DE GRAUWE BART: 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.
DE GRAUWE BART
Largest movements
- Stocks and contracts -€242,870
down €242,870 (-91.5%), from €265,370 to €22,500
of which Stocks: -€247,870
- Cash +€72,288
up €72,288 (+371%), from €19,511 to €91,798
mainly Stocks and contracts (+€242,870) and Net result for the year (+€15,429)
- Receivables within one year +€46,875
up €46,875 (+236%), from €19,840 to €66,715
of which Trade receivables: +€24,956
- Current investments -€12,500
no longer reported in 2025 (was €12,500)
- Tangible fixed assets -€5,820
down €5,820 (-9.2%), from €63,034 to €57,214
of which Other tangible fixed assets: -€4,644
- Short-term financial debts -€157,000
no longer reported in 2025 (was €157,000)
- Reserves +€15,429
up €15,429 (+8.9%), from €172,813 to €188,242
- Financial charges +€13,183
up €13,183 (+537%), from €2,456 to €15,638
- Gross operating margin +€12,897
up €12,897 (+12.1%), from €106,184 to €119,080
- Staff costs +€6,860
up €6,860 (+11.0%), from €62,468 to €69,328
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 | €381,094 | €238,916 | -€142,179 | -37.3% |
| Fixed assets | 21/28 | €63,034 | €57,214 | -€5,820 | -9.2% |
| Tangible fixed assets | 22/27 | €63,034 | €57,214 | -€5,820 | -9.2% |
| Land and buildings | 22 | €18,000 | €18,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,277 | €5,121 | +€844 | +19.7% |
| Furniture and vehicles | 24 | €3,603 | €1,584 | -€2,020 | -56.0% |
| Other tangible fixed assets | 26 | €37,153 | €32,509 | -€4,644 | -12.5% |
| Current assets | 29/58 | €318,060 | €181,702 | -€136,359 | -42.9% |
| Stocks and contracts in progress | 3 | €265,370 | €22,500 | -€242,870 | -91.5% |
| Stocks | 30/36 | €247,870 | - | -€247,870 | |
| Contracts in progress | 37 | €17,500 | €22,500 | +€5,000 | +28.6% |
| Amounts receivable within one year | 40/41 | €19,840 | €66,715 | +€46,875 | +236% |
| Trade receivables | 40 | €1,948 | €26,904 | +€24,956 | +1,281% |
| Other amounts receivable | 41 | €17,892 | €39,811 | +€21,919 | +123% |
| Current investments | 50/53 | €12,500 | - | -€12,500 | |
| Cash at bank and in hand | 54/58 | €19,511 | €91,798 | +€72,288 | +371% |
| Deferred charges and accrued income | 490/1 | €839 | €688 | -€151 | -18.0% |
| Total equity and liabilities | 10/49 | €381,094 | €238,916 | -€142,179 | -37.3% |
| Equity | 10/15 | €191,813 | €207,242 | +€15,429 | +8.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €172,813 | €188,242 | +€15,429 | +8.9% |
| Distributable reserves | 133 | €172,813 | €188,242 | +€15,429 | +8.9% |
| Amounts payable | 17/49 | €189,282 | €31,674 | -€157,607 | -83.3% |
| Amounts payable within one year | 42/48 | €189,282 | €31,674 | -€157,607 | -83.3% |
| Financial debts | 43 | €157,000 | - | -€157,000 | |
| Credit institutions | 430/8 | €157,000 | - | -€157,000 | |
| Trade debts | 44 | €23,023 | €23,973 | +€950 | +4.1% |
| Suppliers | 440/4 | €23,023 | €23,973 | +€950 | +4.1% |
| Taxes, remuneration and social security | 45 | €9,259 | €7,701 | -€1,558 | -16.8% |
| Taxes | 450/3 | €6,169 | €7,701 | +€1,532 | +24.8% |
| Remuneration and social security | 454/9 | €3,090 | - | -€3,090 | |
| Remuneration, social security and pensions | 62 | €62,468 | €69,328 | +€6,860 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,907 | €7,827 | -€1,080 | -12.1% |
| Other operating charges | 640/8 | €3,065 | €1,947 | -€1,119 | -36.5% |
| Gross operating margin | 9900 | €106,184 | €119,080 | +€12,897 | +12.1% |
| Operating profit (loss) | 9901 | €31,743 | €39,978 | +€8,235 | +25.9% |
| Financial income | 75/76B | €675 | €27 | -€648 | -96.0% |
| Recurring financial income | 75 | €675 | €27 | -€648 | -96.0% |
| Financial charges | 65/66B | €2,456 | €15,638 | +€13,183 | +537% |
| Recurring financial charges | 65 | €2,456 | €15,638 | +€13,183 | +537% |
| Profit (loss) for the period before taxes | 9903 | €29,963 | €24,367 | -€5,596 | -18.7% |
| Income taxes | 67/77 | €9,920 | €8,938 | -€982 | -9.9% |
| Profit (loss) for the period | 9904 | €20,042 | €15,429 | -€4,614 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,042 | €15,429 | -€4,614 | -23.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.