Grizzly4: 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.
Grizzly4
Largest movements
- Tangible fixed assets -€791,017
no longer reported in 2025 (was €791,017)
- Current investments -€700,000
no longer reported in 2025 (was €700,000)
- Cash +€67,847
up €67,847 (+109%), from €62,005 to €129,851
mainly Investment in fixed assets (net) (+€791,017) and Current investments (+€700,000)
- Receivables within one year -€59,268
down €59,268 (-51.8%), from €114,414 to €55,145
of which Other amounts receivable: -€53,721
- Other debts -€1.2m
down €1.2m (-88.4%), from €1.4m to €156,630
- Current portion of long-term debt -€400,000
no longer reported in 2025 (was €400,000)
- Accrued charges and deferred income +€162,000
new in 2025: €162,000
- Profit (loss) carried forward -€56,613
down €56,613 (-74.6%), from €75,908 to €19,295
- Financial charges +€341,434
up €341,434 (+27,034%), from €1,263 to €342,697
- Gross operating margin +€61,058
up €61,058 (+25.3%), from €241,636 to €302,693
- Taxes -€26,400
no longer reported in 2025 (was €26,400)
- Depreciation -€24,376
no longer reported in 2025 (was €24,376)
- Write-downs +€5,000
new in 2025: €5,000
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 | €1,869,439 | €376,139 | -€1.5m | -79.9% |
| Fixed assets | 21/28 | €791,017 | - | -€791,017 | |
| Tangible fixed assets | 22/27 | €791,017 | - | -€791,017 | |
| Land and buildings | 22 | €791,017 | - | -€791,017 | |
| Current assets | 29/58 | €1,078,422 | €376,139 | -€702,283 | -65.1% |
| Stocks and contracts in progress | 3 | €201,286 | €190,400 | -€10,886 | -5.4% |
| Stocks | 30/36 | €201,286 | €190,400 | -€10,886 | -5.4% |
| Amounts receivable within one year | 40/41 | €114,414 | €55,145 | -€59,268 | -51.8% |
| Trade receivables | 40 | €31,849 | €26,302 | -€5,547 | -17.4% |
| Other amounts receivable | 41 | €82,564 | €28,843 | -€53,721 | -65.1% |
| Current investments | 50/53 | €700,000 | - | -€700,000 | |
| Cash at bank and in hand | 54/58 | €62,005 | €129,851 | +€67,847 | +109% |
| Deferred charges and accrued income | 490/1 | €718 | €743 | +€24 | +3.4% |
| Total equity and liabilities | 10/49 | €1,869,439 | €376,139 | -€1.5m | -79.9% |
| Equity | 10/15 | €80,908 | €24,295 | -€56,613 | -70.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,908 | €19,295 | -€56,613 | -74.6% |
| Amounts payable | 17/49 | €1,788,531 | €351,844 | -€1.4m | -80.3% |
| Amounts payable within one year | 42/48 | €1,788,531 | €189,844 | -€1.6m | -89.4% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | - | -€400,000 | |
| Trade debts | 44 | €11,721 | €5,644 | -€6,077 | -51.8% |
| Suppliers | 440/4 | €11,721 | €5,644 | -€6,077 | -51.8% |
| Taxes, remuneration and social security | 45 | €26,809 | €27,570 | +€761 | +2.8% |
| Taxes | 450/3 | €26,809 | €27,570 | +€761 | +2.8% |
| Other amounts payable | 47/48 | €1,350,000 | €156,630 | -€1.2m | -88.4% |
| Accrued charges and deferred income | 492/3 | - | €162,000 | +€162,000 | |
| Non-recurring operating income | 76A | €299,700 | €323,111 | +€23,411 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,376 | - | -€24,376 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,000 | +€5,000 | |
| Other operating charges | 640/8 | €4,874 | €2,784 | -€2,090 | -42.9% |
| Non-recurring operating charges | 66A | €37,588 | €2,552 | -€35,036 | -93.2% |
| Gross operating margin | 9900 | €241,636 | €302,693 | +€61,058 | +25.3% |
| Operating profit (loss) | 9901 | €174,797 | €292,357 | +€117,560 | +67.3% |
| Financial income | 75/76B | €1 | €1,527 | +€1,526 | +148,182% |
| Recurring financial income | 75 | €1 | €1,527 | +€1,526 | +148,182% |
| Financial charges | 65/66B | €1,263 | €342,697 | +€341,434 | +27,034% |
| Recurring financial charges | 65 | €1,263 | €342,697 | +€341,434 | +27,034% |
| Profit (loss) for the period before taxes | 9903 | €173,535 | -€48,813 | -€222,348 | |
| Income taxes | 67/77 | €26,400 | - | -€26,400 | |
| Profit (loss) for the period | 9904 | €147,135 | -€48,813 | -€195,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,135 | -€48,813 | -€195,948 |
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 25 October 2026 via checked.be.