GV GROND: 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.
GV GROND
Largest movements
- Receivables within one year +€4.1m
up €4.1m (+76.4%), from €5.3m to €9.4m
of which Other amounts receivable: +€4.1m
- Stocks and contracts +€1.7m
up €1.7m (+34.7%), from €5.0m to €6.7m
- Short-term financial debts +€5.6m
up €5.6m (+67.0%), from €8.4m to €14.0m
- Gross operating margin -€132,856
down €132,856 (-60.5%), from €219,430 to €86,574
- Taxes -€31,657
down €31,657 (-65.3%), from €48,443 to €16,786
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 | €10,362,331 | €16,129,966 | +€5.8m | +55.7% |
| Fixed assets | 21/28 | €19,467 | - | -€19,467 | |
| Financial fixed assets | 28 | €19,467 | - | -€19,467 | |
| Current assets | 29/58 | €10,342,863 | €16,129,966 | +€5.8m | +56.0% |
| Stocks and contracts in progress | 3 | €4,984,169 | €6,713,921 | +€1.7m | +34.7% |
| Stocks | 30/36 | €4,984,169 | €6,713,921 | +€1.7m | +34.7% |
| Amounts receivable within one year | 40/41 | €5,337,169 | €9,415,256 | +€4.1m | +76.4% |
| Trade receivables | 40 | €1,501 | €1,501 | = | 0.0% |
| Other amounts receivable | 41 | €5,335,668 | €9,413,755 | +€4.1m | +76.4% |
| Cash at bank and in hand | 54/58 | €21,329 | €790 | -€20,539 | -96.3% |
| Deferred charges and accrued income | 490/1 | €197 | - | -€197 | |
| Total equity and liabilities | 10/49 | €10,362,331 | €16,129,966 | +€5.8m | +55.7% |
| Equity | 10/15 | €190,830 | €243,223 | +€52,393 | +27.5% |
| 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 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,180 | €175,573 | +€52,393 | +42.5% |
| Amounts payable | 17/49 | €10,171,500 | €15,886,743 | +€5.7m | +56.2% |
| Amounts payable within one year | 42/48 | €10,161,793 | €15,857,532 | +€5.7m | +56.1% |
| Financial debts | 43 | €8,395,960 | €14,024,268 | +€5.6m | +67.0% |
| Credit institutions | 430/8 | €8,395,960 | €14,024,268 | +€5.6m | +67.0% |
| Trade debts | 44 | €5,857 | €157,930 | +€152,074 | +2,597% |
| Suppliers | 440/4 | €5,857 | €157,930 | +€152,074 | +2,597% |
| Advances received on contracts in progress | 46 | €133,000 | - | -€133,000 | |
| Taxes, remuneration and social security | 45 | €48,443 | €65,230 | +€16,786 | +34.7% |
| Taxes | 450/3 | €48,443 | €65,230 | +€16,786 | +34.7% |
| Other amounts payable | 47/48 | €1,578,533 | €1,610,104 | +€31,571 | +2.0% |
| Accrued charges and deferred income | 492/3 | €9,707 | €29,211 | +€19,504 | +201% |
| Other operating charges | 640/8 | €1,030 | €2,107 | +€1,077 | +105% |
| Non-recurring operating charges | 66A | - | €4,275 | +€4,275 | |
| Gross operating margin | 9900 | €219,430 | €86,574 | -€132,856 | -60.5% |
| Operating profit (loss) | 9901 | €218,401 | €80,192 | -€138,209 | -63.3% |
| Financial income | 75/76B | - | €123 | +€123 | |
| Recurring financial income | 75 | - | €123 | +€123 | |
| Financial charges | 65/66B | €9,473 | €11,136 | +€1,663 | +17.6% |
| Recurring financial charges | 65 | €9,473 | €11,136 | +€1,663 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €208,928 | €69,179 | -€139,749 | -66.9% |
| Income taxes | 67/77 | €48,443 | €16,786 | -€31,657 | -65.3% |
| Profit (loss) for the period | 9904 | €160,485 | €52,393 | -€108,092 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €160,485 | €52,393 | -€108,092 | -67.4% |
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 16 October 2026 via checked.be.