GIRAZUYL: 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.
GIRAZUYL
Largest movements
- Tangible fixed assets -€30,750
down €30,750 (-9.9%), from €312,055 to €281,305
of which Land and buildings: -€24,779
- Cash -€3,716
down €3,716 (-9.7%), from €38,178 to €34,462
mainly Debts after one year (-€29,512) and Investment in fixed assets (net) (-€14,815)
- Debts after one year -€29,512
down €29,512 (-11.2%), from €263,130 to €233,618
- Profit (loss) carried forward +€5,979
up €5,979 (+9.5%), from -€62,966 to -€56,988
- Other debts -€5,547
down €5,547 (-100%), from €5,547 to €0
- Investment grants -€4,733
down €4,733 (-25.0%), from €18,933 to €14,200
- Gross operating margin -€24,146
down €24,146 (-27.6%), from €87,362 to €63,216
- Depreciation -€5,859
down €5,859 (-11.4%), from €51,425 to €45,566
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 | €355,780 | €321,641 | -€34,139 | -9.6% |
| Fixed assets | 21/28 | €312,055 | €281,305 | -€30,750 | -9.9% |
| Tangible fixed assets | 22/27 | €312,055 | €281,305 | -€30,750 | -9.9% |
| Land and buildings | 22 | €111,693 | €86,914 | -€24,779 | -22.2% |
| Plant, machinery and equipment | 23 | €4,763 | €7,178 | +€2,416 | +50.7% |
| Furniture and vehicles | 24 | €8,599 | €11,213 | +€2,613 | +30.4% |
| Leasing and similar rights | 25 | €187,000 | €176,000 | -€11,000 | -5.9% |
| Current assets | 29/58 | €43,724 | €40,336 | -€3,389 | -7.7% |
| Amounts receivable within one year | 40/41 | €3,646 | €3,919 | +€273 | +7.5% |
| Trade receivables | 40 | €3,646 | €2,083 | -€1,563 | -42.9% |
| Other amounts receivable | 41 | €0 | €1,836 | +€1,836 | |
| Cash at bank and in hand | 54/58 | €38,178 | €34,462 | -€3,716 | -9.7% |
| Deferred charges and accrued income | 490/1 | €1,900 | €1,955 | +€55 | +2.9% |
| Total equity and liabilities | 10/49 | €355,780 | €321,641 | -€34,139 | -9.6% |
| Equity | 10/15 | €56,055 | €57,301 | +€1,245 | +2.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €88 | €88 | = | 0.0% |
| Non-distributable reserves | 130/1 | €88 | €88 | = | 0.0% |
| Reserves not available under the articles | 1311 | €88 | €88 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,966 | -€56,988 | +€5,979 | +9.5% |
| Investment grants | 15 | €18,933 | €14,200 | -€4,733 | -25.0% |
| Amounts payable | 17/49 | €299,724 | €264,340 | -€35,384 | -11.8% |
| Amounts payable after more than one year | 17 | €263,130 | €233,618 | -€29,512 | -11.2% |
| Financial debts | 170/4 | €263,130 | €233,618 | -€29,512 | -11.2% |
| Amounts payable within one year | 42/48 | €36,594 | €30,722 | -€5,872 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €28,564 | €29,512 | +€949 | +3.3% |
| Trade debts | 44 | €305 | €274 | -€31 | -10.1% |
| Suppliers | 440/4 | €305 | €274 | -€31 | -10.1% |
| Taxes, remuneration and social security | 45 | €2,179 | €936 | -€1,243 | -57.1% |
| Taxes | 450/3 | €2,179 | €936 | -€1,243 | -57.1% |
| Other amounts payable | 47/48 | €5,547 | €0 | -€5,547 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,425 | €45,566 | -€5,859 | -11.4% |
| Other operating charges | 640/8 | €6,645 | €6,384 | -€261 | -3.9% |
| Gross operating margin | 9900 | €87,362 | €63,216 | -€24,146 | -27.6% |
| Operating profit (loss) | 9901 | €29,292 | €11,266 | -€18,026 | -61.5% |
| Financial income | 75/76B | €4,775 | €4,734 | -€41 | -0.9% |
| Recurring financial income | 75 | €4,775 | €4,734 | -€41 | -0.9% |
| Financial charges | 65/66B | €10,421 | €9,732 | -€690 | -6.6% |
| Recurring financial charges | 65 | €10,421 | €9,732 | -€690 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €23,646 | €6,268 | -€17,378 | -73.5% |
| Income taxes | 67/77 | €362 | €290 | -€72 | -20.0% |
| Profit (loss) for the period | 9904 | €23,284 | €5,979 | -€17,305 | -74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,284 | €5,979 | -€17,305 | -74.3% |
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 25 October 2026 via checked.be.