GRINORD: 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.
GRINORD
Largest movements
- Stocks and contracts -€31,383
down €31,383 (-36.8%), from €85,229 to €53,846
of which Stocks: -€31,383
- Cash -€19,415
down €19,415 (-91.2%), from €21,299 to €1,884
mainly Net result for the year (-€65,513) and Tax, wage and social debts (-€10,331)
- Tangible fixed assets -€11,051
down €11,051 (-27.6%), from €39,967 to €28,916
of which Leasing and similar rights: -€7,680
- Receivables within one year +€9,254
up €9,254 (+7.3%), from €127,076 to €136,330
of which Trade receivables: +€6,819
- Profit (loss) carried forward -€65,513
down €65,513 (-95.2%), from -€68,789 to -€134,302
- Advances received +€24,439
up €24,439 (+43.8%), from €55,822 to €80,261
- Tax, wage and social debts -€10,331
down €10,331 (-24.5%), from €42,107 to €31,776
of which Taxes: -€12,859
- Short-term financial debts +€8,720
up €8,720, from €0 to €8,720
- Debts after one year -€7,083
down €7,083 (-8.1%), from €87,859 to €80,776
- Gross operating margin -€114,740
down €114,740 (-39.9%), from €287,419 to €172,678
- Staff costs -€32,810
down €32,810 (-13.1%), from €249,692 to €216,882
- Taxes -€5,553
down €5,553 (-89.8%), from €6,184 to €631
- Financial income +€3,400
up €3,400 (+7,592%), from €45 to €3,445
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 | €282,916 | €232,198 | -€50,719 | -17.9% |
| Fixed assets | 21/28 | €45,092 | €34,041 | -€11,051 | -24.5% |
| Tangible fixed assets | 22/27 | €39,967 | €28,916 | -€11,051 | -27.6% |
| Plant, machinery and equipment | 23 | €4,808 | €3,821 | -€987 | -20.5% |
| Furniture and vehicles | 24 | €6,039 | €3,655 | -€2,384 | -39.5% |
| Leasing and similar rights | 25 | €29,121 | €21,441 | -€7,680 | -26.4% |
| Financial fixed assets | 28 | €5,125 | €5,125 | = | 0.0% |
| Current assets | 29/58 | €237,825 | €198,157 | -€39,668 | -16.7% |
| Stocks and contracts in progress | 3 | €85,229 | €53,846 | -€31,383 | -36.8% |
| Stocks | 30/36 | €85,229 | €53,846 | -€31,383 | -36.8% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €127,076 | €136,330 | +€9,254 | +7.3% |
| Trade receivables | 40 | €67,224 | €74,044 | +€6,819 | +10.1% |
| Other amounts receivable | 41 | €59,851 | €62,286 | +€2,435 | +4.1% |
| Cash at bank and in hand | 54/58 | €21,299 | €1,884 | -€19,415 | -91.2% |
| Deferred charges and accrued income | 490/1 | €4,222 | €6,098 | +€1,876 | +44.4% |
| Total equity and liabilities | 10/49 | €282,916 | €232,198 | -€50,719 | -17.9% |
| Equity | 10/15 | -€25,654 | -€91,167 | -€65,513 | -255% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €3,135 | €3,135 | = | 0.0% |
| Distributable reserves | 133 | €3,135 | €3,135 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,789 | -€134,302 | -€65,513 | -95.2% |
| Amounts payable | 17/49 | €308,570 | €323,365 | +€14,795 | +4.8% |
| Amounts payable after more than one year | 17 | €87,859 | €80,776 | -€7,083 | -8.1% |
| Financial debts | 170/4 | €87,859 | €80,776 | -€7,083 | -8.1% |
| Amounts payable within one year | 42/48 | €220,711 | €240,029 | +€19,318 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €6,740 | €7,083 | +€344 | +5.1% |
| Financial debts | 43 | €0 | €8,720 | +€8,720 | |
| Credit institutions | 430/8 | €0 | €8,720 | +€8,720 | |
| Trade debts | 44 | €111,416 | €105,808 | -€5,608 | -5.0% |
| Suppliers | 440/4 | €111,416 | €105,808 | -€5,608 | -5.0% |
| Advances received on contracts in progress | 46 | €55,822 | €80,261 | +€24,439 | +43.8% |
| Taxes, remuneration and social security | 45 | €42,107 | €31,776 | -€10,331 | -24.5% |
| Taxes | 450/3 | €27,180 | €14,320 | -€12,859 | -47.3% |
| Remuneration and social security | 454/9 | €14,927 | €17,456 | +€2,529 | +16.9% |
| Other amounts payable | 47/48 | €4,626 | €6,381 | +€1,755 | +37.9% |
| Accrued charges and deferred income | 492/3 | - | €2,560 | +€2,560 | |
| Remuneration, social security and pensions | 62 | €249,692 | €216,882 | -€32,810 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,279 | €11,779 | +€500 | +4.4% |
| Other operating charges | 640/8 | €7,823 | €8,419 | +€597 | +7.6% |
| Non-recurring operating charges | 66A | €3,703 | €0 | -€3,703 | -100% |
| Gross operating margin | 9900 | €287,419 | €172,678 | -€114,740 | -39.9% |
| Operating profit (loss) | 9901 | €14,922 | -€64,402 | -€79,324 | |
| Financial income | 75/76B | €45 | €3,445 | +€3,400 | +7,592% |
| Recurring financial income | 75 | €45 | €3,445 | +€3,400 | +7,592% |
| Financial charges | 65/66B | €3,601 | €3,925 | +€324 | +9.0% |
| Recurring financial charges | 65 | €3,601 | €3,925 | +€324 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €11,366 | -€64,883 | -€76,248 | |
| Income taxes | 67/77 | €6,184 | €631 | -€5,553 | -89.8% |
| Profit (loss) for the period | 9904 | €5,182 | -€65,513 | -€70,696 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,182 | -€65,513 | -€70,696 |
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 24 October 2026 via checked.be.