GRSM: 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.
GRSM
Largest movements
- Cash +€13,751
up €13,751 (+367.6%), from €3,741 to €17,493
mainly Net result for the year (+€14,894) and Trade debts (+€3,765)
- Current investments +€5,072
new in 2025: €5,072
- Deferred charges and accrued income +€2,195
new in 2025: €2,195
- Formation expenses -€462
down €462 (-97.3%), from €475 to €13
- Reserves +€10,970
new in 2025: €10,970
- Profit (loss) carried forward +€3,924
no longer reported in 2025 (was -€3,924)
- Trade debts +€3,765
up €3,765 (+63.0%), from €5,974 to €9,740
- Tax, wage and social debts +€2,184
up €2,184 (+21.8%), from €10,000 to €12,184
- Turnover +€54,381
up €54,381 (+71.9%), from €75,650 to €130,031
- Gross operating margin +€32,164
up €32,164, from -€10,746 to €21,418
- Purchases and services +€22,087
up €22,087 (+24.9%), from €88,585 to €110,672
- Taxes +€5,216
up €5,216, from -€1,653 to €3,564
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 | €17,051 | €37,893 | +€20,843 | +122.2% |
| Formation expenses | 20 | €475 | €13 | -€462 | -97.3% |
| Fixed assets | 21/28 | €6,477 | €6,723 | +€246 | +3.8% |
| Tangible fixed assets | 22/27 | €6,477 | €6,723 | +€246 | +3.8% |
| Land and buildings | 22 | €3,325 | €2,927 | -€398 | -12.0% |
| Plant, machinery and equipment | 23 | €2,046 | €1,486 | -€560 | -27.4% |
| Furniture and vehicles | 24 | €1,106 | €2,310 | +€1,204 | +108.9% |
| Current assets | 29/58 | €10,099 | €31,158 | +€21,058 | +208.5% |
| Amounts receivable within one year | 40/41 | €6,358 | €6,399 | +€41 | +0.6% |
| Trade receivables | 40 | €5,362 | €2,306 | -€3,057 | -57.0% |
| Other amounts receivable | 41 | €996 | €4,093 | +€3,097 | +311.1% |
| Current investments | 50/53 | - | €5,072 | +€5,072 | |
| Cash at bank and in hand | 54/58 | €3,741 | €17,493 | +€13,751 | +367.6% |
| Deferred charges and accrued income | 490/1 | - | €2,195 | +€2,195 | |
| Total equity and liabilities | 10/49 | €17,051 | €37,893 | +€20,843 | +122.2% |
| Equity | 10/15 | €1,076 | €15,970 | +€14,894 | +1383.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €10,970 | +€10,970 | |
| Distributable reserves | 133 | - | €10,970 | +€10,970 | |
| Profit (loss) carried forward | 14 | -€3,924 | - | +€3,924 | |
| Amounts payable | 17/49 | €15,974 | €21,923 | +€5,949 | +37.2% |
| Amounts payable within one year | 42/48 | €15,974 | €21,923 | +€5,949 | +37.2% |
| Trade debts | 44 | €5,974 | €9,740 | +€3,765 | +63.0% |
| Suppliers | 440/4 | €5,974 | €9,740 | +€3,765 | +63.0% |
| Taxes, remuneration and social security | 45 | €10,000 | €12,184 | +€2,184 | +21.8% |
| Taxes | 450/3 | €10,000 | €12,184 | +€2,184 | +21.8% |
| Turnover | 70 | €75,650 | €130,031 | +€54,381 | +71.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €88,585 | €110,672 | +€22,087 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,849 | €2,329 | +€480 | +26.0% |
| Other operating charges | 640/8 | €398 | €550 | +€151 | +37.9% |
| Gross operating margin | 9900 | -€10,746 | €21,418 | +€32,164 | |
| Operating profit (loss) | 9901 | -€12,994 | €18,539 | +€31,533 | |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €166 | €82 | -€84 | -50.6% |
| Recurring financial charges | 65 | €166 | €82 | -€84 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,113 | €18,457 | +€31,570 | |
| Income taxes | 67/77 | -€1,653 | €3,564 | +€5,216 | |
| Profit (loss) for the period | 9904 | -€11,460 | €14,894 | +€26,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,460 | €14,894 | +€26,354 |
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 1 October 2026 via checked.be.