MATHIAS GARNY: 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.
MATHIAS GARNY
Largest movements
- Cash -€94,392
down €94,392 (-82.4%), from €114,584 to €20,192
mainly Tax, wage and social debts (-€82,409) and Other debts (-€75,921)
- Current investments -€64,444
down €64,444 (-49.6%), from €129,828 to €65,384
- Receivables within one year -€25,965
down €25,965 (-98.8%), from €26,279 to €314
of which Trade receivables: -€26,279
- Tangible fixed assets -€5,184
down €5,184 (-26.7%), from €19,402 to €14,219
of which Plant, machinery and equipment: -€2,795
- Tax, wage and social debts -€82,409
down €82,409 (-94.1%), from €87,583 to €5,174
of which Taxes: -€76,037
- Other debts -€75,921
down €75,921 (-66.4%), from €114,267 to €38,346
- Profit (loss) carried forward -€21,468
down €21,468 (-37.0%), from €58,085 to €36,617
- Trade debts -€10,117
down €10,117 (-94.2%), from €10,738 to €620
- Gross operating margin -€534,794
down €534,794, from €517,451 to -€17,343
- Taxes -€119,892
down €119,892 (-99.3%), from €120,794 to €902
- Staff costs -€26,839
down €26,839, from €25,139 to -€1,701
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.
Cash bridge derived
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 | €291,133 | €101,218 | -€189,915 | -65.2% |
| Fixed assets | 21/28 | €19,402 | €14,219 | -€5,184 | -26.7% |
| Tangible fixed assets | 22/27 | €19,402 | €14,219 | -€5,184 | -26.7% |
| Land and buildings | 22 | €5,242 | €5,082 | -€160 | -3.0% |
| Plant, machinery and equipment | 23 | €9,250 | €6,455 | -€2,795 | -30.2% |
| Furniture and vehicles | 24 | €4,911 | €2,682 | -€2,229 | -45.4% |
| Current assets | 29/58 | €271,731 | €86,999 | -€184,732 | -68.0% |
| Amounts receivable within one year | 40/41 | €26,279 | €314 | -€25,965 | -98.8% |
| Trade receivables | 40 | €26,279 | - | -€26,279 | |
| Other amounts receivable | 41 | - | €314 | +€314 | |
| Current investments | 50/53 | €129,828 | €65,384 | -€64,444 | -49.6% |
| Cash at bank and in hand | 54/58 | €114,584 | €20,192 | -€94,392 | -82.4% |
| Deferred charges and accrued income | 490/1 | €1,039 | €1,109 | +€70 | +6.7% |
| Total equity and liabilities | 10/49 | €291,133 | €101,218 | -€189,915 | -65.2% |
| Equity | 10/15 | €78,545 | €57,077 | -€21,468 | -27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,085 | €36,617 | -€21,468 | -37.0% |
| Amounts payable | 17/49 | €212,588 | €44,141 | -€168,447 | -79.2% |
| Amounts payable within one year | 42/48 | €212,588 | €44,141 | -€168,447 | -79.2% |
| Trade debts | 44 | €10,738 | €620 | -€10,117 | -94.2% |
| Suppliers | 440/4 | €10,738 | €620 | -€10,117 | -94.2% |
| Taxes, remuneration and social security | 45 | €87,583 | €5,174 | -€82,409 | -94.1% |
| Taxes | 450/3 | €81,211 | €5,174 | -€76,037 | -93.6% |
| Remuneration and social security | 454/9 | €6,372 | - | -€6,372 | |
| Other amounts payable | 47/48 | €114,267 | €38,346 | -€75,921 | -66.4% |
| Non-recurring operating income | 76A | - | €1,330 | +€1,330 | |
| Remuneration, social security and pensions | 62 | €25,139 | -€1,701 | -€26,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,558 | €4,913 | -€645 | -11.6% |
| Other operating charges | 640/8 | €1,056 | €1,056 | -€0 | 0.0% |
| Gross operating margin | 9900 | €517,451 | -€17,343 | -€534,794 | |
| Operating profit (loss) | 9901 | €485,697 | -€21,612 | -€507,309 | |
| Financial income | 75/76B | €1,332 | €1,341 | +€9 | +0.7% |
| Recurring financial income | 75 | €1,332 | €1,341 | +€9 | +0.7% |
| Financial charges | 65/66B | €234 | €295 | +€62 | +26.4% |
| Recurring financial charges | 65 | €234 | €295 | +€62 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €486,796 | -€20,566 | -€507,362 | |
| Income taxes | 67/77 | €120,794 | €902 | -€119,892 | -99.3% |
| Profit (loss) for the period | 9904 | €366,002 | -€21,468 | -€387,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €366,002 | -€21,468 | -€387,470 |
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 11 October 2026 via checked.be.