DEGROVEE: 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.
DEGROVEE
Largest movements
- Tangible fixed assets +€194,956
up €194,956 (+22.5%), from €868,028 to €1.1m
of which Land and buildings: +€188,889
- Receivables within one year +€121,125
up €121,125 (+224%), from €54,117 to €175,243
of which Trade receivables: +€112,892
- Cash -€42,732
down €42,732 (-76.4%), from €55,948 to €13,216
mainly Investment in fixed assets (net) (-€300,665) and Receivables within one year (-€121,125)
- Current investments +€30,600
new in 2025: €30,600
- Reserves +€139,990
up €139,990 (+19.5%), from €719,136 to €859,126
of which Distributable reserves: +€139,990
- Tax, wage and social debts +€71,403
up €71,403 (+1,091%), from €6,542 to €77,945
of which Taxes: +€71,403
- Other debts +€54,903
up €54,903 (+35.7%), from €153,805 to €208,708
- Debts after one year +€38,961
up €38,961 (+20.9%), from €186,445 to €225,405
- Gross operating margin +€124,212
up €124,212 (+44.3%), from €280,074 to €404,286
- Taxes +€33,860
up €33,860 (+74.4%), from €45,524 to €79,384
- Depreciation +€16,547
up €16,547 (+18.6%), from €89,162 to €105,709
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 | €1,325,877 | €1,646,167 | +€320,290 | +24.2% |
| Fixed assets | 21/28 | €868,028 | €1,062,985 | +€194,956 | +22.5% |
| Tangible fixed assets | 22/27 | €868,028 | €1,062,985 | +€194,956 | +22.5% |
| Land and buildings | 22 | €726,527 | €915,416 | +€188,889 | +26.0% |
| Plant, machinery and equipment | 23 | €53,816 | €46,712 | -€7,104 | -13.2% |
| Furniture and vehicles | 24 | €87,686 | €100,857 | +€13,171 | +15.0% |
| Current assets | 29/58 | €457,848 | €583,182 | +€125,334 | +27.4% |
| Stocks and contracts in progress | 3 | €347,144 | €362,439 | +€15,295 | +4.4% |
| Stocks | 30/36 | €347,144 | €362,439 | +€15,295 | +4.4% |
| Amounts receivable within one year | 40/41 | €54,117 | €175,243 | +€121,125 | +224% |
| Trade receivables | 40 | €53,867 | €166,760 | +€112,892 | +210% |
| Other amounts receivable | 41 | €250 | €8,483 | +€8,233 | +3,293% |
| Current investments | 50/53 | - | €30,600 | +€30,600 | |
| Cash at bank and in hand | 54/58 | €55,948 | €13,216 | -€42,732 | -76.4% |
| Deferred charges and accrued income | 490/1 | €638 | €1,685 | +€1,047 | +164% |
| Total equity and liabilities | 10/49 | €1,325,877 | €1,646,167 | +€320,290 | +24.2% |
| Equity | 10/15 | €836,086 | €976,076 | +€139,990 | +16.7% |
| Contributions | 10/11 | €116,950 | €116,950 | = | 0.0% |
| Capital | 10 | €116,950 | €116,950 | = | 0.0% |
| Issued capital | 100 | €116,950 | €116,950 | = | 0.0% |
| Reserves | 13 | €719,136 | €859,126 | +€139,990 | +19.5% |
| Non-distributable reserves | 130/1 | €11,695 | €11,695 | = | 0.0% |
| Legal reserve | 130 | €11,695 | €11,695 | = | 0.0% |
| Distributable reserves | 133 | €707,441 | €847,431 | +€139,990 | +19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €489,791 | €670,091 | +€180,301 | +36.8% |
| Amounts payable after more than one year | 17 | €186,445 | €225,405 | +€38,961 | +20.9% |
| Financial debts | 170/4 | €186,445 | €225,405 | +€38,961 | +20.9% |
| Amounts payable within one year | 42/48 | €289,767 | €431,562 | +€141,794 | +48.9% |
| Current portion of amounts payable after more than one year | 42 | €123,539 | €137,706 | +€14,167 | +11.5% |
| Trade debts | 44 | €5,881 | €7,203 | +€1,322 | +22.5% |
| Suppliers | 440/4 | €5,881 | €7,203 | +€1,322 | +22.5% |
| Taxes, remuneration and social security | 45 | €6,542 | €77,945 | +€71,403 | +1,091% |
| Taxes | 450/3 | €4,542 | €75,945 | +€71,403 | +1,572% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €153,805 | €208,708 | +€54,903 | +35.7% |
| Accrued charges and deferred income | 492/3 | €13,579 | €13,124 | -€454 | -3.3% |
| Non-recurring operating income | 76A | €1,165 | €0 | -€1,165 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,162 | €105,709 | +€16,547 | +18.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €13,734 | €13,794 | +€60 | +0.4% |
| Gross operating margin | 9900 | €280,074 | €404,286 | +€124,212 | +44.3% |
| Operating profit (loss) | 9901 | €177,178 | €284,783 | +€107,605 | +60.7% |
| Financial income | 75/76B | €20 | €171 | +€151 | +766% |
| Recurring financial income | 75 | €20 | €171 | +€151 | +766% |
| Financial charges | 65/66B | €19,128 | €21,580 | +€2,452 | +12.8% |
| Recurring financial charges | 65 | €19,128 | €21,580 | +€2,452 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €158,070 | €263,374 | +€105,304 | +66.6% |
| Income taxes | 67/77 | €45,524 | €79,384 | +€33,860 | +74.4% |
| Profit (loss) for the period | 9904 | €112,546 | €183,990 | +€71,444 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €112,546 | €183,990 | +€71,444 | +63.5% |
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 21 October 2026 via checked.be.