GRIZZLY BEAR: 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 BEAR
Largest movements
- Receivables within one year +€56,795
up €56,795 (+214%), from €26,581 to €83,376
of which Trade receivables: +€56,341
- Cash +€23,688
up €23,688 (+282%), from €8,395 to €32,083
mainly Net result for the year (+€55,286) and Advances received (+€43,800)
- Profit (loss) carried forward +€48,286
up €48,286 (+232%), from €20,829 to €69,115
- Advances received +€43,800
new in 2025: €43,800
- Other debts -€26,466
down €26,466 (-6.7%), from €394,342 to €367,876
- Tax, wage and social debts +€15,882
up €15,882 (+197%), from €8,077 to €23,958
of which Taxes: +€15,465
- Gross operating margin +€63,210
up €63,210 (+403%), from €15,682 to €78,892
- Taxes +€14,909
up €14,909 (+379%), from €3,930 to €18,840
- Financial charges +€994
up €994 (+48.4%), from €2,054 to €3,049
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 | €437,892 | €518,356 | +€80,464 | +18.4% |
| Fixed assets | 21/28 | €402,728 | €402,897 | +€169 | 0.0% |
| Tangible fixed assets | 22/27 | €2,728 | €2,897 | +€169 | +6.2% |
| Furniture and vehicles | 24 | €2,728 | €2,897 | +€169 | +6.2% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €35,164 | €115,459 | +€80,295 | +228% |
| Amounts receivable within one year | 40/41 | €26,581 | €83,376 | +€56,795 | +214% |
| Trade receivables | 40 | €26,581 | €82,922 | +€56,341 | +212% |
| Other amounts receivable | 41 | - | €455 | +€455 | |
| Cash at bank and in hand | 54/58 | €8,395 | €32,083 | +€23,688 | +282% |
| Deferred charges and accrued income | 490/1 | €187 | - | -€187 | |
| Total equity and liabilities | 10/49 | €437,892 | €518,356 | +€80,464 | +18.4% |
| Equity | 10/15 | €24,329 | €72,615 | +€48,286 | +198% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,829 | €69,115 | +€48,286 | +232% |
| Amounts payable | 17/49 | €413,563 | €445,741 | +€32,179 | +7.8% |
| Amounts payable within one year | 42/48 | €413,563 | €443,215 | +€29,653 | +7.2% |
| Trade debts | 44 | €11,144 | €7,580 | -€3,563 | -32.0% |
| Suppliers | 440/4 | €11,144 | €7,580 | -€3,563 | -32.0% |
| Advances received on contracts in progress | 46 | - | €43,800 | +€43,800 | |
| Taxes, remuneration and social security | 45 | €8,077 | €23,958 | +€15,882 | +197% |
| Taxes | 450/3 | €7,427 | €22,891 | +€15,465 | +208% |
| Remuneration and social security | 454/9 | €650 | €1,067 | +€417 | +64.2% |
| Other amounts payable | 47/48 | €394,342 | €367,876 | -€26,466 | -6.7% |
| Accrued charges and deferred income | 492/3 | - | €2,526 | +€2,526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €574 | €1,020 | +€446 | +77.8% |
| Other operating charges | 640/8 | €595 | €400 | -€195 | -32.8% |
| Non-recurring operating charges | 66A | - | €298 | +€298 | |
| Gross operating margin | 9900 | €15,682 | €78,892 | +€63,210 | +403% |
| Operating profit (loss) | 9901 | €14,513 | €77,174 | +€62,661 | +432% |
| Financial charges | 65/66B | €2,054 | €3,049 | +€994 | +48.4% |
| Recurring financial charges | 65 | €2,054 | €3,049 | +€994 | +48.4% |
| Profit (loss) for the period before taxes | 9903 | €12,459 | €74,125 | +€61,667 | +495% |
| Income taxes | 67/77 | €3,930 | €18,840 | +€14,909 | +379% |
| Profit (loss) for the period | 9904 | €8,528 | €55,286 | +€46,757 | +548% |
| Profit (loss) for the period to be appropriated | 9905 | €8,528 | €55,286 | +€46,757 | +548% |
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 19 October 2026 via checked.be.