GROW+: what changed
Two fiscal 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.
GROW+
Largest movements
- Cash +€123,914
up €123,914 (+112.3%), from €110,366 to €234,280
mainly Other debts (+€137,819) and Net result for the year (+€130,300)
- Current investments +€20,665
up €20,665 (+5.5%), from €376,318 to €396,983
- Tangible fixed assets -€13,614
down €13,614 (-29.3%), from €46,452 to €32,839
of which Furniture and vehicles: -€13,010
- Other debts +€137,819
up €137,819 (+76227.4%), from €181 to €138,000
- Reserves -€7,700
down €7,700 (-1.3%), from €596,611 to €588,911
of which Distributable reserves: -€8,304
- Gross operating margin -€27,374
down €27,374 (-13.3%), from €205,439 to €178,065
- Financial income -€21,407
down €21,407 (-52.4%), from €40,838 to €19,432
- Taxes -€6,730
down €6,730 (-12.0%), from €56,005 to €49,275
- Depreciation -€2,686
down €2,686 (-16.5%), from €16,300 to €13,614
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 | €610,108 | €736,882 | +€126,774 | +20.8% |
| Fixed assets | 21/28 | €46,452 | €32,839 | -€13,614 | -29.3% |
| Tangible fixed assets | 22/27 | €46,452 | €32,839 | -€13,614 | -29.3% |
| Plant, machinery and equipment | 23 | €1,804 | €1,200 | -€604 | -33.5% |
| Furniture and vehicles | 24 | €44,648 | €31,638 | -€13,010 | -29.1% |
| Current assets | 29/58 | €563,656 | €704,044 | +€140,388 | +24.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €73,234 | €68,912 | -€4,322 | -5.9% |
| Trade receivables | 40 | €71,827 | €57,989 | -€13,838 | -19.3% |
| Other amounts receivable | 41 | €1,407 | €10,923 | +€9,516 | +676.5% |
| Current investments | 50/53 | €376,318 | €396,983 | +€20,665 | +5.5% |
| Cash at bank and in hand | 54/58 | €110,366 | €234,280 | +€123,914 | +112.3% |
| Deferred charges and accrued income | 490/1 | €3,738 | €3,868 | +€131 | +3.5% |
| Total equity and liabilities | 10/49 | €610,108 | €736,882 | +€126,774 | +20.8% |
| Equity | 10/15 | €598,611 | €590,911 | -€7,700 | -1.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €596,611 | €588,911 | -€7,700 | -1.3% |
| Tax-exempt reserves | 132 | €1,214 | €1,817 | +€604 | +49.7% |
| Distributable reserves | 133 | €595,398 | €587,094 | -€8,304 | -1.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,497 | €145,972 | +€134,474 | +1169.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,497 | €145,873 | +€134,376 | +1168.8% |
| Trade debts | 44 | €1,439 | €931 | -€508 | -35.3% |
| Suppliers | 440/4 | €1,439 | €931 | -€508 | -35.3% |
| Taxes, remuneration and social security | 45 | €9,878 | €6,942 | -€2,936 | -29.7% |
| Taxes | 450/3 | €9,878 | €3,838 | -€6,039 | -61.1% |
| Remuneration and social security | 454/9 | €0 | €3,104 | +€3,104 | |
| Other amounts payable | 47/48 | €181 | €138,000 | +€137,819 | +76227.4% |
| Accrued charges and deferred income | 492/3 | - | €99 | +€99 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,300 | €13,614 | -€2,686 | -16.5% |
| Other operating charges | 640/8 | €1,119 | €1,150 | +€31 | +2.8% |
| Gross operating margin | 9900 | €205,439 | €178,065 | -€27,374 | -13.3% |
| Operating profit (loss) | 9901 | €188,020 | €163,302 | -€24,719 | -13.1% |
| Financial income | 75/76B | €40,838 | €19,432 | -€21,407 | -52.4% |
| Recurring financial income | 75 | €40,838 | €19,432 | -€21,407 | -52.4% |
| Financial charges | 65/66B | €1,613 | €3,159 | +€1,546 | +95.8% |
| Recurring financial charges | 65 | €1,613 | €3,159 | +€1,546 | +95.8% |
| Profit (loss) for the period before taxes | 9903 | €227,245 | €179,574 | -€47,671 | -21.0% |
| Income taxes | 67/77 | €56,005 | €49,275 | -€6,730 | -12.0% |
| Profit (loss) for the period | 9904 | €171,241 | €130,300 | -€40,941 | -23.9% |
| Transfer to tax-exempt reserves | 689 | €604 | €604 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €170,637 | €129,696 | -€40,941 | -24.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.