GROUNDHOG: 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.
GROUNDHOG
Largest movements
- Financial fixed assets +€297,500
up €297,500 (+2,380%), from €12,500 to €310,000
- Tangible fixed assets +€150,619
up €150,619 (+7.3%), from €2.1m to €2.2m
of which Land and buildings: +€149,153
- Cash -€51,089
down €51,089 (-65.8%), from €77,666 to €26,576
mainly Investment in fixed assets (net) (-€585,341) and Net result for the year (-€117,983)
- Receivables within one year +€29,853
up €29,853 (+19.6%), from €152,348 to €182,201
of which Trade receivables: +€167,344
- Other debts +€373,797
up €373,797 (+202%), from €185,313 to €559,110
- Trade debts +€166,122
up €166,122 (+30,600%), from €543 to €166,665
- Profit (loss) carried forward -€117,983
down €117,983 (-60.9%), from €193,649 to €75,665
- Current portion of long-term debt -€31,145
down €31,145 (-20.1%), from €154,763 to €123,617
- Taxes -€32,269
down €32,269 (-93.7%), from €34,433 to €2,163
- Financial charges +€16,068
up €16,068 (+43.4%), from €37,006 to €53,075
- Other operating charges +€8,970
up €8,970 (+76.3%), from €11,753 to €20,723
- Gross operating margin +€5,636
up €5,636 (+6.3%), from €89,563 to €95,199
- Financial income -€1,115
down €1,115 (-100.0%), from €1,116 to €0
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 | €2,314,719 | €2,732,757 | +€418,038 | +18.1% |
| Fixed assets | 21/28 | €2,070,427 | €2,518,546 | +€448,119 | +21.6% |
| Tangible fixed assets | 22/27 | €2,057,927 | €2,208,546 | +€150,619 | +7.3% |
| Land and buildings | 22 | €2,028,603 | €2,177,756 | +€149,153 | +7.4% |
| Plant, machinery and equipment | 23 | €3,936 | €2,336 | -€1,600 | -40.7% |
| Furniture and vehicles | 24 | €18,042 | €12,662 | -€5,379 | -29.8% |
| Other tangible fixed assets | 26 | €7,347 | €15,792 | +€8,446 | +115% |
| Financial fixed assets | 28 | €12,500 | €310,000 | +€297,500 | +2,380% |
| Current assets | 29/58 | €244,292 | €214,211 | -€30,081 | -12.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €6,145 | - | -€6,145 | |
| Stocks | 30/36 | €6,145 | - | -€6,145 | |
| Amounts receivable within one year | 40/41 | €152,348 | €182,201 | +€29,853 | +19.6% |
| Trade receivables | 40 | €14,000 | €181,344 | +€167,344 | +1,195% |
| Other amounts receivable | 41 | €138,348 | €857 | -€137,491 | -99.4% |
| Cash at bank and in hand | 54/58 | €77,666 | €26,576 | -€51,089 | -65.8% |
| Deferred charges and accrued income | 490/1 | €8,132 | €5,433 | -€2,699 | -33.2% |
| Total equity and liabilities | 10/49 | €2,314,719 | €2,732,757 | +€418,038 | +18.1% |
| Equity | 10/15 | €214,109 | €96,125 | -€117,983 | -55.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,649 | €75,665 | -€117,983 | -60.9% |
| Amounts payable | 17/49 | €2,100,610 | €2,636,632 | +€536,022 | +25.5% |
| Amounts payable after more than one year | 17 | €1,733,056 | €1,744,059 | +€11,002 | +0.6% |
| Financial debts | 170/4 | €1,719,496 | €1,730,499 | +€11,002 | +0.6% |
| Other amounts payable | 178/9 | €13,560 | €13,560 | = | 0.0% |
| Amounts payable within one year | 42/48 | €350,713 | €878,042 | +€527,330 | +150% |
| Current portion of amounts payable after more than one year | 42 | €154,763 | €123,617 | -€31,145 | -20.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €543 | €166,665 | +€166,122 | +30,600% |
| Suppliers | 440/4 | €543 | €166,665 | +€166,122 | +30,600% |
| Advances received on contracts in progress | 46 | - | €12,549 | +€12,549 | |
| Taxes, remuneration and social security | 45 | €10,094 | €16,101 | +€6,007 | +59.5% |
| Taxes | 450/3 | €10,094 | €16,101 | +€6,007 | +59.5% |
| Other amounts payable | 47/48 | €185,313 | €559,110 | +€373,797 | +202% |
| Accrued charges and deferred income | 492/3 | €16,841 | €14,531 | -€2,311 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,834 | €137,222 | +€388 | +0.3% |
| Other operating charges | 640/8 | €11,753 | €20,723 | +€8,970 | +76.3% |
| Gross operating margin | 9900 | €89,563 | €95,199 | +€5,636 | +6.3% |
| Operating profit (loss) | 9901 | -€59,024 | -€62,746 | -€3,722 | -6.3% |
| Financial income | 75/76B | €1,116 | €0 | -€1,115 | -100.0% |
| Recurring financial income | 75 | €1,116 | €0 | -€1,115 | -100.0% |
| Financial charges | 65/66B | €37,006 | €53,075 | +€16,068 | +43.4% |
| Recurring financial charges | 65 | €37,006 | €53,075 | +€16,068 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | -€94,915 | -€115,820 | -€20,905 | -22.0% |
| Income taxes | 67/77 | €34,433 | €2,163 | -€32,269 | -93.7% |
| Profit (loss) for the period | 9904 | -€129,347 | -€117,983 | +€11,364 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,347 | -€117,983 | +€11,364 | +8.8% |
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 18 October 2026 via checked.be.