G.R.G.: 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.
G.R.G.
Largest movements
- Cash +€25,536
up €25,536 (+60.0%), from €42,536 to €68,073
mainly Depreciation (+€54,839) and Net result for the year (+€28,381)
- Receivables within one year -€10,973
down €10,973 (-6.8%), from €160,643 to €149,671
of which Trade receivables: -€10,973
- Tangible fixed assets -€10,675
down €10,675 (-5.3%), from €201,833 to €191,158
of which Land and buildings: -€12,073
- Trade debts -€37,369
down €37,369 (-63.5%), from €58,848 to €21,478
- Reserves +€28,381
up €28,381 (+17.5%), from €162,493 to €190,874
- Tax, wage and social debts +€16,921
up €16,921 (+33.3%), from €50,768 to €67,689
of which Remuneration and social security: +€10,865
- Debts after one year -€6,953
down €6,953 (-7.1%), from €98,215 to €91,261
- Staff costs -€37,979
down €37,979 (-5.9%), from €640,619 to €602,640
- Gross operating margin -€19,262
down €19,262 (-2.6%), from €730,883 to €711,621
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 | €421,047 | €424,420 | +€3,373 | +0.8% |
| Fixed assets | 21/28 | €201,833 | €191,158 | -€10,675 | -5.3% |
| Tangible fixed assets | 22/27 | €201,833 | €191,158 | -€10,675 | -5.3% |
| Land and buildings | 22 | €107,580 | €95,507 | -€12,073 | -11.2% |
| Plant, machinery and equipment | 23 | €20,741 | €15,342 | -€5,399 | -26.0% |
| Furniture and vehicles | 24 | €70,167 | €77,375 | +€7,208 | +10.3% |
| Other tangible fixed assets | 26 | €3,345 | €2,934 | -€411 | -12.3% |
| Current assets | 29/58 | €219,214 | €233,261 | +€14,047 | +6.4% |
| Amounts receivable within one year | 40/41 | €160,643 | €149,671 | -€10,973 | -6.8% |
| Trade receivables | 40 | €160,472 | €149,499 | -€10,973 | -6.8% |
| Other amounts receivable | 41 | €171 | €171 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,536 | €68,073 | +€25,536 | +60.0% |
| Deferred charges and accrued income | 490/1 | €16,034 | €15,518 | -€516 | -3.2% |
| Total equity and liabilities | 10/49 | €421,047 | €424,420 | +€3,373 | +0.8% |
| Equity | 10/15 | €162,493 | €190,874 | +€28,381 | +17.5% |
| Reserves | 13 | €162,493 | €190,874 | +€28,381 | +17.5% |
| Distributable reserves | 133 | €162,493 | €190,874 | +€28,381 | +17.5% |
| Amounts payable | 17/49 | €258,554 | €233,545 | -€25,009 | -9.7% |
| Amounts payable after more than one year | 17 | €98,215 | €91,261 | -€6,953 | -7.1% |
| Financial debts | 170/4 | €98,215 | €91,261 | -€6,953 | -7.1% |
| Amounts payable within one year | 42/48 | €160,339 | €142,284 | -€18,055 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €37,046 | €40,793 | +€3,748 | +10.1% |
| Trade debts | 44 | €58,848 | €21,478 | -€37,369 | -63.5% |
| Suppliers | 440/4 | €58,848 | €21,478 | -€37,369 | -63.5% |
| Taxes, remuneration and social security | 45 | €50,768 | €67,689 | +€16,921 | +33.3% |
| Taxes | 450/3 | €10,356 | €16,412 | +€6,055 | +58.5% |
| Remuneration and social security | 454/9 | €40,412 | €51,277 | +€10,865 | +26.9% |
| Other amounts payable | 47/48 | €13,678 | €12,324 | -€1,354 | -9.9% |
| Non-recurring operating income | 76A | - | €3,347 | +€3,347 | |
| Remuneration, social security and pensions | 62 | €640,619 | €602,640 | -€37,979 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,858 | €54,839 | -€1,019 | -1.8% |
| Other operating charges | 640/8 | €9,846 | €7,957 | -€1,889 | -19.2% |
| Gross operating margin | 9900 | €730,883 | €711,621 | -€19,262 | -2.6% |
| Operating profit (loss) | 9901 | €24,560 | €46,185 | +€21,625 | +88.1% |
| Financial income | 75/76B | €1,287 | €327 | -€960 | -74.6% |
| Recurring financial income | 75 | €1,287 | €327 | -€960 | -74.6% |
| Financial charges | 65/66B | €6,694 | €5,324 | -€1,370 | -20.5% |
| Recurring financial charges | 65 | €5,343 | €5,324 | -€19 | -0.4% |
| Non-recurring financial charges | 66B | €1,351 | - | -€1,351 | |
| Profit (loss) for the period before taxes | 9903 | €19,153 | €41,188 | +€22,035 | +115% |
| Income taxes | 67/77 | €7,829 | €12,806 | +€4,978 | +63.6% |
| Profit (loss) for the period | 9904 | €11,324 | €28,381 | +€17,057 | +151% |
| Profit (loss) for the period to be appropriated | 9905 | €11,324 | €28,381 | +€17,057 | +151% |
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 25 October 2026 via checked.be.