GRUSENMEYER: 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.
GRUSENMEYER
Largest movements
- Stocks and contracts +€42,294
up €42,294 (+6.1%), from €694,530 to €736,824
- Cash -€23,550
down €23,550 (-7.7%), from €306,876 to €283,326
mainly Investment in fixed assets (net) (-€116,628) and Debts after one year (-€72,382)
- Tangible fixed assets -€22,377
down €22,377 (-5.7%), from €395,721 to €373,344
of which Plant, machinery and equipment: -€40,762
- Debts after one year -€72,382
down €72,382 (-47.0%), from €153,967 to €81,585
- Reserves +€37,435
up €37,435 (+5.3%), from €712,363 to €749,797
of which Distributable reserves: +€37,435
- Accrued charges and deferred income +€18,502
up €18,502 (+15.8%), from €117,018 to €135,520
- Gross operating margin -€81,985
down €81,985 (-15.3%), from €534,807 to €452,822
- Write-downs -€46,445
down €46,445, from €43,774 to -€2,671
- Financial charges -€21,789
down €21,789 (-49.5%), from €44,012 to €22,223
of which Non-recurring financial charges: -€13,419
- Depreciation +€15,646
up €15,646 (+12.7%), from €123,359 to €139,005
- Staff costs -€13,499
down €13,499 (-5.0%), from €271,126 to €257,627
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 | €1,436,394 | €1,428,112 | -€8,282 | -0.6% |
| Fixed assets | 21/28 | €398,633 | €376,257 | -€22,377 | -5.6% |
| Tangible fixed assets | 22/27 | €395,721 | €373,344 | -€22,377 | -5.7% |
| Land and buildings | 22 | €96,028 | €63,990 | -€32,039 | -33.4% |
| Plant, machinery and equipment | 23 | €265,117 | €224,356 | -€40,762 | -15.4% |
| Furniture and vehicles | 24 | €34,575 | €84,999 | +€50,424 | +146% |
| Financial fixed assets | 28 | €2,913 | €2,913 | = | 0.0% |
| Current assets | 29/58 | €1,037,761 | €1,051,856 | +€14,095 | +1.4% |
| Stocks and contracts in progress | 3 | €694,530 | €736,824 | +€42,294 | +6.1% |
| Stocks | 30/36 | €694,530 | €736,824 | +€42,294 | +6.1% |
| Amounts receivable within one year | 40/41 | €22,183 | €18,183 | -€4,001 | -18.0% |
| Trade receivables | 40 | €937 | €319 | -€618 | -65.9% |
| Other amounts receivable | 41 | €21,246 | €17,863 | -€3,383 | -15.9% |
| Cash at bank and in hand | 54/58 | €306,876 | €283,326 | -€23,550 | -7.7% |
| Deferred charges and accrued income | 490/1 | €14,172 | €13,523 | -€649 | -4.6% |
| Total equity and liabilities | 10/49 | €1,436,394 | €1,428,112 | -€8,282 | -0.6% |
| Equity | 10/15 | €774,363 | €811,797 | +€37,435 | +4.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €712,363 | €749,797 | +€37,435 | +5.3% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Legal reserve | 130 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €704,305 | €741,740 | +€37,435 | +5.3% |
| Amounts payable | 17/49 | €662,032 | €616,315 | -€45,717 | -6.9% |
| Amounts payable after more than one year | 17 | €153,967 | €81,585 | -€72,382 | -47.0% |
| Financial debts | 170/4 | €153,967 | €81,585 | -€72,382 | -47.0% |
| Amounts payable within one year | 42/48 | €391,047 | €399,210 | +€8,163 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €69,679 | €72,382 | +€2,703 | +3.9% |
| Trade debts | 44 | €88,859 | €98,302 | +€9,443 | +10.6% |
| Suppliers | 440/4 | €88,859 | €98,302 | +€9,443 | +10.6% |
| Taxes, remuneration and social security | 45 | €44,500 | €34,834 | -€9,665 | -21.7% |
| Taxes | 450/3 | €33 | €1,254 | +€1,221 | +3,718% |
| Remuneration and social security | 454/9 | €44,467 | €33,580 | -€10,886 | -24.5% |
| Other amounts payable | 47/48 | €188,009 | €193,692 | +€5,682 | +3.0% |
| Accrued charges and deferred income | 492/3 | €117,018 | €135,520 | +€18,502 | +15.8% |
| Remuneration, social security and pensions | 62 | €271,126 | €257,627 | -€13,499 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,359 | €139,005 | +€15,646 | +12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,774 | -€2,671 | -€46,445 | |
| Other operating charges | 640/8 | €8,852 | €9,153 | +€300 | +3.4% |
| Gross operating margin | 9900 | €534,807 | €452,822 | -€81,985 | -15.3% |
| Operating profit (loss) | 9901 | €87,696 | €49,708 | -€37,987 | -43.3% |
| Financial income | 75/76B | €23,518 | €26,074 | +€2,556 | +10.9% |
| Recurring financial income | 75 | €23,518 | €26,074 | +€2,556 | +10.9% |
| Financial charges | 65/66B | €44,012 | €22,223 | -€21,789 | -49.5% |
| Recurring financial charges | 65 | €30,593 | €22,223 | -€8,370 | -27.4% |
| Non-recurring financial charges | 66B | €13,419 | - | -€13,419 | |
| Profit (loss) for the period before taxes | 9903 | €67,202 | €53,560 | -€13,642 | -20.3% |
| Income taxes | 67/77 | €18,360 | €16,125 | -€2,235 | -12.2% |
| Profit (loss) for the period | 9904 | €48,842 | €37,435 | -€11,407 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,842 | €37,435 | -€11,407 | -23.4% |
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 17 October 2026 via checked.be.