GRUPO: what changed
Two financial 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.
GRUPO
Largest movements
- Tangible fixed assets +€551,939
up €551,939 (+39.6%), from €1.4m to €1.9m
of which Land and buildings: +€575,761
- Cash -€387,871
down €387,871 (-78.7%), from €493,021 to €105,150
mainly Investment in fixed assets (net) (-€880,924) and Trade debts (-€160,499)
- Short-term financial debts +€250,000
new in 2025: €250,000
- Reserves +€167,914
up €167,914 (+24.8%), from €676,324 to €844,239
of which Distributable reserves: +€167,914
- Trade debts -€160,499
down €160,499 (-82.6%), from €194,382 to €33,883
- Other debts -€43,841
down €43,841 (-5.3%), from €833,326 to €789,485
- Tax, wage and social debts -€22,859
down €22,859 (-30.1%), from €75,868 to €53,010
of which Taxes: -€22,879
- Gross operating margin +€38,859
up €38,859 (+5.9%), from €657,881 to €696,740
- Write-downs -€31,228
new in 2025: -€31,228
- Depreciation +€18,294
up €18,294 (+5.9%), from €310,691 to €328,984
- Other operating charges +€16,850
up €16,850 (+28.5%), from €59,087 to €75,937
- Taxes -€9,669
down €9,669 (-15.9%), from €60,882 to €51,213
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.
Derived cash bridge
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 | €1,901,837 | €2,079,527 | +€177,689 | +9.3% |
| Fixed assets | 21/28 | €1,393,511 | €1,945,450 | +€551,939 | +39.6% |
| Tangible fixed assets | 22/27 | €1,393,511 | €1,945,450 | +€551,939 | +39.6% |
| Land and buildings | 22 | €1,341,840 | €1,917,601 | +€575,761 | +42.9% |
| Plant, machinery and equipment | 23 | €14,229 | €4,096 | -€10,133 | -71.2% |
| Furniture and vehicles | 24 | €37,442 | €23,753 | -€13,689 | -36.6% |
| Current assets | 29/58 | €508,327 | €134,077 | -€374,250 | -73.6% |
| Amounts receivable within one year | 40/41 | €9,026 | €22,117 | +€13,091 | +145% |
| Trade receivables | 40 | €9,026 | €13,330 | +€4,304 | +47.7% |
| Other amounts receivable | 41 | - | €8,787 | +€8,787 | |
| Cash at bank and in hand | 54/58 | €493,021 | €105,150 | -€387,871 | -78.7% |
| Deferred charges and accrued income | 490/1 | €6,280 | €6,810 | +€529 | +8.4% |
| Total equity and liabilities | 10/49 | €1,901,837 | €2,079,527 | +€177,689 | +9.3% |
| Equity | 10/15 | €737,824 | €905,739 | +€167,914 | +22.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €676,324 | €844,239 | +€167,914 | +24.8% |
| Non-distributable reserves | 130/1 | €19,435 | €19,435 | = | 0.0% |
| Legal reserve | 130 | €19,435 | €19,435 | = | 0.0% |
| Distributable reserves | 133 | €656,889 | €824,804 | +€167,914 | +25.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,164,013 | €1,173,788 | +€9,775 | +0.8% |
| Amounts payable after more than one year | 17 | €14,210 | €14,210 | = | 0.0% |
| Other amounts payable | 178/9 | €14,210 | €14,210 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,112,803 | €1,126,378 | +€13,575 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €9,226 | €0 | -€9,226 | -100% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €194,382 | €33,883 | -€160,499 | -82.6% |
| Suppliers | 440/4 | €194,382 | €33,883 | -€160,499 | -82.6% |
| Taxes, remuneration and social security | 45 | €75,868 | €53,010 | -€22,859 | -30.1% |
| Taxes | 450/3 | €69,345 | €46,466 | -€22,879 | -33.0% |
| Remuneration and social security | 454/9 | €6,523 | €6,544 | +€20 | +0.3% |
| Other amounts payable | 47/48 | €833,326 | €789,485 | -€43,841 | -5.3% |
| Accrued charges and deferred income | 492/3 | €37,000 | €33,200 | -€3,800 | -10.3% |
| Remuneration, social security and pensions | 62 | €25,482 | €27,710 | +€2,228 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,691 | €328,984 | +€18,294 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€31,228 | -€31,228 | |
| Other operating charges | 640/8 | €59,087 | €75,937 | +€16,850 | +28.5% |
| Gross operating margin | 9900 | €657,881 | €696,740 | +€38,859 | +5.9% |
| Operating profit (loss) | 9901 | €262,621 | €295,337 | +€32,716 | +12.5% |
| Financial income | 75/76B | €3 | €4 | +€1 | +43.5% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +43.5% |
| Financial charges | 65/66B | €56,246 | €60,814 | +€4,568 | +8.1% |
| Recurring financial charges | 65 | €56,246 | €60,814 | +€4,568 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €206,378 | €234,527 | +€28,149 | +13.6% |
| Income taxes | 67/77 | €60,882 | €51,213 | -€9,669 | -15.9% |
| Profit (loss) for the period | 9904 | €145,496 | €183,314 | +€37,818 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,496 | €183,314 | +€37,818 | +26.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.