GRDW: 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.
GRDW
Largest movements
- Cash -€40,863
down €40,863 (-57.7%), from €70,879 to €30,016
mainly Contributions, distributions and other (-€47,000) and Trade debts (-€7,576)
- Receivables within one year -€10,981
no longer reported in 2025 (was €10,981)
- Reserves -€39,901
down €39,901 (-60.6%), from €65,799 to €25,898
- Trade debts -€7,576
down €7,576 (-99.2%), from €7,639 to €63
- Tax, wage and social debts -€4,465
down €4,465 (-89.7%), from €4,979 to €514
- Depreciation -€5,459
down €5,459 (-96.7%), from €5,645 to €186
- Gross operating margin +€1,727
up €1,727 (+17.3%), from €9,975 to €11,702
- Taxes +€1,430
up €1,430 (+81.4%), from €1,756 to €3,186
- Other operating charges +€161
up €161 (+17.9%), from €900 to €1,060
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 | €83,416 | €31,475 | -€51,941 | -62.3% |
| Fixed assets | 21/28 | €186 | - | -€186 | |
| Tangible fixed assets | 22/27 | €186 | - | -€186 | |
| Plant, machinery and equipment | 23 | €186 | - | -€186 | |
| Current assets | 29/58 | €83,230 | €31,475 | -€51,755 | -62.2% |
| Amounts receivable within one year | 40/41 | €10,981 | - | -€10,981 | |
| Trade receivables | 40 | €10,981 | - | -€10,981 | |
| Cash at bank and in hand | 54/58 | €70,879 | €30,016 | -€40,863 | -57.7% |
| Deferred charges and accrued income | 490/1 | €1,370 | €1,459 | +€89 | +6.5% |
| Total equity and liabilities | 10/49 | €83,416 | €31,475 | -€51,941 | -62.3% |
| Equity | 10/15 | €70,799 | €30,898 | -€39,901 | -56.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,799 | €25,898 | -€39,901 | -60.6% |
| Distributable reserves | 133 | €65,799 | €25,898 | -€39,901 | -60.6% |
| Amounts payable | 17/49 | €12,618 | €577 | -€12,041 | -95.4% |
| Amounts payable within one year | 42/48 | €12,618 | €577 | -€12,041 | -95.4% |
| Trade debts | 44 | €7,639 | €63 | -€7,576 | -99.2% |
| Suppliers | 440/4 | €7,639 | €63 | -€7,576 | -99.2% |
| Taxes, remuneration and social security | 45 | €4,979 | €514 | -€4,465 | -89.7% |
| Taxes | 450/3 | €4,979 | €514 | -€4,465 | -89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,645 | €186 | -€5,459 | -96.7% |
| Other operating charges | 640/8 | €900 | €1,060 | +€161 | +17.9% |
| Gross operating margin | 9900 | €9,975 | €11,702 | +€1,727 | +17.3% |
| Operating profit (loss) | 9901 | €3,430 | €10,455 | +€7,025 | +205% |
| Financial charges | 65/66B | €137 | €170 | +€33 | +24.3% |
| Recurring financial charges | 65 | €137 | €170 | +€33 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €3,294 | €10,286 | +€6,992 | +212% |
| Income taxes | 67/77 | €1,756 | €3,186 | +€1,430 | +81.4% |
| Profit (loss) for the period | 9904 | €1,537 | €7,099 | +€5,562 | +362% |
| Profit (loss) for the period to be appropriated | 9905 | €1,537 | €7,099 | +€5,562 | +362% |
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.