Grigoryan: 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.
Grigoryan
Largest movements
- Tangible fixed assets -€48,592
down €48,592 (-6.6%), from €736,677 to €688,085
of which Leasing and similar rights: -€30,860
- Cash -€33,720
down €33,720 (-26.5%), from €127,225 to €93,505
mainly Debts after one year (-€51,330) and Trade debts (-€32,950)
- Receivables within one year -€20,301
down €20,301 (-29.3%), from €69,197 to €48,896
of which Trade receivables: -€20,301
- Debts after one year -€51,330
down €51,330 (-8.4%), from €608,160 to €556,830
- Trade debts -€32,950
down €32,950 (-53.0%), from €62,198 to €29,248
- Gross operating margin -€155,489
down €155,489 (-43.4%), from €358,370 to €202,882
- Staff costs -€89,254
down €89,254 (-46.0%), from €193,988 to €104,734
- Depreciation -€28,815
down €28,815 (-26.9%), from €107,064 to €78,250
- Other operating charges -€4,105
down €4,105 (-44.5%), from €9,228 to €5,123
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 | €943,728 | €840,939 | -€102,790 | -10.9% |
| Fixed assets | 21/28 | €737,352 | €688,760 | -€48,592 | -6.6% |
| Tangible fixed assets | 22/27 | €736,677 | €688,085 | -€48,592 | -6.6% |
| Land and buildings | 22 | €562,566 | €567,741 | +€5,175 | +0.9% |
| Plant, machinery and equipment | 23 | €41,739 | €31,126 | -€10,613 | -25.4% |
| Furniture and vehicles | 24 | €15,839 | €3,545 | -€12,294 | -77.6% |
| Leasing and similar rights | 25 | €116,533 | €85,673 | -€30,860 | -26.5% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €206,376 | €152,178 | -€54,198 | -26.3% |
| Stocks and contracts in progress | 3 | €4,000 | €4,000 | = | 0.0% |
| Stocks | 30/36 | €4,000 | €4,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €69,197 | €48,896 | -€20,301 | -29.3% |
| Trade receivables | 40 | €69,197 | €48,896 | -€20,301 | -29.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €127,225 | €93,505 | -€33,720 | -26.5% |
| Deferred charges and accrued income | 490/1 | €5,955 | €5,777 | -€177 | -3.0% |
| Total equity and liabilities | 10/49 | €943,728 | €840,939 | -€102,790 | -10.9% |
| Equity | 10/15 | €166,892 | €162,508 | -€4,384 | -2.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €165,892 | €161,508 | -€4,384 | -2.6% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,741 | €19,301 | -€5,440 | -22.0% |
| Distributable reserves | 133 | €141,051 | €142,107 | +€1,056 | +0.7% |
| Provisions and deferred taxes | 16 | €6,185 | €4,825 | -€1,360 | -22.0% |
| Deferred taxes | 168 | €6,185 | €4,825 | -€1,360 | -22.0% |
| Amounts payable | 17/49 | €770,652 | €673,606 | -€97,046 | -12.6% |
| Amounts payable after more than one year | 17 | €608,160 | €556,830 | -€51,330 | -8.4% |
| Financial debts | 170/4 | €608,160 | €556,830 | -€51,330 | -8.4% |
| Amounts payable within one year | 42/48 | €160,937 | €116,248 | -€44,689 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €56,519 | €53,418 | -€3,101 | -5.5% |
| Trade debts | 44 | €62,198 | €29,248 | -€32,950 | -53.0% |
| Suppliers | 440/4 | €62,198 | €29,248 | -€32,950 | -53.0% |
| Taxes, remuneration and social security | 45 | €23,779 | €19,597 | -€4,182 | -17.6% |
| Taxes | 450/3 | €10,340 | €7,991 | -€2,350 | -22.7% |
| Remuneration and social security | 454/9 | €13,438 | €11,606 | -€1,832 | -13.6% |
| Other amounts payable | 47/48 | €18,441 | €13,985 | -€4,457 | -24.2% |
| Accrued charges and deferred income | 492/3 | €1,555 | €528 | -€1,027 | -66.1% |
| Remuneration, social security and pensions | 62 | €193,988 | €104,734 | -€89,254 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,064 | €78,250 | -€28,815 | -26.9% |
| Other operating charges | 640/8 | €9,228 | €5,123 | -€4,105 | -44.5% |
| Gross operating margin | 9900 | €358,370 | €202,882 | -€155,489 | -43.4% |
| Operating profit (loss) | 9901 | €48,090 | €14,775 | -€33,315 | -69.3% |
| Financial income | 75/76B | €542 | €20 | -€522 | -96.4% |
| Recurring financial income | 75 | €542 | €20 | -€522 | -96.4% |
| Financial charges | 65/66B | €18,813 | €17,548 | -€1,266 | -6.7% |
| Recurring financial charges | 65 | €18,813 | €17,548 | -€1,266 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €29,818 | -€2,753 | -€32,572 | |
| Transfer from deferred taxes | 780 | €615 | €1,360 | +€745 | +121.2% |
| Transfer to deferred taxes | 680 | €6,800 | €0 | -€6,800 | -100.0% |
| Income taxes | 67/77 | €1,248 | €2,991 | +€1,743 | +139.7% |
| Profit (loss) for the period | 9904 | €22,385 | -€4,384 | -€26,769 | |
| Transfer from tax-exempt reserves | 789 | €2,459 | €5,440 | +€2,981 | +121.2% |
| Transfer to tax-exempt reserves | 689 | €27,200 | €0 | -€27,200 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,355 | €1,056 | +€3,412 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.