GRASSI: 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.
GRASSI
Largest movements
- Receivables within one year -€3.2m
down €3.2m (-94.4%), from €3.4m to €193,609
of which Other amounts receivable: -€2.9m
- Current investments +€2.6m
up €2.6m (+133.0%), from €1.9m to €4.5m
- Tangible fixed assets +€1.7m
up €1.7m (+28.6%), from €6.0m to €7.7m
of which Land and buildings: +€1.7m
- Other debts +€870,000
new in 2025: €870,000
- Reserves +€256,944
up €256,944 (+3.1%), from €8.2m to €8.4m
of which Tax-exempt reserves: +€288,778
- Debts after one year -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Gross operating margin +€302,556
up €302,556 (+144.9%), from €208,744 to €511,301
- Depreciation +€169,463
up €169,463 (+80.4%), from €210,714 to €380,177
- Financial income +€110,316
up €110,316 (+70.7%), from €155,983 to €266,299
- Financial charges -€41,858
down €41,858 (-90.0%), from €46,529 to €4,671
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 | €12,124,133 | €13,174,095 | +€1.0m | +8.7% |
| Fixed assets | 21/28 | €6,020,958 | €7,744,094 | +€1.7m | +28.6% |
| Tangible fixed assets | 22/27 | €6,020,958 | €7,744,094 | +€1.7m | +28.6% |
| Land and buildings | 22 | €5,978,762 | €7,700,390 | +€1.7m | +28.8% |
| Furniture and vehicles | 24 | €42,196 | €43,703 | +€1,508 | +3.6% |
| Current assets | 29/58 | €6,103,175 | €5,430,001 | -€673,174 | -11.0% |
| Amounts receivable after more than one year | 29 | €12,577 | €10,000 | -€2,577 | -20.5% |
| Other amounts receivable | 291 | €12,577 | €10,000 | -€2,577 | -20.5% |
| Stocks and contracts in progress | 3 | €475,000 | €475,000 | = | 0.0% |
| Stocks | 30/36 | €475,000 | €475,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,441,984 | €193,609 | -€3.2m | -94.4% |
| Trade receivables | 40 | €348,213 | €0 | -€348,213 | -100.0% |
| Other amounts receivable | 41 | €3,093,771 | €193,609 | -€2.9m | -93.7% |
| Current investments | 50/53 | €1,945,777 | €4,534,293 | +€2.6m | +133.0% |
| Cash at bank and in hand | 54/58 | €226,897 | €208,355 | -€18,542 | -8.2% |
| Deferred charges and accrued income | 490/1 | €940 | €8,743 | +€7,803 | +829.7% |
| Total equity and liabilities | 10/49 | €12,124,133 | €13,174,095 | +€1.0m | +8.7% |
| Equity | 10/15 | €11,935,030 | €12,191,975 | +€256,944 | +2.2% |
| Contributions | 10/11 | €3,772,875 | €3,772,875 | = | 0.0% |
| Capital | 10 | €3,772,875 | €3,772,875 | = | 0.0% |
| Issued capital | 100 | €3,772,875 | €3,772,875 | = | 0.0% |
| Reserves | 13 | €8,162,155 | €8,419,099 | +€256,944 | +3.1% |
| Non-distributable reserves | 130/1 | €377,100 | €377,100 | = | 0.0% |
| Legal reserve | 130 | €377,100 | €377,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,657 | €307,435 | +€288,778 | +1547.8% |
| Distributable reserves | 133 | €7,766,398 | €7,734,564 | -€31,834 | -0.4% |
| Provisions and deferred taxes | 16 | €5,376 | €101,635 | +€96,259 | +1790.6% |
| Deferred taxes | 168 | €5,376 | €101,635 | +€96,259 | +1790.6% |
| Amounts payable | 17/49 | €183,727 | €880,485 | +€696,758 | +379.2% |
| Amounts payable after more than one year | 17 | €150,000 | €0 | -€150,000 | -100.0% |
| Financial debts | 170/4 | €150,000 | €0 | -€150,000 | -100.0% |
| Amounts payable within one year | 42/48 | €33,727 | €880,485 | +€846,758 | +2510.6% |
| Trade debts | 44 | €6,359 | €216 | -€6,143 | -96.6% |
| Suppliers | 440/4 | €6,359 | €216 | -€6,143 | -96.6% |
| Advances received on contracts in progress | 46 | €6,662 | €9,691 | +€3,028 | +45.5% |
| Taxes, remuneration and social security | 45 | €20,705 | €578 | -€20,127 | -97.2% |
| Taxes | 450/3 | €20,705 | €578 | -€20,127 | -97.2% |
| Other amounts payable | 47/48 | - | €870,000 | +€870,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,714 | €380,177 | +€169,463 | +80.4% |
| Other operating charges | 640/8 | €36,698 | €39,547 | +€2,850 | +7.8% |
| Gross operating margin | 9900 | €208,744 | €511,301 | +€302,556 | +144.9% |
| Operating profit (loss) | 9901 | -€38,667 | €91,576 | +€130,243 | |
| Financial income | 75/76B | €155,983 | €266,299 | +€110,316 | +70.7% |
| Recurring financial income | 75 | €155,983 | €266,299 | +€110,316 | +70.7% |
| Financial charges | 65/66B | €46,529 | €4,671 | -€41,858 | -90.0% |
| Recurring financial charges | 65 | €46,529 | €4,671 | -€41,858 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €70,787 | €353,204 | +€282,417 | +399.0% |
| Transfer from deferred taxes | 780 | €316 | €6,465 | +€6,149 | +1944.5% |
| Transfer to deferred taxes | 680 | - | €102,725 | +€102,725 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €71,103 | €256,944 | +€185,841 | +261.4% |
| Transfer from tax-exempt reserves | 789 | €949 | €19,396 | +€18,448 | +1944.6% |
| Transfer to tax-exempt reserves | 689 | - | €308,174 | +€308,174 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,052 | -€31,834 | -€103,886 |
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 28 September 2026 via checked.be.