GRUBOR: 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.
GRUBOR
Largest movements
- Receivables within one year -€95,533
down €95,533 (-93.6%), from €102,113 to €6,580
of which Other amounts receivable: -€95,528
- Tangible fixed assets -€91,157
down €91,157 (-4.0%), from €2.3m to €2.2m
of which Land and buildings: -€83,894
- Debts after one year -€150,201
down €150,201 (-8.6%), from €1.7m to €1.6m
- Accrued charges and deferred income +€43,770
up €43,770 (+14.2%), from €307,165 to €350,935
- Trade debts -€37,796
down €37,796 (-45.1%), from €83,873 to €46,077
- Gross operating margin -€17,600
down €17,600 (-8.2%), from €214,842 to €197,242
- Financial charges -€11,920
down €11,920 (-12.9%), from €92,477 to €80,558
- Financial income -€11,323
down €11,323 (-84.2%), from €13,454 to €2,131
- Depreciation +€8,015
up €8,015 (+8.9%), from €90,496 to €98,512
- Other operating charges +€5,912
up €5,912 (+16.5%), from €35,888 to €41,801
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,670,379 | €3,503,449 | -€166,930 | -4.5% |
| Fixed assets | 21/28 | €3,343,505 | €3,252,348 | -€91,157 | -2.7% |
| Tangible fixed assets | 22/27 | €2,293,505 | €2,202,348 | -€91,157 | -4.0% |
| Land and buildings | 22 | €2,258,779 | €2,174,886 | -€83,894 | -3.7% |
| Furniture and vehicles | 24 | €34,726 | €27,462 | -€7,264 | -20.9% |
| Financial fixed assets | 28 | €1,050,000 | €1,050,000 | = | 0.0% |
| Current assets | 29/58 | €326,874 | €251,101 | -€75,773 | -23.2% |
| Amounts receivable within one year | 40/41 | €102,113 | €6,580 | -€95,533 | -93.6% |
| Trade receivables | 40 | €5 | - | -€5 | |
| Other amounts receivable | 41 | €102,108 | €6,580 | -€95,528 | -93.6% |
| Current investments | 50/53 | €100,500 | €100,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,281 | €140,215 | +€16,933 | +13.7% |
| Deferred charges and accrued income | 490/1 | €980 | €3,806 | +€2,827 | +288.5% |
| Total equity and liabilities | 10/49 | €3,670,379 | €3,503,449 | -€166,930 | -4.5% |
| Equity | 10/15 | €773,312 | €753,305 | -€20,007 | -2.6% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €612,076 | €607,425 | -€4,651 | -0.8% |
| Non-distributable reserves | 130/1 | €113,600 | €113,600 | = | 0.0% |
| Legal reserve | 130 | €13,100 | €13,100 | = | 0.0% |
| Own shares acquired | 1312 | €100,500 | €100,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €498,476 | €493,825 | -€4,651 | -0.9% |
| Profit (loss) carried forward | 14 | -€334,551 | -€349,907 | -€15,356 | -4.6% |
| Provisions and deferred taxes | 16 | €166,159 | €164,608 | -€1,550 | -0.9% |
| Deferred taxes | 168 | €166,159 | €164,608 | -€1,550 | -0.9% |
| Amounts payable | 17/49 | €2,730,909 | €2,585,536 | -€145,373 | -5.3% |
| Amounts payable after more than one year | 17 | €1,744,635 | €1,594,434 | -€150,201 | -8.6% |
| Financial debts | 170/4 | €1,744,635 | €1,594,434 | -€150,201 | -8.6% |
| Amounts payable within one year | 42/48 | €679,109 | €640,167 | -€38,942 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €146,095 | €150,261 | +€4,166 | +2.9% |
| Trade debts | 44 | €83,873 | €46,077 | -€37,796 | -45.1% |
| Suppliers | 440/4 | €83,873 | €46,077 | -€37,796 | -45.1% |
| Taxes, remuneration and social security | 45 | - | €3,040 | +€3,040 | |
| Taxes | 450/3 | - | €59 | +€59 | |
| Remuneration and social security | 454/9 | - | €2,981 | +€2,981 | |
| Other amounts payable | 47/48 | €449,141 | €440,789 | -€8,352 | -1.9% |
| Accrued charges and deferred income | 492/3 | €307,165 | €350,935 | +€43,770 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,496 | €98,512 | +€8,015 | +8.9% |
| Other operating charges | 640/8 | €35,888 | €41,801 | +€5,912 | +16.5% |
| Gross operating margin | 9900 | €214,842 | €197,242 | -€17,600 | -8.2% |
| Operating profit (loss) | 9901 | €88,457 | €56,929 | -€31,528 | -35.6% |
| Financial income | 75/76B | €13,454 | €2,131 | -€11,323 | -84.2% |
| Recurring financial income | 75 | €13,454 | €2,131 | -€11,323 | -84.2% |
| Financial charges | 65/66B | €92,477 | €80,558 | -€11,920 | -12.9% |
| Recurring financial charges | 65 | €92,477 | €80,558 | -€11,920 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €9,434 | -€21,498 | -€30,932 | |
| Transfer from deferred taxes | 780 | €1,550 | €1,550 | = | 0.0% |
| Income taxes | 67/77 | - | €59 | +€59 | |
| Profit (loss) for the period | 9904 | €10,984 | -€20,007 | -€30,991 | |
| Transfer from tax-exempt reserves | 789 | €4,651 | €4,651 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,635 | -€15,356 | -€30,991 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.