GROWZER: 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.
GROWZER
Largest movements
- Intangible fixed assets +€140,766
up €140,766 (+34.4%), from €408,985 to €549,751
- Receivables within one year +€79,415
up €79,415 (+91.1%), from €87,218 to €166,633
of which Trade receivables: +€79,415
- Cash -€17,709
down €17,709 (-14.1%), from €125,615 to €107,906
mainly Investment in fixed assets (net) (-€281,011) and Net result for the year (-€246,768)
- Trade debts +€414,008
up €414,008 (+539.4%), from €76,747 to €490,754
- Profit (loss) carried forward -€246,768
down €246,768 (-10.2%), from -€2.4m to -€2.7m
- Debts after one year +€30,523
up €30,523 (+5.9%), from €516,295 to €546,818
- Gross operating margin +€61,696
up €61,696 (+107.8%), from €57,219 to €118,914
- Staff costs +€38,179
up €38,179 (+24.4%), from €156,596 to €194,776
- Financial charges +€28,228
up €28,228 (+702.8%), from €4,016 to €32,244
- Depreciation +€4,551
up €4,551 (+3.4%), from €133,445 to €137,995
- Other operating charges -€2,101
down €2,101 (-66.2%), from €3,176 to €1,075
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 | €641,106 | €841,222 | +€200,116 | +31.2% |
| Fixed assets | 21/28 | €411,589 | €554,605 | +€143,016 | +34.7% |
| Intangible fixed assets | 21 | €408,985 | €549,751 | +€140,766 | +34.4% |
| Tangible fixed assets | 22/27 | €1,354 | €1,104 | -€250 | -18.5% |
| Other tangible fixed assets | 26 | €1,354 | €1,104 | -€250 | -18.5% |
| Financial fixed assets | 28 | €1,250 | €3,750 | +€2,500 | +200.0% |
| Current assets | 29/58 | €229,517 | €286,617 | +€57,101 | +24.9% |
| Amounts receivable within one year | 40/41 | €87,218 | €166,633 | +€79,415 | +91.1% |
| Trade receivables | 40 | €87,218 | €166,633 | +€79,415 | +91.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €125,615 | €107,906 | -€17,709 | -14.1% |
| Deferred charges and accrued income | 490/1 | €16,685 | €12,079 | -€4,606 | -27.6% |
| Total equity and liabilities | 10/49 | €641,106 | €841,222 | +€200,116 | +31.2% |
| Equity | 10/15 | €2,659 | -€244,109 | -€246,768 | |
| Contributions | 10/11 | €2,420,177 | €2,420,177 | = | 0.0% |
| Capital | 10 | €2,349,904 | €2,349,904 | = | 0.0% |
| Issued capital | 100 | €2,349,904 | €2,349,904 | = | 0.0% |
| Contributions outside capital | 11 | €70,273 | €70,273 | = | 0.0% |
| Share premium | 1100/10 | €70,273 | €70,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,417,518 | -€2,664,286 | -€246,768 | -10.2% |
| Amounts payable | 17/49 | €638,446 | €1,085,331 | +€446,885 | +70.0% |
| Amounts payable after more than one year | 17 | €516,295 | €546,818 | +€30,523 | +5.9% |
| Financial debts | 170/4 | €516,295 | €546,818 | +€30,523 | +5.9% |
| Amounts payable within one year | 42/48 | €122,152 | €538,513 | +€416,361 | +340.9% |
| Trade debts | 44 | €76,747 | €490,754 | +€414,008 | +539.4% |
| Suppliers | 440/4 | €76,747 | €490,754 | +€414,008 | +539.4% |
| Taxes, remuneration and social security | 45 | €45,405 | €47,759 | +€2,354 | +5.2% |
| Taxes | 450/3 | €16,229 | €9,699 | -€6,530 | -40.2% |
| Remuneration and social security | 454/9 | €29,177 | €38,060 | +€8,884 | +30.4% |
| Remuneration, social security and pensions | 62 | €156,596 | €194,776 | +€38,179 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,445 | €137,995 | +€4,551 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€788 | -€760 | +€28 | +3.6% |
| Other operating charges | 640/8 | €3,176 | €1,075 | -€2,101 | -66.2% |
| Gross operating margin | 9900 | €57,219 | €118,914 | +€61,696 | +107.8% |
| Operating profit (loss) | 9901 | -€235,210 | -€214,172 | +€21,039 | +8.9% |
| Financial income | 75/76B | €4 | €0 | -€4 | -98.8% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -98.8% |
| Financial charges | 65/66B | €4,016 | €32,244 | +€28,228 | +702.8% |
| Recurring financial charges | 65 | €4,016 | €32,244 | +€28,228 | +702.8% |
| Profit (loss) for the period before taxes | 9903 | -€239,222 | -€246,416 | -€7,193 | -3.0% |
| Income taxes | 67/77 | €349 | €352 | +€3 | +1.0% |
| Profit (loss) for the period | 9904 | -€239,571 | -€246,768 | -€7,197 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€239,571 | -€246,768 | -€7,197 | -3.0% |
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 9 October 2026 via checked.be.