GRD INVEST: 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.
GRD INVEST
Largest movements
- Tangible fixed assets +€28,289
up €28,289 (+351%), from €8,058 to €36,347
of which Other tangible fixed assets: +€30,134
- Receivables within one year +€27,449
up €27,449 (+343%), from €8,004 to €35,453
of which Trade receivables: +€31,640
- Financial fixed assets +€2,622
new in 2025: €2,622
- Trade debts +€29,193
up €29,193 (+203%), from €14,406 to €43,599
- Debts after one year +€23,673
up €23,673 (+3,431%), from €690 to €24,363
- Tax, wage and social debts -€8,830
down €8,830 (-56.2%), from €15,701 to €6,871
of which Taxes: -€6,132
- Current portion of long-term debt +€5,501
up €5,501 (+612%), from €899 to €6,399
- Profit (loss) carried forward +€5,278
up €5,278 (+95.9%), from -€5,506 to -€228
- Staff costs +€10,725
up €10,725 (+23.9%), from €44,839 to €55,564
- Gross operating margin +€5,675
up €5,675 (+8.7%), from €65,332 to €71,006
- Financial charges +€4,165
up €4,165 (+393%), from €1,060 to €5,225
- Depreciation +€1,311
up €1,311 (+44.0%), from €2,976 to €4,287
- Other operating charges +€924
up €924, from €0 to €924
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 | €31,190 | €88,605 | +€57,415 | +184% |
| Formation expenses | 20 | €467 | €141 | -€325 | -69.7% |
| Fixed assets | 21/28 | €8,058 | €38,969 | +€30,911 | +384% |
| Tangible fixed assets | 22/27 | €8,058 | €36,347 | +€28,289 | +351% |
| Furniture and vehicles | 24 | €5,631 | €4,992 | -€639 | -11.3% |
| Leasing and similar rights | 25 | €1,810 | €603 | -€1,207 | -66.7% |
| Other tangible fixed assets | 26 | €618 | €30,752 | +€30,134 | +4,875% |
| Financial fixed assets | 28 | - | €2,622 | +€2,622 | |
| Current assets | 29/58 | €22,664 | €49,494 | +€26,830 | +118% |
| Stocks and contracts in progress | 3 | €14,220 | €13,466 | -€754 | -5.3% |
| Stocks | 30/36 | €14,220 | €13,466 | -€754 | -5.3% |
| Amounts receivable within one year | 40/41 | €8,004 | €35,453 | +€27,449 | +343% |
| Trade receivables | 40 | €0 | €31,640 | +€31,640 | |
| Other amounts receivable | 41 | €8,004 | €3,812 | -€4,191 | -52.4% |
| Cash at bank and in hand | 54/58 | €269 | €453 | +€184 | +68.6% |
| Deferred charges and accrued income | 490/1 | €172 | €123 | -€50 | -28.7% |
| Total equity and liabilities | 10/49 | €31,190 | €88,605 | +€57,415 | +184% |
| Equity | 10/15 | -€506 | €4,772 | +€5,278 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,506 | -€228 | +€5,278 | +95.9% |
| Amounts payable | 17/49 | €31,696 | €83,833 | +€52,137 | +164% |
| Amounts payable after more than one year | 17 | €690 | €24,363 | +€23,673 | +3,431% |
| Financial debts | 170/4 | €690 | €24,363 | +€23,673 | +3,431% |
| Amounts payable within one year | 42/48 | €31,006 | €59,470 | +€28,464 | +91.8% |
| Current portion of amounts payable after more than one year | 42 | €899 | €6,399 | +€5,501 | +612% |
| Trade debts | 44 | €14,406 | €43,599 | +€29,193 | +203% |
| Suppliers | 440/4 | €14,406 | €43,599 | +€29,193 | +203% |
| Taxes, remuneration and social security | 45 | €15,701 | €6,871 | -€8,830 | -56.2% |
| Taxes | 450/3 | €8,421 | €2,289 | -€6,132 | -72.8% |
| Remuneration and social security | 454/9 | €7,280 | €4,582 | -€2,697 | -37.1% |
| Other amounts payable | 47/48 | €0 | €2,600 | +€2,600 | |
| Remuneration, social security and pensions | 62 | €44,839 | €55,564 | +€10,725 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,976 | €4,287 | +€1,311 | +44.0% |
| Other operating charges | 640/8 | €0 | €924 | +€924 | |
| Gross operating margin | 9900 | €65,332 | €71,006 | +€5,675 | +8.7% |
| Operating profit (loss) | 9901 | €17,517 | €10,232 | -€7,285 | -41.6% |
| Financial income | 75/76B | - | €301 | +€301 | |
| Recurring financial income | 75 | - | €301 | +€301 | |
| Financial charges | 65/66B | €1,060 | €5,225 | +€4,165 | +393% |
| Recurring financial charges | 65 | €1,060 | €5,225 | +€4,165 | +393% |
| Profit (loss) for the period before taxes | 9903 | €16,457 | €5,308 | -€11,149 | -67.7% |
| Income taxes | 67/77 | - | €30 | +€30 | |
| Profit (loss) for the period | 9904 | €16,457 | €5,278 | -€11,179 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,457 | €5,278 | -€11,179 | -67.9% |
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 29 October 2026 via checked.be.