GR manfact: 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 manfact
Largest movements
- Receivables within one year -€3.6m
down €3.6m (-74.7%), from €4.8m to €1.2m
of which Other amounts receivable: -€3.6m
- Tangible fixed assets +€1.1m
up €1.1m (+93.9%), from €1.1m to €2.2m
of which Land and buildings: +€985,176
- Cash +€99,915
up €99,915 (+27.4%), from €364,479 to €464,394
mainly Receivables within one year (+€3.6m) and Debts after one year (+€412,865)
- Other debts -€1.4m
down €1.4m (-61.1%), from €2.3m to €891,748
- Profit (loss) carried forward -€1.2m
down €1.2m (-26.3%), from €4.4m to €3.3m
- Debts after one year +€412,865
up €412,865 (+61.6%), from €669,728 to €1.1m
- Tax, wage and social debts -€258,235
down €258,235 (-94.3%), from €273,757 to €15,521
of which Taxes: -€271,407
- Financial income -€5.8m
down €5.8m (-99.9%), from €5.8m to €3,919
of which Non-recurring financial income: -€5.8m
- Depreciation +€102,910
up €102,910 (+143%), from €72,179 to €175,089
- Financial charges +€44,481
up €44,481 (+276%), from €16,139 to €60,620
- Taxes +€27,144
up €27,144 (+1,116%), from €2,432 to €29,576
- Gross operating margin -€5,545
down €5,545 (-5.1%), from €108,796 to €103,250
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 | €7,751,971 | €5,355,427 | -€2.4m | -30.9% |
| Fixed assets | 21/28 | €2,608,089 | €3,666,824 | +€1.1m | +40.6% |
| Tangible fixed assets | 22/27 | €1,128,089 | €2,186,824 | +€1.1m | +93.9% |
| Land and buildings | 22 | €1,080,944 | €2,066,121 | +€985,176 | +91.1% |
| Plant, machinery and equipment | 23 | €45,102 | €86,702 | +€41,601 | +92.2% |
| Furniture and vehicles | 24 | €2,043 | €34,002 | +€31,959 | +1,565% |
| Financial fixed assets | 28 | €1,480,000 | €1,480,000 | = | 0.0% |
| Current assets | 29/58 | €5,143,883 | €1,688,602 | -€3.5m | -67.2% |
| Amounts receivable within one year | 40/41 | €4,771,937 | €1,206,265 | -€3.6m | -74.7% |
| Trade receivables | 40 | €16,133 | €13,333 | -€2,800 | -17.4% |
| Other amounts receivable | 41 | €4,755,803 | €1,192,931 | -€3.6m | -74.9% |
| Current investments | 50/53 | €6,000 | €15,000 | +€9,000 | +150% |
| Cash at bank and in hand | 54/58 | €364,479 | €464,394 | +€99,915 | +27.4% |
| Deferred charges and accrued income | 490/1 | €1,466 | €2,943 | +€1,477 | +101% |
| Total equity and liabilities | 10/49 | €7,751,971 | €5,355,427 | -€2.4m | -30.9% |
| Equity | 10/15 | €4,431,969 | €3,265,796 | -€1.2m | -26.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,427,969 | €3,261,796 | -€1.2m | -26.3% |
| Amounts payable | 17/49 | €3,320,002 | €2,089,631 | -€1.2m | -37.1% |
| Amounts payable after more than one year | 17 | €669,728 | €1,082,594 | +€412,865 | +61.6% |
| Financial debts | 170/4 | €669,728 | €1,082,594 | +€412,865 | +61.6% |
| Amounts payable within one year | 42/48 | €2,650,274 | €1,001,637 | -€1.6m | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €84,142 | €87,135 | +€2,993 | +3.6% |
| Trade debts | 44 | - | €7,233 | +€7,233 | |
| Suppliers | 440/4 | - | €7,233 | +€7,233 | |
| Taxes, remuneration and social security | 45 | €273,757 | €15,521 | -€258,235 | -94.3% |
| Taxes | 450/3 | €271,407 | - | -€271,407 | |
| Remuneration and social security | 454/9 | €2,350 | €15,521 | +€13,171 | +560% |
| Other amounts payable | 47/48 | €2,292,375 | €891,748 | -€1.4m | -61.1% |
| Accrued charges and deferred income | 492/3 | - | €5,400 | +€5,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,179 | €175,089 | +€102,910 | +143% |
| Other operating charges | 640/8 | €7,509 | €8,057 | +€548 | +7.3% |
| Gross operating margin | 9900 | €108,796 | €103,250 | -€5,545 | -5.1% |
| Operating profit (loss) | 9901 | €29,108 | -€79,895 | -€109,003 | |
| Financial income | 75/76B | €5,791,351 | €3,919 | -€5.8m | -99.9% |
| Recurring financial income | 75 | €3,869 | €3,919 | +€50 | +1.3% |
| Non-recurring financial income | 76B | €5,787,482 | - | -€5.8m | |
| Financial charges | 65/66B | €16,139 | €60,620 | +€44,481 | +276% |
| Recurring financial charges | 65 | €16,139 | €60,620 | +€44,481 | +276% |
| Profit (loss) for the period before taxes | 9903 | €5,804,319 | -€136,597 | -€5.9m | |
| Income taxes | 67/77 | €2,432 | €29,576 | +€27,144 | +1,116% |
| Profit (loss) for the period | 9904 | €5,801,887 | -€166,173 | -€6.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,801,887 | -€166,173 | -€6.0m |
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 28 October 2026 via checked.be.