Gray Line: 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.
Gray Line
Largest movements
- Receivables within one year +€10,092
up €10,092 (+126%), from €7,983 to €18,075
of which Trade receivables: +€9,590
- Tangible fixed assets -€1,499
down €1,499 (-9.8%), from €15,247 to €13,748
of which Furniture and vehicles: -€963
- Cash +€1,204
up €1,204 (+27.2%), from €4,431 to €5,635
mainly Net result for the year (+€8,698) and Trade debts (+€5,854)
- Profit (loss) carried forward +€8,698
up €8,698 (+65.5%), from -€13,285 to -€4,587
- Trade debts +€5,854
up €5,854 (+42.2%), from €13,858 to €19,712
- Other debts -€3,419
down €3,419 (-28.6%), from €11,969 to €8,550
- Tax, wage and social debts -€1,317
down €1,317 (-10.0%), from €13,155 to €11,838
of which Taxes: -€1,373
- Gross operating margin +€12,708
up €12,708, from -€1,198 to €11,510
- Depreciation -€2,190
down €2,190 (-59.4%), from €3,689 to €1,499
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 | €28,720 | €38,536 | +€9,817 | +34.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €15,333 | €13,834 | -€1,499 | -9.8% |
| Tangible fixed assets | 22/27 | €15,247 | €13,748 | -€1,499 | -9.8% |
| Land and buildings | 22 | €7,507 | €7,303 | -€205 | -2.7% |
| Plant, machinery and equipment | 23 | €1,447 | €1,116 | -€331 | -22.9% |
| Furniture and vehicles | 24 | €6,292 | €5,330 | -€963 | -15.3% |
| Financial fixed assets | 28 | €86 | €86 | = | 0.0% |
| Current assets | 29/58 | €13,387 | €24,702 | +€11,315 | +84.5% |
| Amounts receivable within one year | 40/41 | €7,983 | €18,075 | +€10,092 | +126% |
| Trade receivables | 40 | €7,983 | €17,573 | +€9,590 | +120% |
| Other amounts receivable | 41 | - | €502 | +€502 | |
| Cash at bank and in hand | 54/58 | €4,431 | €5,635 | +€1,204 | +27.2% |
| Deferred charges and accrued income | 490/1 | €973 | €993 | +€19 | +2.0% |
| Total equity and liabilities | 10/49 | €28,720 | €38,536 | +€9,817 | +34.2% |
| Equity | 10/15 | -€10,285 | -€1,587 | +€8,698 | +84.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,285 | -€4,587 | +€8,698 | +65.5% |
| Amounts payable | 17/49 | €39,005 | €40,123 | +€1,118 | +2.9% |
| Amounts payable after more than one year | 17 | €22 | €22 | = | 0.0% |
| Other amounts payable | 178/9 | €22 | €22 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,982 | €40,101 | +€1,118 | +2.9% |
| Trade debts | 44 | €13,858 | €19,712 | +€5,854 | +42.2% |
| Suppliers | 440/4 | €13,858 | €19,712 | +€5,854 | +42.2% |
| Taxes, remuneration and social security | 45 | €13,155 | €11,838 | -€1,317 | -10.0% |
| Taxes | 450/3 | €1,532 | €159 | -€1,373 | -89.6% |
| Remuneration and social security | 454/9 | €11,623 | €11,679 | +€56 | +0.5% |
| Other amounts payable | 47/48 | €11,969 | €8,550 | -€3,419 | -28.6% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,689 | €1,499 | -€2,190 | -59.4% |
| Other operating charges | 640/8 | €943 | €969 | +€26 | +2.8% |
| Gross operating margin | 9900 | -€1,198 | €11,510 | +€12,708 | |
| Operating profit (loss) | 9901 | -€5,829 | €9,043 | +€14,873 | |
| Financial charges | 65/66B | €274 | €185 | -€89 | -32.4% |
| Recurring financial charges | 65 | €274 | €185 | -€89 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,103 | €8,858 | +€14,961 | |
| Income taxes | 67/77 | €207 | €159 | -€47 | -22.9% |
| Profit (loss) for the period | 9904 | -€6,310 | €8,698 | +€15,009 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,310 | €8,698 | +€15,009 |
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 21 October 2026 via checked.be.