GRUBE: 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.
GRUBE
Largest movements
- Receivables within one year -€89,264
down €89,264 (-95.7%), from €93,294 to €4,030
of which Trade receivables: -€66,952
- Cash -€84,361
down €84,361 (-64.1%), from €131,677 to €47,316
mainly Investment in fixed assets (net) (-€120,788) and Debts after one year (-€64,029)
- Tangible fixed assets +€72,168
up €72,168 (+4.7%), from €1.5m to €1.6m
- Debts after one year -€64,029
down €64,029 (-26.7%), from €239,565 to €175,536
of which Other amounts payable: -€45,000
- Reserves -€24,006
down €24,006 (-4.1%), from €584,608 to €560,602
of which Tax-exempt reserves: -€24,006
- Gross operating margin -€37,293
down €37,293 (-46.4%), from €80,444 to €43,151
- Taxes -€9,278
down €9,278 (-73.6%), from €12,612 to €3,334
- Depreciation +€7,401
up €7,401 (+18.0%), from €41,220 to €48,621
- Financial charges -€2,106
down €2,106 (-28.1%), from €7,494 to €5,388
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 | €1,777,629 | €1,687,223 | -€90,407 | -5.1% |
| Fixed assets | 21/28 | €1,549,036 | €1,621,204 | +€72,168 | +4.7% |
| Tangible fixed assets | 22/27 | €1,549,036 | €1,621,204 | +€72,168 | +4.7% |
| Land and buildings | 22 | €1,549,036 | €1,621,204 | +€72,168 | +4.7% |
| Current assets | 29/58 | €228,593 | €66,019 | -€162,574 | -71.1% |
| Amounts receivable within one year | 40/41 | €93,294 | €4,030 | -€89,264 | -95.7% |
| Trade receivables | 40 | €67,294 | €343 | -€66,952 | -99.5% |
| Other amounts receivable | 41 | €26,000 | €3,687 | -€22,313 | -85.8% |
| Cash at bank and in hand | 54/58 | €131,677 | €47,316 | -€84,361 | -64.1% |
| Deferred charges and accrued income | 490/1 | €3,622 | €14,673 | +€11,051 | +305.1% |
| Total equity and liabilities | 10/49 | €1,777,629 | €1,687,223 | -€90,407 | -5.1% |
| Equity | 10/15 | €1,307,826 | €1,292,028 | -€15,798 | -1.2% |
| Contributions | 10/11 | €154,261 | €154,261 | = | 0.0% |
| Capital | 10 | €154,261 | €154,261 | = | 0.0% |
| Issued capital | 100 | €154,261 | €154,261 | = | 0.0% |
| Reserves | 13 | €584,608 | €560,602 | -€24,006 | -4.1% |
| Non-distributable reserves | 130/1 | €15,426 | €15,426 | = | 0.0% |
| Legal reserve | 130 | €15,426 | €15,426 | = | 0.0% |
| Tax-exempt reserves | 132 | €569,181 | €545,176 | -€24,006 | -4.2% |
| Profit (loss) carried forward | 14 | €568,957 | €577,165 | +€8,208 | +1.4% |
| Provisions and deferred taxes | 16 | €189,727 | €181,725 | -€8,002 | -4.2% |
| Deferred taxes | 168 | €189,727 | €181,725 | -€8,002 | -4.2% |
| Amounts payable | 17/49 | €280,076 | €213,469 | -€66,607 | -23.8% |
| Amounts payable after more than one year | 17 | €239,565 | €175,536 | -€64,029 | -26.7% |
| Financial debts | 170/4 | €104,565 | €85,536 | -€19,029 | -18.2% |
| Other amounts payable | 178/9 | €135,000 | €90,000 | -€45,000 | -33.3% |
| Amounts payable within one year | 42/48 | €24,307 | €32,638 | +€8,331 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €18,770 | €19,029 | +€259 | +1.4% |
| Trade debts | 44 | €657 | €10,832 | +€10,175 | +1549.8% |
| Suppliers | 440/4 | €657 | €10,832 | +€10,175 | +1549.8% |
| Taxes, remuneration and social security | 45 | €4,485 | €791 | -€3,694 | -82.4% |
| Taxes | 450/3 | €4,485 | €791 | -€3,694 | -82.4% |
| Other amounts payable | 47/48 | €396 | €1,987 | +€1,591 | +402.1% |
| Accrued charges and deferred income | 492/3 | €16,205 | €5,295 | -€10,910 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,220 | €48,621 | +€7,401 | +18.0% |
| Other operating charges | 640/8 | €9,984 | €10,377 | +€393 | +3.9% |
| Gross operating margin | 9900 | €80,444 | €43,151 | -€37,293 | -46.4% |
| Operating profit (loss) | 9901 | €29,240 | -€15,848 | -€45,088 | |
| Financial income | 75/76B | €422 | €770 | +€347 | +82.3% |
| Recurring financial income | 75 | €422 | €770 | +€347 | +82.3% |
| Financial charges | 65/66B | €7,494 | €5,388 | -€2,106 | -28.1% |
| Recurring financial charges | 65 | €7,494 | €5,388 | -€2,106 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €22,169 | -€20,466 | -€42,635 | |
| Transfer from deferred taxes | 780 | €6,730 | €8,002 | +€1,272 | +18.9% |
| Income taxes | 67/77 | €12,612 | €3,334 | -€9,278 | -73.6% |
| Profit (loss) for the period | 9904 | €16,287 | -€15,798 | -€32,084 | |
| Transfer from tax-exempt reserves | 789 | €20,189 | €24,006 | +€3,817 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,476 | €8,208 | -€28,267 | -77.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.