GRISAR: 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.
GRISAR
Largest movements
- Receivables within one year -€37,621
down €37,621 (-56.4%), from €66,657 to €29,036
of which Trade receivables: -€62,732
- Tangible fixed assets -€8,024
down €8,024 (-25.0%), from €32,108 to €24,084
of which Plant, machinery and equipment: -€5,379
- Cash +€3,580
up €3,580 (+10.5%), from €33,955 to €37,535
mainly Receivables within one year (+€37,621) and Depreciation (+€8,989)
- Profit (loss) carried forward -€31,397
new in 2025: -€31,397
- Tax, wage and social debts -€10,755
down €10,755 (-45.5%), from €23,637 to €12,882
- Trade debts +€1,711
up €1,711 (+72.6%), from €2,356 to €4,067
- Gross operating margin -€124,504
down €124,504, from €109,924 to -€14,580
- Taxes -€26,578
down €26,578 (-98.5%), from €26,972 to €394
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 | €136,264 | €95,154 | -€41,110 | -30.2% |
| Fixed assets | 21/28 | €32,132 | €24,108 | -€8,024 | -25.0% |
| Tangible fixed assets | 22/27 | €32,108 | €24,084 | -€8,024 | -25.0% |
| Plant, machinery and equipment | 23 | €27,163 | €21,784 | -€5,379 | -19.8% |
| Furniture and vehicles | 24 | €4,945 | €2,300 | -€2,645 | -53.5% |
| Financial fixed assets | 28 | €24 | €24 | = | 0.0% |
| Current assets | 29/58 | €104,132 | €71,046 | -€33,086 | -31.8% |
| Amounts receivable within one year | 40/41 | €66,657 | €29,036 | -€37,621 | -56.4% |
| Trade receivables | 40 | €62,732 | - | -€62,732 | |
| Other amounts receivable | 41 | €3,925 | €29,036 | +€25,111 | +640% |
| Cash at bank and in hand | 54/58 | €33,955 | €37,535 | +€3,580 | +10.5% |
| Deferred charges and accrued income | 490/1 | €3,520 | €4,475 | +€955 | +27.1% |
| Total equity and liabilities | 10/49 | €136,264 | €95,154 | -€41,110 | -30.2% |
| Equity | 10/15 | €109,378 | €77,981 | -€31,397 | -28.7% |
| Contributions | 10/11 | €3,950 | €3,950 | = | 0.0% |
| Reserves | 13 | €105,428 | €105,428 | = | 0.0% |
| Distributable reserves | 133 | €105,428 | €105,428 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€31,397 | -€31,397 | |
| Amounts payable | 17/49 | €26,886 | €17,173 | -€9,713 | -36.1% |
| Amounts payable within one year | 42/48 | €26,842 | €17,161 | -€9,681 | -36.1% |
| Trade debts | 44 | €2,356 | €4,067 | +€1,711 | +72.6% |
| Suppliers | 440/4 | €2,356 | €4,067 | +€1,711 | +72.6% |
| Taxes, remuneration and social security | 45 | €23,637 | €12,882 | -€10,755 | -45.5% |
| Taxes | 450/3 | €23,637 | €12,882 | -€10,755 | -45.5% |
| Other amounts payable | 47/48 | €849 | €212 | -€637 | -75.0% |
| Accrued charges and deferred income | 492/3 | €44 | €12 | -€32 | -72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,985 | €8,989 | +€1,004 | +12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €889 | +€889 | |
| Other operating charges | 640/8 | €1,350 | €1,368 | +€18 | +1.3% |
| Gross operating margin | 9900 | €109,924 | -€14,580 | -€124,504 | |
| Operating profit (loss) | 9901 | €100,589 | -€25,826 | -€126,415 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €5,220 | €5,177 | -€43 | -0.8% |
| Recurring financial charges | 65 | €5,220 | €5,177 | -€43 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €95,371 | -€31,003 | -€126,374 | |
| Income taxes | 67/77 | €26,972 | €394 | -€26,578 | -98.5% |
| Profit (loss) for the period | 9904 | €68,399 | -€31,397 | -€99,796 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,399 | -€31,397 | -€99,796 |
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 14 October 2026 via checked.be.