GRASSO: 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.
GRASSO
Largest movements
- Deferred charges and accrued income -€191,895
down €191,895 (-58.4%), from €328,624 to €136,729
- Cash -€57,201
down €57,201 (-15.3%), from €375,024 to €317,824
mainly Advances received (-€143,099) and Trade debts (-€134,025)
- Tangible fixed assets +€18,751
up €18,751 (+92.0%), from €20,382 to €39,133
of which Furniture and vehicles: +€17,100
- Receivables within one year -€12,226
down €12,226 (-4.3%), from €285,016 to €272,790
of which Other amounts receivable: -€53,185
- Advances received -€143,099
down €143,099 (-34.4%), from €416,210 to €273,111
- Trade debts -€134,025
down €134,025 (-55.6%), from €241,143 to €107,118
- Profit (loss) carried forward +€95,639
up €95,639 (+103%), from €93,027 to €188,666
- Short-term financial debts -€60,000
no longer reported in 2025 (was €60,000)
- Gross operating margin +€77,455
up €77,455 (+39.1%), from €197,885 to €275,340
- Taxes +€18,081
up €18,081 (+121%), from €14,894 to €32,975
- Staff costs +€9,647
up €9,647 (+8.0%), from €119,997 to €129,644
- Depreciation +€2,816
up €2,816 (+67.4%), from €4,179 to €6,995
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 | €1,009,046 | €766,535 | -€242,511 | -24.0% |
| Fixed assets | 21/28 | €20,382 | €39,193 | +€18,811 | +92.3% |
| Tangible fixed assets | 22/27 | €20,382 | €39,133 | +€18,751 | +92.0% |
| Furniture and vehicles | 24 | €9,879 | €26,980 | +€17,100 | +173% |
| Other tangible fixed assets | 26 | €10,502 | €12,153 | +€1,651 | +15.7% |
| Financial fixed assets | 28 | €0 | €60 | +€60 | |
| Current assets | 29/58 | €988,664 | €727,342 | -€261,322 | -26.4% |
| Amounts receivable within one year | 40/41 | €285,016 | €272,790 | -€12,226 | -4.3% |
| Trade receivables | 40 | €164,695 | €205,654 | +€40,959 | +24.9% |
| Other amounts receivable | 41 | €120,321 | €67,136 | -€53,185 | -44.2% |
| Cash at bank and in hand | 54/58 | €375,024 | €317,824 | -€57,201 | -15.3% |
| Deferred charges and accrued income | 490/1 | €328,624 | €136,729 | -€191,895 | -58.4% |
| Total equity and liabilities | 10/49 | €1,009,046 | €766,535 | -€242,511 | -24.0% |
| Equity | 10/15 | €244,773 | €340,412 | +€95,639 | +39.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €126,746 | €126,746 | = | 0.0% |
| Distributable reserves | 133 | €126,746 | €126,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,027 | €188,666 | +€95,639 | +103% |
| Amounts payable | 17/49 | €764,273 | €426,123 | -€338,150 | -44.2% |
| Amounts payable after more than one year | 17 | €8,271 | €0 | -€8,271 | -100% |
| Financial debts | 170/4 | €8,271 | €0 | -€8,271 | -100% |
| Amounts payable within one year | 42/48 | €739,642 | €404,433 | -€335,209 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €11,937 | €8,271 | -€3,665 | -30.7% |
| Financial debts | 43 | €60,000 | - | -€60,000 | |
| Credit institutions | 430/8 | €60,000 | - | -€60,000 | |
| Trade debts | 44 | €241,143 | €107,118 | -€134,025 | -55.6% |
| Suppliers | 440/4 | €241,143 | €107,118 | -€134,025 | -55.6% |
| Advances received on contracts in progress | 46 | €416,210 | €273,111 | -€143,099 | -34.4% |
| Taxes, remuneration and social security | 45 | €10,352 | €15,933 | +€5,580 | +53.9% |
| Taxes | 450/3 | €10,352 | €15,933 | +€5,580 | +53.9% |
| Accrued charges and deferred income | 492/3 | €16,359 | €21,689 | +€5,330 | +32.6% |
| Remuneration, social security and pensions | 62 | €119,997 | €129,644 | +€9,647 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,179 | €6,995 | +€2,816 | +67.4% |
| Other operating charges | 640/8 | €1,451 | €1,335 | -€116 | -8.0% |
| Non-recurring operating charges | 66A | €17,571 | €1,078 | -€16,493 | -93.9% |
| Gross operating margin | 9900 | €197,885 | €275,340 | +€77,455 | +39.1% |
| Operating profit (loss) | 9901 | €54,688 | €136,289 | +€81,601 | +149% |
| Financial income | 75/76B | €1,166 | €360 | -€806 | -69.2% |
| Recurring financial income | 75 | €1,166 | €360 | -€806 | -69.2% |
| Financial charges | 65/66B | €7,847 | €8,034 | +€187 | +2.4% |
| Recurring financial charges | 65 | €7,847 | €8,034 | +€187 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €48,007 | €128,614 | +€80,607 | +168% |
| Income taxes | 67/77 | €14,894 | €32,975 | +€18,081 | +121% |
| Profit (loss) for the period | 9904 | €33,113 | €95,639 | +€62,526 | +189% |
| Profit (loss) for the period to be appropriated | 9905 | €33,113 | €95,639 | +€62,526 | +189% |
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 13 October 2026 via checked.be.