GRIVAN: what changed
Two fiscal 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.
GRIVAN
Largest movements
- Tangible fixed assets +€798,650
up €798,650 (+51.4%), from €1.6m to €2.4m
of which Land and buildings: +€791,698
- Cash -€159,460
down €159,460 (-53.5%), from €297,829 to €138,369
mainly Investment in fixed assets (net) (-€906,472) and Accrued charges and deferred income (-€30,722)
- Debts after one year +€486,302
up €486,302 (+94.1%), from €516,808 to €1.0m
- Profit (loss) carried forward +€100,795
new in 2025: €100,795
- Current portion of long-term debt +€80,690
up €80,690 (+118.8%), from €67,898 to €148,587
- Accrued charges and deferred income -€30,722
down €30,722 (-50.6%), from €60,717 to €29,995
- Gross operating margin -€80,075
down €80,075 (-10.4%), from €768,091 to €688,016
- Depreciation +€34,974
up €34,974 (+48.0%), from €72,848 to €107,822
- Taxes -€24,039
down €24,039 (-32.6%), from €73,771 to €49,732
- Write-downs -€14,325
down €14,325 (-66.5%), from €21,539 to €7,214
- Staff costs -€13,946
down €13,946 (-3.4%), from €408,397 to €394,451
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 | €2,352,066 | €2,978,262 | +€626,196 | +26.6% |
| Fixed assets | 21/28 | €1,553,410 | €2,352,060 | +€798,650 | +51.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,553,410 | €2,352,060 | +€798,650 | +51.4% |
| Land and buildings | 22 | €1,443,228 | €2,234,926 | +€791,698 | +54.9% |
| Plant, machinery and equipment | 23 | €48,852 | €36,977 | -€11,876 | -24.3% |
| Furniture and vehicles | 24 | €2,139 | €5,967 | +€3,828 | +178.9% |
| Other tangible fixed assets | 26 | €59,190 | €74,190 | +€15,000 | +25.3% |
| Current assets | 29/58 | €798,655 | €626,202 | -€172,454 | -21.6% |
| Amounts receivable within one year | 40/41 | €500,827 | €487,833 | -€12,994 | -2.6% |
| Trade receivables | 40 | €377,154 | €328,900 | -€48,254 | -12.8% |
| Other amounts receivable | 41 | €123,672 | €158,933 | +€35,260 | +28.5% |
| Cash at bank and in hand | 54/58 | €297,829 | €138,369 | -€159,460 | -53.5% |
| Total equity and liabilities | 10/49 | €2,352,066 | €2,978,262 | +€626,196 | +26.6% |
| Equity | 10/15 | €1,272,691 | €1,373,486 | +€100,795 | +7.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,254,099 | €1,254,099 | = | 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 | €2,093 | €2,093 | = | 0.0% |
| Distributable reserves | 133 | €1,250,146 | €1,250,146 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €100,795 | +€100,795 | |
| Provisions and deferred taxes | 16 | €531 | €531 | = | 0.0% |
| Deferred taxes | 168 | €531 | €531 | = | 0.0% |
| Amounts payable | 17/49 | €1,078,844 | €1,604,245 | +€525,401 | +48.7% |
| Amounts payable after more than one year | 17 | €516,808 | €1,003,111 | +€486,302 | +94.1% |
| Financial debts | 170/4 | €516,808 | €1,003,111 | +€486,302 | +94.1% |
| Amounts payable within one year | 42/48 | €501,319 | €571,139 | +€69,820 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €67,898 | €148,587 | +€80,690 | +118.8% |
| Trade debts | 44 | €335,318 | €315,874 | -€19,445 | -5.8% |
| Suppliers | 440/4 | €335,318 | €315,874 | -€19,445 | -5.8% |
| Taxes, remuneration and social security | 45 | €98,103 | €106,678 | +€8,575 | +8.7% |
| Taxes | 450/3 | €42,539 | €52,617 | +€10,078 | +23.7% |
| Remuneration and social security | 454/9 | €55,564 | €54,062 | -€1,502 | -2.7% |
| Other amounts payable | 47/48 | - | €0 | +€0 | |
| Accrued charges and deferred income | 492/3 | €60,717 | €29,995 | -€30,722 | -50.6% |
| Non-recurring operating income | 76A | €27,149 | - | -€27,149 | |
| Remuneration, social security and pensions | 62 | €408,397 | €394,451 | -€13,946 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,848 | €107,822 | +€34,974 | +48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,539 | €7,214 | -€14,325 | -66.5% |
| Other operating charges | 640/8 | €8,898 | €9,138 | +€239 | +2.7% |
| Non-recurring operating charges | 66A | €120 | €50 | -€70 | -58.3% |
| Gross operating margin | 9900 | €768,091 | €688,016 | -€80,075 | -10.4% |
| Operating profit (loss) | 9901 | €256,288 | €169,342 | -€86,946 | -33.9% |
| Financial income | 75/76B | €12,364 | €12,249 | -€114 | -0.9% |
| Recurring financial income | 75 | €12,364 | €12,249 | -€114 | -0.9% |
| Financial charges | 65/66B | €23,742 | €31,064 | +€7,322 | +30.8% |
| Recurring financial charges | 65 | €23,742 | €31,064 | +€7,322 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €244,910 | €150,527 | -€94,383 | -38.5% |
| Transfer from deferred taxes | 780 | €75 | - | -€75 | |
| Income taxes | 67/77 | €73,771 | €49,732 | -€24,039 | -32.6% |
| Profit (loss) for the period | 9904 | €171,214 | €100,795 | -€70,418 | -41.1% |
| Transfer from tax-exempt reserves | 789 | €145 | - | -€145 | |
| Profit (loss) for the period to be appropriated | 9905 | €171,359 | €100,795 | -€70,563 | -41.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.