Benoit Grandjean: 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.
Benoit Grandjean
Largest movements
- Tangible fixed assets +€46,272
up €46,272 (+809%), from €5,719 to €51,990
of which Furniture and vehicles: +€42,597
- Cash +€560
up €560 (+94.1%), from €595 to €1,156
mainly Debts after one year (+€28,981) and Other debts (+€15,761)
- Debts after one year +€28,981
new in 2025: €28,981
- Other debts +€15,761
up €15,761 (+766%), from €2,057 to €17,817
- Current portion of long-term debt +€7,882
up €7,882 (+271%), from €2,906 to €10,788
- Profit (loss) carried forward -€3,416
down €3,416 (-16.5%), from -€20,714 to -€24,131
- Tax, wage and social debts -€1,684
down €1,684 (-31.9%), from €5,278 to €3,593
- Depreciation +€9,289
up €9,289 (+166%), from €5,612 to €14,901
- Taxes -€2,937
down €2,937, from €2,898 to -€39
- Financial charges +€1,981
up €1,981 (+194%), from €1,023 to €3,004
- Gross operating margin +€1,945
up €1,945 (+15.6%), from €12,504 to €14,449
- Other operating charges -€528
no longer reported in 2025 (was €528)
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 | €6,896 | €53,809 | +€46,913 | +680% |
| Fixed assets | 21/28 | €5,719 | €51,990 | +€46,272 | +809% |
| Tangible fixed assets | 22/27 | €5,719 | €51,990 | +€46,272 | +809% |
| Land and buildings | 22 | - | €2,797 | +€2,797 | |
| Plant, machinery and equipment | 23 | - | €877 | +€877 | |
| Furniture and vehicles | 24 | €5,719 | €48,316 | +€42,597 | +745% |
| Current assets | 29/58 | €1,178 | €1,819 | +€641 | +54.4% |
| Cash at bank and in hand | 54/58 | €595 | €1,156 | +€560 | +94.1% |
| Deferred charges and accrued income | 490/1 | €582 | €663 | +€81 | +13.8% |
| Total equity and liabilities | 10/49 | €6,896 | €53,809 | +€46,913 | +680% |
| Equity | 10/15 | -€4,004 | -€7,421 | -€3,416 | -85.3% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €2,450 | €2,450 | = | 0.0% |
| Distributable reserves | 133 | €2,450 | €2,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,714 | -€24,131 | -€3,416 | -16.5% |
| Amounts payable | 17/49 | €10,901 | €61,230 | +€50,329 | +462% |
| Amounts payable after more than one year | 17 | - | €28,981 | +€28,981 | |
| Financial debts | 170/4 | - | €28,981 | +€28,981 | |
| Amounts payable within one year | 42/48 | €10,901 | €32,248 | +€21,348 | +196% |
| Current portion of amounts payable after more than one year | 42 | €2,906 | €10,788 | +€7,882 | +271% |
| Trade debts | 44 | €661 | €50 | -€611 | -92.4% |
| Suppliers | 440/4 | €661 | €50 | -€611 | -92.4% |
| Taxes, remuneration and social security | 45 | €5,278 | €3,593 | -€1,684 | -31.9% |
| Taxes | 450/3 | €5,278 | €3,593 | -€1,684 | -31.9% |
| Other amounts payable | 47/48 | €2,057 | €17,817 | +€15,761 | +766% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,612 | €14,901 | +€9,289 | +166% |
| Other operating charges | 640/8 | €528 | - | -€528 | |
| Gross operating margin | 9900 | €12,504 | €14,449 | +€1,945 | +15.6% |
| Operating profit (loss) | 9901 | €6,364 | -€452 | -€6,816 | |
| Financial income | 75/76B | €58 | €0 | -€58 | -100.0% |
| Recurring financial income | 75 | €58 | €0 | -€58 | -100.0% |
| Financial charges | 65/66B | €1,023 | €3,004 | +€1,981 | +194% |
| Recurring financial charges | 65 | €1,023 | €3,004 | +€1,981 | +194% |
| Profit (loss) for the period before taxes | 9903 | €5,399 | -€3,456 | -€8,855 | |
| Income taxes | 67/77 | €2,898 | -€39 | -€2,937 | |
| Profit (loss) for the period | 9904 | €2,501 | -€3,416 | -€5,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,501 | -€3,416 | -€5,917 |
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 18 October 2026 via checked.be.