GROW UP: 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.
GROW UP
Largest movements
- Stocks and contracts -€166,492
no longer reported in 2025 (was €166,492)
- Cash +€58,616
up €58,616 (+144%), from €40,800 to €99,415
mainly Stocks and contracts (+€166,492) and Depreciation (+€52,989)
- Deferred charges and accrued income +€25,833
up €25,833 (+10,548%), from €245 to €26,078
- Tangible fixed assets -€20,363
down €20,363 (-7.7%), from €262,851 to €242,488
of which Other tangible fixed assets: -€34,295
- Debts after one year -€116,611
down €116,611 (-27.4%), from €425,739 to €309,127
- Profit (loss) carried forward +€23,375
up €23,375 (+22.3%), from -€104,773 to -€81,398
- Other debts -€8,790
down €8,790 (-78.0%), from €11,264 to €2,475
- Tax, wage and social debts -€6,781
down €6,781 (-86.6%), from €7,832 to €1,050
of which Remuneration and social security: -€6,000
- Current portion of long-term debt +€5,569
up €5,569 (+23.7%), from €23,541 to €29,110
- Gross operating margin +€101,362
up €101,362, from -€2,163 to €99,200
- Depreciation -€24,293
down €24,293 (-31.4%), from €77,282 to €52,989
- Other operating charges -€4,751
down €4,751 (-43.9%), from €10,826 to €6,075
- Financial charges +€2,664
up €2,664 (+18.6%), from €14,297 to €16,962
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 | €480,119 | €376,465 | -€103,654 | -21.6% |
| Fixed assets | 21/28 | €263,301 | €242,938 | -€20,363 | -7.7% |
| Tangible fixed assets | 22/27 | €262,851 | €242,488 | -€20,363 | -7.7% |
| Plant, machinery and equipment | 23 | €31,288 | €26,817 | -€4,471 | -14.3% |
| Furniture and vehicles | 24 | €15,580 | €33,983 | +€18,404 | +118% |
| Other tangible fixed assets | 26 | €215,983 | €181,688 | -€34,295 | -15.9% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €216,818 | €133,526 | -€83,292 | -38.4% |
| Stocks and contracts in progress | 3 | €166,492 | - | -€166,492 | |
| Stocks | 30/36 | €166,492 | - | -€166,492 | |
| Amounts receivable within one year | 40/41 | €9,282 | €8,033 | -€1,248 | -13.4% |
| Trade receivables | 40 | €4,325 | €3,724 | -€601 | -13.9% |
| Other amounts receivable | 41 | €4,957 | €4,310 | -€647 | -13.1% |
| Cash at bank and in hand | 54/58 | €40,800 | €99,415 | +€58,616 | +144% |
| Deferred charges and accrued income | 490/1 | €245 | €26,078 | +€25,833 | +10,548% |
| Total equity and liabilities | 10/49 | €480,119 | €376,465 | -€103,654 | -21.6% |
| Equity | 10/15 | €9,718 | €33,093 | +€23,375 | +241% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,891 | €95,891 | = | 0.0% |
| Non-distributable reserves | 130/1 | €95,891 | €95,891 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €94,031 | €94,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,773 | -€81,398 | +€23,375 | +22.3% |
| Amounts payable | 17/49 | €470,401 | €343,371 | -€127,030 | -27.0% |
| Amounts payable after more than one year | 17 | €425,739 | €309,127 | -€116,611 | -27.4% |
| Financial debts | 170/4 | €425,739 | €309,127 | -€116,611 | -27.4% |
| Amounts payable within one year | 42/48 | €43,088 | €32,635 | -€10,453 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €23,541 | €29,110 | +€5,569 | +23.7% |
| Advances received on contracts in progress | 46 | €451 | - | -€451 | |
| Taxes, remuneration and social security | 45 | €7,832 | €1,050 | -€6,781 | -86.6% |
| Taxes | 450/3 | €1,832 | €1,050 | -€781 | -42.7% |
| Remuneration and social security | 454/9 | €6,000 | - | -€6,000 | |
| Other amounts payable | 47/48 | €11,264 | €2,475 | -€8,790 | -78.0% |
| Accrued charges and deferred income | 492/3 | €1,574 | €1,609 | +€34 | +2.2% |
| Non-recurring operating income | 76A | - | €7,270 | +€7,270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,282 | €52,989 | -€24,293 | -31.4% |
| Other operating charges | 640/8 | €10,826 | €6,075 | -€4,751 | -43.9% |
| Gross operating margin | 9900 | -€2,163 | €99,200 | +€101,362 | |
| Operating profit (loss) | 9901 | -€90,271 | €40,136 | +€130,407 | |
| Financial income | 75/76B | - | €376 | +€376 | |
| Recurring financial income | 75 | - | €376 | +€376 | |
| Financial charges | 65/66B | €14,297 | €16,962 | +€2,664 | +18.6% |
| Recurring financial charges | 65 | €14,297 | €16,962 | +€2,664 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | -€104,568 | €23,550 | +€128,118 | |
| Income taxes | 67/77 | €205 | €175 | -€30 | -14.5% |
| Profit (loss) for the period | 9904 | -€104,773 | €23,375 | +€128,148 | |
| Profit (loss) for the period to be appropriated | 9905 | -€104,773 | €23,375 | +€128,148 |
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 19 October 2026 via checked.be.