GROWO: 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.
GROWO
Largest movements
- Receivables within one year -€100,592
down €100,592 (-29.4%), from €341,731 to €241,139
of which Trade receivables: -€51,761
- Tangible fixed assets -€38,000
down €38,000 (-31.6%), from €120,109 to €82,109
of which Leasing and similar rights: -€43,200
- Trade debts -€95,756
down €95,756 (-66.9%), from €143,239 to €47,483
- Other debts +€45,374
new in 2025: €45,374
- Reserves -€44,597
down €44,597 (-41.6%), from €107,288 to €62,691
of which Distributable reserves: -€44,597
- Current portion of long-term debt -€25,862
down €25,862 (-63.7%), from €40,577 to €14,715
- Debts after one year -€16,065
down €16,065 (-34.3%), from €46,866 to €30,801
- Gross operating margin -€59,270
down €59,270 (-48.3%), from €122,757 to €63,487
- Taxes -€18,409
down €18,409 (-93.3%), from €19,726 to €1,317
- Depreciation -€7,049
down €7,049 (-12.7%), from €55,481 to €48,433
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €462,011 | €326,537 | -€135,474 | -29.3% |
| Fixed assets | 21/28 | €120,109 | €82,109 | -€38,000 | -31.6% |
| Tangible fixed assets | 22/27 | €120,109 | €82,109 | -€38,000 | -31.6% |
| Plant, machinery and equipment | 23 | €14,817 | €23,292 | +€8,475 | +57.2% |
| Furniture and vehicles | 24 | €12,826 | €9,551 | -€3,275 | -25.5% |
| Leasing and similar rights | 25 | €92,466 | €49,266 | -€43,200 | -46.7% |
| Current assets | 29/58 | €341,903 | €244,429 | -€97,474 | -28.5% |
| Amounts receivable within one year | 40/41 | €341,731 | €241,139 | -€100,592 | -29.4% |
| Trade receivables | 40 | €99,972 | €48,211 | -€51,761 | -51.8% |
| Other amounts receivable | 41 | €241,760 | €192,928 | -€48,832 | -20.2% |
| Deferred charges and accrued income | 490/1 | €172 | €3,290 | +€3,118 | +1818.0% |
| Total equity and liabilities | 10/49 | €462,011 | €326,537 | -€135,474 | -29.3% |
| Equity | 10/15 | €189,742 | €148,309 | -€41,433 | -21.8% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €107,288 | €62,691 | -€44,597 | -41.6% |
| Tax-exempt reserves | 132 | €6,453 | €6,453 | = | 0.0% |
| Distributable reserves | 133 | €100,835 | €56,238 | -€44,597 | -44.2% |
| Profit (loss) carried forward | 14 | €66,254 | €69,417 | +€3,163 | +4.8% |
| Amounts payable | 17/49 | €272,269 | €178,229 | -€94,041 | -34.5% |
| Amounts payable after more than one year | 17 | €46,866 | €30,801 | -€16,065 | -34.3% |
| Financial debts | 170/4 | €46,866 | €30,801 | -€16,065 | -34.3% |
| Amounts payable within one year | 42/48 | €225,404 | €147,428 | -€77,976 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €40,577 | €14,715 | -€25,862 | -63.7% |
| Financial debts | 43 | €9,526 | €15,478 | +€5,951 | +62.5% |
| Credit institutions | 430/8 | €9,526 | €15,478 | +€5,951 | +62.5% |
| Trade debts | 44 | €143,239 | €47,483 | -€95,756 | -66.9% |
| Suppliers | 440/4 | €143,239 | €47,483 | -€95,756 | -66.9% |
| Taxes, remuneration and social security | 45 | €32,061 | €24,378 | -€7,683 | -24.0% |
| Taxes | 450/3 | €32,061 | €24,378 | -€7,683 | -24.0% |
| Other amounts payable | 47/48 | - | €45,374 | +€45,374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,481 | €48,433 | -€7,049 | -12.7% |
| Other operating charges | 640/8 | €209 | €1,040 | +€832 | +398.8% |
| Gross operating margin | 9900 | €122,757 | €63,487 | -€59,270 | -48.3% |
| Operating profit (loss) | 9901 | €67,067 | €14,014 | -€53,053 | -79.1% |
| Financial income | 75/76B | €112 | €30 | -€82 | -73.2% |
| Recurring financial income | 75 | €112 | €30 | -€82 | -73.2% |
| Financial charges | 65/66B | €9,435 | €9,564 | +€129 | +1.4% |
| Recurring financial charges | 65 | €9,435 | €9,564 | +€129 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €57,744 | €4,480 | -€53,264 | -92.2% |
| Income taxes | 67/77 | €19,726 | €1,317 | -€18,409 | -93.3% |
| Profit (loss) for the period | 9904 | €38,018 | €3,163 | -€34,855 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,018 | €3,163 | -€34,855 | -91.7% |
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 8 October 2026 via checked.be.