GIRDERS: 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.
GIRDERS
Largest movements
- Receivables within one year +€22,131
up €22,131, from €0 to €22,131
- Cash +€17,910
up €17,910 (+42.7%), from €41,953 to €59,863
mainly Other debts (+€35,654) and Net result for the year (+€20,383)
- Stocks and contracts -€15,264
no longer reported in 2025 (was €15,264)
- Deferred charges and accrued income -€3,167
down €3,167 (-33.3%), from €9,500 to €6,333
- Other debts +€35,654
up €35,654 (+421%), from €8,466 to €44,120
- Reserves -€14,912
down €14,912 (-29.8%), from €50,052 to €35,141
- Staff costs -€4,471
no longer reported in 2025 (was €4,471)
- Gross operating margin +€3,837
up €3,837 (+11.4%), from €33,687 to €37,523
- Taxes +€1,816
up €1,816 (+31.7%), from €5,735 to €7,551
- Financial charges -€1,295
down €1,295 (-25.9%), from €5,009 to €3,714
- Depreciation +€622
up €622 (+13.5%), from €4,607 to €5,228
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 | €84,789 | €106,171 | +€21,382 | +25.2% |
| Fixed assets | 21/28 | €13,831 | €13,603 | -€228 | -1.6% |
| Tangible fixed assets | 22/27 | €13,831 | €13,603 | -€228 | -1.6% |
| Plant, machinery and equipment | 23 | €6,399 | €8,511 | +€2,112 | +33.0% |
| Furniture and vehicles | 24 | €7,432 | €5,092 | -€2,340 | -31.5% |
| Current assets | 29/58 | €70,958 | €92,568 | +€21,610 | +30.5% |
| Stocks and contracts in progress | 3 | €15,264 | - | -€15,264 | |
| Contracts in progress | 37 | €15,264 | - | -€15,264 | |
| Amounts receivable within one year | 40/41 | €0 | €22,131 | +€22,131 | |
| Trade receivables | 40 | €0 | €22,131 | +€22,131 | |
| Current investments | 50/53 | €4,242 | €4,242 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,953 | €59,863 | +€17,910 | +42.7% |
| Deferred charges and accrued income | 490/1 | €9,500 | €6,333 | -€3,167 | -33.3% |
| Total equity and liabilities | 10/49 | €84,789 | €106,171 | +€21,382 | +25.2% |
| Equity | 10/15 | €52,452 | €37,541 | -€14,912 | -28.4% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €50,052 | €35,141 | -€14,912 | -29.8% |
| Distributable reserves | 133 | €50,052 | €35,141 | -€14,912 | -29.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €32,337 | €68,631 | +€36,294 | +112% |
| Amounts payable within one year | 42/48 | €32,337 | €68,631 | +€36,294 | +112% |
| Trade debts | 44 | €3,812 | €3,927 | +€115 | +3.0% |
| Suppliers | 440/4 | €3,812 | €3,927 | +€115 | +3.0% |
| Taxes, remuneration and social security | 45 | €20,059 | €20,584 | +€525 | +2.6% |
| Taxes | 450/3 | €16,559 | €17,084 | +€525 | +3.2% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €8,466 | €44,120 | +€35,654 | +421% |
| Remuneration, social security and pensions | 62 | €4,471 | - | -€4,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,607 | €5,228 | +€622 | +13.5% |
| Other operating charges | 640/8 | €449 | €647 | +€198 | +44.1% |
| Gross operating margin | 9900 | €33,687 | €37,523 | +€3,837 | +11.4% |
| Operating profit (loss) | 9901 | €24,160 | €31,647 | +€7,487 | +31.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €5,009 | €3,714 | -€1,295 | -25.9% |
| Recurring financial charges | 65 | €5,009 | €3,714 | -€1,295 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €19,151 | €27,934 | +€8,782 | +45.9% |
| Income taxes | 67/77 | €5,735 | €7,551 | +€1,816 | +31.7% |
| Profit (loss) for the period | 9904 | €13,416 | €20,383 | +€6,966 | +51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,416 | €20,383 | +€6,966 | +51.9% |
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 30 October 2026 via checked.be.