GROBELCO: 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.
GROBELCO
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+38.8%), from €5.3m to €7.4m
of which Assets under construction and advance payments: +€2.3m
- Receivables within one year -€1.1m
down €1.1m (-41.7%), from €2.5m to €1.5m
of which Trade receivables: -€1.1m
- Cash -€866,373
down €866,373 (-48.7%), from €1.8m to €911,070
mainly Investment in fixed assets (net) (-€2.4m) and Trade debts (-€307,841)
- Current investments +€285,180
up €285,180 (+4,722%), from €6,040 to €291,219
- Receivables after one year +€285,000
up €285,000 (+143%), from €199,800 to €484,800
- Debts after one year +€740,406
up €740,406 (+22.4%), from €3.3m to €4.0m
- Short-term financial debts +€400,270
up €400,270 (+69.4%), from €576,721 to €976,991
- Trade debts -€307,841
down €307,841 (-18.9%), from €1.6m to €1.3m
- Gross operating margin -€1.1m
down €1.1m (-38.3%), from €2.8m to €1.7m
- Financial income +€534,598
up €534,598 (+581%), from €92,024 to €626,623
of which Financial income: +€560,598
- Financial charges +€351,196
up €351,196 (+64.8%), from €542,381 to €893,577
of which Financial charges: +€768,353
- Taxes -€131,264
down €131,264 (-99.1%), from €132,498 to €1,234
- Staff costs +€82,385
up €82,385 (+8.4%), from €980,327 to €1.1m
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 | €10,279,956 | €11,016,196 | +€736,240 | +7.2% |
| Fixed assets | 21/28 | €5,295,979 | €7,352,592 | +€2.1m | +38.8% |
| Tangible fixed assets | 22/27 | €5,295,799 | €7,352,412 | +€2.1m | +38.8% |
| Land and buildings | 22 | €1,615 | €5,735 | +€4,120 | +255% |
| Plant, machinery and equipment | 23 | €585,988 | €398,934 | -€187,054 | -31.9% |
| Furniture and vehicles | 24 | €75,106 | €65,690 | -€9,416 | -12.5% |
| Leasing and similar rights | 25 | €312,641 | €231,787 | -€80,854 | -25.9% |
| Other tangible fixed assets | 26 | €51,300 | €129,220 | +€77,920 | +152% |
| Assets under construction and advance payments | 27 | €4,269,151 | €6,521,048 | +€2.3m | +52.7% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €4,983,977 | €3,663,604 | -€1.3m | -26.5% |
| Amounts receivable after more than one year | 29 | €199,800 | €484,800 | +€285,000 | +143% |
| Other amounts receivable | 291 | €199,800 | €484,800 | +€285,000 | +143% |
| Stocks and contracts in progress | 3 | €299,042 | €248,450 | -€50,592 | -16.9% |
| Stocks | 30/36 | €299,042 | €248,450 | -€50,592 | -16.9% |
| Amounts receivable within one year | 40/41 | €2,544,597 | €1,482,540 | -€1.1m | -41.7% |
| Trade receivables | 40 | €2,392,165 | €1,261,286 | -€1.1m | -47.3% |
| Other amounts receivable | 41 | €152,432 | €221,254 | +€68,821 | +45.1% |
| Current investments | 50/53 | €6,040 | €291,219 | +€285,180 | +4,722% |
| Cash at bank and in hand | 54/58 | €1,777,443 | €911,070 | -€866,373 | -48.7% |
| Deferred charges and accrued income | 490/1 | €157,055 | €245,525 | +€88,470 | +56.3% |
| Total equity and liabilities | 10/49 | €10,279,956 | €11,016,196 | +€736,240 | +7.2% |
| Equity | 10/15 | €3,603,212 | €3,610,600 | +€7,388 | +0.2% |
| Contributions | 10/11 | €43,392 | €43,392 | = | 0.0% |
| Reserves | 13 | €306,339 | €306,339 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,339 | €4,339 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,339 | €4,339 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €302,000 | +€302,000 | |
| Distributable reserves | 133 | €302,000 | - | -€302,000 | |
| Profit (loss) carried forward | 14 | €3,253,481 | €3,260,869 | +€7,388 | +0.2% |
| Amounts payable | 17/49 | €6,676,744 | €7,405,596 | +€728,852 | +10.9% |
| Amounts payable after more than one year | 17 | €3,304,358 | €4,044,764 | +€740,406 | +22.4% |
| Financial debts | 170/4 | €3,304,358 | €4,044,764 | +€740,406 | +22.4% |
| Amounts payable within one year | 42/48 | €2,359,846 | €2,329,737 | -€30,109 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €57,126 | - | -€57,126 | |
| Financial debts | 43 | €576,721 | €976,991 | +€400,270 | +69.4% |
| Credit institutions | 430/8 | €576,721 | €976,991 | +€400,270 | +69.4% |
| Trade debts | 44 | €1,626,847 | €1,319,006 | -€307,841 | -18.9% |
| Suppliers | 440/4 | €1,626,847 | €1,319,006 | -€307,841 | -18.9% |
| Taxes, remuneration and social security | 45 | €99,151 | €33,740 | -€65,412 | -66.0% |
| Taxes | 450/3 | €37,153 | €475 | -€36,679 | -98.7% |
| Remuneration and social security | 454/9 | €61,998 | €33,265 | -€28,733 | -46.3% |
| Accrued charges and deferred income | 492/3 | €1,012,540 | €1,031,095 | +€18,555 | +1.8% |
| Remuneration, social security and pensions | 62 | €980,327 | €1,062,711 | +€82,385 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404,325 | €375,576 | -€28,748 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €39,254 | €0 | -€39,254 | -100% |
| Other operating charges | 640/8 | €53,796 | €25,792 | -€28,004 | -52.1% |
| Non-recurring operating charges | 66A | €70,036 | €7,737 | -€62,299 | -89.0% |
| Gross operating margin | 9900 | €2,833,156 | €1,747,393 | -€1.1m | -38.3% |
| Operating profit (loss) | 9901 | €1,285,418 | €275,576 | -€1.0m | -78.6% |
| Financial income | 75/76B | €92,024 | €626,623 | +€534,598 | +581% |
| Recurring financial income | 75 | €66,024 | €626,623 | +€560,598 | +849% |
| Non-recurring financial income | 76B | €26,000 | €0 | -€26,000 | -100% |
| Financial charges | 65/66B | €542,381 | €893,577 | +€351,196 | +64.8% |
| Recurring financial charges | 65 | €125,223 | €893,577 | +€768,353 | +614% |
| Non-recurring financial charges | 66B | €417,157 | €0 | -€417,157 | -100% |
| Profit (loss) for the period before taxes | 9903 | €835,062 | €8,622 | -€826,440 | -99.0% |
| Income taxes | 67/77 | €132,498 | €1,234 | -€131,264 | -99.1% |
| Profit (loss) for the period | 9904 | €702,564 | €7,388 | -€695,176 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €702,564 | €7,388 | -€695,176 | -98.9% |
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 14 October 2026 via checked.be.