G.R.S.: 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.S.
Largest movements
- Cash +€59,582
up €59,582 (+66.5%), from €89,642 to €149,225
mainly Net result for the year (+€177,856) and Depreciation (+€95,414)
- Tangible fixed assets +€47,170
up €47,170 (+10.0%), from €470,987 to €518,157
of which Furniture and vehicles: +€82,733
- Receivables within one year -€7,831
down €7,831 (-13.5%), from €58,102 to €50,271
of which Other amounts receivable: -€10,762
- Reserves +€177,856
up €177,856 (+93.7%), from €189,911 to €367,767
- Debts after one year -€54,372
down €54,372 (-19.2%), from €282,946 to €228,574
of which Financial debts: -€54,372
- Trade debts -€35,800
down €35,800 (-55.9%), from €64,029 to €28,229
- Gross operating margin +€231,158
up €231,158 (+141%), from €164,105 to €395,264
- Taxes +€58,975
up €58,975 (+247%), from €23,854 to €82,829
- Depreciation +€25,302
up €25,302 (+36.1%), from €70,112 to €95,414
- Staff costs +€14,454
up €14,454, from €0 to €14,454
- Other operating charges -€11,218
down €11,218 (-42.0%), from €26,711 to €15,492
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 | €624,214 | €722,665 | +€98,452 | +15.8% |
| Fixed assets | 21/28 | €470,987 | €518,157 | +€47,170 | +10.0% |
| Tangible fixed assets | 22/27 | €470,987 | €518,157 | +€47,170 | +10.0% |
| Land and buildings | 22 | €199,274 | €180,886 | -€18,389 | -9.2% |
| Plant, machinery and equipment | 23 | €129,707 | €112,531 | -€17,175 | -13.2% |
| Furniture and vehicles | 24 | €142,006 | €224,740 | +€82,733 | +58.3% |
| Current assets | 29/58 | €153,227 | €204,509 | +€51,282 | +33.5% |
| Stocks and contracts in progress | 3 | €3,672 | €3,384 | -€288 | -7.8% |
| Stocks | 30/36 | €3,672 | €3,384 | -€288 | -7.8% |
| Amounts receivable within one year | 40/41 | €58,102 | €50,271 | -€7,831 | -13.5% |
| Trade receivables | 40 | €41,619 | €44,549 | +€2,930 | +7.0% |
| Other amounts receivable | 41 | €16,484 | €5,722 | -€10,762 | -65.3% |
| Cash at bank and in hand | 54/58 | €89,642 | €149,225 | +€59,582 | +66.5% |
| Deferred charges and accrued income | 490/1 | €1,810 | €1,629 | -€181 | -10.0% |
| Total equity and liabilities | 10/49 | €624,214 | €722,665 | +€98,452 | +15.8% |
| Equity | 10/15 | €209,911 | €387,767 | +€177,856 | +84.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €189,911 | €367,767 | +€177,856 | +93.7% |
| Distributable reserves | 133 | €189,911 | €367,767 | +€177,856 | +93.7% |
| Amounts payable | 17/49 | €414,303 | €334,899 | -€79,404 | -19.2% |
| Amounts payable after more than one year | 17 | €282,946 | €228,574 | -€54,372 | -19.2% |
| Financial debts | 170/4 | €239,446 | €185,074 | -€54,372 | -22.7% |
| Other amounts payable | 178/9 | €43,500 | €43,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €131,357 | €106,325 | -€25,032 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €52,745 | €54,372 | +€1,628 | +3.1% |
| Trade debts | 44 | €64,029 | €28,229 | -€35,800 | -55.9% |
| Suppliers | 440/4 | €64,029 | €28,229 | -€35,800 | -55.9% |
| Taxes, remuneration and social security | 45 | €14,112 | €19,729 | +€5,617 | +39.8% |
| Taxes | 450/3 | €14,112 | €18,095 | +€3,983 | +28.2% |
| Remuneration and social security | 454/9 | - | €1,634 | +€1,634 | |
| Other amounts payable | 47/48 | €471 | €3,995 | +€3,523 | +747% |
| Remuneration, social security and pensions | 62 | €0 | €14,454 | +€14,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,112 | €95,414 | +€25,302 | +36.1% |
| Other operating charges | 640/8 | €26,711 | €15,492 | -€11,218 | -42.0% |
| Non-recurring operating charges | 66A | - | €946 | +€946 | |
| Gross operating margin | 9900 | €164,105 | €395,264 | +€231,158 | +141% |
| Operating profit (loss) | 9901 | €67,283 | €268,958 | +€201,675 | +300% |
| Financial income | 75/76B | €751 | €0 | -€751 | -100% |
| Recurring financial income | 75 | €751 | €0 | -€751 | -100% |
| Financial charges | 65/66B | €7,413 | €8,273 | +€860 | +11.6% |
| Recurring financial charges | 65 | €7,413 | €8,273 | +€860 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €60,621 | €260,685 | +€200,064 | +330% |
| Income taxes | 67/77 | €23,854 | €82,829 | +€58,975 | +247% |
| Profit (loss) for the period | 9904 | €36,767 | €177,856 | +€141,089 | +384% |
| Profit (loss) for the period to be appropriated | 9905 | €36,767 | €177,856 | +€141,089 | +384% |
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 31 October 2026 via checked.be.