"GRMG": 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.
"GRMG"
Largest movements
- Cash -€35,935
down €35,935 (-63.9%), from €56,258 to €20,323
mainly Trade debts (-€23,087) and Current portion of long-term debt (-€16,708)
- Receivables within one year -€10,569
down €10,569 (-72.8%), from €14,520 to €3,951
of which Trade receivables: -€14,520
- Tangible fixed assets -€5,239
no longer reported in 2025 (was €5,239)
- Stocks and contracts +€5,109
up €5,109 (+7.3%), from €70,082 to €75,191
- Deferred charges and accrued income -€2,883
no longer reported in 2025 (was €2,883)
- Trade debts -€23,087
down €23,087 (-96.1%), from €24,028 to €941
- Current portion of long-term debt -€16,708
no longer reported in 2025 (was €16,708)
- Tax, wage and social debts -€10,815
down €10,815 (-99.8%), from €10,838 to €23
of which Taxes: -€7,460
- Profit (loss) carried forward +€3,214
up €3,214 (+5.7%), from -€55,946 to -€52,733
- Accrued charges and deferred income -€1,585
no longer reported in 2025 (was €1,585)
- Gross operating margin -€45,108
down €45,108 (-92.0%), from €49,021 to €3,913
- Staff costs -€7,367
down €7,367 (-97.9%), from €7,527 to €160
- Depreciation -€6,829
no longer reported in 2025 (was €6,829)
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
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 | €148,981 | €99,464 | -€49,517 | -33.2% |
| Fixed assets | 21/28 | €5,239 | - | -€5,239 | |
| Tangible fixed assets | 22/27 | €5,239 | - | -€5,239 | |
| Furniture and vehicles | 24 | €5,239 | - | -€5,239 | |
| Current assets | 29/58 | €143,742 | €99,464 | -€44,278 | -30.8% |
| Stocks and contracts in progress | 3 | €70,082 | €75,191 | +€5,109 | +7.3% |
| Stocks | 30/36 | €70,082 | €75,191 | +€5,109 | +7.3% |
| Amounts receivable within one year | 40/41 | €14,520 | €3,951 | -€10,569 | -72.8% |
| Trade receivables | 40 | €14,520 | - | -€14,520 | |
| Other amounts receivable | 41 | - | €3,951 | +€3,951 | |
| Cash at bank and in hand | 54/58 | €56,258 | €20,323 | -€35,935 | -63.9% |
| Deferred charges and accrued income | 490/1 | €2,883 | - | -€2,883 | |
| Total equity and liabilities | 10/49 | €148,981 | €99,464 | -€49,517 | -33.2% |
| Equity | 10/15 | €95,286 | €98,500 | +€3,214 | +3.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,233 | €1,233 | = | 0.0% |
| Distributable reserves | 133 | €1,233 | €1,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,946 | -€52,733 | +€3,214 | +5.7% |
| Amounts payable | 17/49 | €53,695 | €964 | -€52,731 | -98.2% |
| Amounts payable within one year | 42/48 | €52,110 | €964 | -€51,146 | -98.2% |
| Current portion of amounts payable after more than one year | 42 | €16,708 | - | -€16,708 | |
| Trade debts | 44 | €24,028 | €941 | -€23,087 | -96.1% |
| Suppliers | 440/4 | €24,028 | €941 | -€23,087 | -96.1% |
| Taxes, remuneration and social security | 45 | €10,838 | €23 | -€10,815 | -99.8% |
| Taxes | 450/3 | €7,483 | €23 | -€7,460 | -99.7% |
| Remuneration and social security | 454/9 | €3,355 | - | -€3,355 | |
| Other amounts payable | 47/48 | €536 | - | -€536 | |
| Accrued charges and deferred income | 492/3 | €1,585 | - | -€1,585 | |
| Non-recurring operating income | 76A | - | €14,761 | +€14,761 | |
| Remuneration, social security and pensions | 62 | €7,527 | €160 | -€7,367 | -97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,829 | - | -€6,829 | |
| Other operating charges | 640/8 | €648 | €400 | -€248 | -38.3% |
| Gross operating margin | 9900 | €49,021 | €3,913 | -€45,108 | -92.0% |
| Operating profit (loss) | 9901 | €34,017 | €3,353 | -€30,664 | -90.1% |
| Financial income | 75/76B | €77 | - | -€77 | |
| Recurring financial income | 75 | €77 | - | -€77 | |
| Financial charges | 65/66B | €249 | €139 | -€110 | -44.1% |
| Recurring financial charges | 65 | €249 | €139 | -€110 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €33,845 | €3,214 | -€30,631 | -90.5% |
| Profit (loss) for the period | 9904 | €33,845 | €3,214 | -€30,631 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,845 | €3,214 | -€30,631 | -90.5% |
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 29 September 2026 via checked.be.