Grunling: 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.
Grunling
Largest movements
- Tangible fixed assets +€52,875
up €52,875 (+7.7%), from €686,184 to €739,059
of which Assets under construction and advance payments: +€50,807
- Receivables within one year -€49,761
down €49,761 (-90.9%), from €54,712 to €4,952
of which Other amounts receivable: -€52,631
- Cash +€14,302
up €14,302 (+84.9%), from €16,842 to €31,144
mainly Debts after one year (+€74,973) and Contributions, distributions and other (+€50,750)
- Profit (loss) carried forward -€89,856
down €89,856 (-82.2%), from -€109,354 to -€199,211
- Debts after one year +€74,973
up €74,973 (+15.7%), from €476,977 to €551,950
- Contributions +€50,750
up €50,750 (+17.1%), from €296,500 to €347,250
- Trade debts -€23,932
down €23,932 (-48.6%), from €49,227 to €25,294
- Write-downs +€51,810
new in 2025: €51,810
- Gross operating margin -€9,508
down €9,508 (-84.8%), from €11,212 to €1,704
- Depreciation +€1,744
up €1,744 (+8.2%), from €21,188 to €22,932
- Financial charges +€1,562
up €1,562 (+12.2%), from €12,844 to €14,406
- Other operating charges -€601
down €601 (-22.0%), from €2,725 to €2,125
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 | €768,754 | €786,664 | +€17,910 | +2.3% |
| Fixed assets | 21/28 | €696,459 | €749,334 | +€52,875 | +7.6% |
| Tangible fixed assets | 22/27 | €686,184 | €739,059 | +€52,875 | +7.7% |
| Land and buildings | 22 | €656,683 | €660,026 | +€3,343 | +0.5% |
| Plant, machinery and equipment | 23 | €321 | €183 | -€137 | -42.8% |
| Furniture and vehicles | 24 | €4,598 | €3,460 | -€1,138 | -24.8% |
| Assets under construction and advance payments | 27 | €24,582 | €75,389 | +€50,807 | +206.7% |
| Financial fixed assets | 28 | €10,275 | €10,275 | = | 0.0% |
| Current assets | 29/58 | €72,295 | €37,330 | -€34,965 | -48.4% |
| Amounts receivable within one year | 40/41 | €54,712 | €4,952 | -€49,761 | -90.9% |
| Trade receivables | 40 | €2,081 | €4,952 | +€2,870 | +137.9% |
| Other amounts receivable | 41 | €52,631 | €0 | -€52,631 | -100.0% |
| Cash at bank and in hand | 54/58 | €16,842 | €31,144 | +€14,302 | +84.9% |
| Deferred charges and accrued income | 490/1 | €741 | €1,235 | +€494 | +66.6% |
| Total equity and liabilities | 10/49 | €768,754 | €786,664 | +€17,910 | +2.3% |
| Equity | 10/15 | €187,146 | €148,039 | -€39,106 | -20.9% |
| Contributions | 10/11 | €296,500 | €347,250 | +€50,750 | +17.1% |
| Profit (loss) carried forward | 14 | -€109,354 | -€199,211 | -€89,856 | -82.2% |
| Amounts payable | 17/49 | €581,608 | €638,625 | +€57,017 | +9.8% |
| Amounts payable after more than one year | 17 | €476,977 | €551,950 | +€74,973 | +15.7% |
| Financial debts | 170/4 | €476,977 | €551,950 | +€74,973 | +15.7% |
| Amounts payable within one year | 42/48 | €102,140 | €85,753 | -€16,387 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €20,656 | €21,894 | +€1,238 | +6.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €49,227 | €25,294 | -€23,932 | -48.6% |
| Suppliers | 440/4 | €49,227 | €25,294 | -€23,932 | -48.6% |
| Taxes, remuneration and social security | 45 | €403 | €4,783 | +€4,380 | +1086.6% |
| Taxes | 450/3 | €403 | €4,783 | +€4,380 | +1086.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €31,854 | €33,781 | +€1,927 | +6.0% |
| Accrued charges and deferred income | 492/3 | €2,491 | €922 | -€1,569 | -63.0% |
| Remuneration, social security and pensions | 62 | €499 | €288 | -€211 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,188 | €22,932 | +€1,744 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €51,810 | +€51,810 | |
| Other operating charges | 640/8 | €2,725 | €2,125 | -€601 | -22.0% |
| Gross operating margin | 9900 | €11,212 | €1,704 | -€9,508 | -84.8% |
| Operating profit (loss) | 9901 | -€13,201 | -€75,451 | -€62,250 | -471.6% |
| Financial income | 75/76B | €38 | €0 | -€38 | -99.9% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -99.9% |
| Financial charges | 65/66B | €12,844 | €14,406 | +€1,562 | +12.2% |
| Recurring financial charges | 65 | €12,844 | €14,406 | +€1,562 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,007 | -€89,856 | -€63,850 | -245.5% |
| Profit (loss) for the period | 9904 | -€26,007 | -€89,856 | -€63,850 | -245.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,007 | -€89,856 | -€63,850 | -245.5% |
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 3 October 2026 via checked.be.