Christophe Graindorge: 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.
Christophe Graindorge
Largest movements
- Receivables within one year +€31,758
up €31,758 (+79.9%), from €39,751 to €71,509
of which Trade receivables: +€39,565
- Cash -€27,094
down €27,094 (-33.8%), from €80,137 to €53,043
mainly Contributions, distributions and other (-€133,404) and Receivables within one year (-€31,758)
- Tangible fixed assets -€3,147
down €3,147 (-36.3%), from €8,667 to €5,521
of which Leasing and similar rights: -€4,929
- Other debts +€60,068
up €60,068 (+1,628%), from €3,690 to €63,758
- Profit (loss) carried forward -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year -€6,994
no longer reported in 2025 (was €6,994)
- Tax, wage and social debts -€2,936
down €2,936 (-23.5%), from €12,507 to €9,572
of which Taxes: -€3,200
- Current portion of long-term debt +€2,677
up €2,677 (+67.7%), from €3,954 to €6,630
- Gross operating margin +€26,732
up €26,732 (+31.4%), from €85,024 to €111,756
- Taxes +€4,728
up €4,728 (+28.8%), from €16,414 to €21,142
- Financial income +€2,232
up €2,232 (+11,584%), from €19 to €2,252
- Staff costs +€1,917
up €1,917 (+1,474,446%), from €0 to €1,917
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,735 | €130,464 | +€1,729 | +1.3% |
| Fixed assets | 21/28 | €8,667 | €5,731 | -€2,937 | -33.9% |
| Tangible fixed assets | 22/27 | €8,667 | €5,521 | -€3,147 | -36.3% |
| Plant, machinery and equipment | 23 | - | €1,782 | +€1,782 | |
| Leasing and similar rights | 25 | €8,667 | €3,738 | -€4,929 | -56.9% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €120,068 | €124,733 | +€4,665 | +3.9% |
| Amounts receivable within one year | 40/41 | €39,751 | €71,509 | +€31,758 | +79.9% |
| Trade receivables | 40 | €30,324 | €69,889 | +€39,565 | +130% |
| Other amounts receivable | 41 | €9,426 | €1,620 | -€7,807 | -82.8% |
| Cash at bank and in hand | 54/58 | €80,137 | €53,043 | -€27,094 | -33.8% |
| Deferred charges and accrued income | 490/1 | €180 | €181 | +€1 | +0.7% |
| Total equity and liabilities | 10/49 | €128,735 | €130,464 | +€1,729 | +1.3% |
| Equity | 10/15 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,000 | - | -€50,000 | |
| Amounts payable | 17/49 | €28,735 | €80,464 | +€51,729 | +180% |
| Amounts payable after more than one year | 17 | €6,994 | - | -€6,994 | |
| Financial debts | 170/4 | €6,994 | - | -€6,994 | |
| Amounts payable within one year | 42/48 | €21,741 | €80,464 | +€58,723 | +270% |
| Current portion of amounts payable after more than one year | 42 | €3,954 | €6,630 | +€2,677 | +67.7% |
| Trade debts | 44 | €1,590 | €503 | -€1,087 | -68.3% |
| Suppliers | 440/4 | €1,590 | €503 | -€1,087 | -68.3% |
| Taxes, remuneration and social security | 45 | €12,507 | €9,572 | -€2,936 | -23.5% |
| Taxes | 450/3 | €12,507 | €9,307 | -€3,200 | -25.6% |
| Remuneration and social security | 454/9 | €0 | €265 | +€265 | |
| Other amounts payable | 47/48 | €3,690 | €63,758 | +€60,068 | +1,628% |
| Remuneration, social security and pensions | 62 | €0 | €1,917 | +€1,917 | +1,474,446% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,929 | €5,127 | +€198 | +4.0% |
| Other operating charges | 640/8 | €1,149 | €2,053 | +€904 | +78.7% |
| Gross operating margin | 9900 | €85,024 | €111,756 | +€26,732 | +31.4% |
| Operating profit (loss) | 9901 | €78,947 | €102,659 | +€23,713 | +30.0% |
| Financial income | 75/76B | €19 | €2,252 | +€2,232 | +11,584% |
| Recurring financial income | 75 | €19 | €2,252 | +€2,232 | +11,584% |
| Financial charges | 65/66B | €421 | €364 | -€56 | -13.4% |
| Recurring financial charges | 65 | €421 | €364 | -€56 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €78,545 | €104,547 | +€26,001 | +33.1% |
| Income taxes | 67/77 | €16,414 | €21,142 | +€4,728 | +28.8% |
| Profit (loss) for the period | 9904 | €62,131 | €83,404 | +€21,273 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,131 | €83,404 | +€21,273 | +34.2% |
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 27 October 2026 via checked.be.