GROUWELS: 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.
GROUWELS
Largest movements
- Cash -€334,477
down €334,477 (-76.2%), from €439,103 to €104,627
mainly Debts after one year (-€202,772) and Tax, wage and social debts (-€115,527)
- Tangible fixed assets -€19,975
down €19,975 (-8.7%), from €228,566 to €208,591
of which Leasing and similar rights: -€14,223
- Debts after one year -€202,772
down €202,772 (-95.2%), from €212,974 to €10,202
- Tax, wage and social debts -€115,527
down €115,527 (-99.9%), from €115,692 to €164
- Current portion of long-term debt -€24,369
down €24,369 (-66.4%), from €36,706 to €12,337
- Profit (loss) carried forward -€6,731
down €6,731 (-48.5%), from -€13,875 to -€20,607
- Gross operating margin +€6,972
up €6,972 (+44.7%), from €15,581 to €22,552
- Financial charges -€2,561
down €2,561 (-37.1%), from €6,896 to €4,335
- Other operating charges +€1,543
up €1,543 (+40.4%), from €3,821 to €5,364
- Financial income -€853
down €853 (-56.7%), from €1,505 to €652
of which Financial income: -€853
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €670,917 | €320,263 | -€350,654 | -52.3% |
| Fixed assets | 21/28 | €228,566 | €208,591 | -€19,975 | -8.7% |
| Tangible fixed assets | 22/27 | €228,566 | €208,591 | -€19,975 | -8.7% |
| Land and buildings | 22 | €191,507 | €185,756 | -€5,751 | -3.0% |
| Leasing and similar rights | 25 | €37,058 | €22,835 | -€14,223 | -38.4% |
| Current assets | 29/58 | €442,351 | €111,672 | -€330,680 | -74.8% |
| Amounts receivable within one year | 40/41 | €2,850 | €5,257 | +€2,408 | +84.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,850 | €5,257 | +€2,408 | +84.5% |
| Cash at bank and in hand | 54/58 | €439,103 | €104,627 | -€334,477 | -76.2% |
| Deferred charges and accrued income | 490/1 | €398 | €1,788 | +€1,390 | +349% |
| Total equity and liabilities | 10/49 | €670,917 | €320,263 | -€350,654 | -52.3% |
| Equity | 10/15 | €303,016 | €296,284 | -€6,731 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €298,291 | €298,291 | = | 0.0% |
| Distributable reserves | 133 | €298,291 | €298,291 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,875 | -€20,607 | -€6,731 | -48.5% |
| Amounts payable | 17/49 | €367,901 | €23,978 | -€343,923 | -93.5% |
| Amounts payable after more than one year | 17 | €212,974 | €10,202 | -€202,772 | -95.2% |
| Financial debts | 170/4 | €212,974 | €10,202 | -€202,772 | -95.2% |
| Amounts payable within one year | 42/48 | €154,927 | €13,776 | -€141,151 | -91.1% |
| Current portion of amounts payable after more than one year | 42 | €36,706 | €12,337 | -€24,369 | -66.4% |
| Trade debts | 44 | €2,530 | €1,276 | -€1,254 | -49.6% |
| Suppliers | 440/4 | €2,530 | €1,276 | -€1,254 | -49.6% |
| Taxes, remuneration and social security | 45 | €115,692 | €164 | -€115,527 | -99.9% |
| Taxes | 450/3 | €115,692 | €164 | -€115,527 | -99.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,975 | €19,975 | = | 0.0% |
| Other operating charges | 640/8 | €3,821 | €5,364 | +€1,543 | +40.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €15,581 | €22,552 | +€6,972 | +44.7% |
| Operating profit (loss) | 9901 | -€8,215 | -€2,787 | +€5,429 | +66.1% |
| Financial income | 75/76B | €1,505 | €652 | -€853 | -56.7% |
| Recurring financial income | 75 | €1,505 | €652 | -€853 | -56.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,896 | €4,335 | -€2,561 | -37.1% |
| Recurring financial charges | 65 | €6,896 | €4,335 | -€2,561 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,607 | -€6,470 | +€7,137 | +52.5% |
| Income taxes | 67/77 | €268 | €261 | -€7 | -2.7% |
| Profit (loss) for the period | 9904 | -€13,875 | -€6,731 | +€7,144 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,875 | -€6,731 | +€7,144 | +51.5% |
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 27 October 2026 via checked.be.