GRFR: 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.
GRFR
Largest movements
- Cash +€29,077
up €29,077 (+123.4%), from €23,560 to €52,637
mainly Net result for the year (+€335,556) and Other debts (+€103,350)
- Other debts +€103,350
new in 2025: €103,350
- Debts after one year -€54,134
down €54,134 (-10.5%), from €515,336 to €461,202
of which Financial debts: -€34,134
- Profit (loss) carried forward -€28,444
down €28,444 (-6.7%), from €423,800 to €395,356
- Tax, wage and social debts -€12,116
down €12,116 (-44.6%), from €27,195 to €15,079
of which Taxes: -€12,116
- Financial income +€254,745
up €254,745 (+487.5%), from €52,255 to €307,000
- Gross operating margin -€11,814
down €11,814 (-17.7%), from €66,888 to €55,075
- Financial charges -€3,546
down €3,546 (-34.2%), from €10,375 to €6,829
- Taxes -€1,374
down €1,374 (-13.1%), from €10,454 to €9,080
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 | €1,034,810 | €1,044,283 | +€9,473 | +0.9% |
| Fixed assets | 21/28 | €999,076 | €989,794 | -€9,282 | -0.9% |
| Tangible fixed assets | 22/27 | €27,032 | €17,750 | -€9,282 | -34.3% |
| Furniture and vehicles | 24 | €27,032 | €17,750 | -€9,282 | -34.3% |
| Financial fixed assets | 28 | €972,043 | €972,043 | = | 0.0% |
| Current assets | 29/58 | €35,735 | €54,489 | +€18,755 | +52.5% |
| Amounts receivable within one year | 40/41 | €9,546 | €0 | -€9,546 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,546 | €0 | -€9,546 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,560 | €52,637 | +€29,077 | +123.4% |
| Deferred charges and accrued income | 490/1 | €2,629 | €1,853 | -€776 | -29.5% |
| Total equity and liabilities | 10/49 | €1,034,810 | €1,044,283 | +€9,473 | +0.9% |
| Equity | 10/15 | €433,800 | €405,356 | -€28,444 | -6.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €423,800 | €395,356 | -€28,444 | -6.7% |
| Amounts payable | 17/49 | €601,010 | €638,927 | +€37,917 | +6.3% |
| Amounts payable after more than one year | 17 | €515,336 | €461,202 | -€54,134 | -10.5% |
| Financial debts | 170/4 | €243,336 | €209,202 | -€34,134 | -14.0% |
| Other amounts payable | 178/9 | €272,000 | €252,000 | -€20,000 | -7.4% |
| Amounts payable within one year | 42/48 | €68,578 | €162,219 | +€93,641 | +136.5% |
| Current portion of amounts payable after more than one year | 42 | €39,670 | €40,494 | +€824 | +2.1% |
| Trade debts | 44 | €1,713 | €3,296 | +€1,583 | +92.4% |
| Suppliers | 440/4 | €1,713 | €3,296 | +€1,583 | +92.4% |
| Taxes, remuneration and social security | 45 | €27,195 | €15,079 | -€12,116 | -44.6% |
| Taxes | 450/3 | €27,106 | €14,990 | -€12,116 | -44.7% |
| Remuneration and social security | 454/9 | €89 | €89 | = | 0.0% |
| Other amounts payable | 47/48 | - | €103,350 | +€103,350 | |
| Accrued charges and deferred income | 492/3 | €17,096 | €15,506 | -€1,590 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,282 | €9,282 | = | 0.0% |
| Other operating charges | 640/8 | €949 | €1,327 | +€378 | +39.8% |
| Gross operating margin | 9900 | €66,888 | €55,075 | -€11,814 | -17.7% |
| Operating profit (loss) | 9901 | €56,657 | €44,466 | -€12,191 | -21.5% |
| Financial income | 75/76B | €52,255 | €307,000 | +€254,745 | +487.5% |
| Recurring financial income | 75 | €52,255 | €307,000 | +€254,745 | +487.5% |
| Financial charges | 65/66B | €10,375 | €6,829 | -€3,546 | -34.2% |
| Recurring financial charges | 65 | €10,375 | €6,829 | -€3,546 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €98,537 | €344,636 | +€246,099 | +249.8% |
| Income taxes | 67/77 | €10,454 | €9,080 | -€1,374 | -13.1% |
| Profit (loss) for the period | 9904 | €88,083 | €335,556 | +€247,473 | +281.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,083 | €335,556 | +€247,473 | +281.0% |
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 5 October 2026 via checked.be.