GruCom: 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.
GruCom
Largest movements
- Receivables within one year +€272,126
up €272,126 (+64.5%), from €421,827 to €693,953
of which Trade receivables: +€267,584
- Tangible fixed assets -€94,527
down €94,527 (-18.9%), from €500,296 to €405,769
of which Furniture and vehicles: -€87,574
- Cash -€55,812
down €55,812 (-55.9%), from €99,808 to €43,996
mainly Receivables within one year (-€272,126) and Debts after one year (-€93,191)
- Profit (loss) carried forward +€111,286
up €111,286 (+56.2%), from -€198,055 to -€86,770
- Debts after one year -€93,191
down €93,191 (-29.2%), from €319,328 to €226,137
- Trade debts +€89,897
up €89,897 (+36.2%), from €248,586 to €338,482
- Other debts +€40,400
up €40,400 (+136.9%), from €29,517 to €69,917
- Current portion of long-term debt -€27,333
down €27,333 (-13.6%), from €200,778 to €173,445
- Gross operating margin +€263,253
up €263,253 (+27.9%), from €945,152 to €1.2m
- Staff costs +€119,652
up €119,652 (+15.6%), from €768,783 to €888,434
- Depreciation -€76,325
down €76,325 (-31.9%), from €239,637 to €163,311
- Financial charges -€36,182
down €36,182 (-69.6%), from €51,967 to €15,785
of which Non-recurring financial charges: -€36,038
- Other operating charges +€23,573
new in 2025: €23,573
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 | €1,022,421 | €1,150,157 | +€127,736 | +12.5% |
| Fixed assets | 21/28 | €500,786 | €412,209 | -€88,577 | -17.7% |
| Tangible fixed assets | 22/27 | €500,296 | €405,769 | -€94,527 | -18.9% |
| Plant, machinery and equipment | 23 | €2,605 | €621 | -€1,984 | -76.2% |
| Furniture and vehicles | 24 | €207,743 | €120,168 | -€87,574 | -42.2% |
| Leasing and similar rights | 25 | €289,949 | €284,980 | -€4,969 | -1.7% |
| Financial fixed assets | 28 | €490 | €6,440 | +€5,950 | +1214.1% |
| Current assets | 29/58 | €521,635 | €737,949 | +€216,313 | +41.5% |
| Amounts receivable within one year | 40/41 | €421,827 | €693,953 | +€272,126 | +64.5% |
| Trade receivables | 40 | €421,827 | €689,411 | +€267,584 | +63.4% |
| Other amounts receivable | 41 | - | €4,542 | +€4,542 | |
| Cash at bank and in hand | 54/58 | €99,808 | €43,996 | -€55,812 | -55.9% |
| Total equity and liabilities | 10/49 | €1,022,421 | €1,150,157 | +€127,736 | +12.5% |
| Equity | 10/15 | €117,492 | €228,777 | +€111,286 | +94.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €296,947 | €296,947 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,663 | €66,663 | = | 0.0% |
| Distributable reserves | 133 | €228,424 | €228,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€198,055 | -€86,770 | +€111,286 | +56.2% |
| Amounts payable | 17/49 | €904,930 | €921,380 | +€16,450 | +1.8% |
| Amounts payable after more than one year | 17 | €319,328 | €226,137 | -€93,191 | -29.2% |
| Financial debts | 170/4 | €319,328 | €226,137 | -€93,191 | -29.2% |
| Amounts payable within one year | 42/48 | €585,602 | €695,243 | +€109,641 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €200,778 | €173,445 | -€27,333 | -13.6% |
| Trade debts | 44 | €248,586 | €338,482 | +€89,897 | +36.2% |
| Suppliers | 440/4 | €248,586 | €338,482 | +€89,897 | +36.2% |
| Taxes, remuneration and social security | 45 | €106,721 | €113,398 | +€6,677 | +6.3% |
| Taxes | 450/3 | €24,518 | €20,203 | -€4,316 | -17.6% |
| Remuneration and social security | 454/9 | €82,203 | €93,196 | +€10,993 | +13.4% |
| Other amounts payable | 47/48 | €29,517 | €69,917 | +€40,400 | +136.9% |
| Non-recurring operating income | 76A | €19,063 | - | -€19,063 | |
| Remuneration, social security and pensions | 62 | €768,783 | €888,434 | +€119,652 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,637 | €163,311 | -€76,325 | -31.9% |
| Other operating charges | 640/8 | - | €23,573 | +€23,573 | |
| Non-recurring operating charges | 66A | €3,098 | €6,394 | +€3,296 | +106.4% |
| Gross operating margin | 9900 | €945,152 | €1,208,406 | +€263,253 | +27.9% |
| Operating profit (loss) | 9901 | -€66,365 | €126,693 | +€193,058 | |
| Financial income | 75/76B | €3,523 | €378 | -€3,145 | -89.3% |
| Recurring financial income | 75 | €3,523 | €378 | -€3,145 | -89.3% |
| Financial charges | 65/66B | €51,967 | €15,785 | -€36,182 | -69.6% |
| Recurring financial charges | 65 | €15,929 | €15,785 | -€144 | -0.9% |
| Non-recurring financial charges | 66B | €36,038 | - | -€36,038 | |
| Profit (loss) for the period before taxes | 9903 | -€114,808 | €111,286 | +€226,094 | |
| Profit (loss) for the period | 9904 | -€114,808 | €111,286 | +€226,094 | |
| Profit (loss) for the period to be appropriated | 9905 | -€114,808 | €111,286 | +€226,094 |
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 30 September 2026 via checked.be.