Ivo de Groot: 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.
Ivo de Groot
Largest movements
- Receivables within one year +€135,499
up €135,499 (+137%), from €98,884 to €234,383
of which Trade receivables: +€135,772
- Stocks and contracts -€97,733
down €97,733 (-38.8%), from €252,008 to €154,275
- Tangible fixed assets +€66,160
up €66,160 (+9.1%), from €724,817 to €790,977
of which Land and buildings: +€66,919
- Cash -€16,020
down €16,020 (-79.2%), from €20,216 to €4,196
mainly Receivables within one year (-€135,499) and Investment in fixed assets (net) (-€115,755)
- Trade debts +€58,914
up €58,914 (+59.2%), from €99,518 to €158,432
- Debts after one year -€41,474
down €41,474 (-7.4%), from €563,845 to €522,371
- Current portion of long-term debt -€40,298
down €40,298 (-83.4%), from €48,328 to €8,030
- Short-term financial debts +€38,564
new in 2025: €38,564
- Other debts +€36,731
up €36,731 (+40.2%), from €91,362 to €128,093
- Financial charges +€11,585
up €11,585 (+75.7%), from €15,301 to €26,886
- Gross operating margin +€10,774
up €10,774 (+7.8%), from €138,946 to €149,720
- Taxes +€3,173
up €3,173 (+115%), from €2,757 to €5,930
- Financial income -€2,317
down €2,317 (-88.3%), from €2,625 to €308
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 | €1,099,432 | €1,184,460 | +€85,028 | +7.7% |
| Fixed assets | 21/28 | €724,817 | €790,977 | +€66,160 | +9.1% |
| Tangible fixed assets | 22/27 | €724,817 | €790,977 | +€66,160 | +9.1% |
| Land and buildings | 22 | €687,270 | €754,189 | +€66,919 | +9.7% |
| Plant, machinery and equipment | 23 | €755 | €234 | -€521 | -69.0% |
| Furniture and vehicles | 24 | €36,793 | €26,049 | -€10,744 | -29.2% |
| Other tangible fixed assets | 26 | €0 | €10,505 | +€10,505 | |
| Current assets | 29/58 | €374,614 | €393,483 | +€18,869 | +5.0% |
| Stocks and contracts in progress | 3 | €252,008 | €154,275 | -€97,733 | -38.8% |
| Stocks | 30/36 | €252,008 | €154,275 | -€97,733 | -38.8% |
| Amounts receivable within one year | 40/41 | €98,884 | €234,383 | +€135,499 | +137% |
| Trade receivables | 40 | €98,612 | €234,383 | +€135,772 | +138% |
| Other amounts receivable | 41 | €273 | - | -€273 | |
| Cash at bank and in hand | 54/58 | €20,216 | €4,196 | -€16,020 | -79.2% |
| Deferred charges and accrued income | 490/1 | €3,506 | €628 | -€2,878 | -82.1% |
| Total equity and liabilities | 10/49 | €1,099,432 | €1,184,460 | +€85,028 | +7.7% |
| Equity | 10/15 | €126,350 | €134,141 | +€7,791 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,860 | €53,560 | +€7,700 | +16.8% |
| Distributable reserves | 133 | €45,860 | €53,560 | +€7,700 | +16.8% |
| Profit (loss) carried forward | 14 | €61,890 | €61,981 | +€91 | +0.1% |
| Amounts payable | 17/49 | €973,082 | €1,050,319 | +€77,237 | +7.9% |
| Amounts payable after more than one year | 17 | €563,845 | €522,371 | -€41,474 | -7.4% |
| Financial debts | 170/4 | €563,845 | €522,371 | -€41,474 | -7.4% |
| Amounts payable within one year | 42/48 | €248,485 | €358,844 | +€110,359 | +44.4% |
| Current portion of amounts payable after more than one year | 42 | €48,328 | €8,030 | -€40,298 | -83.4% |
| Financial debts | 43 | - | €38,564 | +€38,564 | |
| Credit institutions | 430/8 | - | €38,564 | +€38,564 | |
| Trade debts | 44 | €99,518 | €158,432 | +€58,914 | +59.2% |
| Suppliers | 440/4 | €99,518 | €158,432 | +€58,914 | +59.2% |
| Taxes, remuneration and social security | 45 | €9,277 | €25,725 | +€16,448 | +177% |
| Taxes | 450/3 | €2,757 | €19,045 | +€16,288 | +591% |
| Remuneration and social security | 454/9 | €6,520 | €6,680 | +€160 | +2.5% |
| Other amounts payable | 47/48 | €91,362 | €128,093 | +€36,731 | +40.2% |
| Accrued charges and deferred income | 492/3 | €160,752 | €169,104 | +€8,351 | +5.2% |
| Remuneration, social security and pensions | 62 | €52,433 | €51,874 | -€559 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,686 | €49,595 | +€909 | +1.9% |
| Other operating charges | 640/8 | €8,288 | €7,952 | -€336 | -4.1% |
| Gross operating margin | 9900 | €138,946 | €149,720 | +€10,774 | +7.8% |
| Operating profit (loss) | 9901 | €29,539 | €40,299 | +€10,760 | +36.4% |
| Financial income | 75/76B | €2,625 | €308 | -€2,317 | -88.3% |
| Recurring financial income | 75 | €2,625 | €308 | -€2,317 | -88.3% |
| Financial charges | 65/66B | €15,301 | €26,886 | +€11,585 | +75.7% |
| Recurring financial charges | 65 | €15,301 | €26,886 | +€11,585 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €16,864 | €13,721 | -€3,143 | -18.6% |
| Income taxes | 67/77 | €2,757 | €5,930 | +€3,173 | +115% |
| Profit (loss) for the period | 9904 | €14,106 | €7,791 | -€6,315 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,106 | €7,791 | -€6,315 | -44.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.