MD GARNISSAGE: 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.
MD GARNISSAGE
Largest movements
- Cash -€28,020
down €28,020 (-55.1%), from €50,854 to €22,834
mainly Net result for the year (-€40,335) and Debts after one year (-€20,900)
- Tangible fixed assets -€19,292
down €19,292 (-10.7%), from €180,947 to €161,655
of which Land and buildings: -€9,914
- Receivables within one year -€18,341
down €18,341 (-21.6%), from €84,788 to €66,447
of which Trade receivables: -€19,367
- Stocks and contracts -€6,610
down €6,610 (-27.7%), from €23,822 to €17,212
- Reserves -€41,860
down €41,860 (-18.8%), from €222,860 to €181,000
of which Distributable reserves: -€40,000
- Debts after one year -€20,900
down €20,900 (-58.3%), from €35,830 to €14,930
- Trade debts -€8,664
down €8,664 (-36.2%), from €23,951 to €15,286
- Gross operating margin -€61,283
down €61,283 (-19.7%), from €311,263 to €249,979
- Staff costs +€25,842
up €25,842 (+11.1%), from €233,792 to €259,633
- Taxes -€12,354
down €12,354 (-89.5%), from €13,800 to €1,446
- Depreciation +€3,665
up €3,665 (+23.5%), from €15,627 to €19,292
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 | €343,362 | €271,449 | -€71,913 | -20.9% |
| Fixed assets | 21/28 | €180,947 | €161,655 | -€19,292 | -10.7% |
| Tangible fixed assets | 22/27 | €180,947 | €161,655 | -€19,292 | -10.7% |
| Land and buildings | 22 | €155,067 | €145,153 | -€9,914 | -6.4% |
| Plant, machinery and equipment | 23 | €4,515 | €2,919 | -€1,596 | -35.4% |
| Furniture and vehicles | 24 | €21,365 | €13,583 | -€7,782 | -36.4% |
| Current assets | 29/58 | €162,415 | €109,794 | -€52,621 | -32.4% |
| Stocks and contracts in progress | 3 | €23,822 | €17,212 | -€6,610 | -27.7% |
| Stocks | 30/36 | €23,822 | €17,212 | -€6,610 | -27.7% |
| Amounts receivable within one year | 40/41 | €84,788 | €66,447 | -€18,341 | -21.6% |
| Trade receivables | 40 | €77,959 | €58,592 | -€19,367 | -24.8% |
| Other amounts receivable | 41 | €6,829 | €7,855 | +€1,026 | +15.0% |
| Cash at bank and in hand | 54/58 | €50,854 | €22,834 | -€28,020 | -55.1% |
| Deferred charges and accrued income | 490/1 | €2,951 | €3,301 | +€350 | +11.9% |
| Total equity and liabilities | 10/49 | €343,362 | €271,449 | -€71,913 | -20.9% |
| Equity | 10/15 | €241,835 | €201,501 | -€40,335 | -16.7% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €222,860 | €181,000 | -€41,860 | -18.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €221,000 | €181,000 | -€40,000 | -18.1% |
| Profit (loss) carried forward | 14 | €375 | €41 | -€335 | -89.2% |
| Amounts payable | 17/49 | €101,527 | €69,948 | -€31,578 | -31.1% |
| Amounts payable after more than one year | 17 | €35,830 | €14,930 | -€20,900 | -58.3% |
| Financial debts | 170/4 | €35,830 | €14,930 | -€20,900 | -58.3% |
| Amounts payable within one year | 42/48 | €65,697 | €55,019 | -€10,678 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €21,658 | €20,900 | -€758 | -3.5% |
| Trade debts | 44 | €23,951 | €15,286 | -€8,664 | -36.2% |
| Suppliers | 440/4 | €23,951 | €15,286 | -€8,664 | -36.2% |
| Advances received on contracts in progress | 46 | €360 | - | -€360 | |
| Taxes, remuneration and social security | 45 | €19,728 | €17,832 | -€1,896 | -9.6% |
| Taxes | 450/3 | €4,251 | €9,665 | +€5,414 | +127.3% |
| Remuneration and social security | 454/9 | €15,477 | €8,168 | -€7,310 | -47.2% |
| Other amounts payable | 47/48 | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €233,792 | €259,633 | +€25,842 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,627 | €19,292 | +€3,665 | +23.5% |
| Other operating charges | 640/8 | €6,980 | €7,279 | +€299 | +4.3% |
| Gross operating margin | 9900 | €311,263 | €249,979 | -€61,283 | -19.7% |
| Operating profit (loss) | 9901 | €54,863 | -€36,225 | -€91,089 | |
| Financial income | 75/76B | €9 | €43 | +€35 | +404.1% |
| Recurring financial income | 75 | €9 | €43 | +€35 | +404.1% |
| Financial charges | 65/66B | €3,018 | €2,706 | -€312 | -10.3% |
| Recurring financial charges | 65 | €3,018 | €2,706 | -€312 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €51,854 | -€38,889 | -€90,742 | |
| Income taxes | 67/77 | €13,800 | €1,446 | -€12,354 | -89.5% |
| Profit (loss) for the period | 9904 | €38,054 | -€40,335 | -€78,388 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,054 | -€40,335 | -€78,388 |
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 12 October 2026 via checked.be.