GROEI: 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.
GROEI
Largest movements
- Receivables within one year +€11,263
up €11,263 (+7.1%), from €157,834 to €169,098
of which Trade receivables: +€16,638
- Tangible fixed assets -€6,609
down €6,609 (-21.5%), from €30,790 to €24,181
of which Other tangible fixed assets: -€8,388
- Cash -€5,586
down €5,586 (-85.5%), from €6,531 to €945
mainly Net result for the year (-€41,019) and Receivables within one year (-€11,263)
- Profit (loss) carried forward -€41,019
down €41,019, from €0 to -€41,019
- Other debts +€33,575
up €33,575 (+47.9%), from €70,121 to €103,696
- Tax, wage and social debts +€12,442
up €12,442 (+82.0%), from €15,166 to €27,607
of which Remuneration and social security: +€10,500
- Debts after one year -€5,262
down €5,262 (-20.9%), from €25,153 to €19,891
- Accrued charges and deferred income -€2,838
down €2,838 (-35.1%), from €8,083 to €5,245
- Gross operating margin -€60,012
down €60,012, from €34,520 to -€25,492
- Taxes -€6,117
down €6,117 (-96.8%), from €6,316 to €199
- Financial charges -€518
down €518 (-11.6%), from €4,457 to €3,938
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 | €195,155 | €194,309 | -€845 | -0.4% |
| Fixed assets | 21/28 | €30,790 | €24,181 | -€6,609 | -21.5% |
| Tangible fixed assets | 22/27 | €30,790 | €24,181 | -€6,609 | -21.5% |
| Furniture and vehicles | 24 | €1,693 | €3,473 | +€1,780 | +105.1% |
| Other tangible fixed assets | 26 | €29,096 | €20,708 | -€8,388 | -28.8% |
| Current assets | 29/58 | €164,365 | €170,128 | +€5,763 | +3.5% |
| Amounts receivable within one year | 40/41 | €157,834 | €169,098 | +€11,263 | +7.1% |
| Trade receivables | 40 | €152,460 | €169,098 | +€16,638 | +10.9% |
| Other amounts receivable | 41 | €5,374 | €0 | -€5,374 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,531 | €945 | -€5,586 | -85.5% |
| Deferred charges and accrued income | 490/1 | €0 | €86 | +€86 | |
| Total equity and liabilities | 10/49 | €195,155 | €194,309 | -€845 | -0.4% |
| Equity | 10/15 | €60,784 | €19,765 | -€41,019 | -67.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,584 | €54,584 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,292 | €7,292 | = | 0.0% |
| Distributable reserves | 133 | €47,292 | €47,292 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€41,019 | -€41,019 | |
| Amounts payable | 17/49 | €134,371 | €174,545 | +€40,174 | +29.9% |
| Amounts payable after more than one year | 17 | €25,153 | €19,891 | -€5,262 | -20.9% |
| Financial debts | 170/4 | €25,153 | €19,891 | -€5,262 | -20.9% |
| Amounts payable within one year | 42/48 | €101,134 | €149,409 | +€48,275 | +47.7% |
| Current portion of amounts payable after more than one year | 42 | €15,187 | €15,262 | +€75 | +0.5% |
| Trade debts | 44 | €661 | €2,843 | +€2,183 | +330.4% |
| Suppliers | 440/4 | €661 | €2,843 | +€2,183 | +330.4% |
| Taxes, remuneration and social security | 45 | €15,166 | €27,607 | +€12,442 | +82.0% |
| Taxes | 450/3 | €15,166 | €17,107 | +€1,942 | +12.8% |
| Remuneration and social security | 454/9 | - | €10,500 | +€10,500 | |
| Other amounts payable | 47/48 | €70,121 | €103,696 | +€33,575 | +47.9% |
| Accrued charges and deferred income | 492/3 | €8,083 | €5,245 | -€2,838 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,451 | €10,330 | -€121 | -1.2% |
| Other operating charges | 640/8 | €906 | €1,062 | +€156 | +17.3% |
| Gross operating margin | 9900 | €34,520 | -€25,492 | -€60,012 | |
| Operating profit (loss) | 9901 | €23,163 | -€36,884 | -€60,047 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +376.6% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +376.6% |
| Financial charges | 65/66B | €4,457 | €3,938 | -€518 | -11.6% |
| Recurring financial charges | 65 | €4,457 | €3,938 | -€518 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €18,707 | -€40,820 | -€59,527 | |
| Income taxes | 67/77 | €6,316 | €199 | -€6,117 | -96.8% |
| Profit (loss) for the period | 9904 | €12,391 | -€41,019 | -€53,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,391 | -€41,019 | -€53,410 |
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 30 September 2026 via checked.be.