GRASMERE: 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.
GRASMERE
Largest movements
- Receivables within one year +€230,483
up €230,483 (+221.7%), from €103,963 to €334,445
of which Other amounts receivable: +€167,918
- Deferred charges and accrued income -€35,000
no longer reported in 2025 (was €35,000)
- Tangible fixed assets +€22,543
up €22,543 (+33.1%), from €68,132 to €90,675
of which Furniture and vehicles: +€20,902
- Cash -€12,799
down €12,799 (-45.6%), from €28,055 to €15,256
- Other debts +€175,000
new in 2025: €175,000
- Reserves +€130,293
up €130,293 (+261.1%), from €49,903 to €180,196
- Profit (loss) carried forward -€129,644
no longer reported in 2025 (was €129,644)
- Debts after one year +€25,629
new in 2025: €25,629
- Tax, wage and social debts -€15,736
down €15,736 (-41.6%), from €37,831 to €22,095
of which Taxes: -€8,336
- Depreciation +€43,163
up €43,163 (+396.3%), from €10,891 to €54,054
- Gross operating margin +€29,201
up €29,201 (+116.7%), from €25,029 to €54,230
- Other operating charges +€13,823
up €13,823 (+486.1%), from €2,844 to €16,667
- Financial income +€5,686
up €5,686 (+345.0%), from €1,648 to €7,335
- Taxes -€2,464
down €2,464 (-65.1%), from €3,785 to €1,322
From the 2022 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €235,149 | €440,376 | +€205,227 | +87.3% |
| Fixed assets | 21/28 | €68,132 | €90,675 | +€22,543 | +33.1% |
| Tangible fixed assets | 22/27 | €68,132 | €90,675 | +€22,543 | +33.1% |
| Plant, machinery and equipment | 23 | €4,082 | €6,214 | +€2,132 | +52.2% |
| Furniture and vehicles | 24 | €61,598 | €82,500 | +€20,902 | +33.9% |
| Other tangible fixed assets | 26 | €2,451 | €1,961 | -€490 | -20.0% |
| Current assets | 29/58 | €167,017 | €349,701 | +€182,684 | +109.4% |
| Amounts receivable within one year | 40/41 | €103,963 | €334,445 | +€230,483 | +221.7% |
| Trade receivables | 40 | €42,500 | €105,065 | +€62,565 | +147.2% |
| Other amounts receivable | 41 | €61,463 | €229,380 | +€167,918 | +273.2% |
| Cash at bank and in hand | 54/58 | €28,055 | €15,256 | -€12,799 | -45.6% |
| Deferred charges and accrued income | 490/1 | €35,000 | - | -€35,000 | |
| Total equity and liabilities | 10/49 | €235,149 | €440,376 | +€205,227 | +87.3% |
| Equity | 10/15 | €191,947 | €192,596 | +€649 | +0.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €49,903 | €180,196 | +€130,293 | +261.1% |
| Distributable reserves | 133 | €49,903 | €180,196 | +€130,293 | +261.1% |
| Profit (loss) carried forward | 14 | €129,644 | - | -€129,644 | |
| Amounts payable | 17/49 | €43,202 | €247,780 | +€204,579 | +473.5% |
| Amounts payable after more than one year | 17 | - | €25,629 | +€25,629 | |
| Financial debts | 170/4 | - | €25,629 | +€25,629 | |
| Amounts payable within one year | 42/48 | €43,202 | €222,151 | +€178,950 | +414.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,257 | +€15,257 | |
| Trade debts | 44 | €5,371 | €9,800 | +€4,429 | +82.5% |
| Suppliers | 440/4 | €5,371 | €9,800 | +€4,429 | +82.5% |
| Taxes, remuneration and social security | 45 | €37,831 | €22,095 | -€15,736 | -41.6% |
| Taxes | 450/3 | €30,431 | €22,095 | -€8,336 | -27.4% |
| Remuneration and social security | 454/9 | €7,400 | - | -€7,400 | |
| Other amounts payable | 47/48 | - | €175,000 | +€175,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,891 | €54,054 | +€43,163 | +396.3% |
| Other operating charges | 640/8 | €2,844 | €16,667 | +€13,823 | +486.1% |
| Gross operating margin | 9900 | €25,029 | €54,230 | +€29,201 | +116.7% |
| Operating profit (loss) | 9901 | €11,294 | -€16,490 | -€27,785 | |
| Financial income | 75/76B | €1,648 | €7,335 | +€5,686 | +345.0% |
| Recurring financial income | 75 | €1,648 | €7,335 | +€5,686 | +345.0% |
| Financial charges | 65/66B | €117 | €2,390 | +€2,273 | +1940.6% |
| Recurring financial charges | 65 | €117 | €2,390 | +€2,273 | +1940.6% |
| Profit (loss) for the period before taxes | 9903 | €12,825 | -€11,546 | -€24,371 | |
| Income taxes | 67/77 | €3,785 | €1,322 | -€2,464 | -65.1% |
| Profit (loss) for the period | 9904 | €9,040 | -€12,868 | -€21,908 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,040 | -€12,868 | -€21,908 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.