DE GRONDSTEEN: 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 GRONDSTEEN
Largest movements
- Cash +€556,755
up €556,755 (+1,674%), from €33,268 to €590,023
- Tangible fixed assets -€343,926
down €343,926 (-93.7%), from €366,954 to €23,028
of which Land and buildings: -€366,954
- Receivables within one year +€137,976
up €137,976 (+157%), from €88,144 to €226,120
of which Other amounts receivable: +€124,540
- Profit (loss) carried forward +€983,482
up €983,482 (+81.6%), from -€1.2m to -€221,667
- Other debts -€374,844
down €374,844 (-75.2%), from €498,676 to €123,832
- Revaluation surpluses -€196,656
no longer reported in 2025 (was €196,656)
- Debts after one year -€60,800
down €60,800 (-13.2%), from €460,628 to €399,828
- Gross operating margin +€1.0m
up €1.0m, from -€41,295 to €1.0m
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €490,063 | €839,786 | +€349,723 | +71.4% |
| Fixed assets | 21/28 | €367,152 | €23,028 | -€344,124 | -93.7% |
| Tangible fixed assets | 22/27 | €366,954 | €23,028 | -€343,926 | -93.7% |
| Land and buildings | 22 | €366,954 | - | -€366,954 | |
| Furniture and vehicles | 24 | - | €23,028 | +€23,028 | |
| Financial fixed assets | 28 | €198 | - | -€198 | |
| Current assets | 29/58 | €122,911 | €816,758 | +€693,847 | +565% |
| Amounts receivable after more than one year | 29 | - | €198 | +€198 | |
| Other amounts receivable | 291 | - | €198 | +€198 | |
| Stocks and contracts in progress | 3 | €1,500 | - | -€1,500 | |
| Stocks | 30/36 | €1,500 | - | -€1,500 | |
| Amounts receivable within one year | 40/41 | €88,144 | €226,120 | +€137,976 | +157% |
| Trade receivables | 40 | €13,014 | €26,449 | +€13,436 | +103% |
| Other amounts receivable | 41 | €75,130 | €199,670 | +€124,540 | +166% |
| Cash at bank and in hand | 54/58 | €33,268 | €590,023 | +€556,755 | +1,674% |
| Deferred charges and accrued income | 490/1 | - | €417 | +€417 | |
| Total equity and liabilities | 10/49 | €490,063 | €839,786 | +€349,723 | +71.4% |
| Equity | 10/15 | -€498,795 | €288,031 | +€786,826 | |
| Contributions | 10/11 | €507,190 | €507,190 | = | 0.0% |
| Capital | 10 | €507,190 | €507,190 | = | 0.0% |
| Issued capital | 100 | €507,190 | €507,190 | = | 0.0% |
| Revaluation surpluses | 12 | €196,656 | - | -€196,656 | |
| Reserves | 13 | €2,508 | €2,508 | = | 0.0% |
| Non-distributable reserves | 130/1 | €845 | €845 | = | 0.0% |
| Legal reserve | 130 | €845 | €845 | = | 0.0% |
| Distributable reserves | 133 | €1,662 | €1,662 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,205,149 | -€221,667 | +€983,482 | +81.6% |
| Amounts payable | 17/49 | €988,859 | €551,755 | -€437,103 | -44.2% |
| Amounts payable after more than one year | 17 | €460,628 | €399,828 | -€60,800 | -13.2% |
| Financial debts | 170/4 | €460,628 | €399,828 | -€60,800 | -13.2% |
| Amounts payable within one year | 42/48 | €528,230 | €151,927 | -€376,303 | -71.2% |
| Trade debts | 44 | €29,554 | €28,095 | -€1,459 | -4.9% |
| Suppliers | 440/4 | €29,554 | €28,095 | -€1,459 | -4.9% |
| Other amounts payable | 47/48 | €498,676 | €123,832 | -€374,844 | -75.2% |
| Non-recurring operating income | 76A | - | €1,579,703 | +€1.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,913 | €13,772 | -€3,141 | -18.6% |
| Other operating charges | 640/8 | €348 | €5,750 | +€5,402 | +1,555% |
| Gross operating margin | 9900 | -€41,295 | €1,008,098 | +€1.0m | |
| Operating profit (loss) | 9901 | -€58,556 | €988,576 | +€1.0m | |
| Financial income | 75/76B | €6 | €3,783 | +€3,777 | +66,037% |
| Recurring financial income | 75 | €6 | €3,783 | +€3,777 | +66,037% |
| Financial charges | 65/66B | €380 | €8,877 | +€8,497 | +2,235% |
| Recurring financial charges | 65 | €380 | €8,877 | +€8,497 | +2,235% |
| Profit (loss) for the period before taxes | 9903 | -€58,930 | €983,482 | +€1.0m | |
| Profit (loss) for the period | 9904 | -€58,930 | €983,482 | +€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,930 | €983,482 | +€1.0m |
Source: filed annual accounts (NBB), financial years ended 29 September 2023 and 21 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.