BENOIT GRAULICH: what changed
Two fiscal 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 GRAULICH
Largest movements
- Cash +€2.8m
up €2.8m (+140.1%), from €2.0m to €4.7m
mainly Net result for the year (+€4.4m) and Other debts (+€2.4m)
- Receivables within one year -€284,043
down €284,043 (-47.7%), from €595,630 to €311,587
of which Other amounts receivable: -€410,230
- Current investments -€257,465
down €257,465 (-2.4%), from €10.8m to €10.6m
- Other debts +€2.4m
up €2.4m (+1410.6%), from €169,583 to €2.6m
- Tax, wage and social debts +€284,561
up €284,561 (+48.3%), from €589,612 to €874,172
- Reserves -€183,113
down €183,113 (-1.3%), from €14.3m to €14.2m
- Financial income +€1.3m
up €1.3m (+30.3%), from €4.4m to €5.7m
- Write-downs +€738,584
up €738,584, from -€144,334 to €594,250
- Gross operating margin -€307,041
down €307,041 (-76.1%), from €403,218 to €96,177
- Financial charges -€22,476
down €22,476 (-13.3%), from €169,147 to €146,671
- Depreciation +€13,491
up €13,491 (+37.0%), from €36,451 to €49,943
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.
Cash bridge derived
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 | €15,183,649 | €17,776,696 | +€2.6m | +17.1% |
| Fixed assets | 21/28 | €1,532,159 | €1,761,087 | +€228,928 | +14.9% |
| Tangible fixed assets | 22/27 | €1,157,191 | €1,224,431 | +€67,240 | +5.8% |
| Land and buildings | 22 | €959,308 | €936,217 | -€23,091 | -2.4% |
| Plant, machinery and equipment | 23 | €551 | €119 | -€433 | -78.5% |
| Furniture and vehicles | 24 | €17,220 | €107,984 | +€90,764 | +527.1% |
| Other tangible fixed assets | 26 | €180,111 | €180,111 | = | 0.0% |
| Financial fixed assets | 28 | €374,968 | €536,656 | +€161,688 | +43.1% |
| Current assets | 29/58 | €13,651,490 | €16,015,609 | +€2.4m | +17.3% |
| Amounts receivable after more than one year | 29 | €237,539 | €376,759 | +€139,220 | +58.6% |
| Trade receivables | 290 | €237,539 | €376,759 | +€139,220 | +58.6% |
| Amounts receivable within one year | 40/41 | €595,630 | €311,587 | -€284,043 | -47.7% |
| Trade receivables | 40 | €2,970 | €129,157 | +€126,187 | +4249.0% |
| Other amounts receivable | 41 | €592,660 | €182,430 | -€410,230 | -69.2% |
| Current investments | 50/53 | €10,808,125 | €10,550,660 | -€257,465 | -2.4% |
| Cash at bank and in hand | 54/58 | €1,975,115 | €4,742,974 | +€2.8m | +140.1% |
| Deferred charges and accrued income | 490/1 | €35,082 | €33,629 | -€1,453 | -4.1% |
| Total equity and liabilities | 10/49 | €15,183,649 | €17,776,696 | +€2.6m | +17.1% |
| Equity | 10/15 | €14,365,887 | €14,182,775 | -€183,113 | -1.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €14,346,151 | €14,163,038 | -€183,113 | -1.3% |
| Distributable reserves | 133 | €14,346,151 | €14,163,038 | -€183,113 | -1.3% |
| Profit (loss) carried forward | 14 | €1,144 | €1,144 | = | 0.0% |
| Amounts payable | 17/49 | €817,762 | €3,593,921 | +€2.8m | +339.5% |
| Amounts payable within one year | 42/48 | €774,045 | €3,573,070 | +€2.8m | +361.6% |
| Financial debts | 43 | - | €18 | +€18 | |
| Credit institutions | 430/8 | - | €18 | +€18 | |
| Trade debts | 44 | €14,850 | €137,164 | +€122,314 | +823.7% |
| Suppliers | 440/4 | €14,850 | €137,164 | +€122,314 | +823.7% |
| Taxes, remuneration and social security | 45 | €589,612 | €874,172 | +€284,561 | +48.3% |
| Taxes | 450/3 | €589,612 | €874,172 | +€284,561 | +48.3% |
| Other amounts payable | 47/48 | €169,583 | €2,561,716 | +€2.4m | +1410.6% |
| Accrued charges and deferred income | 492/3 | €43,717 | €20,851 | -€22,866 | -52.3% |
| Non-recurring operating income | 76A | €355,953 | €18,753 | -€337,200 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,451 | €49,943 | +€13,491 | +37.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€144,334 | €594,250 | +€738,584 | |
| Other operating charges | 640/8 | €6,467 | €16,457 | +€9,991 | +154.5% |
| Gross operating margin | 9900 | €403,218 | €96,177 | -€307,041 | -76.1% |
| Operating profit (loss) | 9901 | €504,634 | -€564,473 | -€1.1m | |
| Financial income | 75/76B | €4,382,672 | €5,709,731 | +€1.3m | +30.3% |
| Recurring financial income | 75 | €4,382,672 | €5,709,731 | +€1.3m | +30.3% |
| Financial charges | 65/66B | €169,147 | €146,671 | -€22,476 | -13.3% |
| Recurring financial charges | 65 | €169,147 | €146,671 | -€22,476 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €4,718,158 | €4,998,587 | +€280,429 | +5.9% |
| Income taxes | 67/77 | €590,582 | €585,697 | -€4,885 | -0.8% |
| Profit (loss) for the period | 9904 | €4,127,576 | €4,412,890 | +€285,313 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,127,576 | €4,412,890 | +€285,313 | +6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.