Dr. E. Gréant: 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.
Dr. E. Gréant
Largest movements
- Cash +€189,691
up €189,691 (+94.6%), from €200,520 to €390,211
mainly Net result for the year (+€212,933) and Tax, wage and social debts (+€19,795)
- Receivables within one year +€61,596
up €61,596 (+88.7%), from €69,476 to €131,071
- Deferred charges and accrued income -€9,181
down €9,181 (-54.7%), from €16,772 to €7,591
- Profit (loss) carried forward +€212,933
up €212,933 (+94.9%), from €224,471 to €437,404
- Tax, wage and social debts +€19,795
up €19,795 (+41.8%), from €47,373 to €67,168
- Gross operating margin +€72,811
up €72,811 (+34.6%), from €210,146 to €282,957
- Taxes +€20,559
up €20,559 (+43.4%), from €47,373 to €67,932
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 | €299,877 | €537,996 | +€238,119 | +79.4% |
| Fixed assets | 21/28 | €13,110 | €9,122 | -€3,987 | -30.4% |
| Tangible fixed assets | 22/27 | €13,110 | €9,122 | -€3,987 | -30.4% |
| Plant, machinery and equipment | 23 | €9,842 | €7,022 | -€2,821 | -28.7% |
| Furniture and vehicles | 24 | €3,267 | €2,101 | -€1,167 | -35.7% |
| Current assets | 29/58 | €286,768 | €528,874 | +€242,106 | +84.4% |
| Amounts receivable within one year | 40/41 | €69,476 | €131,071 | +€61,596 | +88.7% |
| Other amounts receivable | 41 | €69,476 | €131,071 | +€61,596 | +88.7% |
| Cash at bank and in hand | 54/58 | €200,520 | €390,211 | +€189,691 | +94.6% |
| Deferred charges and accrued income | 490/1 | €16,772 | €7,591 | -€9,181 | -54.7% |
| Total equity and liabilities | 10/49 | €299,877 | €537,996 | +€238,119 | +79.4% |
| Equity | 10/15 | €225,471 | €438,404 | +€212,933 | +94.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €224,471 | €437,404 | +€212,933 | +94.9% |
| Amounts payable | 17/49 | €74,407 | €99,592 | +€25,186 | +33.8% |
| Amounts payable within one year | 42/48 | €74,407 | €99,592 | +€25,186 | +33.8% |
| Trade debts | 44 | €18,103 | €18,200 | +€97 | +0.5% |
| Suppliers | 440/4 | €18,103 | €18,200 | +€97 | +0.5% |
| Taxes, remuneration and social security | 45 | €47,373 | €67,168 | +€19,795 | +41.8% |
| Taxes | 450/3 | €47,373 | €67,168 | +€19,795 | +41.8% |
| Other amounts payable | 47/48 | €8,930 | €14,224 | +€5,294 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,323 | €3,987 | -€335 | -7.8% |
| Other operating charges | 640/8 | €684 | €605 | -€79 | -11.5% |
| Gross operating margin | 9900 | €210,146 | €282,957 | +€72,811 | +34.6% |
| Operating profit (loss) | 9901 | €205,139 | €278,364 | +€73,225 | +35.7% |
| Financial income | 75/76B | €1 | €2,581 | +€2,580 | +289,855% |
| Recurring financial income | 75 | €1 | €2,581 | +€2,580 | +289,855% |
| Financial charges | 65/66B | €62 | €80 | +€18 | +28.3% |
| Recurring financial charges | 65 | €62 | €80 | +€18 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €205,078 | €280,865 | +€75,787 | +37.0% |
| Income taxes | 67/77 | €47,373 | €67,932 | +€20,559 | +43.4% |
| Profit (loss) for the period | 9904 | €157,705 | €212,933 | +€55,228 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €157,705 | €212,933 | +€55,228 | +35.0% |
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 14 October 2026 via checked.be.