GR I&M: 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.
GR I&M
Largest movements
- Receivables within one year +€99,443
up €99,443 (+46.9%), from €212,188 to €311,631
of which Other amounts receivable: +€93,158
- Cash -€61,433
down €61,433 (-55.9%), from €109,827 to €48,393
mainly Contributions, distributions and other (-€180,000) and Receivables within one year (-€99,443)
- Tangible fixed assets -€19,437
down €19,437 (-2.0%), from €962,229 to €942,792
of which Land and buildings: -€27,317
- Debts after one year -€49,712
down €49,712 (-6.6%), from €748,361 to €698,649
- Other debts +€27,954
up €27,954 (+33.6%), from €83,187 to €111,141
- Trade debts +€21,558
up €21,558 (+637%), from €3,386 to €24,944
- Current portion of long-term debt +€18,198
up €18,198 (+18.5%), from €98,479 to €116,677
- Gross operating margin -€92,967
down €92,967 (-26.0%), from €357,573 to €264,606
- Taxes -€22,811
down €22,811 (-29.8%), from €76,564 to €53,753
- Financial income +€13,138
up €13,138 (+49.8%), from €26,382 to €39,520
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 | €1,343,194 | €1,374,835 | +€31,642 | +2.4% |
| Fixed assets | 21/28 | €996,679 | €977,242 | -€19,437 | -2.0% |
| Tangible fixed assets | 22/27 | €962,229 | €942,792 | -€19,437 | -2.0% |
| Land and buildings | 22 | €904,386 | €877,069 | -€27,317 | -3.0% |
| Plant, machinery and equipment | 23 | €20,934 | €30,107 | +€9,173 | +43.8% |
| Furniture and vehicles | 24 | €36,910 | €35,616 | -€1,293 | -3.5% |
| Financial fixed assets | 28 | €34,450 | €34,450 | = | 0.0% |
| Current assets | 29/58 | €346,514 | €397,593 | +€51,079 | +14.7% |
| Amounts receivable within one year | 40/41 | €212,188 | €311,631 | +€99,443 | +46.9% |
| Trade receivables | 40 | €95,575 | €101,860 | +€6,285 | +6.6% |
| Other amounts receivable | 41 | €116,613 | €209,771 | +€93,158 | +79.9% |
| Cash at bank and in hand | 54/58 | €109,827 | €48,393 | -€61,433 | -55.9% |
| Deferred charges and accrued income | 490/1 | €24,500 | €37,569 | +€13,069 | +53.3% |
| Total equity and liabilities | 10/49 | €1,343,194 | €1,374,835 | +€31,642 | +2.4% |
| Equity | 10/15 | €365,543 | €376,050 | +€10,507 | +2.9% |
| Contributions | 10/11 | €24,200 | €24,200 | = | 0.0% |
| 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 | €339,483 | €349,990 | +€10,507 | +3.1% |
| Amounts payable | 17/49 | €977,651 | €998,785 | +€21,134 | +2.2% |
| Amounts payable after more than one year | 17 | €748,361 | €698,649 | -€49,712 | -6.6% |
| Financial debts | 170/4 | €748,361 | €698,649 | -€49,712 | -6.6% |
| Amounts payable within one year | 42/48 | €228,990 | €299,836 | +€70,846 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €98,479 | €116,677 | +€18,198 | +18.5% |
| Trade debts | 44 | €3,386 | €24,944 | +€21,558 | +637% |
| Suppliers | 440/4 | €3,386 | €24,944 | +€21,558 | +637% |
| Taxes, remuneration and social security | 45 | €43,938 | €47,074 | +€3,136 | +7.1% |
| Taxes | 450/3 | €43,938 | €47,074 | +€3,136 | +7.1% |
| Other amounts payable | 47/48 | €83,187 | €111,141 | +€27,954 | +33.6% |
| Accrued charges and deferred income | 492/3 | €300 | €300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,186 | €33,668 | +€482 | +1.5% |
| Other operating charges | 640/8 | €1,934 | €3,338 | +€1,405 | +72.6% |
| Non-recurring operating charges | 66A | €14,500 | - | -€14,500 | |
| Gross operating margin | 9900 | €357,573 | €264,606 | -€92,967 | -26.0% |
| Operating profit (loss) | 9901 | €307,953 | €227,599 | -€80,354 | -26.1% |
| Financial income | 75/76B | €26,382 | €39,520 | +€13,138 | +49.8% |
| Recurring financial income | 75 | €26,382 | €39,520 | +€13,138 | +49.8% |
| Financial charges | 65/66B | €21,686 | €22,859 | +€1,173 | +5.4% |
| Recurring financial charges | 65 | €21,686 | €22,859 | +€1,173 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €312,649 | €244,261 | -€68,389 | -21.9% |
| Income taxes | 67/77 | €76,564 | €53,753 | -€22,811 | -29.8% |
| Profit (loss) for the period | 9904 | €236,085 | €190,507 | -€45,578 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €236,085 | €190,507 | -€45,578 | -19.3% |
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 19 October 2026 via checked.be.