G.R. PROJECTS: 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. PROJECTS
Largest movements
- Deferred charges and accrued income -€25,285
down €25,285 (-98.8%), from €25,593 to €309
- Stocks and contracts -€9,289
down €9,289 (-13.9%), from €66,699 to €57,410
- Tangible fixed assets -€5,129
down €5,129 (-28.5%), from €17,978 to €12,848
of which Plant, machinery and equipment: -€4,265
- Receivables within one year +€2,764
up €2,764 (+3.8%), from €73,335 to €76,099
of which Trade receivables: +€3,885
- Trade debts -€26,367
down €26,367 (-49.6%), from €53,143 to €26,776
- Profit (loss) carried forward -€20,527
down €20,527 (-100%), from -€20,480 to -€41,007
- Tax, wage and social debts +€9,895
up €9,895 (+59.6%), from €16,594 to €26,489
of which Taxes: +€9,945
- Gross operating margin +€8,095
up €8,095 (+78.5%), from -€10,309 to -€2,214
- Other operating charges +€3,101
up €3,101 (+302%), from €1,028 to €4,129
- Financial charges +€1,647
up €1,647 (+16.7%), from €9,858 to €11,506
- Depreciation -€609
down €609 (-10.6%), from €5,738 to €5,129
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 | €183,612 | €146,670 | -€36,942 | -20.1% |
| Fixed assets | 21/28 | €17,978 | €12,848 | -€5,129 | -28.5% |
| Tangible fixed assets | 22/27 | €17,978 | €12,848 | -€5,129 | -28.5% |
| Plant, machinery and equipment | 23 | €17,114 | €12,848 | -€4,265 | -24.9% |
| Furniture and vehicles | 24 | €864 | - | -€864 | |
| Current assets | 29/58 | €165,634 | €133,821 | -€31,813 | -19.2% |
| Stocks and contracts in progress | 3 | €66,699 | €57,410 | -€9,289 | -13.9% |
| Stocks | 30/36 | €66,699 | €57,410 | -€9,289 | -13.9% |
| Amounts receivable within one year | 40/41 | €73,335 | €76,099 | +€2,764 | +3.8% |
| Trade receivables | 40 | €29,186 | €33,071 | +€3,885 | +13.3% |
| Other amounts receivable | 41 | €44,150 | €43,028 | -€1,122 | -2.5% |
| Cash at bank and in hand | 54/58 | €7 | €4 | -€3 | -37.4% |
| Deferred charges and accrued income | 490/1 | €25,593 | €309 | -€25,285 | -98.8% |
| Total equity and liabilities | 10/49 | €183,612 | €146,670 | -€36,942 | -20.1% |
| Equity | 10/15 | €40,325 | €19,798 | -€20,527 | -50.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,605 | €54,605 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €52,745 | €52,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,480 | -€41,007 | -€20,527 | -100% |
| Amounts payable | 17/49 | €143,287 | €126,872 | -€16,415 | -11.5% |
| Amounts payable within one year | 42/48 | €143,287 | €126,872 | -€16,415 | -11.5% |
| Financial debts | 43 | €73,099 | €73,608 | +€509 | +0.7% |
| Credit institutions | 430/8 | €73,099 | €73,608 | +€509 | +0.7% |
| Trade debts | 44 | €53,143 | €26,776 | -€26,367 | -49.6% |
| Suppliers | 440/4 | €53,143 | €26,776 | -€26,367 | -49.6% |
| Taxes, remuneration and social security | 45 | €16,594 | €26,489 | +€9,895 | +59.6% |
| Taxes | 450/3 | €16,544 | €26,489 | +€9,945 | +60.1% |
| Remuneration and social security | 454/9 | €50 | - | -€50 | |
| Other amounts payable | 47/48 | €452 | - | -€452 | |
| Non-recurring operating income | 76A | €16,742 | - | -€16,742 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,738 | €5,129 | -€609 | -10.6% |
| Other operating charges | 640/8 | €1,028 | €4,129 | +€3,101 | +302% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€10,309 | -€2,214 | +€8,095 | +78.5% |
| Operating profit (loss) | 9901 | -€17,075 | -€11,472 | +€5,603 | +32.8% |
| Financial income | 75/76B | €2,424 | €2,451 | +€27 | +1.1% |
| Recurring financial income | 75 | €2,424 | €2,451 | +€27 | +1.1% |
| Financial charges | 65/66B | €9,858 | €11,506 | +€1,647 | +16.7% |
| Recurring financial charges | 65 | €9,858 | €11,506 | +€1,647 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | -€24,510 | -€20,527 | +€3,983 | +16.2% |
| Income taxes | 67/77 | €50 | - | -€50 | |
| Profit (loss) for the period | 9904 | -€24,560 | -€20,527 | +€4,033 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,560 | -€20,527 | +€4,033 | +16.4% |
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.