Docteur Raphaël GRAINDORGE: what changed
Docteur Raphaël GRAINDORGE
Largest movements
- Cash -€334,572
down €334,572 (-62.8%), from €532,596 to €198,024
mainly Receivables within one year (-€210,000) and Current investments (-€200,000)
- Receivables within one year +€210,000
new in 2025: €210,000
- Current investments +€200,000
up €200,000 (+200%), from €100,000 to €300,000
- Tangible fixed assets -€11,763
down €11,763 (-49.5%), from €23,775 to €12,011
of which Furniture and vehicles: -€9,856
- Reserves +€65,416
up €65,416 (+12.5%), from €525,396 to €590,812
of which Distributable reserves: +€65,416
- Other debts +€23,904
up €23,904 (+65.2%), from €36,656 to €60,560
- Tax, wage and social debts -€15,359
down €15,359 (-42.8%), from €35,886 to €20,527
- Debts after one year -€10,039
down €10,039 (-85.6%), from €11,722 to €1,683
- Gross operating margin -€24,930
down €24,930 (-12.0%), from €208,349 to €183,418
- Financial income +€11,444
up €11,444 (+179%), from €6,401 to €17,845
- Taxes -€3,919
down €3,919 (-6.1%), from €64,514 to €60,595
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,371 | €720,035 | +€63,665 | +9.7% |
| Fixed assets | 21/28 | €23,775 | €12,011 | -€11,763 | -49.5% |
| Tangible fixed assets | 22/27 | €23,775 | €12,011 | -€11,763 | -49.5% |
| Furniture and vehicles | 24 | €21,012 | €11,156 | -€9,856 | -46.9% |
| Other tangible fixed assets | 26 | €2,763 | €856 | -€1,907 | -69.0% |
| Current assets | 29/58 | €632,596 | €708,024 | +€75,428 | +11.9% |
| Amounts receivable within one year | 40/41 | - | €210,000 | +€210,000 | |
| Other amounts receivable | 41 | - | €210,000 | +€210,000 | |
| Current investments | 50/53 | €100,000 | €300,000 | +€200,000 | +200% |
| Cash at bank and in hand | 54/58 | €532,596 | €198,024 | -€334,572 | -62.8% |
| Total equity and liabilities | 10/49 | €656,371 | €720,035 | +€63,665 | +9.7% |
| Equity | 10/15 | €560,651 | €626,066 | +€65,416 | +11.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €525,396 | €590,812 | +€65,416 | +12.5% |
| Non-distributable reserves | 130/1 | €3,714 | €3,714 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,714 | €3,714 | = | 0.0% |
| Distributable reserves | 133 | €521,682 | €587,098 | +€65,416 | +12.5% |
| Profit (loss) carried forward | 14 | €22,854 | €22,854 | = | 0.0% |
| Amounts payable | 17/49 | €95,720 | €93,969 | -€1,751 | -1.8% |
| Amounts payable after more than one year | 17 | €11,722 | €1,683 | -€10,039 | -85.6% |
| Financial debts | 170/4 | €11,722 | €1,683 | -€10,039 | -85.6% |
| Amounts payable within one year | 42/48 | €83,998 | €92,286 | +€8,288 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €9,938 | €10,039 | +€101 | +1.0% |
| Trade debts | 44 | €1,517 | €1,159 | -€357 | -23.6% |
| Suppliers | 440/4 | €1,517 | €1,159 | -€357 | -23.6% |
| Taxes, remuneration and social security | 45 | €35,886 | €20,527 | -€15,359 | -42.8% |
| Taxes | 450/3 | €35,886 | €20,527 | -€15,359 | -42.8% |
| Other amounts payable | 47/48 | €36,656 | €60,560 | +€23,904 | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,941 | €11,763 | -€1,178 | -9.1% |
| Other operating charges | 640/8 | €736 | €695 | -€41 | -5.6% |
| Gross operating margin | 9900 | €208,349 | €183,418 | -€24,930 | -12.0% |
| Operating profit (loss) | 9901 | €194,672 | €170,960 | -€23,712 | -12.2% |
| Financial income | 75/76B | €6,401 | €17,845 | +€11,444 | +179% |
| Recurring financial income | 75 | €6,401 | €17,845 | +€11,444 | +179% |
| Financial charges | 65/66B | €366 | €617 | +€251 | +68.6% |
| Recurring financial charges | 65 | €366 | €617 | +€251 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €200,707 | €188,188 | -€12,519 | -6.2% |
| Income taxes | 67/77 | €64,514 | €60,595 | -€3,919 | -6.1% |
| Profit (loss) for the period | 9904 | €136,193 | €127,593 | -€8,600 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €136,193 | €127,593 | -€8,600 | -6.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.