GROBEL: 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.
GROBEL
Largest movements
- Receivables within one year +€368,251
up €368,251 (+11.5%), from €3.2m to €3.6m
of which Other amounts receivable: +€904,046
- Deferred charges and accrued income -€36,822
down €36,822 (-61.6%), from €59,748 to €22,926
- Trade debts +€360,379
up €360,379 (+37.4%), from €963,368 to €1.3m
- Reserves +€72,260
up €72,260 (+3.4%), from €2.1m to €2.2m
of which Distributable reserves: +€72,260
- Accrued charges and deferred income -€67,233
down €67,233 (-76.3%), from €88,148 to €20,915
- Goods and materials +€533,362
up €533,362 (+14.6%), from €3.6m to €4.2m
of which Purchases: +€536,360
- Turnover +€390,141
up €390,141 (+8.9%), from €4.4m to €4.8m
- Services and other goods -€142,948
down €142,948 (-38.6%), from €370,295 to €227,347
- Other operating charges +€73,175
up €73,175 (+1509.2%), from €4,849 to €78,024
- Other operating income +€56,261
up €56,261 (+533.0%), from €10,555 to €66,816
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 | €3,281,254 | €3,627,309 | +€346,055 | +10.5% |
| Current assets | 29/58 | €3,281,254 | €3,627,309 | +€346,055 | +10.5% |
| Stocks and contracts in progress | 3 | €20,072 | €34,948 | +€14,876 | +74.1% |
| Stocks | 30/36 | €20,072 | €34,948 | +€14,876 | +74.1% |
| Raw materials and consumables | 30/31 | €20,072 | €34,948 | +€14,876 | +74.1% |
| Amounts receivable within one year | 40/41 | €3,196,280 | €3,564,531 | +€368,251 | +11.5% |
| Trade receivables | 40 | €2,750,172 | €2,214,377 | -€535,795 | -19.5% |
| Other amounts receivable | 41 | €446,108 | €1,350,155 | +€904,046 | +202.7% |
| Cash at bank and in hand | 54/58 | €5,155 | €4,904 | -€251 | -4.9% |
| Deferred charges and accrued income | 490/1 | €59,748 | €22,926 | -€36,822 | -61.6% |
| Total equity and liabilities | 10/49 | €3,281,254 | €3,627,309 | +€346,055 | +10.5% |
| Equity | 10/15 | €2,165,981 | €2,238,241 | +€72,260 | +3.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,103,981 | €2,176,241 | +€72,260 | +3.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,097,781 | €2,170,041 | +€72,260 | +3.4% |
| Amounts payable | 17/49 | €1,115,273 | €1,389,068 | +€273,795 | +24.5% |
| Amounts payable within one year | 42/48 | €1,027,126 | €1,368,153 | +€341,028 | +33.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €963,368 | €1,323,747 | +€360,379 | +37.4% |
| Suppliers | 440/4 | €963,368 | €1,323,747 | +€360,379 | +37.4% |
| Taxes, remuneration and social security | 45 | €53,986 | €26,500 | -€27,486 | -50.9% |
| Taxes | 450/3 | €53,986 | €26,500 | -€27,486 | -50.9% |
| Other amounts payable | 47/48 | €9,772 | €17,906 | +€8,134 | +83.2% |
| Accrued charges and deferred income | 492/3 | €88,148 | €20,915 | -€67,233 | -76.3% |
| Operating income | 70/76A | €4,409,928 | €4,856,330 | +€446,402 | +10.1% |
| Turnover | 70 | €4,399,373 | €4,789,513 | +€390,141 | +8.9% |
| Other operating income | 74 | €10,555 | €66,816 | +€56,261 | +533.0% |
| Operating charges | 60/66A | €4,296,735 | €4,759,012 | +€462,278 | +10.8% |
| Goods for resale, raw materials and consumables | 60 | €3,648,953 | €4,182,314 | +€533,362 | +14.6% |
| Purchases | 600/8 | €3,660,830 | €4,197,190 | +€536,360 | +14.7% |
| Change in stocks: decrease (increase) | 609 | -€11,877 | -€14,876 | -€2,999 | -25.2% |
| Services and other goods | 61 | €370,295 | €227,347 | -€142,948 | -38.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €272,638 | €271,327 | -€1,311 | -0.5% |
| Other operating charges | 640/8 | €4,849 | €78,024 | +€73,175 | +1509.2% |
| Operating profit (loss) | 9901 | €113,193 | €97,317 | -€15,876 | -14.0% |
| Financial income | 75/76B | €1,348 | €8,745 | +€7,397 | +548.7% |
| Recurring financial income | 75 | €1,348 | €8,745 | +€7,397 | +548.7% |
| Other financial income | 752/9 | €1,348 | €8,745 | +€7,397 | +548.7% |
| Financial charges | 65/66B | €29,788 | €7,348 | -€22,440 | -75.3% |
| Recurring financial charges | 65 | €29,788 | €7,348 | -€22,440 | -75.3% |
| Debt charges | 650 | €161 | €222 | +€62 | +38.5% |
| Other financial charges | 652/9 | €29,627 | €7,125 | -€22,502 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €84,754 | €98,714 | +€13,960 | +16.5% |
| Income taxes | 67/77 | €52,627 | €26,454 | -€26,172 | -49.7% |
| Taxes | 670/3 | €52,809 | €26,500 | -€26,309 | -49.8% |
| Tax adjustments and reversals of tax provisions | 77 | €183 | €46 | -€137 | -75.0% |
| Profit (loss) for the period | 9904 | €32,127 | €72,260 | +€40,133 | +124.9% |
| Transfer from tax-exempt reserves | 789 | €126,300 | - | -€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €158,427 | €72,260 | -€86,167 | -54.4% |
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 10 October 2026 via checked.be.