GRASP: 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.
GRASP
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€119,653
up €119,653 (+242.6%), from €49,313 to €168,966
mainly Current investments (+€350,000) and Depreciation (+€102,913)
- Tangible fixed assets -€82,360
down €82,360 (-6.3%), from €1.3m to €1.2m
of which Land and buildings: -€85,581
- Receivables within one year +€36,607
up €36,607 (+37.4%), from €97,844 to €134,451
of which Trade receivables: +€36,607
- Other debts -€273,308
down €273,308 (-39.0%), from €701,154 to €427,846
- Tax, wage and social debts +€53,378
up €53,378 (+315.1%), from €16,943 to €70,320
- Reserves -€36,360
down €36,360 (-3.5%), from €1.0m to €1.0m
- Trade debts -€22,807
down €22,807 (-94.5%), from €24,144 to €1,337
- Financial charges -€36,033
down €36,033 (-43.5%), from €82,747 to €46,713
- Gross operating margin -€32,714
down €32,714 (-14.2%), from €230,912 to €198,198
- Taxes +€9,310
up €9,310 (+276.1%), from €3,372 to €12,681
- Financial income -€5,363
down €5,363 (-53.1%), from €10,099 to €4,736
- Depreciation -€4,306
down €4,306 (-4.0%), from €107,219 to €102,913
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 | €1,812,767 | €1,526,935 | -€285,833 | -15.8% |
| Fixed assets | 21/28 | €1,305,877 | €1,223,518 | -€82,360 | -6.3% |
| Tangible fixed assets | 22/27 | €1,305,877 | €1,223,518 | -€82,360 | -6.3% |
| Land and buildings | 22 | €1,220,241 | €1,134,660 | -€85,581 | -7.0% |
| Plant, machinery and equipment | 23 | €61,434 | €67,423 | +€5,989 | +9.7% |
| Furniture and vehicles | 24 | €24,202 | €21,434 | -€2,767 | -11.4% |
| Current assets | 29/58 | €506,890 | €303,417 | -€203,473 | -40.1% |
| Amounts receivable within one year | 40/41 | €97,844 | €134,451 | +€36,607 | +37.4% |
| Trade receivables | 40 | €70,687 | €107,295 | +€36,607 | +51.8% |
| Other amounts receivable | 41 | €27,156 | €27,156 | = | 0.0% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €49,313 | €168,966 | +€119,653 | +242.6% |
| Deferred charges and accrued income | 490/1 | €9,733 | - | -€9,733 | |
| Total equity and liabilities | 10/49 | €1,812,767 | €1,526,935 | -€285,833 | -15.8% |
| Equity | 10/15 | €1,041,768 | €1,005,408 | -€36,360 | -3.5% |
| Contributions | 10/11 | €2,479 | €2,479 | = | 0.0% |
| Reserves | 13 | €1,039,284 | €1,002,924 | -€36,360 | -3.5% |
| Distributable reserves | 133 | €1,039,284 | €1,002,924 | -€36,360 | -3.5% |
| Profit (loss) carried forward | 14 | €4 | €5 | +€0 | +6.5% |
| Amounts payable | 17/49 | €771,000 | €521,527 | -€249,473 | -32.4% |
| Amounts payable within one year | 42/48 | €742,240 | €499,503 | -€242,737 | -32.7% |
| Trade debts | 44 | €24,144 | €1,337 | -€22,807 | -94.5% |
| Suppliers | 440/4 | €24,144 | €1,337 | -€22,807 | -94.5% |
| Taxes, remuneration and social security | 45 | €16,943 | €70,320 | +€53,378 | +315.1% |
| Taxes | 450/3 | €16,943 | €70,320 | +€53,378 | +315.1% |
| Other amounts payable | 47/48 | €701,154 | €427,846 | -€273,308 | -39.0% |
| Accrued charges and deferred income | 492/3 | €28,760 | €22,024 | -€6,736 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,219 | €102,913 | -€4,306 | -4.0% |
| Other operating charges | 640/8 | €6,235 | €8,486 | +€2,251 | +36.1% |
| Gross operating margin | 9900 | €230,912 | €198,198 | -€32,714 | -14.2% |
| Operating profit (loss) | 9901 | €117,458 | €86,799 | -€30,659 | -26.1% |
| Financial income | 75/76B | €10,099 | €4,736 | -€5,363 | -53.1% |
| Recurring financial income | 75 | €10,099 | €4,736 | -€5,363 | -53.1% |
| Financial charges | 65/66B | €82,747 | €46,713 | -€36,033 | -43.5% |
| Recurring financial charges | 65 | €82,747 | €46,713 | -€36,033 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €44,811 | €44,822 | +€11 | 0.0% |
| Income taxes | 67/77 | €3,372 | €12,681 | +€9,310 | +276.1% |
| Profit (loss) for the period | 9904 | €41,439 | €32,140 | -€9,299 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,439 | €32,140 | -€9,299 | -22.4% |
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.