GRG20 Management: 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.
GRG20 Management
Largest movements
- Receivables within one year -€4,800
down €4,800 (-95.5%), from €5,025 to €225
of which Trade receivables: -€4,010
- Cash +€2,882
up €2,882 (+279%), from €1,034 to €3,917
mainly Receivables within one year (+€4,800) and Net result for the year (+€2,774)
- Tangible fixed assets -€813
down €813 (-33.0%), from €2,466 to €1,653
- Current portion of long-term debt -€3,585
no longer reported in 2025 (was €3,585)
- Tax, wage and social debts +€800
up €800 (+30.8%), from €2,594 to €3,393
- Other debts +€308
up €308 (+15.0%), from €2,051 to €2,358
- Trade debts -€252
no longer reported in 2025 (was €252)
- Depreciation -€4,040
down €4,040 (-83.3%), from €4,853 to €813
- Gross operating margin -€2,359
down €2,359 (-31.4%), from €7,518 to €5,159
- Taxes +€143
up €143 (+17.2%), from €833 to €976
- Financial charges -€135
down €135 (-40.7%), from €331 to €196
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 | €8,582 | €5,852 | -€2,730 | -31.8% |
| Fixed assets | 21/28 | €2,466 | €1,653 | -€813 | -33.0% |
| Tangible fixed assets | 22/27 | €2,466 | €1,653 | -€813 | -33.0% |
| Plant, machinery and equipment | 23 | €873 | €577 | -€296 | -33.9% |
| Leasing and similar rights | 25 | €358 | - | -€358 | |
| Other tangible fixed assets | 26 | €1,235 | €1,076 | -€159 | -12.9% |
| Current assets | 29/58 | €6,116 | €4,198 | -€1,917 | -31.4% |
| Amounts receivable within one year | 40/41 | €5,025 | €225 | -€4,800 | -95.5% |
| Trade receivables | 40 | €4,235 | €225 | -€4,010 | -94.7% |
| Other amounts receivable | 41 | €790 | - | -€790 | |
| Cash at bank and in hand | 54/58 | €1,034 | €3,917 | +€2,882 | +279% |
| Deferred charges and accrued income | 490/1 | €56 | €56 | +€1 | +1.2% |
| Total equity and liabilities | 10/49 | €8,582 | €5,852 | -€2,730 | -31.8% |
| Equity | 10/15 | €100 | €100 | = | 0.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Amounts payable | 17/49 | €8,482 | €5,752 | -€2,730 | -32.2% |
| Amounts payable within one year | 42/48 | €8,482 | €5,752 | -€2,730 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €3,585 | - | -€3,585 | |
| Trade debts | 44 | €252 | - | -€252 | |
| Suppliers | 440/4 | €252 | - | -€252 | |
| Taxes, remuneration and social security | 45 | €2,594 | €3,393 | +€800 | +30.8% |
| Taxes | 450/3 | €2,594 | €3,393 | +€800 | +30.8% |
| Other amounts payable | 47/48 | €2,051 | €2,358 | +€308 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,853 | €813 | -€4,040 | -83.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €7,518 | €5,159 | -€2,359 | -31.4% |
| Operating profit (loss) | 9901 | €2,278 | €3,946 | +€1,668 | +73.2% |
| Financial charges | 65/66B | €331 | €196 | -€135 | -40.7% |
| Recurring financial charges | 65 | €331 | €196 | -€135 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €1,947 | €3,750 | +€1,803 | +92.6% |
| Income taxes | 67/77 | €833 | €976 | +€143 | +17.2% |
| Profit (loss) for the period | 9904 | €1,115 | €2,774 | +€1,660 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €1,115 | €2,774 | +€1,660 | +149% |
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 17 October 2026 via checked.be.