FRANK GROFFI: 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.
FRANK GROFFI
Largest movements
- Current investments +€49,360
up €49,360 (+30.2%), from €163,522 to €212,882
- Tangible fixed assets -€30,655
down €30,655 (-21.2%), from €144,843 to €114,188
of which Furniture and vehicles: -€21,104
- Receivables within one year +€9,219
up €9,219 (+495%), from €1,861 to €11,080
of which Other amounts receivable: +€5,622
- Reserves +€32,459
up €32,459 (+10.5%), from €309,139 to €341,597
- Debts after one year -€17,545
down €17,545 (-30.4%), from €57,630 to €40,086
- Tax, wage and social debts +€8,164
up €8,164 (+50.8%), from €16,065 to €24,229
of which Taxes: +€8,028
- Accrued charges and deferred income +€4,879
new in 2025: €4,879
- Gross operating margin +€29,957
up €29,957 (+27.7%), from €108,334 to €138,291
- Taxes +€8,028
up €8,028 (+75.4%), from €10,649 to €18,677
- Financial charges -€4,771
down €4,771 (-43.7%), from €10,908 to €6,137
of which Non-recurring financial charges: -€6,184
- Depreciation +€4,360
up €4,360 (+16.5%), from €26,499 to €30,859
- Other operating charges +€1,578
up €1,578 (+57.9%), from €2,722 to €4,300
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 | €415,413 | €443,136 | +€27,723 | +6.7% |
| Fixed assets | 21/28 | €144,843 | €114,188 | -€30,655 | -21.2% |
| Tangible fixed assets | 22/27 | €144,843 | €114,188 | -€30,655 | -21.2% |
| Land and buildings | 22 | €58,259 | €49,929 | -€8,330 | -14.3% |
| Plant, machinery and equipment | 23 | €9,882 | €8,661 | -€1,221 | -12.4% |
| Furniture and vehicles | 24 | €76,702 | €55,598 | -€21,104 | -27.5% |
| Current assets | 29/58 | €270,570 | €328,948 | +€58,378 | +21.6% |
| Amounts receivable within one year | 40/41 | €1,861 | €11,080 | +€9,219 | +495% |
| Trade receivables | 40 | - | €3,597 | +€3,597 | |
| Other amounts receivable | 41 | €1,861 | €7,483 | +€5,622 | +302% |
| Current investments | 50/53 | €163,522 | €212,882 | +€49,360 | +30.2% |
| Cash at bank and in hand | 54/58 | €100,846 | €99,629 | -€1,217 | -1.2% |
| Deferred charges and accrued income | 490/1 | €4,341 | €5,357 | +€1,016 | +23.4% |
| Total equity and liabilities | 10/49 | €415,413 | €443,136 | +€27,723 | +6.7% |
| Equity | 10/15 | €321,539 | €353,997 | +€32,459 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €309,139 | €341,597 | +€32,459 | +10.5% |
| Distributable reserves | 133 | €309,139 | €341,597 | +€32,459 | +10.5% |
| Amounts payable | 17/49 | €93,875 | €89,139 | -€4,736 | -5.0% |
| Amounts payable after more than one year | 17 | €57,630 | €40,086 | -€17,545 | -30.4% |
| Financial debts | 170/4 | €57,630 | €40,086 | -€17,545 | -30.4% |
| Amounts payable within one year | 42/48 | €36,244 | €44,174 | +€7,930 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €16,490 | €17,683 | +€1,194 | +7.2% |
| Trade debts | 44 | €3,690 | €2,262 | -€1,428 | -38.7% |
| Suppliers | 440/4 | €3,690 | €2,262 | -€1,428 | -38.7% |
| Taxes, remuneration and social security | 45 | €16,065 | €24,229 | +€8,164 | +50.8% |
| Taxes | 450/3 | €10,649 | €18,677 | +€8,028 | +75.4% |
| Remuneration and social security | 454/9 | €5,416 | €5,551 | +€136 | +2.5% |
| Accrued charges and deferred income | 492/3 | - | €4,879 | +€4,879 | |
| Remuneration, social security and pensions | 62 | €46,617 | €45,859 | -€758 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,499 | €30,859 | +€4,360 | +16.5% |
| Other operating charges | 640/8 | €2,722 | €4,300 | +€1,578 | +57.9% |
| Non-recurring operating charges | 66A | €710 | €614 | -€96 | -13.5% |
| Gross operating margin | 9900 | €108,334 | €138,291 | +€29,957 | +27.7% |
| Operating profit (loss) | 9901 | €31,785 | €56,659 | +€24,874 | +78.3% |
| Financial income | 75/76B | €353 | €614 | +€261 | +73.9% |
| Recurring financial income | 75 | €353 | €614 | +€261 | +73.9% |
| Financial charges | 65/66B | €10,908 | €6,137 | -€4,771 | -43.7% |
| Recurring financial charges | 65 | €1,608 | €3,020 | +€1,413 | +87.9% |
| Non-recurring financial charges | 66B | €9,300 | €3,117 | -€6,184 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €21,231 | €51,136 | +€29,905 | +141% |
| Income taxes | 67/77 | €10,649 | €18,677 | +€8,028 | +75.4% |
| Profit (loss) for the period | 9904 | €10,582 | €32,459 | +€21,877 | +207% |
| Profit (loss) for the period to be appropriated | 9905 | €10,582 | €32,459 | +€21,877 | +207% |
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 27 October 2026 via checked.be.