GROVAK: 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.
GROVAK
Largest movements
- Tangible fixed assets -€16,341
down €16,341 (-8.2%), from €200,490 to €184,148
- Formation expenses -€3,500
down €3,500 (-50.1%), from €6,990 to €3,490
- Cash +€3,238
up €3,238 (+501%), from €646 to €3,884
mainly Depreciation (+€19,841) and Net result for the year (+€4,026)
- Debts after one year -€19,329
down €19,329 (-28.9%), from €66,836 to €47,507
- Profit (loss) carried forward +€4,026
up €4,026 (+3.5%), from -€114,435 to -€110,409
- Other debts -€2,500
down €2,500 (-3.1%), from €79,422 to €76,922
- Financial charges -€100,474
down €100,474 (-95.6%), from €105,087 to €4,614
of which Non-recurring financial charges: -€99,500
- Gross operating margin +€4,495
up €4,495 (+17.4%), from €25,905 to €30,400
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 | €222,428 | €204,587 | -€17,841 | -8.0% |
| Formation expenses | 20 | €6,990 | €3,490 | -€3,500 | -50.1% |
| Fixed assets | 21/28 | €200,490 | €184,148 | -€16,341 | -8.2% |
| Tangible fixed assets | 22/27 | €200,490 | €184,148 | -€16,341 | -8.2% |
| Land and buildings | 22 | €200,490 | €184,148 | -€16,341 | -8.2% |
| Current assets | 29/58 | €14,948 | €16,949 | +€2,001 | +13.4% |
| Amounts receivable within one year | 40/41 | €14,301 | €13,065 | -€1,237 | -8.6% |
| Other amounts receivable | 41 | €14,301 | €13,065 | -€1,237 | -8.6% |
| Cash at bank and in hand | 54/58 | €646 | €3,884 | +€3,238 | +501% |
| Total equity and liabilities | 10/49 | €222,428 | €204,587 | -€17,841 | -8.0% |
| Equity | 10/15 | €54,237 | €58,262 | +€4,026 | +7.4% |
| Contributions | 10/11 | €163,750 | €163,750 | = | 0.0% |
| Reserves | 13 | €4,922 | €4,922 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,922 | €4,922 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,435 | -€110,409 | +€4,026 | +3.5% |
| Amounts payable | 17/49 | €168,191 | €146,325 | -€21,866 | -13.0% |
| Amounts payable after more than one year | 17 | €66,836 | €47,507 | -€19,329 | -28.9% |
| Financial debts | 170/4 | €66,836 | €47,507 | -€19,329 | -28.9% |
| Amounts payable within one year | 42/48 | €98,742 | €96,655 | -€2,087 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €18,310 | €19,329 | +€1,018 | +5.6% |
| Trade debts | 44 | - | €405 | +€405 | |
| Suppliers | 440/4 | - | €405 | +€405 | |
| Taxes, remuneration and social security | 45 | €1,010 | - | -€1,010 | |
| Taxes | 450/3 | €1,010 | - | -€1,010 | |
| Other amounts payable | 47/48 | €79,422 | €76,922 | -€2,500 | -3.1% |
| Accrued charges and deferred income | 492/3 | €2,613 | €2,162 | -€451 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,841 | €19,841 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,133 | €1,919 | -€214 | -10.0% |
| Gross operating margin | 9900 | €25,905 | €30,400 | +€4,495 | +17.4% |
| Operating profit (loss) | 9901 | €3,930 | €8,640 | +€4,709 | +120% |
| Financial charges | 65/66B | €105,087 | €4,614 | -€100,474 | -95.6% |
| Recurring financial charges | 65 | €5,587 | €4,614 | -€974 | -17.4% |
| Non-recurring financial charges | 66B | €99,500 | - | -€99,500 | |
| Profit (loss) for the period before taxes | 9903 | -€101,157 | €4,026 | +€105,183 | |
| Income taxes | 67/77 | €202 | - | -€202 | |
| Profit (loss) for the period | 9904 | -€101,359 | €4,026 | +€105,385 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,359 | €4,026 | +€105,385 |
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 24 October 2026 via checked.be.