Grizaco: 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.
What changed
Grizaco
NACE 42.110, Construction of roads and motorways
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,579
2024 · €330,772-€316,193
Equity
€1.7m
2024 · €1.7m+€0
Cash
€0
2024 · -
Balance sheet total
€11.0m
2024 · €8.0m+€2.9m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+33.0%), from €6.9m to €9.2m
of which Trade receivables: +€2.0m
- Tangible fixed assets +€572,747
up €572,747 (+68.0%), from €841,693 to €1.4m
of which Assets under construction and advance payments: +€779,700
Equity and liabilities
- Short-term financial debts +€3.9m
up €3.9m (+1,179%), from €330,636 to €4.2m
- Other debts -€410,230
down €410,230 (-47.3%), from €866,580 to €456,350
- Tax, wage and social debts -€296,201
down €296,201 (-28.8%), from €1.0m to €732,417
of which Taxes: -€311,357
- Trade debts -€222,968
down €222,968 (-5.7%), from €3.9m to €3.7m
Income statement
- Turnover -€5.3m
down €5.3m (-16.5%), from €31.9m to €26.6m
- Goods and materials -€5.0m
down €5.0m (-19.9%), from €25.3m to €20.2m
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.
Result 2024
€330,772
Turnover
-€5.3m
Other operating income
-€41,784
Goods and materials
+€5.0m
Services and other goods
+€185,078
Staff costs
-€245,580
Depreciation
+€33,743
Write-downs
-€133,367
Provisions
+€64,651
Other operating charges
-€20,501
Other operating items
+€3,000
Financial income
+€1,403
Financial charges
-€50,836
Other financial items
-€2,291
Taxes
+€117,658
Deferred taxes and other
+€1
Result 2025
€14,579
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3.0m
Investment
-€868,700
Financing
+€3.9m
Cash 2024
€0
From operations (derived)
-€3.0m
Net result for the year
+€14,579
Depreciation
+€295,953
Stocks and contracts
-€46,395
Receivables within one year
-€2.3m
Deferred charges and accrued income
-€27,614
Provisions
-€18,830
Trade debts
-€222,968
Tax, wage and social debts
-€296,201
Other debts
-€410,230
Accrued charges and deferred income
-€12,012
Investment (derived)
-€868,700
Investment in fixed assets (net)
-€868,700
Financing
+€3.9m
Short-term financial debts
+€3.9m
Contributions, distributions and other
-€14,577
Not broken down
-€1
Cash 2025
€0
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,032,201 | €10,969,764 | +€2.9m | +36.6% |
| Fixed assets | 21/28 | €1,007,621 | €1,580,368 | +€572,747 | +56.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €841,693 | €1,414,440 | +€572,747 | +68.0% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €572,410 | €429,245 | -€143,165 | -25.0% |
| Furniture and vehicles | 24 | €269,283 | €205,495 | -€63,788 | -23.7% |
| Assets under construction and advance payments | 27 | - | €779,700 | +€779,700 | |
| Financial fixed assets | 28 | €165,928 | €165,928 | = | 0.0% |
| Other financial fixed assets | 284/8 | €165,928 | €165,928 | = | 0.0% |
| Shares | 284 | €16,250 | €16,250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €149,678 | €149,678 | = | 0.0% |
| Current assets | 29/58 | €7,024,580 | €9,389,396 | +€2.4m | +33.7% |
| Stocks and contracts in progress | 3 | €74,805 | €121,200 | +€46,395 | +62.0% |
| Stocks | 30/36 | €74,805 | €121,200 | +€46,395 | +62.0% |
| Raw materials and consumables | 30/31 | €74,805 | €121,200 | +€46,395 | +62.0% |
| Amounts receivable within one year | 40/41 | €6,949,775 | €9,240,582 | +€2.3m | +33.0% |
| Trade receivables | 40 | €6,372,762 | €8,361,987 | +€2.0m | +31.2% |
| Other amounts receivable | 41 | €577,013 | €878,595 | +€301,582 | +52.3% |
| Cash at bank and in hand | 54/58 | - | €0 | = | |
| Deferred charges and accrued income | 490/1 | - | €27,614 | +€27,614 | |
| Total equity and liabilities | 10/49 | €8,032,201 | €10,969,764 | +€2.9m | +36.6% |
| Equity | 10/15 | €1,719,311 | €1,719,311 | +€0 | 0.0% |
| Contributions | 10/11 | €867,627 | €867,627 | +€0 | 0.0% |
| Capital | 10 | €867,627 | €867,627 | +€0 | 0.0% |
| Issued capital | 100 | €867,627 | €867,627 | +€0 | 0.0% |
| Reserves | 13 | €851,475 | €851,475 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €173,525 | €173,525 | +€0 | 0.0% |
| Legal reserve | 130 | €86,763 | €86,763 | -€0 | 0.0% |
| Other | 1319 | €86,763 | €86,763 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €277,736 | €277,736 | +€0 | 0.0% |
| Distributable reserves | 133 | €400,214 | €400,214 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €208 | €208 | +€0 | +0.1% |
| Provisions and deferred taxes | 16 | €172,207 | €153,377 | -€18,830 | -10.9% |
| Provisions for liabilities and charges | 160/5 | €172,207 | €153,377 | -€18,830 | -10.9% |
| Other liabilities and charges | 164/5 | €172,207 | €153,377 | -€18,830 | -10.9% |
| Amounts payable | 17/49 | €6,140,683 | €9,097,077 | +€3.0m | +48.1% |
| Amounts payable after more than one year | 17 | €0 | €0 | = | |
| Financial debts | 170/4 | €0 | €0 | = | |
| Leasing and similar obligations | 172 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €6,128,670 | €9,097,077 | +€3.0m | +48.4% |
| Financial debts | 43 | €330,636 | €4,228,440 | +€3.9m | +1,179% |
| Other loans | 439 | €330,636 | €4,228,440 | +€3.9m | +1,179% |
| Trade debts | 44 | €3,902,837 | €3,679,869 | -€222,968 | -5.7% |
| Suppliers | 440/4 | €3,902,837 | €3,679,869 | -€222,968 | -5.7% |
| Taxes, remuneration and social security | 45 | €1,028,618 | €732,417 | -€296,201 | -28.8% |
| Taxes | 450/3 | €383,857 | €72,500 | -€311,357 | -81.1% |
| Remuneration and social security | 454/9 | €644,761 | €659,917 | +€15,156 | +2.4% |
| Other amounts payable | 47/48 | €866,580 | €456,350 | -€410,230 | -47.3% |
| Accrued charges and deferred income | 492/3 | €12,012 | €0 | -€12,012 | -100% |
| Operating income | 70/76A | €32,220,854 | €26,929,873 | -€5.3m | -16.4% |
| Turnover | 70 | €31,875,440 | €26,623,243 | -€5.3m | -16.5% |
| Other operating income | 74 | €338,914 | €297,130 | -€41,784 | -12.3% |
| Non-recurring operating income | 76A | €6,500 | €9,500 | +€3,000 | +46.2% |
| Operating charges | 60/66A | €31,703,227 | €26,794,375 | -€4.9m | -15.5% |
| Goods for resale, raw materials and consumables | 60 | €25,263,922 | €20,239,095 | -€5.0m | -19.9% |
| Purchases | 600/8 | - | €20,285,490 | +€20.3m | |
| Change in stocks: decrease (increase) | 609 | -€61,665 | -€46,395 | +€15,270 | +24.8% |
| Services and other goods | 61 | €2,548,279 | €2,363,201 | -€185,078 | -7.3% |
| Remuneration, social security and pensions | 62 | €3,597,251 | €3,842,831 | +€245,580 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,696 | €295,953 | -€33,743 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€133,367 | €0 | +€133,367 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €45,821 | -€18,830 | -€64,651 | |
| Other operating charges | 640/8 | €51,625 | €72,126 | +€20,501 | +39.7% |
| Operating profit (loss) | 9901 | €517,627 | €135,498 | -€382,129 | -73.8% |
| Financial income | 75/76B | - | €1,403 | +€1,403 | |
| Recurring financial income | 75 | €2,291 | €1,403 | -€888 | -38.8% |
| Income from financial fixed assets | 750 | €2,291 | €1,403 | -€888 | -38.8% |
| Financial charges | 65/66B | €28,856 | €79,692 | +€50,836 | +176% |
| Recurring financial charges | 65 | €28,856 | €79,692 | +€50,836 | +176% |
| Debt charges | 650 | €12,376 | €58,383 | +€46,007 | +372% |
| Other financial charges | 652/9 | €16,480 | €21,310 | +€4,830 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €491,062 | €57,209 | -€433,853 | -88.3% |
| Income taxes | 67/77 | €160,289 | €42,631 | -€117,658 | -73.4% |
| Taxes | 670/3 | €160,289 | €42,631 | -€117,658 | -73.4% |
| Profit (loss) for the period | 9904 | €330,772 | €14,579 | -€316,193 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €330,772 | €14,579 | -€316,193 | -95.6% |
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 20 October 2026 via checked.be.