BM GROTIUS: 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.
BM GROTIUS
Largest movements
- Current investments +€370,178
up €370,178 (+9.8%), from €3.8m to €4.2m
- Cash -€204,690
down €204,690 (-73.1%), from €279,898 to €75,208
mainly Current investments (-€370,178) and Contributions, distributions and other (-€300,000)
- Receivables within one year -€153,750
down €153,750 (-71.5%), from €215,104 to €61,354
of which Other amounts receivable: -€139,642
- Contributions -€300,000
down €300,000 (-8.9%), from €3.4m to €3.1m
- Reserves +€283,565
up €283,565 (+22.6%), from €1.3m to €1.5m
- Financial income +€277,450
up €277,450 (+225%), from €123,211 to €400,660
- Gross operating margin -€54,043
down €54,043, from €52,607 to -€1,436
- Financial charges +€44,625
up €44,625, from -€4,253 to €40,372
- Taxes +€12,288
up €12,288 (+28.5%), from €43,133 to €55,421
- Other operating charges -€5,677
down €5,677 (-48.6%), from €11,687 to €6,010
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 | €4,659,495 | €4,657,976 | -€1,520 | 0.0% |
| Fixed assets | 21/28 | €249,663 | €238,220 | -€11,443 | -4.6% |
| Tangible fixed assets | 22/27 | €249,463 | €238,020 | -€11,443 | -4.6% |
| Land and buildings | 22 | €147,600 | €147,600 | = | 0.0% |
| Furniture and vehicles | 24 | €100,582 | €87,723 | -€12,859 | -12.8% |
| Other tangible fixed assets | 26 | €1,280 | €2,696 | +€1,416 | +111% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €4,409,833 | €4,419,756 | +€9,923 | +0.2% |
| Stocks and contracts in progress | 3 | €120,000 | €120,000 | = | 0.0% |
| Stocks | 30/36 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €215,104 | €61,354 | -€153,750 | -71.5% |
| Trade receivables | 40 | €14,108 | €0 | -€14,108 | -100% |
| Other amounts receivable | 41 | €200,995 | €61,354 | -€139,642 | -69.5% |
| Current investments | 50/53 | €3,789,006 | €4,159,184 | +€370,178 | +9.8% |
| Cash at bank and in hand | 54/58 | €279,898 | €75,208 | -€204,690 | -73.1% |
| Deferred charges and accrued income | 490/1 | €5,825 | €4,011 | -€1,815 | -31.1% |
| Total equity and liabilities | 10/49 | €4,659,495 | €4,657,976 | -€1,520 | 0.0% |
| Equity | 10/15 | €4,640,460 | €4,624,025 | -€16,435 | -0.4% |
| Contributions | 10/11 | €3,387,449 | €3,087,449 | -€300,000 | -8.9% |
| Reserves | 13 | €1,253,010 | €1,536,575 | +€283,565 | +22.6% |
| Distributable reserves | 133 | €1,253,010 | €1,536,575 | +€283,565 | +22.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €19,036 | €33,951 | +€14,916 | +78.4% |
| Amounts payable within one year | 42/48 | €18,767 | €33,951 | +€15,185 | +80.9% |
| Trade debts | 44 | €1,629 | €395 | -€1,234 | -75.8% |
| Suppliers | 440/4 | €1,629 | €395 | -€1,234 | -75.8% |
| Taxes, remuneration and social security | 45 | €17,138 | €28,357 | +€11,219 | +65.5% |
| Taxes | 450/3 | €17,138 | €28,357 | +€11,219 | +65.5% |
| Other amounts payable | 47/48 | €0 | €5,200 | +€5,200 | |
| Accrued charges and deferred income | 492/3 | €269 | €0 | -€269 | -100% |
| Non-recurring operating income | 76A | €97,618 | €0 | -€97,618 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,812 | €13,857 | +€45 | +0.3% |
| Other operating charges | 640/8 | €11,687 | €6,010 | -€5,677 | -48.6% |
| Gross operating margin | 9900 | €52,607 | -€1,436 | -€54,043 | |
| Operating profit (loss) | 9901 | €27,108 | -€21,303 | -€48,411 | |
| Financial income | 75/76B | €123,211 | €400,660 | +€277,450 | +225% |
| Recurring financial income | 75 | €123,211 | €400,660 | +€277,450 | +225% |
| Financial charges | 65/66B | -€4,253 | €40,372 | +€44,625 | |
| Recurring financial charges | 65 | -€4,253 | €40,372 | +€44,625 | |
| Profit (loss) for the period before taxes | 9903 | €154,572 | €338,986 | +€184,414 | +119% |
| Income taxes | 67/77 | €43,133 | €55,421 | +€12,288 | +28.5% |
| Profit (loss) for the period | 9904 | €111,439 | €283,565 | +€172,126 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €111,439 | €283,565 | +€172,126 | +154% |
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 20 October 2026 via checked.be.