GRAYSCALE: 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.
GRAYSCALE
Largest movements
- Tangible fixed assets -€25,196
down €25,196 (-31.8%), from €79,238 to €54,042
- Receivables within one year -€19,856
down €19,856 (-57.5%), from €34,505 to €14,649
of which Trade receivables: -€23,595
- Cash +€4,325
up €4,325 (+22.8%), from €18,963 to €23,288
mainly Depreciation (+€25,196) and Receivables within one year (+€19,856)
- Profit (loss) carried forward -€27,607
down €27,607 (-390.9%), from -€7,063 to -€34,669
- Debts after one year -€11,354
down €11,354 (-43.3%), from €26,216 to €14,861
- Short-term financial debts +€11,354
new in 2025: €11,354
- Current portion of long-term debt -€10,899
no longer reported in 2025 (was €10,899)
- Other debts -€2,578
down €2,578 (-14.8%), from €17,455 to €14,876
- Gross operating margin -€20,003
down €20,003 (-91.1%), from €21,950 to €1,947
- Other operating charges +€665
up €665 (+79.0%), from €842 to €1,507
- Depreciation -€547
down €547 (-2.1%), from €25,743 to €25,196
- Financial charges +€543
up €543 (+27.4%), from €1,984 to €2,526
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 | €144,113 | €104,006 | -€40,108 | -27.8% |
| Fixed assets | 21/28 | €88,788 | €63,592 | -€25,196 | -28.4% |
| Tangible fixed assets | 22/27 | €79,238 | €54,042 | -€25,196 | -31.8% |
| Furniture and vehicles | 24 | €79,238 | €54,042 | -€25,196 | -31.8% |
| Financial fixed assets | 28 | €9,550 | €9,550 | = | 0.0% |
| Current assets | 29/58 | €55,326 | €40,413 | -€14,912 | -27.0% |
| Amounts receivable within one year | 40/41 | €34,505 | €14,649 | -€19,856 | -57.5% |
| Trade receivables | 40 | €30,855 | €7,260 | -€23,595 | -76.5% |
| Other amounts receivable | 41 | €3,650 | €7,389 | +€3,739 | +102.4% |
| Cash at bank and in hand | 54/58 | €18,963 | €23,288 | +€4,325 | +22.8% |
| Deferred charges and accrued income | 490/1 | €1,858 | €2,476 | +€619 | +33.3% |
| Total equity and liabilities | 10/49 | €144,113 | €104,006 | -€40,108 | -27.8% |
| Equity | 10/15 | €84,253 | €56,646 | -€27,607 | -32.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €72,715 | €72,715 | = | 0.0% |
| Distributable reserves | 133 | €72,715 | €72,715 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,063 | -€34,669 | -€27,607 | -390.9% |
| Amounts payable | 17/49 | €59,861 | €47,360 | -€12,501 | -20.9% |
| Amounts payable after more than one year | 17 | €26,216 | €14,861 | -€11,354 | -43.3% |
| Financial debts | 170/4 | €26,216 | €14,861 | -€11,354 | -43.3% |
| Amounts payable within one year | 42/48 | €33,258 | €32,099 | -€1,159 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €10,899 | - | -€10,899 | |
| Financial debts | 43 | - | €11,354 | +€11,354 | |
| Credit institutions | 430/8 | - | €11,354 | +€11,354 | |
| Trade debts | 44 | €2,321 | €1,871 | -€450 | -19.4% |
| Suppliers | 440/4 | €2,321 | €1,871 | -€450 | -19.4% |
| Taxes, remuneration and social security | 45 | €2,583 | €3,997 | +€1,414 | +54.8% |
| Taxes | 450/3 | €2,583 | €2,797 | +€214 | +8.3% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €17,455 | €14,876 | -€2,578 | -14.8% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,743 | €25,196 | -€547 | -2.1% |
| Other operating charges | 640/8 | €842 | €1,507 | +€665 | +79.0% |
| Gross operating margin | 9900 | €21,950 | €1,947 | -€20,003 | -91.1% |
| Operating profit (loss) | 9901 | -€4,634 | -€24,755 | -€20,121 | -434.2% |
| Financial charges | 65/66B | €1,984 | €2,526 | +€543 | +27.4% |
| Recurring financial charges | 65 | €1,984 | €2,526 | +€543 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,618 | -€27,282 | -€20,664 | -312.2% |
| Income taxes | 67/77 | €445 | €325 | -€120 | -26.9% |
| Profit (loss) for the period | 9904 | -€7,063 | -€27,607 | -€20,544 | -290.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,063 | -€27,607 | -€20,544 | -290.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.