GRL MANAGEMENT: 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.
GRL MANAGEMENT
Largest movements
- Receivables within one year +€68,000
up €68,000 (+7,980%), from €852 to €68,852
of which Trade receivables: +€58,482
- Cash +€29,688
up €29,688 (+2,487%), from €1,194 to €30,882
mainly Net result for the year (+€80,485) and Tax, wage and social debts (+€40,457)
- Current investments +€20,540
new in 2025: €20,540
- Tangible fixed assets +€3,854
new in 2025: €3,854
- Formation expenses -€1,815
down €1,815 (-100%), from €1,815 to €0
- Profit (loss) carried forward +€80,485
up €80,485, from -€2,268 to €78,217
- Tax, wage and social debts +€40,457
new in 2025: €40,457
- Gross operating margin +€108,213
up €108,213, from -€1,840 to €106,372
- Taxes +€21,716
new in 2025: €21,716
- Financial charges +€2,136
new in 2025: €2,136
- Depreciation +€2,044
new in 2025: €2,044
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 | €3,861 | €125,540 | +€121,679 | +3,151% |
| Formation expenses | 20 | €1,815 | €0 | -€1,815 | -100% |
| Fixed assets | 21/28 | - | €3,854 | +€3,854 | |
| Tangible fixed assets | 22/27 | - | €3,854 | +€3,854 | |
| Plant, machinery and equipment | 23 | - | €3,854 | +€3,854 | |
| Current assets | 29/58 | €2,046 | €121,687 | +€119,641 | +5,847% |
| Amounts receivable within one year | 40/41 | €852 | €68,852 | +€68,000 | +7,980% |
| Trade receivables | 40 | €190 | €58,672 | +€58,482 | +30,780% |
| Other amounts receivable | 41 | €662 | €10,180 | +€9,518 | +1,437% |
| Current investments | 50/53 | - | €20,540 | +€20,540 | |
| Cash at bank and in hand | 54/58 | €1,194 | €30,882 | +€29,688 | +2,487% |
| Deferred charges and accrued income | 490/1 | - | €1,413 | +€1,413 | |
| Total equity and liabilities | 10/49 | €3,861 | €125,540 | +€121,679 | +3,151% |
| Equity | 10/15 | €732 | €81,217 | +€80,485 | +10,990% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,268 | €78,217 | +€80,485 | |
| Amounts payable | 17/49 | €3,129 | €44,323 | +€41,194 | +1,317% |
| Amounts payable within one year | 42/48 | €3,129 | €43,783 | +€40,654 | +1,299% |
| Trade debts | 44 | €3,105 | €3,326 | +€221 | +7.1% |
| Suppliers | 440/4 | €3,105 | €3,326 | +€221 | +7.1% |
| Taxes, remuneration and social security | 45 | - | €40,457 | +€40,457 | |
| Taxes | 450/3 | - | €40,457 | +€40,457 | |
| Other amounts payable | 47/48 | €24 | €0 | -€24 | -100% |
| Accrued charges and deferred income | 492/3 | - | €540 | +€540 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,044 | +€2,044 | |
| Other operating charges | 640/8 | €427 | €66 | -€362 | -84.6% |
| Gross operating margin | 9900 | -€1,840 | €106,372 | +€108,213 | |
| Operating profit (loss) | 9901 | -€2,268 | €104,263 | +€106,530 | |
| Financial income | 75/76B | - | €75 | +€75 | |
| Recurring financial income | 75 | - | €75 | +€75 | |
| Financial charges | 65/66B | - | €2,136 | +€2,136 | |
| Recurring financial charges | 65 | - | €2,136 | +€2,136 | |
| Profit (loss) for the period before taxes | 9903 | -€2,268 | €102,201 | +€104,468 | |
| Income taxes | 67/77 | - | €21,716 | +€21,716 | |
| Profit (loss) for the period | 9904 | -€2,268 | €80,485 | +€82,753 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,268 | €80,485 | +€82,753 |
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 23 October 2026 via checked.be.