12,689 | +6.5% |
| Total equity and liabilities | 10/49 | €253,027 | €257,710 | +€4,683 | +1.9% |
| Equity | 10/15 | €126,109 | €169,909 | +€43,801 | +34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,049 | €261,850 | +€43,801 | +20.1% |
| Distributable reserves | 133 | €218,049 | €261,850 | +€43,801 | +20.1% |
| Profit (loss) carried forward | 14 | -€110,541 | -€110,541 | = | 0.0% |
| Amounts payable | 17/49 | €126,918 | €87,801 | -€39,117 | -30.8% |
| Amounts payable within one year | 42/48 | €119,923 | €71,137 | -€48,786 | -40.7% |
| Trade debts | 44 | €44,717 | €2,099 | -€42,618 | -95.3% |
| Suppliers | 440/4 | €44,717 | €2,099 | -€42,618 | -95.3% |
| Taxes, remuneration and social security | 45 | €14,243 | €52,377 | +€38,134 | +268% |
| Taxes | 450/3 | €14,243 | €52,377 | +€38,134 | +268% |
| Other amounts payable | 47/48 | €60,963 | €16,661 | -€44,302 | -72.7% |
| Accrued charges and deferred income | 492/3 | €6,994 | €16,663 | +€9,669 | +138% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,201 | €10,876 | +€7,674 | +240% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,000 | - | -€4,000 | |
| Other operating charges | 640/8 | €555 | €408 | -€148 | -26.6% |
| Gross operating margin | 9900 | €89,388 | €121,470 | +€32,082 | +35.9% |
| Operating profit (loss) | 9901 | €81,632 | €110,187 | +€28,555 | +35.0% |
| Financial income | 75/76B | €5 | €1 | -€4 | -77.0% |
| Recurring financial income | 75 | €5 | €1 | -€4 | -77.0% |
| Financial charges | 65/66B | €3 | €281 | +€278 | +8,302% |
| Recurring financial charges | 65 | €3 | €281 | +€278 | +8,302% |
| Profit (loss) for the period before taxes | 9903 | €81,634 | €109,906 | +€28,273 | +34.6% |
| Income taxes | 67/77 | - | €38,461 | +€38,461 | |
| Profit (loss) for the period | 9904 | €81,634 | €71,445 | -€10,189 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,634 | €71,445 | -€10,189 | -12.5% |
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.