GRH: 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.
GRH
Largest movements
- Tangible fixed assets +€20,555
new in 2025: €20,555
of which Plant, machinery and equipment: +€19,356
- Cash +€20,062
up €20,062 (+87.2%), from €23,004 to €43,066
mainly Other debts (+€42,854) and Tax, wage and social debts (+€27,176)
- Intangible fixed assets -€9,232
down €9,232 (-21.1%), from €43,832 to €34,601
- Accrued charges and deferred income -€76,078
down €76,078 (-87.8%), from €86,681 to €10,603
- Other debts +€42,854
up €42,854 (+208%), from €20,651 to €63,506
- Tax, wage and social debts +€27,176
up €27,176 (+261%), from €10,422 to €37,597
of which Taxes: +€22,952
- Trade debts +€22,552
up €22,552 (+75.7%), from €29,794 to €52,346
- Profit (loss) carried forward +€16,803
up €16,803 (+196%), from €8,593 to €25,396
- Gross operating margin +€82,008
up €82,008 (+532%), from €15,418 to €97,426
- Staff costs +€59,768
new in 2025: €59,768
- Depreciation +€8,702
up €8,702 (+345%), from €2,520 to €11,222
- Taxes +€5,071
up €5,071 (+145%), from €3,490 to €8,561
- Financial charges +€2,312
up €2,312 (+983%), from €235 to €2,547
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 | €158,642 | €191,948 | +€33,306 | +21.0% |
| Formation expenses | 20 | €475 | €282 | -€193 | -40.7% |
| Fixed assets | 21/28 | €43,832 | €55,559 | +€11,727 | +26.8% |
| Intangible fixed assets | 21 | €43,832 | €34,601 | -€9,232 | -21.1% |
| Tangible fixed assets | 22/27 | - | €20,555 | +€20,555 | |
| Plant, machinery and equipment | 23 | - | €19,356 | +€19,356 | |
| Furniture and vehicles | 24 | - | €1,198 | +€1,198 | |
| Financial fixed assets | 28 | - | €404 | +€404 | |
| Current assets | 29/58 | €114,335 | €136,107 | +€21,772 | +19.0% |
| Stocks and contracts in progress | 3 | €28,841 | €28,841 | = | 0.0% |
| Stocks | 30/36 | €28,841 | €28,841 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €62,489 | €64,200 | +€1,710 | +2.7% |
| Trade receivables | 40 | €28,021 | €19,785 | -€8,236 | -29.4% |
| Other amounts receivable | 41 | €34,468 | €44,414 | +€9,946 | +28.9% |
| Cash at bank and in hand | 54/58 | €23,004 | €43,066 | +€20,062 | +87.2% |
| Total equity and liabilities | 10/49 | €158,642 | €191,948 | +€33,306 | +21.0% |
| Equity | 10/15 | €11,093 | €27,896 | +€16,803 | +151% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,593 | €25,396 | +€16,803 | +196% |
| Amounts payable | 17/49 | €147,548 | €164,051 | +€16,503 | +11.2% |
| Amounts payable within one year | 42/48 | €60,868 | €153,449 | +€92,581 | +152% |
| Trade debts | 44 | €29,794 | €52,346 | +€22,552 | +75.7% |
| Suppliers | 440/4 | €29,794 | €52,346 | +€22,552 | +75.7% |
| Taxes, remuneration and social security | 45 | €10,422 | €37,597 | +€27,176 | +261% |
| Taxes | 450/3 | €10,422 | €33,374 | +€22,952 | +220% |
| Remuneration and social security | 454/9 | - | €4,224 | +€4,224 | |
| Other amounts payable | 47/48 | €20,651 | €63,506 | +€42,854 | +208% |
| Accrued charges and deferred income | 492/3 | €86,681 | €10,603 | -€76,078 | -87.8% |
| Remuneration, social security and pensions | 62 | - | €59,768 | +€59,768 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,520 | €11,222 | +€8,702 | +345% |
| Other operating charges | 640/8 | €38 | €314 | +€276 | +727% |
| Non-recurring operating charges | 66A | - | €359 | +€359 | |
| Gross operating margin | 9900 | €15,418 | €97,426 | +€82,008 | +532% |
| Operating profit (loss) | 9901 | €12,860 | €25,764 | +€12,904 | +100% |
| Financial income | 75/76B | €1,044 | €2,147 | +€1,103 | +106% |
| Recurring financial income | 75 | €1,044 | €2,147 | +€1,103 | +106% |
| Financial charges | 65/66B | €235 | €2,547 | +€2,312 | +983% |
| Recurring financial charges | 65 | €235 | €2,547 | +€2,312 | +983% |
| Profit (loss) for the period before taxes | 9903 | €13,669 | €25,364 | +€11,695 | +85.6% |
| Income taxes | 67/77 | €3,490 | €8,561 | +€5,071 | +145% |
| Profit (loss) for the period | 9904 | €10,179 | €16,803 | +€6,624 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,179 | €16,803 | +€6,624 | +65.1% |
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.