growth partner group: what changed
growth partner group
Largest movements
- Financial fixed assets +€274,806
up €274,806 (+19.9%), from €1.4m to €1.7m
- Current investments -€257,327
down €257,327 (-63.1%), from €407,695 to €150,368
- Receivables within one year +€36,811
up €36,811 (+61.0%), from €60,373 to €97,184
of which Trade receivables: +€42,090
- Tangible fixed assets -€22,450
down €22,450 (-37.6%), from €59,642 to €37,193
of which Furniture and vehicles: -€20,795
- Cash -€19,847
down €19,847 (-53.4%), from €37,161 to €17,315
mainly Investment in fixed assets (net) (-€274,806) and Other debts (-€65,455)
- Profit (loss) carried forward +€79,390
new in 2025: €79,390
- Other debts -€65,455
down €65,455 (-66.5%), from €98,454 to €32,999
- Gross operating margin -€36,577
down €36,577 (-26.6%), from €137,383 to €100,806
- Financial income +€28,198
up €28,198 (+80.8%), from €34,914 to €63,112
of which Financial income: +€24,952
- Financial charges -€21,664
down €21,664 (-57.1%), from €37,911 to €16,247
of which Non-recurring financial charges: -€30,696
- Taxes +€13,660
up €13,660 (+49.3%), from €27,683 to €41,343
- Other operating charges +€2,702
up €2,702 (+151%), from €1,786 to €4,488
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,958,098 | €1,959,538 | +€1,440 | +0.1% |
| Fixed assets | 21/28 | €1,441,538 | €1,693,895 | +€252,357 | +17.5% |
| Tangible fixed assets | 22/27 | €59,642 | €37,193 | -€22,450 | -37.6% |
| Land and buildings | 22 | €24,747 | €23,913 | -€833 | -3.4% |
| Plant, machinery and equipment | 23 | €5,440 | €4,619 | -€821 | -15.1% |
| Furniture and vehicles | 24 | €29,455 | €8,661 | -€20,795 | -70.6% |
| Financial fixed assets | 28 | €1,381,896 | €1,656,702 | +€274,806 | +19.9% |
| Current assets | 29/58 | €516,560 | €265,643 | -€250,917 | -48.6% |
| Amounts receivable within one year | 40/41 | €60,373 | €97,184 | +€36,811 | +61.0% |
| Trade receivables | 40 | €24,786 | €66,876 | +€42,090 | +170% |
| Other amounts receivable | 41 | €35,587 | €30,308 | -€5,279 | -14.8% |
| Current investments | 50/53 | €407,695 | €150,368 | -€257,327 | -63.1% |
| Cash at bank and in hand | 54/58 | €37,161 | €17,315 | -€19,847 | -53.4% |
| Deferred charges and accrued income | 490/1 | €11,331 | €777 | -€10,553 | -93.1% |
| Total equity and liabilities | 10/49 | €1,958,098 | €1,959,538 | +€1,440 | +0.1% |
| Equity | 10/15 | €1,820,121 | €1,899,511 | +€79,390 | +4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,801,521 | €1,801,521 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €1,696,271 | €1,696,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €79,390 | +€79,390 | |
| Amounts payable | 17/49 | €137,978 | €60,027 | -€77,950 | -56.5% |
| Amounts payable within one year | 42/48 | €131,481 | €55,782 | -€75,699 | -57.6% |
| Financial debts | 43 | €3,663 | €388 | -€3,274 | -89.4% |
| Credit institutions | 430/8 | €3,663 | €388 | -€3,274 | -89.4% |
| Trade debts | 44 | €2,711 | €2,574 | -€137 | -5.1% |
| Suppliers | 440/4 | €2,711 | €2,574 | -€137 | -5.1% |
| Taxes, remuneration and social security | 45 | €26,653 | €19,820 | -€6,833 | -25.6% |
| Taxes | 450/3 | €26,653 | €19,820 | -€6,833 | -25.6% |
| Other amounts payable | 47/48 | €98,454 | €32,999 | -€65,455 | -66.5% |
| Accrued charges and deferred income | 492/3 | €6,496 | €4,245 | -€2,251 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,656 | €22,450 | -€207 | -0.9% |
| Other operating charges | 640/8 | €1,786 | €4,488 | +€2,702 | +151% |
| Gross operating margin | 9900 | €137,383 | €100,806 | -€36,577 | -26.6% |
| Operating profit (loss) | 9901 | €112,940 | €73,869 | -€39,072 | -34.6% |
| Financial income | 75/76B | €34,914 | €63,112 | +€28,198 | +80.8% |
| Recurring financial income | 75 | €27,897 | €52,849 | +€24,952 | +89.4% |
| Non-recurring financial income | 76B | €7,016 | €10,263 | +€3,246 | +46.3% |
| Financial charges | 65/66B | €37,911 | €16,247 | -€21,664 | -57.1% |
| Recurring financial charges | 65 | €7,214 | €16,247 | +€9,033 | +125% |
| Non-recurring financial charges | 66B | €30,696 | €0 | -€30,696 | -100% |
| Profit (loss) for the period before taxes | 9903 | €109,943 | €120,733 | +€10,790 | +9.8% |
| Income taxes | 67/77 | €27,683 | €41,343 | +€13,660 | +49.3% |
| Profit (loss) for the period | 9904 | €82,260 | €79,390 | -€2,870 | -3.5% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €0 | -€63,150 | -100% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €61,210 | €79,390 | +€18,180 | +29.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.