DIDIER GREGOIRE: 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.
DIDIER GREGOIRE
Largest movements
- Receivables within one year +€71,381
up €71,381 (+291%), from €24,564 to €95,945
of which Trade receivables: +€71,381
- Tangible fixed assets -€38,543
down €38,543 (-26.8%), from €143,834 to €105,291
of which Land and buildings: -€27,750
- Current investments -€34,023
down €34,023 (-6.0%), from €564,101 to €530,078
- Reserves -€146,200
down €146,200 (-42.0%), from €348,055 to €201,855
- Other debts +€61,700
up €61,700 (+45.9%), from €134,500 to €196,200
- Trade debts +€30,879
up €30,879 (+43.8%), from €70,547 to €101,426
- Profit (loss) carried forward +€28,558
up €28,558 (+14.9%), from €192,050 to €220,608
- Tax, wage and social debts +€21,813
up €21,813 (+140%), from €15,538 to €37,351
- Financial charges -€104,726
down €104,726 (-96.3%), from €108,745 to €4,019
- Gross operating margin +€67,641
up €67,641 (+74.5%), from €90,839 to €158,480
- Taxes +€20,624
up €20,624 (+110%), from €18,771 to €39,395
- Financial income -€4,175
down €4,175 (-32.7%), from €12,787 to €8,612
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 | €774,366 | €769,940 | -€4,426 | -0.6% |
| Fixed assets | 21/28 | €143,834 | €105,291 | -€38,543 | -26.8% |
| Tangible fixed assets | 22/27 | €143,834 | €105,291 | -€38,543 | -26.8% |
| Land and buildings | 22 | €123,849 | €96,099 | -€27,750 | -22.4% |
| Furniture and vehicles | 24 | €19,985 | €9,192 | -€10,793 | -54.0% |
| Current assets | 29/58 | €630,532 | €664,649 | +€34,117 | +5.4% |
| Amounts receivable within one year | 40/41 | €24,564 | €95,945 | +€71,381 | +291% |
| Trade receivables | 40 | €20,435 | €91,816 | +€71,381 | +349% |
| Other amounts receivable | 41 | €4,129 | €4,129 | = | 0.0% |
| Current investments | 50/53 | €564,101 | €530,078 | -€34,023 | -6.0% |
| Cash at bank and in hand | 54/58 | €36,971 | €33,665 | -€3,306 | -8.9% |
| Deferred charges and accrued income | 490/1 | €4,896 | €4,961 | +€65 | +1.3% |
| Total equity and liabilities | 10/49 | €774,366 | €769,940 | -€4,426 | -0.6% |
| Equity | 10/15 | €552,605 | €434,963 | -€117,642 | -21.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €348,055 | €201,855 | -€146,200 | -42.0% |
| Distributable reserves | 133 | €348,055 | €201,855 | -€146,200 | -42.0% |
| Profit (loss) carried forward | 14 | €192,050 | €220,608 | +€28,558 | +14.9% |
| Amounts payable | 17/49 | €221,761 | €334,977 | +€113,216 | +51.1% |
| Amounts payable within one year | 42/48 | €220,585 | €334,977 | +€114,392 | +51.9% |
| Trade debts | 44 | €70,547 | €101,426 | +€30,879 | +43.8% |
| Suppliers | 440/4 | €70,547 | €101,426 | +€30,879 | +43.8% |
| Taxes, remuneration and social security | 45 | €15,538 | €37,351 | +€21,813 | +140% |
| Taxes | 450/3 | €15,538 | €37,351 | +€21,813 | +140% |
| Other amounts payable | 47/48 | €134,500 | €196,200 | +€61,700 | +45.9% |
| Accrued charges and deferred income | 492/3 | €1,176 | - | -€1,176 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,766 | €40,014 | -€752 | -1.8% |
| Other operating charges | 640/8 | €4,968 | €5,106 | +€138 | +2.8% |
| Gross operating margin | 9900 | €90,839 | €158,480 | +€67,641 | +74.5% |
| Operating profit (loss) | 9901 | €45,105 | €113,360 | +€68,255 | +151% |
| Financial income | 75/76B | €12,787 | €8,612 | -€4,175 | -32.7% |
| Recurring financial income | 75 | €12,787 | €8,612 | -€4,175 | -32.7% |
| Financial charges | 65/66B | €108,745 | €4,019 | -€104,726 | -96.3% |
| Recurring financial charges | 65 | €108,745 | €4,019 | -€104,726 | -96.3% |
| Profit (loss) for the period before taxes | 9903 | -€50,853 | €117,953 | +€168,806 | |
| Income taxes | 67/77 | €18,771 | €39,395 | +€20,624 | +110% |
| Profit (loss) for the period | 9904 | -€69,624 | €78,558 | +€148,182 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,624 | €78,558 | +€148,182 |
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 30 October 2026 via checked.be.