PETER GARMYN: 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.
PETER GARMYN
Largest movements
- Tangible fixed assets +€959,362
up €959,362 (+78.7%), from €1.2m to €2.2m
of which Land and buildings: +€1.5m
- Current investments -€600,000
down €600,000 (-52.5%), from €1.1m to €543,360
- Cash +€107,525
up €107,525 (+69.0%), from €155,768 to €263,292
mainly Current investments (+€600,000) and Debts after one year (+€295,000)
- Debts after one year +€295,000
up €295,000 (+151%), from €195,000 to €490,000
- Other debts +€111,686
up €111,686 (+26.3%), from €424,088 to €535,774
- Reserves +€76,617
up €76,617 (+4.2%), from €1.8m to €1.9m
of which Distributable reserves: +€76,617
- Current portion of long-term debt +€64,037
up €64,037 (+640%), from €10,000 to €74,037
- Tax, wage and social debts -€30,921
down €30,921 (-76.2%), from €40,567 to €9,646
of which Taxes: -€30,921
- Taxes -€29,674
down €29,674 (-19.3%), from €153,979 to €124,305
- Gross operating margin -€17,204
down €17,204 (-3.1%), from €554,755 to €537,551
- Financial income -€16,611
down €16,611 (-47.9%), from €34,660 to €18,049
- Financial charges +€15,178
up €15,178 (+127%), from €11,979 to €27,156
- Depreciation +€6,364
up €6,364 (+5.5%), from €115,559 to €121,923
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 | €2,536,041 | €3,028,581 | +€492,540 | +19.4% |
| Fixed assets | 21/28 | €1,219,425 | €2,178,787 | +€959,362 | +78.7% |
| Tangible fixed assets | 22/27 | €1,219,425 | €2,178,787 | +€959,362 | +78.7% |
| Land and buildings | 22 | €605,651 | €2,080,745 | +€1.5m | +244% |
| Furniture and vehicles | 24 | €141,418 | €98,043 | -€43,375 | -30.7% |
| Assets under construction and advance payments | 27 | €472,356 | €0 | -€472,356 | -100% |
| Current assets | 29/58 | €1,316,616 | €849,794 | -€466,822 | -35.5% |
| Amounts receivable within one year | 40/41 | €0 | €30,177 | +€30,177 | |
| Trade receivables | 40 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 41 | €0 | €5,177 | +€5,177 | |
| Current investments | 50/53 | €1,143,360 | €543,360 | -€600,000 | -52.5% |
| Cash at bank and in hand | 54/58 | €155,768 | €263,292 | +€107,525 | +69.0% |
| Deferred charges and accrued income | 490/1 | €17,488 | €12,964 | -€4,523 | -25.9% |
| Total equity and liabilities | 10/49 | €2,536,041 | €3,028,581 | +€492,540 | +19.4% |
| Equity | 10/15 | €1,835,826 | €1,912,443 | +€76,617 | +4.2% |
| Contributions | 10/11 | €10,681 | €10,681 | = | 0.0% |
| Reserves | 13 | €1,825,146 | €1,901,763 | +€76,617 | +4.2% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €1,719,896 | €1,796,513 | +€76,617 | +4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €700,214 | €1,116,138 | +€415,924 | +59.4% |
| Amounts payable after more than one year | 17 | €195,000 | €490,000 | +€295,000 | +151% |
| Financial debts | 170/4 | €195,000 | €490,000 | +€295,000 | +151% |
| Amounts payable within one year | 42/48 | €505,214 | €626,138 | +€120,924 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €74,037 | +€64,037 | +640% |
| Trade debts | 44 | €30,558 | €6,680 | -€23,878 | -78.1% |
| Suppliers | 440/4 | €30,558 | €6,680 | -€23,878 | -78.1% |
| Taxes, remuneration and social security | 45 | €40,567 | €9,646 | -€30,921 | -76.2% |
| Taxes | 450/3 | €33,567 | €2,646 | -€30,921 | -92.1% |
| Remuneration and social security | 454/9 | €7,000 | €7,000 | = | 0.0% |
| Other amounts payable | 47/48 | €424,088 | €535,774 | +€111,686 | +26.3% |
| Remuneration, social security and pensions | 62 | €1,119 | €0 | -€1,119 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,559 | €121,923 | +€6,364 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,586 | €7,384 | +€1,798 | +32.2% |
| Non-recurring operating charges | 66A | €2,500 | €0 | -€2,500 | -100% |
| Gross operating margin | 9900 | €554,755 | €537,551 | -€17,204 | -3.1% |
| Operating profit (loss) | 9901 | €429,991 | €408,245 | -€21,747 | -5.1% |
| Financial income | 75/76B | €34,660 | €18,049 | -€16,611 | -47.9% |
| Recurring financial income | 75 | €34,660 | €18,049 | -€16,611 | -47.9% |
| Financial charges | 65/66B | €11,979 | €27,156 | +€15,178 | +127% |
| Recurring financial charges | 65 | €11,979 | €27,156 | +€15,178 | +127% |
| Profit (loss) for the period before taxes | 9903 | €452,672 | €399,137 | -€53,535 | -11.8% |
| Income taxes | 67/77 | €153,979 | €124,305 | -€29,674 | -19.3% |
| Profit (loss) for the period | 9904 | €298,693 | €274,832 | -€23,861 | -8.0% |
| Transfer from tax-exempt reserves | 789 | €139,125 | €0 | -€139,125 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €437,819 | €274,832 | -€162,986 | -37.2% |
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 13 October 2026 via checked.be.