GRASBO: what changed
Two fiscal 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.
GRASBO
Largest movements
- Cash -€103,698
down €103,698 (-56.0%), from €185,075 to €81,377
mainly Trade debts (-€54,146) and Stocks and contracts (-€43,000)
- Tangible fixed assets -€55,358
down €55,358 (-18.2%), from €303,558 to €248,201
of which Plant, machinery and equipment: -€34,918
- Stocks and contracts +€43,000
new in 2025: €43,000
- Receivables within one year +€25,552
up €25,552 (+2749.5%), from €929 to €26,481
of which Trade receivables: +€23,863
- Trade debts -€54,146
down €54,146 (-92.6%), from €58,444 to €4,298
- Debts after one year -€27,479
down €27,479 (-14.1%), from €195,411 to €167,932
- Tax, wage and social debts -€12,267
no longer reported in 2025 (was €12,267)
- Profit (loss) carried forward +€8,180
up €8,180 (+45.2%), from -€18,117 to -€9,937
- Depreciation -€13,164
down €13,164 (-18.5%), from €71,237 to €58,073
- Gross operating margin -€12,024
down €12,024 (-14.0%), from €85,986 to €73,962
- Financial charges -€2,200
down €2,200 (-23.9%), from €9,199 to €6,999
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.
Cash bridge derived
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 | €489,563 | €399,059 | -€90,503 | -18.5% |
| Fixed assets | 21/28 | €303,558 | €248,201 | -€55,358 | -18.2% |
| Tangible fixed assets | 22/27 | €303,558 | €248,201 | -€55,358 | -18.2% |
| Land and buildings | 22 | €204,285 | €200,254 | -€4,031 | -2.0% |
| Plant, machinery and equipment | 23 | €82,118 | €47,200 | -€34,918 | -42.5% |
| Furniture and vehicles | 24 | €17,155 | €747 | -€16,409 | -95.6% |
| Current assets | 29/58 | €186,004 | €150,858 | -€35,146 | -18.9% |
| Stocks and contracts in progress | 3 | - | €43,000 | +€43,000 | |
| Contracts in progress | 37 | - | €43,000 | +€43,000 | |
| Amounts receivable within one year | 40/41 | €929 | €26,481 | +€25,552 | +2749.5% |
| Trade receivables | 40 | €929 | €24,792 | +€23,863 | +2567.7% |
| Other amounts receivable | 41 | - | €1,689 | +€1,689 | |
| Cash at bank and in hand | 54/58 | €185,075 | €81,377 | -€103,698 | -56.0% |
| Total equity and liabilities | 10/49 | €489,563 | €399,059 | -€90,503 | -18.5% |
| Equity | 10/15 | €113,044 | €121,224 | +€8,180 | +7.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €121,161 | €121,161 | = | 0.0% |
| Distributable reserves | 133 | €121,161 | €121,161 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,117 | -€9,937 | +€8,180 | +45.2% |
| Amounts payable | 17/49 | €376,519 | €277,835 | -€98,684 | -26.2% |
| Amounts payable after more than one year | 17 | €195,411 | €167,932 | -€27,479 | -14.1% |
| Financial debts | 170/4 | €195,411 | €167,932 | -€27,479 | -14.1% |
| Amounts payable within one year | 42/48 | €181,108 | €109,903 | -€71,205 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €32,141 | €27,479 | -€4,662 | -14.5% |
| Trade debts | 44 | €58,444 | €4,298 | -€54,146 | -92.6% |
| Suppliers | 440/4 | €58,444 | €4,298 | -€54,146 | -92.6% |
| Taxes, remuneration and social security | 45 | €12,267 | - | -€12,267 | |
| Taxes | 450/3 | €12,267 | - | -€12,267 | |
| Other amounts payable | 47/48 | €78,255 | €78,126 | -€129 | -0.2% |
| Non-recurring operating income | 76A | €2,350 | - | -€2,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,237 | €58,073 | -€13,164 | -18.5% |
| Other operating charges | 640/8 | €796 | €798 | +€2 | +0.2% |
| Gross operating margin | 9900 | €85,986 | €73,962 | -€12,024 | -14.0% |
| Operating profit (loss) | 9901 | €13,952 | €15,091 | +€1,138 | +8.2% |
| Financial income | 75/76B | €369 | €88 | -€281 | -76.1% |
| Recurring financial income | 75 | €369 | €88 | -€281 | -76.1% |
| Financial charges | 65/66B | €9,199 | €6,999 | -€2,200 | -23.9% |
| Recurring financial charges | 65 | €9,199 | €6,999 | -€2,200 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €5,123 | €8,180 | +€3,057 | +59.7% |
| Profit (loss) for the period | 9904 | €5,123 | €8,180 | +€3,057 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,123 | €8,180 | +€3,057 | +59.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.