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
- Receivables within one year +€40,447
up €40,447 (+222.9%), from €18,143 to €58,589
of which Trade receivables: +€28,450
- Cash -€8,079
down €8,079 (-73.3%), from €11,026 to €2,947
mainly Receivables within one year (-€40,447) and Investment in fixed assets (net) (-€6,950)
- Deferred charges and accrued income +€3,925
new in 2025: €3,925
- Tangible fixed assets -€2,567
down €2,567 (-17.8%), from €14,396 to €11,829
of which Furniture and vehicles: -€4,416
- Trade debts +€22,791
up €22,791 (+2964.8%), from €769 to €23,559
- Reserves +€9,015
up €9,015 (+26.5%), from €34,000 to €43,015
- Profit (loss) carried forward +€1,487
up €1,487, from -€1,487 to €0
- Tax, wage and social debts +€1,485
up €1,485 (+22.1%), from €6,731 to €8,216
- Other debts -€1,052
down €1,052 (-100.0%), from €1,052 to €0
- Gross operating margin -€15,593
down €15,593 (-38.5%), from €40,522 to €24,929
- Other operating charges -€12,124
down €12,124 (-92.1%), from €13,163 to €1,039
- Depreciation -€2,600
down €2,600 (-21.5%), from €12,117 to €9,516
- Financial charges -€1,923
down €1,923 (-79.4%), from €2,423 to €499
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 | €43,565 | €77,290 | +€33,725 | +77.4% |
| Fixed assets | 21/28 | €14,396 | €11,829 | -€2,567 | -17.8% |
| Tangible fixed assets | 22/27 | €14,396 | €11,829 | -€2,567 | -17.8% |
| Plant, machinery and equipment | 23 | €4,696 | €6,545 | +€1,849 | +39.4% |
| Furniture and vehicles | 24 | €9,701 | €5,284 | -€4,416 | -45.5% |
| Current assets | 29/58 | €29,169 | €65,461 | +€36,292 | +124.4% |
| Amounts receivable within one year | 40/41 | €18,143 | €58,589 | +€40,447 | +222.9% |
| Trade receivables | 40 | €14,768 | €43,218 | +€28,450 | +192.7% |
| Other amounts receivable | 41 | €3,375 | €15,371 | +€11,996 | +355.5% |
| Cash at bank and in hand | 54/58 | €11,026 | €2,947 | -€8,079 | -73.3% |
| Deferred charges and accrued income | 490/1 | - | €3,925 | +€3,925 | |
| Total equity and liabilities | 10/49 | €43,565 | €77,290 | +€33,725 | +77.4% |
| Equity | 10/15 | €35,013 | €45,515 | +€10,502 | +30.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €34,000 | €43,015 | +€9,015 | +26.5% |
| Distributable reserves | 133 | €34,000 | €43,015 | +€9,015 | +26.5% |
| Profit (loss) carried forward | 14 | -€1,487 | €0 | +€1,487 | |
| Amounts payable | 17/49 | €8,552 | €31,775 | +€23,223 | +271.6% |
| Amounts payable within one year | 42/48 | €8,552 | €31,775 | +€23,223 | +271.6% |
| Trade debts | 44 | €769 | €23,559 | +€22,791 | +2964.8% |
| Suppliers | 440/4 | €769 | €23,559 | +€22,791 | +2964.8% |
| Taxes, remuneration and social security | 45 | €6,731 | €8,216 | +€1,485 | +22.1% |
| Taxes | 450/3 | €6,731 | €8,216 | +€1,485 | +22.1% |
| Other amounts payable | 47/48 | €1,052 | €0 | -€1,052 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,117 | €9,516 | -€2,600 | -21.5% |
| Other operating charges | 640/8 | €13,163 | €1,039 | -€12,124 | -92.1% |
| Gross operating margin | 9900 | €40,522 | €24,929 | -€15,593 | -38.5% |
| Operating profit (loss) | 9901 | €15,242 | €14,373 | -€869 | -5.7% |
| Financial income | 75/76B | €12 | €331 | +€320 | +2704.1% |
| Recurring financial income | 75 | €12 | €331 | +€320 | +2704.1% |
| Financial charges | 65/66B | €2,423 | €499 | -€1,923 | -79.4% |
| Recurring financial charges | 65 | €2,423 | €499 | -€1,923 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | €12,831 | €14,205 | +€1,374 | +10.7% |
| Income taxes | 67/77 | €3,485 | €3,704 | +€219 | +6.3% |
| Profit (loss) for the period | 9904 | €9,347 | €10,502 | +€1,155 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,347 | €10,502 | +€1,155 | +12.4% |
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 30 September 2026 via checked.be.