GR INVEST: 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 INVEST
Largest movements
- Receivables within one year -€90,786
down €90,786 (-16.9%), from €537,855 to €447,069
of which Other amounts receivable: -€54,304
- Tangible fixed assets -€88,220
down €88,220 (-31.3%), from €282,191 to €193,971
of which Land and buildings: -€66,964
- Cash -€13,399
down €13,399 (-16.1%), from €83,146 to €69,747
mainly Contributions, distributions and other (-€113,366) and Debts after one year (-€71,272)
- Stocks and contracts -€10,065
no longer reported in 2025 (was €10,065)
- Debts after one year -€71,272
down €71,272 (-59.9%), from €118,975 to €47,703
- Reserves -€62,243
down €62,243 (-14.6%), from €425,621 to €363,377
of which Distributable reserves: -€57,938
- Other debts -€55,705
down €55,705 (-20.5%), from €271,325 to €215,620
- Tax, wage and social debts -€12,949
down €12,949 (-64.4%), from €20,099 to €7,150
- Gross operating margin +€28,934
up €28,934 (+16.9%), from €170,742 to €199,676
- Taxes -€9,466
down €9,466 (-43.7%), from €21,650 to €12,184
- Financial income -€7,002
down €7,002 (-97.9%), from €7,150 to €148
- Other operating charges +€5,832
up €5,832 (+39.4%), from €14,791 to €20,623
- Financial charges -€2,139
down €2,139 (-23.2%), from €9,200 to €7,061
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 | €936,745 | €737,036 | -€199,709 | -21.3% |
| Fixed assets | 21/28 | €300,715 | €212,495 | -€88,220 | -29.3% |
| Tangible fixed assets | 22/27 | €282,191 | €193,971 | -€88,220 | -31.3% |
| Land and buildings | 22 | €221,921 | €154,957 | -€66,964 | -30.2% |
| Furniture and vehicles | 24 | €965 | €627 | -€339 | -35.1% |
| Leasing and similar rights | 25 | €59,305 | €38,387 | -€20,918 | -35.3% |
| Financial fixed assets | 28 | €18,524 | €18,524 | = | 0.0% |
| Current assets | 29/58 | €636,030 | €524,541 | -€111,489 | -17.5% |
| Stocks and contracts in progress | 3 | €10,065 | - | -€10,065 | |
| Stocks | 30/36 | €10,065 | - | -€10,065 | |
| Amounts receivable within one year | 40/41 | €537,855 | €447,069 | -€90,786 | -16.9% |
| Trade receivables | 40 | €60,379 | €23,898 | -€36,482 | -60.4% |
| Other amounts receivable | 41 | €477,476 | €423,172 | -€54,304 | -11.4% |
| Cash at bank and in hand | 54/58 | €83,146 | €69,747 | -€13,399 | -16.1% |
| Deferred charges and accrued income | 490/1 | €4,964 | €7,725 | +€2,761 | +55.6% |
| Total equity and liabilities | 10/49 | €936,745 | €737,036 | -€199,709 | -21.3% |
| Equity | 10/15 | €443,092 | €380,849 | -€62,243 | -14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €5,071 | €5,071 | = | 0.0% |
| Reserves | 13 | €425,621 | €363,377 | -€62,243 | -14.6% |
| Tax-exempt reserves | 132 | €30,016 | €25,711 | -€4,305 | -14.3% |
| Distributable reserves | 133 | €395,605 | €337,667 | -€57,938 | -14.6% |
| Provisions and deferred taxes | 16 | €4,433 | €2,217 | -€2,217 | -50.0% |
| Deferred taxes | 168 | €4,433 | €2,217 | -€2,217 | -50.0% |
| Amounts payable | 17/49 | €489,220 | €353,971 | -€135,249 | -27.6% |
| Amounts payable after more than one year | 17 | €118,975 | €47,703 | -€71,272 | -59.9% |
| Financial debts | 170/4 | €118,975 | €47,703 | -€71,272 | -59.9% |
| Amounts payable within one year | 42/48 | €370,244 | €306,267 | -€63,977 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €70,742 | €71,272 | +€530 | +0.7% |
| Trade debts | 44 | €8,079 | €12,226 | +€4,147 | +51.3% |
| Suppliers | 440/4 | €8,079 | €12,226 | +€4,147 | +51.3% |
| Taxes, remuneration and social security | 45 | €20,099 | €7,150 | -€12,949 | -64.4% |
| Taxes | 450/3 | €20,099 | €7,150 | -€12,949 | -64.4% |
| Other amounts payable | 47/48 | €271,325 | €215,620 | -€55,705 | -20.5% |
| Non-recurring operating income | 76A | - | €1,157 | +€1,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,246 | €88,220 | -€1,025 | -1.1% |
| Other operating charges | 640/8 | €14,791 | €20,623 | +€5,832 | +39.4% |
| Non-recurring operating charges | 66A | - | €22,829 | +€22,829 | |
| Gross operating margin | 9900 | €170,742 | €199,676 | +€28,934 | +16.9% |
| Operating profit (loss) | 9901 | €66,705 | €68,003 | +€1,298 | +1.9% |
| Financial income | 75/76B | €7,150 | €148 | -€7,002 | -97.9% |
| Recurring financial income | 75 | €7,150 | €148 | -€7,002 | -97.9% |
| Financial charges | 65/66B | €9,200 | €7,061 | -€2,139 | -23.2% |
| Recurring financial charges | 65 | €9,200 | €7,061 | -€2,139 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €64,655 | €61,090 | -€3,565 | -5.5% |
| Transfer from deferred taxes | 780 | €2,217 | €2,217 | = | 0.0% |
| Income taxes | 67/77 | €21,650 | €12,184 | -€9,466 | -43.7% |
| Profit (loss) for the period | 9904 | €45,221 | €51,123 | +€5,901 | +13.0% |
| Transfer from tax-exempt reserves | 789 | €4,305 | €4,305 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,526 | €55,428 | +€5,901 | +11.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.