GHROW: 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.
GHROW
Largest movements
- Cash +€42,725
up €42,725 (+58.4%), from €73,147 to €115,873
mainly Other debts (+€42,192) and Net result for the year (+€33,967)
- Deferred charges and accrued income -€10,727
down €10,727 (-77.4%), from €13,863 to €3,136
- Other debts +€42,192
up €42,192 (+55.9%), from €75,412 to €117,604
- Profit (loss) carried forward -€39,214
down €39,214 (-93.9%), from €41,767 to €2,553
- Advances received +€13,698
up €13,698 (+3,722%), from €368 to €14,067
- Trade debts +€9,039
up €9,039 (+99.8%), from €9,055 to €18,094
- Contributions +€7,500
up €7,500 (+40.3%), from €18,600 to €26,100
- Financial charges +€18,316
up €18,316 (+843%), from €2,173 to €20,489
- Gross operating margin +€11,612
up €11,612 (+20.0%), from €58,184 to €69,796
- Other operating charges +€1,349
up €1,349 (+480%), from €281 to €1,630
- Taxes -€909
down €909 (-7.6%), from €11,917 to €11,008
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 | €161,615 | €193,029 | +€31,414 | +19.4% |
| Fixed assets | 21/28 | €12,200 | €13,069 | +€869 | +7.1% |
| Tangible fixed assets | 22/27 | €11,630 | €12,499 | +€869 | +7.5% |
| Land and buildings | 22 | €8,659 | €7,639 | -€1,020 | -11.8% |
| Furniture and vehicles | 24 | €2,971 | €4,859 | +€1,889 | +63.6% |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €149,416 | €179,960 | +€30,545 | +20.4% |
| Amounts receivable within one year | 40/41 | €62,405 | €60,951 | -€1,454 | -2.3% |
| Trade receivables | 40 | €62,405 | €56,666 | -€5,739 | -9.2% |
| Other amounts receivable | 41 | - | €4,285 | +€4,285 | |
| Cash at bank and in hand | 54/58 | €73,147 | €115,873 | +€42,725 | +58.4% |
| Deferred charges and accrued income | 490/1 | €13,863 | €3,136 | -€10,727 | -77.4% |
| Total equity and liabilities | 10/49 | €161,615 | €193,029 | +€31,414 | +19.4% |
| Equity | 10/15 | €62,227 | €30,513 | -€31,714 | -51.0% |
| Contributions | 10/11 | €18,600 | €26,100 | +€7,500 | +40.3% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €41,767 | €2,553 | -€39,214 | -93.9% |
| Amounts payable | 17/49 | €99,388 | €162,516 | +€63,128 | +63.5% |
| Amounts payable within one year | 42/48 | €98,719 | €162,516 | +€63,797 | +64.6% |
| Trade debts | 44 | €9,055 | €18,094 | +€9,039 | +99.8% |
| Suppliers | 440/4 | €9,055 | €18,094 | +€9,039 | +99.8% |
| Advances received on contracts in progress | 46 | €368 | €14,067 | +€13,698 | +3,722% |
| Taxes, remuneration and social security | 45 | €13,885 | €12,752 | -€1,133 | -8.2% |
| Taxes | 450/3 | €13,885 | €12,752 | -€1,133 | -8.2% |
| Other amounts payable | 47/48 | €75,412 | €117,604 | +€42,192 | +55.9% |
| Accrued charges and deferred income | 492/3 | €669 | - | -€669 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,047 | €2,100 | +€54 | +2.6% |
| Other operating charges | 640/8 | €281 | €1,630 | +€1,349 | +480% |
| Non-recurring operating charges | 66A | - | €604 | +€604 | |
| Gross operating margin | 9900 | €58,184 | €69,796 | +€11,612 | +20.0% |
| Operating profit (loss) | 9901 | €55,857 | €65,462 | +€9,605 | +17.2% |
| Financial income | 75/76B | €1 | €3 | +€1 | +124% |
| Recurring financial income | 75 | €1 | €3 | +€1 | +124% |
| Financial charges | 65/66B | €2,173 | €20,489 | +€18,316 | +843% |
| Recurring financial charges | 65 | €2,173 | €20,489 | +€18,316 | +843% |
| Profit (loss) for the period before taxes | 9903 | €53,685 | €44,976 | -€8,709 | -16.2% |
| Income taxes | 67/77 | €11,917 | €11,008 | -€909 | -7.6% |
| Profit (loss) for the period | 9904 | €41,767 | €33,967 | -€7,800 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,767 | €33,967 | -€7,800 | -18.7% |
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 17 October 2026 via checked.be.