GRCH: 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.
GRCH
Largest movements
- Stocks and contracts +€199,749
up €199,749 (+51.6%), from €387,287 to €587,035
- Receivables within one year +€85,197
up €85,197 (+302%), from €28,240 to €113,437
of which Trade receivables: +€62,040
- Cash -€46,813
down €46,813 (-87.4%), from €53,555 to €6,741
mainly Stocks and contracts (-€199,749) and Receivables within one year (-€85,197)
- Trade debts +€179,964
up €179,964 (+75.4%), from €238,822 to €418,786
- Short-term financial debts +€32,446
up €32,446 (+25.0%), from €130,000 to €162,446
- Tax, wage and social debts +€30,018
up €30,018 (+89.7%), from €33,459 to €63,478
of which Taxes: +€28,666
- Advances received -€13,940
no longer reported in 2025 (was €13,940)
- Profit (loss) carried forward +€11,984
up €11,984 (+62.2%), from €19,275 to €31,260
- Gross operating margin +€708,815
up €708,815 (+215%), from €329,297 to €1.0m
- Financial charges +€650,034
up €650,034 (+270%), from €240,533 to €890,567
- Staff costs +€30,712
up €30,712 (+169%), from €18,128 to €48,840
- Write-downs +€23,508
up €23,508 (+70.0%), from €33,588 to €57,096
- Depreciation +€13,058
up €13,058 (+163%), from €8,000 to €21,058
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 | €548,033 | €789,662 | +€241,629 | +44.1% |
| Formation expenses | 20 | €381 | €0 | -€381 | -100% |
| Fixed assets | 21/28 | €75,502 | €76,338 | +€836 | +1.1% |
| Tangible fixed assets | 22/27 | €75,502 | €76,338 | +€836 | +1.1% |
| Plant, machinery and equipment | 23 | €5,482 | €4,331 | -€1,151 | -21.0% |
| Furniture and vehicles | 24 | - | €3,908 | +€3,908 | |
| Other tangible fixed assets | 26 | €70,020 | €68,099 | -€1,920 | -2.7% |
| Current assets | 29/58 | €472,149 | €713,324 | +€241,175 | +51.1% |
| Stocks and contracts in progress | 3 | €387,287 | €587,035 | +€199,749 | +51.6% |
| Stocks | 30/36 | €387,287 | €587,035 | +€199,749 | +51.6% |
| Amounts receivable within one year | 40/41 | €28,240 | €113,437 | +€85,197 | +302% |
| Trade receivables | 40 | €11,275 | €73,315 | +€62,040 | +550% |
| Other amounts receivable | 41 | €16,965 | €40,123 | +€23,157 | +136% |
| Cash at bank and in hand | 54/58 | €53,555 | €6,741 | -€46,813 | -87.4% |
| Deferred charges and accrued income | 490/1 | €3,068 | €6,110 | +€3,042 | +99.1% |
| Total equity and liabilities | 10/49 | €548,033 | €789,662 | +€241,629 | +44.1% |
| Equity | 10/15 | €69,275 | €81,260 | +€11,984 | +17.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,275 | €31,260 | +€11,984 | +62.2% |
| Amounts payable | 17/49 | €478,757 | €708,402 | +€229,645 | +48.0% |
| Amounts payable after more than one year | 17 | €48,733 | €42,937 | -€5,797 | -11.9% |
| Financial debts | 170/4 | €48,733 | €42,937 | -€5,797 | -11.9% |
| Amounts payable within one year | 42/48 | €429,821 | €665,466 | +€235,645 | +54.8% |
| Current portion of amounts payable after more than one year | 42 | €13,600 | €17,096 | +€3,496 | +25.7% |
| Financial debts | 43 | €130,000 | €162,446 | +€32,446 | +25.0% |
| Credit institutions | 430/8 | €130,000 | €162,446 | +€32,446 | +25.0% |
| Trade debts | 44 | €238,822 | €418,786 | +€179,964 | +75.4% |
| Suppliers | 440/4 | €238,822 | €418,786 | +€179,964 | +75.4% |
| Advances received on contracts in progress | 46 | €13,940 | - | -€13,940 | |
| Taxes, remuneration and social security | 45 | €33,459 | €63,478 | +€30,018 | +89.7% |
| Taxes | 450/3 | €25,974 | €54,640 | +€28,666 | +110% |
| Remuneration and social security | 454/9 | €7,485 | €8,838 | +€1,353 | +18.1% |
| Other amounts payable | 47/48 | - | €3,661 | +€3,661 | |
| Accrued charges and deferred income | 492/3 | €203 | - | -€203 | |
| Remuneration, social security and pensions | 62 | €18,128 | €48,840 | +€30,712 | +169% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €21,058 | +€13,058 | +163% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,588 | €57,096 | +€23,508 | +70.0% |
| Other operating charges | 640/8 | €5,379 | €3,245 | -€2,134 | -39.7% |
| Gross operating margin | 9900 | €329,297 | €1,038,111 | +€708,815 | +215% |
| Operating profit (loss) | 9901 | €264,202 | €907,872 | +€643,670 | +244% |
| Financial income | 75/76B | €825 | €665 | -€161 | -19.5% |
| Recurring financial income | 75 | €825 | €665 | -€161 | -19.5% |
| Financial charges | 65/66B | €240,533 | €890,567 | +€650,034 | +270% |
| Recurring financial charges | 65 | €240,533 | €890,567 | +€650,034 | +270% |
| Profit (loss) for the period before taxes | 9903 | €24,494 | €17,970 | -€6,525 | -26.6% |
| Income taxes | 67/77 | €5,219 | €5,985 | +€767 | +14.7% |
| Profit (loss) for the period | 9904 | €19,275 | €11,984 | -€7,291 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,275 | €11,984 | -€7,291 | -37.8% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.