GRFS Group: 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.
GRFS Group
Largest movements
- Tangible fixed assets +€44,536
up €44,536 (+816%), from €5,456 to €49,992
of which Furniture and vehicles: +€46,059
- Receivables within one year +€12,511
up €12,511 (+72.6%), from €17,237 to €29,748
of which Trade receivables: +€8,288
- Cash -€3,547
down €3,547 (-9.1%), from €39,130 to €35,583
mainly Investment in fixed assets (net) (-€47,059) and Receivables within one year (-€12,511)
- Deferred charges and accrued income +€1,896
up €1,896 (+1,567%), from €121 to €2,017
- Debts after one year +€28,622
new in 2025: €28,622
- Reserves +€16,678
up €16,678 (+34.2%), from €48,716 to €65,393
- Current portion of long-term debt +€6,378
new in 2025: €6,378
- Trade debts +€6,157
up €6,157 (+146%), from €4,203 to €10,360
- Tax, wage and social debts -€2,439
down €2,439 (-24.1%), from €10,126 to €7,687
- Gross operating margin +€14,184
up €14,184 (+54.8%), from €25,883 to €40,067
- Taxes +€2,553
up €2,553 (+43.1%), from €5,929 to €8,482
- Depreciation +€1,256
up €1,256 (+99.1%), from €1,267 to €2,523
- Other operating charges -€1,067
down €1,067 (-63.6%), from €1,678 to €611
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 | €63,145 | €118,540 | +€55,396 | +87.7% |
| Fixed assets | 21/28 | €6,656 | €51,192 | +€44,536 | +669% |
| Tangible fixed assets | 22/27 | €5,456 | €49,992 | +€44,536 | +816% |
| Plant, machinery and equipment | 23 | €3,234 | €1,711 | -€1,524 | -47.1% |
| Furniture and vehicles | 24 | €2,222 | €48,281 | +€46,059 | +2,073% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €56,488 | €67,348 | +€10,860 | +19.2% |
| Amounts receivable within one year | 40/41 | €17,237 | €29,748 | +€12,511 | +72.6% |
| Trade receivables | 40 | €9,216 | €17,504 | +€8,288 | +89.9% |
| Other amounts receivable | 41 | €8,021 | €12,244 | +€4,223 | +52.7% |
| Cash at bank and in hand | 54/58 | €39,130 | €35,583 | -€3,547 | -9.1% |
| Deferred charges and accrued income | 490/1 | €121 | €2,017 | +€1,896 | +1,567% |
| Total equity and liabilities | 10/49 | €63,145 | €118,540 | +€55,396 | +87.7% |
| Equity | 10/15 | €48,816 | €65,493 | +€16,678 | +34.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €48,716 | €65,393 | +€16,678 | +34.2% |
| Distributable reserves | 133 | €48,716 | €65,393 | +€16,678 | +34.2% |
| Amounts payable | 17/49 | €14,329 | €53,047 | +€38,718 | +270% |
| Amounts payable after more than one year | 17 | - | €28,622 | +€28,622 | |
| Financial debts | 170/4 | - | €28,622 | +€28,622 | |
| Amounts payable within one year | 42/48 | €14,329 | €24,425 | +€10,096 | +70.5% |
| Current portion of amounts payable after more than one year | 42 | - | €6,378 | +€6,378 | |
| Trade debts | 44 | €4,203 | €10,360 | +€6,157 | +146% |
| Suppliers | 440/4 | €4,203 | €10,360 | +€6,157 | +146% |
| Taxes, remuneration and social security | 45 | €10,126 | €7,687 | -€2,439 | -24.1% |
| Taxes | 450/3 | €10,126 | €7,687 | -€2,439 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,267 | €2,523 | +€1,256 | +99.1% |
| Other operating charges | 640/8 | €1,678 | €611 | -€1,067 | -63.6% |
| Non-recurring operating charges | 66A | €3,424 | - | -€3,424 | |
| Gross operating margin | 9900 | €25,883 | €40,067 | +€14,184 | +54.8% |
| Operating profit (loss) | 9901 | €19,513 | €36,932 | +€17,419 | +89.3% |
| Financial income | 75/76B | €328 | €549 | +€221 | +67.6% |
| Recurring financial income | 75 | €328 | €549 | +€221 | +67.6% |
| Financial charges | 65/66B | €767 | €813 | +€47 | +6.1% |
| Recurring financial charges | 65 | €767 | €813 | +€47 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €19,075 | €36,669 | +€17,594 | +92.2% |
| Income taxes | 67/77 | €5,929 | €8,482 | +€2,553 | +43.1% |
| Profit (loss) for the period | 9904 | €13,146 | €28,187 | +€15,041 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €13,146 | €28,187 | +€15,041 | +114% |
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 13 October 2026 via checked.be.