GROW IT: 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 IT
Largest movements
- Current investments -€66,865
down €66,865 (-17.6%), from €379,633 to €312,768
- Cash -€49,453
down €49,453 (-71.7%), from €68,964 to €19,511
mainly Accrued charges and deferred income (-€182,526) and Contributions, distributions and other (-€57,500)
- Tangible fixed assets -€11,382
down €11,382 (-4.5%), from €252,189 to €240,808
of which Furniture and vehicles: -€6,995
- Accrued charges and deferred income -€182,526
down €182,526 (-51.6%), from €354,005 to €171,479
- Other debts +€61,331
up €61,331 (+607.4%), from €10,098 to €71,428
- Tax, wage and social debts -€15,381
down €15,381 (-70.5%), from €21,822 to €6,441
- Reserves -€10,500
down €10,500 (-4.2%), from €247,360 to €236,860
of which Non-distributable reserves: -€10,500
- Current portion of long-term debt +€7,714
new in 2025: €7,714
- Other operating charges +€15,260
up €15,260 (+446.7%), from €3,416 to €18,676
- Gross operating margin +€14,674
up €14,674 (+14.7%), from €99,768 to €114,442
- Financial income -€8,423
down €8,423 (-57.7%), from €14,590 to €6,167
- Depreciation +€4,326
up €4,326 (+22.0%), from €19,693 to €24,018
- Taxes +€3,849
up €3,849 (+14.5%), from €26,518 to €30,367
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 | €732,201 | €596,227 | -€135,975 | -18.6% |
| Fixed assets | 21/28 | €275,599 | €263,268 | -€12,331 | -4.5% |
| Intangible fixed assets | 21 | €23,360 | €22,461 | -€899 | -3.9% |
| Tangible fixed assets | 22/27 | €252,189 | €240,808 | -€11,382 | -4.5% |
| Land and buildings | 22 | €179,194 | €174,027 | -€5,167 | -2.9% |
| Plant, machinery and equipment | 23 | €54,043 | €54,823 | +€780 | +1.4% |
| Furniture and vehicles | 24 | €18,952 | €11,957 | -€6,995 | -36.9% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €456,602 | €332,958 | -€123,644 | -27.1% |
| Amounts receivable within one year | 40/41 | €2,525 | €325 | -€2,200 | -87.1% |
| Trade receivables | 40 | €1,625 | €325 | -€1,300 | -80.0% |
| Other amounts receivable | 41 | €900 | - | -€900 | |
| Current investments | 50/53 | €379,633 | €312,768 | -€66,865 | -17.6% |
| Cash at bank and in hand | 54/58 | €68,964 | €19,511 | -€49,453 | -71.7% |
| Deferred charges and accrued income | 490/1 | €5,480 | €355 | -€5,126 | -93.5% |
| Total equity and liabilities | 10/49 | €732,201 | €596,227 | -€135,975 | -18.6% |
| Equity | 10/15 | €343,090 | €332,673 | -€10,418 | -3.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €247,360 | €236,860 | -€10,500 | -4.2% |
| Non-distributable reserves | 130/1 | €245,500 | €235,000 | -€10,500 | -4.3% |
| Own shares acquired | 1312 | €245,500 | €235,000 | -€10,500 | -4.3% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,530 | €89,613 | +€82 | +0.1% |
| Amounts payable | 17/49 | €389,111 | €263,554 | -€125,557 | -32.3% |
| Amounts payable after more than one year | 17 | - | €1,323 | +€1,323 | |
| Financial debts | 170/4 | - | €1,323 | +€1,323 | |
| Amounts payable within one year | 42/48 | €35,106 | €90,752 | +€55,646 | +158.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,714 | +€7,714 | |
| Financial debts | 43 | €871 | €1,243 | +€371 | +42.6% |
| Credit institutions | 430/8 | €871 | €1,243 | +€371 | +42.6% |
| Trade debts | 44 | €2,315 | €3,927 | +€1,612 | +69.6% |
| Suppliers | 440/4 | €2,315 | €3,927 | +€1,612 | +69.6% |
| Taxes, remuneration and social security | 45 | €21,822 | €6,441 | -€15,381 | -70.5% |
| Taxes | 450/3 | €21,822 | €6,441 | -€15,381 | -70.5% |
| Other amounts payable | 47/48 | €10,098 | €71,428 | +€61,331 | +607.4% |
| Accrued charges and deferred income | 492/3 | €354,005 | €171,479 | -€182,526 | -51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,693 | €24,018 | +€4,326 | +22.0% |
| Other operating charges | 640/8 | €3,416 | €18,676 | +€15,260 | +446.7% |
| Gross operating margin | 9900 | €99,768 | €114,442 | +€14,674 | +14.7% |
| Operating profit (loss) | 9901 | €76,659 | €71,748 | -€4,911 | -6.4% |
| Financial income | 75/76B | €14,590 | €6,167 | -€8,423 | -57.7% |
| Recurring financial income | 75 | €14,590 | €6,167 | -€8,423 | -57.7% |
| Financial charges | 65/66B | €770 | €465 | -€305 | -39.6% |
| Recurring financial charges | 65 | €770 | €465 | -€305 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €90,479 | €77,450 | -€13,029 | -14.4% |
| Income taxes | 67/77 | €26,518 | €30,367 | +€3,849 | +14.5% |
| Profit (loss) for the period | 9904 | €63,961 | €47,082 | -€16,879 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,961 | €47,082 | -€16,879 | -26.4% |
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.