GRIFOTRA: 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.
GRIFOTRA
Largest movements
- Tangible fixed assets -€352,920
down €352,920 (-89.4%), from €394,729 to €41,810
of which Land and buildings: -€343,254
- Receivables within one year +€123,143
up €123,143 (+98.4%), from €125,082 to €248,224
of which Other amounts receivable: +€151,334
- Stocks and contracts -€11,549
no longer reported in 2025 (was €11,549)
- Cash +€9,189
up €9,189 (+52.6%), from €17,472 to €26,661
mainly Investment in fixed assets (net) (+€335,634) and Net result for the year (+€40,604)
- Debts after one year -€242,256
down €242,256 (-68.5%), from €353,539 to €111,283
- Current portion of long-term debt -€35,415
down €35,415 (-51.9%), from €68,238 to €32,822
- Reserves +€35,000
up €35,000 (+1,782%), from €1,964 to €36,964
of which Distributable reserves: +€35,000
- Tax, wage and social debts +€11,441
up €11,441 (+95.0%), from €12,043 to €23,483
- Revaluation surpluses -€9,232
no longer reported in 2025 (was €9,232)
- Gross operating margin +€40,436
up €40,436 (+50.7%), from €79,771 to €120,207
- Taxes +€13,899
up €13,899 (+112%), from €12,361 to €26,260
- Depreciation -€13,075
down €13,075 (-41.8%), from €31,261 to €18,185
- Financial income +€3,932
up €3,932 (+205%), from €1,920 to €5,852
- Financial charges -€1,504
down €1,504 (-4.7%), from €31,742 to €30,238
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 | €554,778 | €321,639 | -€233,139 | -42.0% |
| Fixed assets | 21/28 | €397,624 | €43,805 | -€353,820 | -89.0% |
| Tangible fixed assets | 22/27 | €394,729 | €41,810 | -€352,920 | -89.4% |
| Land and buildings | 22 | €343,254 | - | -€343,254 | |
| Plant, machinery and equipment | 23 | €621 | €3,048 | +€2,427 | +391% |
| Furniture and vehicles | 24 | €48,607 | €37,060 | -€11,547 | -23.8% |
| Leasing and similar rights | 25 | €2,247 | €1,701 | -€545 | -24.3% |
| Financial fixed assets | 28 | €2,895 | €1,995 | -€900 | -31.1% |
| Current assets | 29/58 | €157,154 | €277,835 | +€120,681 | +76.8% |
| Stocks and contracts in progress | 3 | €11,549 | - | -€11,549 | |
| Contracts in progress | 37 | €11,549 | - | -€11,549 | |
| Amounts receivable within one year | 40/41 | €125,082 | €248,224 | +€123,143 | +98.4% |
| Trade receivables | 40 | €49,561 | €21,369 | -€28,192 | -56.9% |
| Other amounts receivable | 41 | €75,521 | €226,855 | +€151,334 | +200% |
| Cash at bank and in hand | 54/58 | €17,472 | €26,661 | +€9,189 | +52.6% |
| Deferred charges and accrued income | 490/1 | €3,052 | €2,950 | -€102 | -3.3% |
| Total equity and liabilities | 10/49 | €554,778 | €321,639 | -€233,139 | -42.0% |
| Equity | 10/15 | €27,824 | €58,696 | +€30,872 | +111% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €9,232 | - | -€9,232 | |
| Reserves | 13 | €1,964 | €36,964 | +€35,000 | +1,782% |
| Tax-exempt reserves | 132 | €104 | €104 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €36,860 | +€35,000 | +1,882% |
| Profit (loss) carried forward | 14 | -€1,972 | €3,132 | +€5,104 | |
| Amounts payable | 17/49 | €526,954 | €262,943 | -€264,011 | -50.1% |
| Amounts payable after more than one year | 17 | €353,539 | €111,283 | -€242,256 | -68.5% |
| Financial debts | 170/4 | €353,539 | €111,283 | -€242,256 | -68.5% |
| Amounts payable within one year | 42/48 | €168,379 | €143,957 | -€24,422 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €68,238 | €32,822 | -€35,415 | -51.9% |
| Financial debts | 43 | €2,500 | €3,376 | +€876 | +35.0% |
| Credit institutions | 430/8 | €2,500 | €3,376 | +€876 | +35.0% |
| Trade debts | 44 | €85,599 | €83,776 | -€1,823 | -2.1% |
| Suppliers | 440/4 | €85,599 | €83,776 | -€1,823 | -2.1% |
| Taxes, remuneration and social security | 45 | €12,043 | €23,483 | +€11,441 | +95.0% |
| Taxes | 450/3 | €12,043 | €23,483 | +€11,441 | +95.0% |
| Other amounts payable | 47/48 | - | €500 | +€500 | |
| Accrued charges and deferred income | 492/3 | €5,036 | €7,703 | +€2,667 | +53.0% |
| Non-recurring operating income | 76A | €2,016 | €79,003 | +€76,986 | +3,818% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,261 | €18,185 | -€13,075 | -41.8% |
| Other operating charges | 640/8 | €6,148 | €6,054 | -€95 | -1.5% |
| Non-recurring operating charges | 66A | €382 | €4,719 | +€4,336 | +1,134% |
| Gross operating margin | 9900 | €79,771 | €120,207 | +€40,436 | +50.7% |
| Operating profit (loss) | 9901 | €41,980 | €91,249 | +€49,270 | +117% |
| Financial income | 75/76B | €1,920 | €5,852 | +€3,932 | +205% |
| Recurring financial income | 75 | €1,920 | €5,852 | +€3,932 | +205% |
| Financial charges | 65/66B | €31,742 | €30,238 | -€1,504 | -4.7% |
| Recurring financial charges | 65 | €31,742 | €30,238 | -€1,504 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €12,158 | €66,864 | +€54,706 | +450% |
| Income taxes | 67/77 | €12,361 | €26,260 | +€13,899 | +112% |
| Profit (loss) for the period | 9904 | -€203 | €40,604 | +€40,807 | |
| Profit (loss) for the period to be appropriated | 9905 | -€203 | €40,604 | +€40,807 |
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 19 October 2026 via checked.be.