GRIZZLY: 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.
GRIZZLY
Largest movements
- Receivables within one year +€135,734
up €135,734 (+43.6%), from €311,520 to €447,255
of which Trade receivables: +€172,966
- Stocks and contracts -€21,430
down €21,430 (-14.8%), from €144,322 to €122,892
- Trade debts +€115,628
up €115,628, from €0 to €115,628
- Current portion of long-term debt +€82,046
up €82,046 (+1,670%), from €4,913 to €86,959
- Other debts -€56,130
down €56,130 (-39.8%), from €141,068 to €84,938
- Debts after one year -€45,791
down €45,791 (-5.9%), from €771,482 to €725,691
- Tax, wage and social debts +€38,611
up €38,611 (+173%), from €22,363 to €60,974
of which Taxes: +€38,611
- Gross operating margin +€66,451
up €66,451, from -€21,710 to €44,741
- Other operating charges +€7,297
up €7,297 (+129%), from €5,658 to €12,956
- Depreciation +€3,867
up €3,867 (+18.6%), from €20,788 to €24,655
- Financial charges -€699
down €699 (-3.8%), from €18,255 to €17,555
- Staff costs +€539
up €539 (+64.9%), from €831 to €1,370
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 | €780,799 | €889,053 | +€108,254 | +13.9% |
| Fixed assets | 21/28 | €319,739 | €316,579 | -€3,160 | -1.0% |
| Tangible fixed assets | 22/27 | €319,318 | €316,158 | -€3,160 | -1.0% |
| Land and buildings | 22 | €284,026 | €263,358 | -€20,668 | -7.3% |
| Plant, machinery and equipment | 23 | €19,966 | €19,557 | -€409 | -2.0% |
| Furniture and vehicles | 24 | €15,325 | €33,243 | +€17,917 | +117% |
| Financial fixed assets | 28 | €421 | €421 | = | 0.0% |
| Current assets | 29/58 | €461,060 | €572,474 | +€111,414 | +24.2% |
| Stocks and contracts in progress | 3 | €144,322 | €122,892 | -€21,430 | -14.8% |
| Stocks | 30/36 | €144,322 | €122,892 | -€21,430 | -14.8% |
| Amounts receivable within one year | 40/41 | €311,520 | €447,255 | +€135,734 | +43.6% |
| Trade receivables | 40 | €207,476 | €380,442 | +€172,966 | +83.4% |
| Other amounts receivable | 41 | €104,044 | €66,813 | -€37,232 | -35.8% |
| Cash at bank and in hand | 54/58 | €5,218 | €2,328 | -€2,890 | -55.4% |
| Total equity and liabilities | 10/49 | €780,799 | €889,053 | +€108,254 | +13.9% |
| Equity | 10/15 | -€260,250 | -€272,891 | -€12,640 | -4.9% |
| Contributions | 10/11 | €20,000 | €22,000 | +€2,000 | +10.0% |
| Reserves | 13 | €53,178 | €53,178 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Tax-exempt reserves | 132 | €51,178 | €51,178 | = | 0.0% |
| Distributable reserves | 133 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | -€333,429 | -€348,069 | -€14,640 | -4.4% |
| Amounts payable | 17/49 | €1,041,049 | €1,161,944 | +€120,894 | +11.6% |
| Amounts payable after more than one year | 17 | €771,482 | €725,691 | -€45,791 | -5.9% |
| Financial debts | 170/4 | €771,482 | €725,691 | -€45,791 | -5.9% |
| Amounts payable within one year | 42/48 | €255,817 | €436,253 | +€180,436 | +70.5% |
| Current portion of amounts payable after more than one year | 42 | €4,913 | €86,959 | +€82,046 | +1,670% |
| Financial debts | 43 | €80,000 | €80,280 | +€280 | +0.4% |
| Credit institutions | 430/8 | €80,000 | €80,280 | +€280 | +0.4% |
| Trade debts | 44 | €0 | €115,628 | +€115,628 | |
| Suppliers | 440/4 | €0 | €115,628 | +€115,628 | |
| Advances received on contracts in progress | 46 | €7,474 | €7,474 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,363 | €60,974 | +€38,611 | +173% |
| Taxes | 450/3 | €22,363 | €60,974 | +€38,611 | +173% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €141,068 | €84,938 | -€56,130 | -39.8% |
| Accrued charges and deferred income | 492/3 | €13,750 | - | -€13,750 | |
| Remuneration, social security and pensions | 62 | €831 | €1,370 | +€539 | +64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,788 | €24,655 | +€3,867 | +18.6% |
| Other operating charges | 640/8 | €5,658 | €12,956 | +€7,297 | +129% |
| Non-recurring operating charges | 66A | - | €2,845 | +€2,845 | |
| Gross operating margin | 9900 | -€21,710 | €44,741 | +€66,451 | |
| Operating profit (loss) | 9901 | -€48,987 | €2,915 | +€51,902 | |
| Financial income | 75/76B | €64 | €0 | -€64 | -100% |
| Recurring financial income | 75 | €64 | €0 | -€64 | -100% |
| Financial charges | 65/66B | €18,255 | €17,555 | -€699 | -3.8% |
| Recurring financial charges | 65 | €18,255 | €17,555 | -€699 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€67,177 | -€14,640 | +€52,537 | +78.2% |
| Profit (loss) for the period | 9904 | -€67,177 | -€14,640 | +€52,537 | +78.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,177 | -€14,640 | +€52,537 | +78.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.