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
- Receivables within one year +€29,397
up €29,397 (+24.0%), from €122,582 to €151,979
of which Trade receivables: +€50,121
- Intangible fixed assets +€13,600
new in 2025: €13,600
- Tangible fixed assets -€13,505
down €13,505 (-61.3%), from €22,022 to €8,518
- Profit (loss) carried forward +€25,885
up €25,885 (+24.1%), from €107,580 to €133,465
- Tax, wage and social debts +€5,219
up €5,219 (+13.4%), from €38,972 to €44,191
of which Remuneration and social security: +€9,116
- Gross operating margin +€86,348
up €86,348 (+73.1%), from €118,106 to €204,454
- Staff costs +€57,507
up €57,507 (+59.1%), from €97,350 to €154,857
- Taxes +€7,546
new in 2025: €7,546
- Financial income +€5,391
up €5,391 (+883,746%), from €1 to €5,391
- Other operating charges -€3,929
down €3,929 (-88.1%), from €4,458 to €528
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 | €224,492 | €253,308 | +€28,815 | +12.8% |
| Fixed assets | 21/28 | €41,620 | €41,715 | +€95 | +0.2% |
| Intangible fixed assets | 21 | - | €13,600 | +€13,600 | |
| Tangible fixed assets | 22/27 | €22,022 | €8,518 | -€13,505 | -61.3% |
| Furniture and vehicles | 24 | €22,022 | €8,518 | -€13,505 | -61.3% |
| Financial fixed assets | 28 | €19,598 | €19,598 | = | 0.0% |
| Current assets | 29/58 | €182,872 | €211,592 | +€28,720 | +15.7% |
| Stocks and contracts in progress | 3 | €1,368 | €1,588 | +€221 | +16.1% |
| Stocks | 30/36 | €1,368 | €1,588 | +€221 | +16.1% |
| Amounts receivable within one year | 40/41 | €122,582 | €151,979 | +€29,397 | +24.0% |
| Trade receivables | 40 | €63,433 | €113,554 | +€50,121 | +79.0% |
| Other amounts receivable | 41 | €59,149 | €38,425 | -€20,724 | -35.0% |
| Cash at bank and in hand | 54/58 | €58,922 | €58,025 | -€897 | -1.5% |
| Total equity and liabilities | 10/49 | €224,492 | €253,308 | +€28,815 | +12.8% |
| Equity | 10/15 | €136,040 | €161,925 | +€25,885 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,860 | €9,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,580 | €133,465 | +€25,885 | +24.1% |
| Amounts payable | 17/49 | €88,452 | €91,382 | +€2,931 | +3.3% |
| Amounts payable within one year | 42/48 | €88,452 | €91,382 | +€2,931 | +3.3% |
| Trade debts | 44 | €49,480 | €47,191 | -€2,288 | -4.6% |
| Suppliers | 440/4 | €49,480 | €47,191 | -€2,288 | -4.6% |
| Taxes, remuneration and social security | 45 | €38,972 | €44,191 | +€5,219 | +13.4% |
| Taxes | 450/3 | €9,264 | €5,368 | -€3,897 | -42.1% |
| Remuneration and social security | 454/9 | €29,708 | €38,823 | +€9,116 | +30.7% |
| Remuneration, social security and pensions | 62 | €97,350 | €154,857 | +€57,507 | +59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,757 | €16,905 | -€852 | -4.8% |
| Other operating charges | 640/8 | €4,458 | €528 | -€3,929 | -88.1% |
| Non-recurring operating charges | 66A | €309 | - | -€309 | |
| Gross operating margin | 9900 | €118,106 | €204,454 | +€86,348 | +73.1% |
| Operating profit (loss) | 9901 | -€1,768 | €32,164 | +€33,932 | |
| Financial income | 75/76B | €1 | €5,391 | +€5,391 | +883,746% |
| Recurring financial income | 75 | €1 | €5,391 | +€5,391 | +883,746% |
| Financial charges | 65/66B | €248 | €4,125 | +€3,876 | +1,560% |
| Recurring financial charges | 65 | €248 | €4,125 | +€3,876 | +1,560% |
| Profit (loss) for the period before taxes | 9903 | -€2,016 | €33,431 | +€35,446 | |
| Income taxes | 67/77 | - | €7,546 | +€7,546 | |
| Profit (loss) for the period | 9904 | -€2,016 | €25,885 | +€27,901 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,016 | €25,885 | +€27,901 |
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 15 October 2026 via checked.be.