Growthforce: 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.
Growthforce
Largest movements
- Cash -€42,554
down €42,554 (-62.1%), from €68,497 to €25,943
mainly Investment in fixed assets (net) (-€78,068) and Contributions, distributions and other (-€34,464)
- Intangible fixed assets +€32,914
new in 2025: €32,914
- Tangible fixed assets +€27,547
up €27,547 (+8.8%), from €314,139 to €341,686
- Deferred charges and accrued income -€12,350
down €12,350 (-70.2%), from €17,583 to €5,233
- Reserves +€30,736
up €30,736 (+20.6%), from €149,423 to €180,159
- Trade debts -€25,197
down €25,197 (-72.6%), from €34,707 to €9,510
- Tax, wage and social debts +€14,837
up €14,837 (+71.9%), from €20,639 to €35,476
- Debts after one year -€14,177
down €14,177 (-6.7%), from €212,491 to €198,313
- Gross operating margin +€23,269
up €23,269 (+22.9%), from €101,421 to €124,690
- Taxes +€7,464
up €7,464 (+36.0%), from €20,733 to €28,197
- Depreciation +€7,240
up €7,240 (+69.8%), from €10,366 to €17,606
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 | €440,937 | €447,636 | +€6,700 | +1.5% |
| Fixed assets | 21/28 | €314,139 | €374,601 | +€60,461 | +19.2% |
| Intangible fixed assets | 21 | - | €32,914 | +€32,914 | |
| Tangible fixed assets | 22/27 | €314,139 | €341,686 | +€27,547 | +8.8% |
| Plant, machinery and equipment | 23 | €3,624 | €11,010 | +€7,386 | +203.8% |
| Furniture and vehicles | 24 | €2,867 | €11,738 | +€8,871 | +309.4% |
| Other tangible fixed assets | 26 | €307,648 | €318,938 | +€11,290 | +3.7% |
| Current assets | 29/58 | €126,798 | €73,036 | -€53,762 | -42.4% |
| Amounts receivable within one year | 40/41 | €29,617 | €30,760 | +€1,142 | +3.9% |
| Trade receivables | 40 | €28,260 | €30,089 | +€1,829 | +6.5% |
| Other amounts receivable | 41 | €1,357 | €671 | -€686 | -50.6% |
| Current investments | 50/53 | €11,100 | €11,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,497 | €25,943 | -€42,554 | -62.1% |
| Deferred charges and accrued income | 490/1 | €17,583 | €5,233 | -€12,350 | -70.2% |
| Total equity and liabilities | 10/49 | €440,937 | €447,636 | +€6,700 | +1.5% |
| Equity | 10/15 | €159,423 | €190,159 | +€30,736 | +19.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €149,423 | €180,159 | +€30,736 | +20.6% |
| Distributable reserves | 133 | €149,423 | €180,159 | +€30,736 | +20.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €281,514 | €257,477 | -€24,037 | -8.5% |
| Amounts payable after more than one year | 17 | €212,491 | €198,313 | -€14,177 | -6.7% |
| Financial debts | 170/4 | €212,491 | €198,313 | -€14,177 | -6.7% |
| Amounts payable within one year | 42/48 | €69,023 | €59,163 | -€9,859 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €13,677 | €14,177 | +€500 | +3.7% |
| Trade debts | 44 | €34,707 | €9,510 | -€25,197 | -72.6% |
| Suppliers | 440/4 | €34,707 | €9,510 | -€25,197 | -72.6% |
| Taxes, remuneration and social security | 45 | €20,639 | €35,476 | +€14,837 | +71.9% |
| Taxes | 450/3 | €20,639 | €35,476 | +€14,837 | +71.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,366 | €17,606 | +€7,240 | +69.8% |
| Other operating charges | 640/8 | €2,538 | €3,146 | +€608 | +24.0% |
| Gross operating margin | 9900 | €101,421 | €124,690 | +€23,269 | +22.9% |
| Operating profit (loss) | 9901 | €88,518 | €103,938 | +€15,421 | +17.4% |
| Financial income | 75/76B | €217 | €530 | +€313 | +143.9% |
| Recurring financial income | 75 | €217 | €530 | +€313 | +143.9% |
| Financial charges | 65/66B | €12,295 | €11,071 | -€1,225 | -10.0% |
| Recurring financial charges | 65 | €12,295 | €11,071 | -€1,225 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €76,440 | €93,398 | +€16,958 | +22.2% |
| Income taxes | 67/77 | €20,733 | €28,197 | +€7,464 | +36.0% |
| Profit (loss) for the period | 9904 | €55,707 | €65,201 | +€9,494 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,707 | €65,201 | +€9,494 | +17.0% |
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 6 October 2026 via checked.be.