GROFEM: 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.
GROFEM
Largest movements
- Tangible fixed assets -€170,367
down €170,367 (-10.6%), from €1.6m to €1.4m
- Current investments +€75,000
up €75,000 (+41.7%), from €180,000 to €255,000
- Cash +€22,841
up €22,841 (+40.9%), from €55,784 to €78,625
mainly Depreciation (+€170,367) and Net result for the year (+€118,119)
- Debts after one year -€314,426
down €314,426 (-61.7%), from €509,661 to €195,235
of which Financial debts: -€323,682
- Reserves +€118,119
up €118,119 (+29.3%), from €402,571 to €520,690
- Other debts +€73,620
up €73,620 (+23.5%), from €313,798 to €387,418
- Accrued charges and deferred income +€35,665
up €35,665 (+89.3%), from €39,958 to €75,623
- Financial charges -€12,080
down €12,080 (-27.4%), from €44,055 to €31,975
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 | €1,840,428 | €1,767,902 | -€72,526 | -3.9% |
| Fixed assets | 21/28 | €1,604,644 | €1,434,277 | -€170,367 | -10.6% |
| Tangible fixed assets | 22/27 | €1,604,644 | €1,434,277 | -€170,367 | -10.6% |
| Land and buildings | 22 | €1,604,644 | €1,434,277 | -€170,367 | -10.6% |
| Current assets | 29/58 | €235,784 | €333,625 | +€97,841 | +41.5% |
| Current investments | 50/53 | €180,000 | €255,000 | +€75,000 | +41.7% |
| Cash at bank and in hand | 54/58 | €55,784 | €78,625 | +€22,841 | +40.9% |
| Total equity and liabilities | 10/49 | €1,840,428 | €1,767,902 | -€72,526 | -3.9% |
| Equity | 10/15 | €652,571 | €770,690 | +€118,119 | +18.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €402,571 | €520,690 | +€118,119 | +29.3% |
| Distributable reserves | 133 | €402,571 | €520,690 | +€118,119 | +29.3% |
| Amounts payable | 17/49 | €1,187,858 | €997,212 | -€190,646 | -16.0% |
| Amounts payable after more than one year | 17 | €509,661 | €195,235 | -€314,426 | -61.7% |
| Financial debts | 170/4 | €382,522 | €58,840 | -€323,682 | -84.6% |
| Other amounts payable | 178/9 | €127,139 | €136,395 | +€9,257 | +7.3% |
| Amounts payable within one year | 42/48 | €638,239 | €726,354 | +€88,115 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €311,073 | €323,682 | +€12,609 | +4.1% |
| Trade debts | 44 | - | €2,235 | +€2,235 | |
| Suppliers | 440/4 | - | €2,235 | +€2,235 | |
| Taxes, remuneration and social security | 45 | €13,368 | €13,019 | -€349 | -2.6% |
| Taxes | 450/3 | €13,368 | €13,019 | -€349 | -2.6% |
| Other amounts payable | 47/48 | €313,798 | €387,418 | +€73,620 | +23.5% |
| Accrued charges and deferred income | 492/3 | €39,958 | €75,623 | +€35,665 | +89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,367 | €170,367 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €0 | -€968 | -100.0% |
| Gross operating margin | 9900 | €356,565 | €354,830 | -€1,735 | -0.5% |
| Operating profit (loss) | 9901 | €185,230 | €184,463 | -€768 | -0.4% |
| Financial income | 75/76B | €3,321 | €5,005 | +€1,684 | +50.7% |
| Recurring financial income | 75 | €3,321 | €5,005 | +€1,684 | +50.7% |
| Financial charges | 65/66B | €44,055 | €31,975 | -€12,080 | -27.4% |
| Recurring financial charges | 65 | €44,055 | €31,975 | -€12,080 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €144,496 | €157,493 | +€12,996 | +9.0% |
| Income taxes | 67/77 | €36,204 | €39,373 | +€3,169 | +8.8% |
| Profit (loss) for the period | 9904 | €108,292 | €118,119 | +€9,827 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,292 | €118,119 | +€9,827 | +9.1% |
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 9 October 2026 via checked.be.