GRM: what changed
Two fiscal 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.
GRM
Largest movements
- Tangible fixed assets -€9,088
down €9,088 (-3.9%), from €233,815 to €224,727
- Stocks and contracts -€4,418
down €4,418 (-13.0%), from €33,903 to €29,485
- Receivables within one year +€2,977
up €2,977 (+12864.6%), from €23 to €3,000
- Current portion of long-term debt -€13,956
down €13,956 (-86.2%), from €16,185 to €2,229
- Short-term financial debts +€8,575
up €8,575 (+64.9%), from €13,220 to €21,795
- Profit (loss) carried forward -€8,298
down €8,298 (-9.8%), from -€84,540 to -€92,838
- Trade debts +€4,930
up €4,930 (+83.7%), from €5,892 to €10,823
- Gross operating margin -€22,006
down €22,006 (-77.7%), from €28,318 to €6,312
- Taxes -€2,977
no longer reported in 2025 (was €2,977)
- Financial charges +€2,068
up €2,068 (+163.0%), from €1,269 to €3,337
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €268,168 | €257,212 | -€10,956 | -4.1% |
| Fixed assets | 21/28 | €233,815 | €224,727 | -€9,088 | -3.9% |
| Tangible fixed assets | 22/27 | €233,815 | €224,727 | -€9,088 | -3.9% |
| Land and buildings | 22 | €233,815 | €224,727 | -€9,088 | -3.9% |
| Current assets | 29/58 | €34,353 | €32,485 | -€1,868 | -5.4% |
| Stocks and contracts in progress | 3 | €33,903 | €29,485 | -€4,418 | -13.0% |
| Stocks | 30/36 | €33,903 | €29,485 | -€4,418 | -13.0% |
| Amounts receivable within one year | 40/41 | €23 | €3,000 | +€2,977 | +12864.6% |
| Other amounts receivable | 41 | €23 | €3,000 | +€2,977 | +12864.6% |
| Deferred charges and accrued income | 490/1 | €426 | - | -€426 | |
| Total equity and liabilities | 10/49 | €268,168 | €257,212 | -€10,956 | -4.1% |
| Equity | 10/15 | €34,060 | €25,762 | -€8,298 | -24.4% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,540 | -€92,838 | -€8,298 | -9.8% |
| Amounts payable | 17/49 | €234,108 | €231,450 | -€2,658 | -1.1% |
| Amounts payable after more than one year | 17 | €80,666 | €80,666 | = | 0.0% |
| Financial debts | 170/4 | €80,666 | €80,666 | = | 0.0% |
| Amounts payable within one year | 42/48 | €152,741 | €150,083 | -€2,658 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €16,185 | €2,229 | -€13,956 | -86.2% |
| Financial debts | 43 | €13,220 | €21,795 | +€8,575 | +64.9% |
| Credit institutions | 430/8 | €13,220 | €21,795 | +€8,575 | +64.9% |
| Trade debts | 44 | €5,892 | €10,823 | +€4,930 | +83.7% |
| Suppliers | 440/4 | €5,892 | €10,823 | +€4,930 | +83.7% |
| Taxes, remuneration and social security | 45 | €633 | €153 | -€480 | -75.8% |
| Taxes | 450/3 | €633 | €153 | -€480 | -75.8% |
| Other amounts payable | 47/48 | €116,812 | €115,084 | -€1,728 | -1.5% |
| Accrued charges and deferred income | 492/3 | €700 | €700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,088 | €9,088 | = | 0.0% |
| Other operating charges | 640/8 | €2,321 | €2,185 | -€136 | -5.8% |
| Gross operating margin | 9900 | €28,318 | €6,312 | -€22,006 | -77.7% |
| Operating profit (loss) | 9901 | €16,909 | -€4,961 | -€21,870 | |
| Financial income | 75/76B | €2 | €1 | -€2 | -71.8% |
| Recurring financial income | 75 | €2 | €1 | -€2 | -71.8% |
| Financial charges | 65/66B | €1,269 | €3,337 | +€2,068 | +163.0% |
| Recurring financial charges | 65 | €1,269 | €3,337 | +€2,068 | +163.0% |
| Profit (loss) for the period before taxes | 9903 | €15,642 | -€8,298 | -€23,939 | |
| Income taxes | 67/77 | €2,977 | - | -€2,977 | |
| Profit (loss) for the period | 9904 | €12,665 | -€8,298 | -€20,963 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,665 | -€8,298 | -€20,963 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.