GREGORY GROUWELS: what changed
GREGORY GROUWELS
Largest movements
- Cash +€163,942
up €163,942 (+121%), from €135,172 to €299,114
mainly Net result for the year (+€119,970) and Receivables after one year (+€89,740)
- Receivables after one year -€89,740
no longer reported in 2025 (was €89,740)
- Current investments -€62,000
down €62,000 (-19.4%), from €319,015 to €257,015
- Receivables within one year +€7,560
up €7,560 (+9.0%), from €84,402 to €91,962
of which Trade receivables: +€10,123
- Reserves +€23,306
up €23,306 (+4.0%), from €577,240 to €600,546
of which Distributable reserves: +€23,306
- Tax, wage and social debts +€8,506
up €8,506 (+30.6%), from €27,839 to €36,345
of which Taxes: +€10,331
- Gross operating margin -€6,660
down €6,660 (-3.4%), from €197,067 to €190,407
- Depreciation +€3,557
up €3,557 (+33.0%), from €10,763 to €14,320
- Taxes +€2,884
up €2,884 (+5.0%), from €57,944 to €60,828
- Financial income -€2,864
down €2,864 (-28.0%), from €10,214 to €7,350
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €689,299 | €714,491 | +€25,192 | +3.7% |
| Fixed assets | 21/28 | €60,970 | €66,400 | +€5,430 | +8.9% |
| Tangible fixed assets | 22/27 | €58,470 | €63,900 | +€5,430 | +9.3% |
| Plant, machinery and equipment | 23 | €6,828 | €5,974 | -€854 | -12.5% |
| Furniture and vehicles | 24 | €51,642 | €57,926 | +€6,284 | +12.2% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €628,329 | €648,091 | +€19,762 | +3.1% |
| Amounts receivable after more than one year | 29 | €89,740 | - | -€89,740 | |
| Other amounts receivable | 291 | €89,740 | - | -€89,740 | |
| Amounts receivable within one year | 40/41 | €84,402 | €91,962 | +€7,560 | +9.0% |
| Trade receivables | 40 | €25,639 | €35,762 | +€10,123 | +39.5% |
| Other amounts receivable | 41 | €58,763 | €56,200 | -€2,563 | -4.4% |
| Current investments | 50/53 | €319,015 | €257,015 | -€62,000 | -19.4% |
| Cash at bank and in hand | 54/58 | €135,172 | €299,114 | +€163,942 | +121% |
| Total equity and liabilities | 10/49 | €689,299 | €714,491 | +€25,192 | +3.7% |
| Equity | 10/15 | €583,440 | €606,746 | +€23,306 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €577,240 | €600,546 | +€23,306 | +4.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €575,380 | €598,686 | +€23,306 | +4.1% |
| Amounts payable | 17/49 | €105,859 | €107,745 | +€1,886 | +1.8% |
| Amounts payable within one year | 42/48 | €105,859 | €107,745 | +€1,886 | +1.8% |
| Trade debts | 44 | €84 | €172 | +€88 | +105% |
| Suppliers | 440/4 | €84 | €172 | +€88 | +105% |
| Taxes, remuneration and social security | 45 | €27,839 | €36,345 | +€8,506 | +30.6% |
| Taxes | 450/3 | €26,014 | €36,345 | +€10,331 | +39.7% |
| Remuneration and social security | 454/9 | €1,825 | - | -€1,825 | |
| Other amounts payable | 47/48 | €77,936 | €71,228 | -€6,708 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,763 | €14,320 | +€3,557 | +33.0% |
| Other operating charges | 640/8 | €3,281 | €2,056 | -€1,225 | -37.3% |
| Gross operating margin | 9900 | €197,067 | €190,407 | -€6,660 | -3.4% |
| Operating profit (loss) | 9901 | €183,023 | €174,031 | -€8,992 | -4.9% |
| Financial income | 75/76B | €10,214 | €7,350 | -€2,864 | -28.0% |
| Recurring financial income | 75 | €10,214 | €7,350 | -€2,864 | -28.0% |
| Financial charges | 65/66B | - | €583 | +€583 | |
| Recurring financial charges | 65 | - | €583 | +€583 | |
| Profit (loss) for the period before taxes | 9903 | €193,237 | €180,798 | -€12,439 | -6.4% |
| Income taxes | 67/77 | €57,944 | €60,828 | +€2,884 | +5.0% |
| Profit (loss) for the period | 9904 | €135,293 | €119,970 | -€15,323 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €135,293 | €119,970 | -€15,323 | -11.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.