GROFRUBEL: 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.
GROFRUBEL
Largest movements
- Tangible fixed assets +€172,339
up €172,339 (+21.4%), from €805,336 to €977,675
of which Leasing and similar rights: +€137,589
- Current investments +€45,505
up €45,505 (+25.2%), from €180,805 to €226,310
- Cash +€39,024
up €39,024 (+377%), from €10,361 to €49,385
mainly Depreciation (+€155,252) and Net result for the year (+€110,297)
- Receivables within one year +€28,683
up €28,683 (+64.3%), from €44,590 to €73,273
of which Trade receivables: +€26,354
- Stocks and contracts -€24,623
down €24,623 (-5.9%), from €419,561 to €394,938
- Other debts +€98,520
up €98,520 (+22.6%), from €435,741 to €534,261
- Trade debts +€60,193
up €60,193 (+75.3%), from €79,917 to €140,110
- Debts after one year +€52,878
up €52,878 (+18.3%), from €288,695 to €341,573
- Current portion of long-term debt +€32,261
up €32,261 (+39.9%), from €80,809 to €113,070
- Tax, wage and social debts +€22,225
up €22,225 (+120%), from €18,451 to €40,676
of which Remuneration and social security: +€17,735
- Gross operating margin +€127,587
up €127,587 (+30.0%), from €425,311 to €552,898
- Staff costs +€41,870
up €41,870 (+26.8%), from €156,496 to €198,366
- Other operating charges +€12,597
up €12,597 (+126%), from €9,990 to €22,587
- Depreciation +€10,956
up €10,956 (+7.6%), from €144,296 to €155,252
- Taxes +€8,464
up €8,464 (+29.7%), from €28,536 to €37,000
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 | €1,466,574 | €1,730,761 | +€264,187 | +18.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €805,943 | €978,282 | +€172,339 | +21.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €805,336 | €977,675 | +€172,339 | +21.4% |
| Land and buildings | 22 | €670,209 | €627,776 | -€42,433 | -6.3% |
| Plant, machinery and equipment | 23 | €89,127 | €140,817 | +€51,690 | +58.0% |
| Furniture and vehicles | 24 | €46,000 | €71,493 | +€25,493 | +55.4% |
| Leasing and similar rights | 25 | - | €137,589 | +€137,589 | |
| Financial fixed assets | 28 | €607 | €607 | = | 0.0% |
| Current assets | 29/58 | €660,631 | €752,479 | +€91,848 | +13.9% |
| Stocks and contracts in progress | 3 | €419,561 | €394,938 | -€24,623 | -5.9% |
| Stocks | 30/36 | €419,561 | €394,938 | -€24,623 | -5.9% |
| Amounts receivable within one year | 40/41 | €44,590 | €73,273 | +€28,683 | +64.3% |
| Trade receivables | 40 | €11,732 | €38,086 | +€26,354 | +225% |
| Other amounts receivable | 41 | €32,858 | €35,187 | +€2,329 | +7.1% |
| Current investments | 50/53 | €180,805 | €226,310 | +€45,505 | +25.2% |
| Cash at bank and in hand | 54/58 | €10,361 | €49,385 | +€39,024 | +377% |
| Deferred charges and accrued income | 490/1 | €5,314 | €8,573 | +€3,259 | +61.3% |
| Total equity and liabilities | 10/49 | €1,466,574 | €1,730,761 | +€264,187 | +18.0% |
| Equity | 10/15 | €559,443 | €559,740 | +€297 | +0.1% |
| Contributions | 10/11 | €122,800 | €122,800 | = | 0.0% |
| Reserves | 13 | €430,626 | €430,903 | +€277 | +0.1% |
| Tax-exempt reserves | 132 | €16,326 | €8,703 | -€7,623 | -46.7% |
| Distributable reserves | 133 | €414,300 | €422,200 | +€7,900 | +1.9% |
| Profit (loss) carried forward | 14 | €6,017 | €6,037 | +€20 | +0.3% |
| Provisions and deferred taxes | 16 | €3,203 | €1,331 | -€1,872 | -58.4% |
| Deferred taxes | 168 | €3,203 | €1,331 | -€1,872 | -58.4% |
| Amounts payable | 17/49 | €903,928 | €1,169,690 | +€265,762 | +29.4% |
| Amounts payable after more than one year | 17 | €288,695 | €341,573 | +€52,878 | +18.3% |
| Financial debts | 170/4 | €288,695 | €341,573 | +€52,878 | +18.3% |
| Amounts payable within one year | 42/48 | €614,918 | €828,117 | +€213,199 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €80,809 | €113,070 | +€32,261 | +39.9% |
| Trade debts | 44 | €79,917 | €140,110 | +€60,193 | +75.3% |
| Suppliers | 440/4 | €79,917 | €140,110 | +€60,193 | +75.3% |
| Taxes, remuneration and social security | 45 | €18,451 | €40,676 | +€22,225 | +120% |
| Taxes | 450/3 | €7,552 | €12,042 | +€4,490 | +59.5% |
| Remuneration and social security | 454/9 | €10,899 | €28,634 | +€17,735 | +163% |
| Other amounts payable | 47/48 | €435,741 | €534,261 | +€98,520 | +22.6% |
| Accrued charges and deferred income | 492/3 | €315 | - | -€315 | |
| Non-recurring operating income | 76A | - | €32,500 | +€32,500 | |
| Remuneration, social security and pensions | 62 | €156,496 | €198,366 | +€41,870 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,296 | €155,252 | +€10,956 | +7.6% |
| Other operating charges | 640/8 | €9,990 | €22,587 | +€12,597 | +126% |
| Gross operating margin | 9900 | €425,311 | €552,898 | +€127,587 | +30.0% |
| Operating profit (loss) | 9901 | €114,529 | €176,693 | +€62,164 | +54.3% |
| Financial income | 75/76B | €593 | €1,404 | +€811 | +137% |
| Recurring financial income | 75 | €593 | €1,404 | +€811 | +137% |
| Financial charges | 65/66B | €31,965 | €32,671 | +€706 | +2.2% |
| Recurring financial charges | 65 | €31,965 | €32,671 | +€706 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €83,157 | €145,426 | +€62,269 | +74.9% |
| Transfer from deferred taxes | 780 | €1,871 | €1,871 | = | 0.0% |
| Income taxes | 67/77 | €28,536 | €37,000 | +€8,464 | +29.7% |
| Profit (loss) for the period | 9904 | €56,492 | €110,297 | +€53,805 | +95.2% |
| Transfer from tax-exempt reserves | 789 | €7,623 | €7,623 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,115 | €117,920 | +€53,805 | +83.9% |
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 26 October 2026 via checked.be.