Cédric GRANDMAIRE: 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.
Cédric GRANDMAIRE
Largest movements
- Financial fixed assets -€80,000
down €80,000 (-32.0%), from €250,000 to €170,000
- Receivables within one year +€70,403
up €70,403 (+102%), from €68,829 to €139,233
of which Other amounts receivable: +€61,431
- Debts after one year -€27,155
down €27,155 (-38.2%), from €71,127 to €43,972
- Other debts +€18,700
up €18,700, from €0 to €18,700
- Current portion of long-term debt -€12,161
down €12,161 (-27.5%), from €44,248 to €32,086
- Reserves +€5,000
up €5,000 (+8.3%), from €60,000 to €65,000
- Tax, wage and social debts +€4,244
up €4,244 (+9.1%), from €46,504 to €50,748
of which Remuneration and social security: +€2,230
- Turnover -€116,700
no longer reported in 2025 (was €116,700)
- Purchases and services -€71,007
no longer reported in 2025 (was €71,007)
- Depreciation -€12,985
down €12,985 (-93.4%), from €13,906 to €921
- Taxes +€4,101
up €4,101 (+27.2%), from €15,057 to €19,157
- Financial charges +€2,007
up €2,007 (+59.4%), from €3,379 to €5,387
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 | €327,854 | €315,586 | -€12,268 | -3.7% |
| Fixed assets | 21/28 | €251,110 | €170,189 | -€80,921 | -32.2% |
| Tangible fixed assets | 22/27 | €1,110 | €189 | -€921 | -83.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,110 | €189 | -€921 | -83.0% |
| Financial fixed assets | 28 | €250,000 | €170,000 | -€80,000 | -32.0% |
| Current assets | 29/58 | €76,744 | €145,397 | +€68,653 | +89.5% |
| Amounts receivable within one year | 40/41 | €68,829 | €139,233 | +€70,403 | +102% |
| Trade receivables | 40 | €3,794 | €12,766 | +€8,972 | +236% |
| Other amounts receivable | 41 | €65,036 | €126,467 | +€61,431 | +94.5% |
| Cash at bank and in hand | 54/58 | €1,033 | €1,256 | +€223 | +21.6% |
| Deferred charges and accrued income | 490/1 | €6,882 | €4,909 | -€1,973 | -28.7% |
| Total equity and liabilities | 10/49 | €327,854 | €315,586 | -€12,268 | -3.7% |
| Equity | 10/15 | €162,368 | €170,016 | +€7,648 | +4.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Distributable reserves | 133 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Profit (loss) carried forward | 14 | €95,368 | €98,016 | +€2,648 | +2.8% |
| Amounts payable | 17/49 | €165,486 | €145,570 | -€19,916 | -12.0% |
| Amounts payable after more than one year | 17 | €71,127 | €43,972 | -€27,155 | -38.2% |
| Financial debts | 170/4 | €71,127 | €43,972 | -€27,155 | -38.2% |
| Amounts payable within one year | 42/48 | €94,359 | €101,598 | +€7,239 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €44,248 | €32,086 | -€12,161 | -27.5% |
| Trade debts | 44 | €3,607 | €63 | -€3,544 | -98.2% |
| Suppliers | 440/4 | €3,607 | €63 | -€3,544 | -98.2% |
| Taxes, remuneration and social security | 45 | €46,504 | €50,748 | +€4,244 | +9.1% |
| Taxes | 450/3 | €41,464 | €43,478 | +€2,014 | +4.9% |
| Remuneration and social security | 454/9 | €5,040 | €7,270 | +€2,230 | +44.2% |
| Other amounts payable | 47/48 | €0 | €18,700 | +€18,700 | |
| Turnover | 70 | €116,700 | - | -€116,700 | |
| Goods, raw materials, services and sundry goods | 60/61 | €71,007 | - | -€71,007 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,906 | €921 | -€12,985 | -93.4% |
| Other operating charges | 640/8 | €1,153 | €2,802 | +€1,649 | +143% |
| Gross operating margin | 9900 | €55,539 | €55,915 | +€376 | +0.7% |
| Operating profit (loss) | 9901 | €40,480 | €52,192 | +€11,712 | +28.9% |
| Financial charges | 65/66B | €3,379 | €5,387 | +€2,007 | +59.4% |
| Recurring financial charges | 65 | €3,379 | €5,387 | +€2,007 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €37,100 | €46,805 | +€9,705 | +26.2% |
| Income taxes | 67/77 | €15,057 | €19,157 | +€4,101 | +27.2% |
| Profit (loss) for the period | 9904 | €22,043 | €27,648 | +€5,604 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,043 | €27,648 | +€5,604 | +25.4% |
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 26 October 2026 via checked.be.