GRAY FOX: 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.
GRAY FOX
Largest movements
- Receivables within one year +€4,235
up €4,235 (+13234.4%), from €32 to €4,267
of which Trade receivables: +€4,235
- Cash -€888
down €888 (-24.9%), from €3,564 to €2,675
mainly Other debts (-€8,618) and Receivables within one year (-€4,235)
- Other debts -€8,618
down €8,618 (-65.1%), from €13,247 to €4,629
- Profit (loss) carried forward +€7,199
up €7,199, from -€6,108 to €1,091
- Tax, wage and social debts +€4,846
up €4,846 (+3237.5%), from €150 to €4,996
- Gross operating margin +€5,503
up €5,503 (+92.6%), from €5,942 to €11,445
- Taxes +€1,743
new in 2025: €1,743
- Depreciation -€181
down €181 (-8.2%), from €2,222 to €2,040
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 | €16,653 | €19,960 | +€3,307 | +19.9% |
| Fixed assets | 21/28 | €13,058 | €13,017 | -€40 | -0.3% |
| Tangible fixed assets | 22/27 | €13,058 | €13,017 | -€40 | -0.3% |
| Plant, machinery and equipment | 23 | €12,033 | €12,367 | +€334 | +2.8% |
| Furniture and vehicles | 24 | €1,025 | €651 | -€374 | -36.5% |
| Current assets | 29/58 | €3,596 | €6,942 | +€3,347 | +93.1% |
| Amounts receivable within one year | 40/41 | €32 | €4,267 | +€4,235 | +13234.4% |
| Trade receivables | 40 | - | €4,235 | +€4,235 | |
| Other amounts receivable | 41 | €32 | €32 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,564 | €2,675 | -€888 | -24.9% |
| Total equity and liabilities | 10/49 | €16,653 | €19,960 | +€3,307 | +19.9% |
| Equity | 10/15 | €3,120 | €10,319 | +€7,199 | +230.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,028 | €3,028 | = | 0.0% |
| Distributable reserves | 133 | €3,028 | €3,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,108 | €1,091 | +€7,199 | |
| Amounts payable | 17/49 | €13,533 | €9,641 | -€3,892 | -28.8% |
| Amounts payable within one year | 42/48 | €13,533 | €9,641 | -€3,892 | -28.8% |
| Trade debts | 44 | €136 | €15 | -€121 | -88.7% |
| Suppliers | 440/4 | €136 | €15 | -€121 | -88.7% |
| Taxes, remuneration and social security | 45 | €150 | €4,996 | +€4,846 | +3237.5% |
| Taxes | 450/3 | €150 | €4,996 | +€4,846 | +3237.5% |
| Other amounts payable | 47/48 | €13,247 | €4,629 | -€8,618 | -65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,222 | €2,040 | -€181 | -8.2% |
| Other operating charges | 640/8 | €371 | €384 | +€13 | +3.6% |
| Gross operating margin | 9900 | €5,942 | €11,445 | +€5,503 | +92.6% |
| Operating profit (loss) | 9901 | €3,349 | €9,021 | +€5,671 | +169.3% |
| Financial charges | 65/66B | €82 | €79 | -€3 | -3.8% |
| Recurring financial charges | 65 | €82 | €79 | -€3 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €3,267 | €8,942 | +€5,675 | +173.7% |
| Income taxes | 67/77 | - | €1,743 | +€1,743 | |
| Profit (loss) for the period | 9904 | €3,267 | €7,199 | +€3,932 | +120.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,267 | €7,199 | +€3,932 | +120.3% |
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 1 October 2026 via checked.be.