GRD: 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.
GRD
Largest movements
- Receivables within one year +€62,213
up €62,213 (+281.6%), from €22,091 to €84,304
of which Trade receivables: +€53,187
- Cash -€9,359
down €9,359 (-25.2%), from €37,139 to €27,780
mainly Receivables within one year (-€62,213) and Investment in fixed assets (net) (-€26,217)
- Tangible fixed assets -€2,100
down €2,100 (-2.9%), from €72,861 to €70,761
of which Plant, machinery and equipment: -€16,482
- Trade debts +€29,834
up €29,834 (+77.6%), from €38,446 to €68,280
- Profit (loss) carried forward +€27,290
up €27,290 (+108.9%), from €25,049 to €52,339
- Debts after one year -€7,836
down €7,836 (-24.4%), from €32,096 to €24,259
- Current portion of long-term debt +€3,223
up €3,223 (+28.5%), from €11,328 to €14,551
- Gross operating margin +€36,945
up €36,945 (+110.1%), from €33,567 to €70,512
- Taxes +€7,513
up €7,513 (+1361.7%), from €552 to €8,065
- Depreciation +€6,516
up €6,516 (+29.9%), from €21,801 to €28,317
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 | €137,359 | €187,786 | +€50,427 | +36.7% |
| Fixed assets | 21/28 | €72,861 | €70,761 | -€2,100 | -2.9% |
| Tangible fixed assets | 22/27 | €72,861 | €70,761 | -€2,100 | -2.9% |
| Plant, machinery and equipment | 23 | €53,792 | €37,310 | -€16,482 | -30.6% |
| Furniture and vehicles | 24 | €14,404 | €20,818 | +€6,415 | +44.5% |
| Other tangible fixed assets | 26 | €4,666 | €12,633 | +€7,967 | +170.8% |
| Current assets | 29/58 | €64,498 | €117,025 | +€52,527 | +81.4% |
| Amounts receivable within one year | 40/41 | €22,091 | €84,304 | +€62,213 | +281.6% |
| Trade receivables | 40 | €16,081 | €69,267 | +€53,187 | +330.7% |
| Other amounts receivable | 41 | €6,011 | €15,037 | +€9,026 | +150.2% |
| Cash at bank and in hand | 54/58 | €37,139 | €27,780 | -€9,359 | -25.2% |
| Deferred charges and accrued income | 490/1 | €5,268 | €4,941 | -€328 | -6.2% |
| Total equity and liabilities | 10/49 | €137,359 | €187,786 | +€50,427 | +36.7% |
| Equity | 10/15 | €35,049 | €62,339 | +€27,290 | +77.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,049 | €52,339 | +€27,290 | +108.9% |
| Amounts payable | 17/49 | €102,310 | €125,448 | +€23,137 | +22.6% |
| Amounts payable after more than one year | 17 | €32,096 | €24,259 | -€7,836 | -24.4% |
| Financial debts | 170/4 | €32,096 | €24,259 | -€7,836 | -24.4% |
| Amounts payable within one year | 42/48 | €70,203 | €101,188 | +€30,986 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €11,328 | €14,551 | +€3,223 | +28.5% |
| Trade debts | 44 | €38,446 | €68,280 | +€29,834 | +77.6% |
| Suppliers | 440/4 | €38,446 | €68,280 | +€29,834 | +77.6% |
| Taxes, remuneration and social security | 45 | €5,412 | €4,410 | -€1,002 | -18.5% |
| Taxes | 450/3 | €5,412 | €4,410 | -€1,002 | -18.5% |
| Other amounts payable | 47/48 | €15,018 | €13,948 | -€1,070 | -7.1% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,801 | €28,317 | +€6,516 | +29.9% |
| Other operating charges | 640/8 | €442 | €431 | -€12 | -2.6% |
| Non-recurring operating charges | 66A | €2,445 | - | -€2,445 | |
| Gross operating margin | 9900 | €33,567 | €70,512 | +€36,945 | +110.1% |
| Operating profit (loss) | 9901 | €8,878 | €41,764 | +€32,886 | +370.4% |
| Financial income | 75/76B | €0 | €21 | +€21 | +13212.5% |
| Recurring financial income | 75 | €0 | €21 | +€21 | +13212.5% |
| Financial charges | 65/66B | €2,426 | €2,431 | +€5 | +0.2% |
| Recurring financial charges | 65 | €2,426 | €2,431 | +€5 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €6,452 | €39,354 | +€32,902 | +509.9% |
| Income taxes | 67/77 | €552 | €8,065 | +€7,513 | +1361.7% |
| Profit (loss) for the period | 9904 | €5,900 | €31,290 | +€25,389 | +430.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,900 | €31,290 | +€25,389 | +430.3% |
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.