Dr. Hilde Grisez: 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. Hilde Grisez
Largest movements
- Cash +€5,207
up €5,207 (+3.0%), from €173,988 to €179,196
mainly Net result for the year (+€2,609) and Other debts (+€2,239)
- Reserves +€2,609
up €2,609 (+1.6%), from €162,261 to €164,870
- Other debts +€2,239
up €2,239 (+16.9%), from €13,281 to €15,520
- Depreciation -€5,189
down €5,189 (-86.7%), from €5,983 to €794
- Gross operating margin -€1,241
down €1,241 (-15.5%), from €7,982 to €6,741
- Financial charges +€1,070
up €1,070 (+2,740%), from €39 to €1,109
- Taxes +€475
up €475 (+39.3%), from €1,209 to €1,684
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,570 | €184,812 | +€6,243 | +3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €794 | €0 | -€794 | -100% |
| Tangible fixed assets | 22/27 | €794 | €0 | -€794 | -100% |
| Furniture and vehicles | 24 | €794 | €0 | -€794 | -100% |
| Current assets | 29/58 | €177,776 | €184,812 | +€7,037 | +4.0% |
| Amounts receivable within one year | 40/41 | €3,328 | €5,149 | +€1,821 | +54.7% |
| Trade receivables | 40 | €2,038 | €4,583 | +€2,546 | +125% |
| Other amounts receivable | 41 | €1,291 | €566 | -€725 | -56.2% |
| Cash at bank and in hand | 54/58 | €173,988 | €179,196 | +€5,207 | +3.0% |
| Deferred charges and accrued income | 490/1 | €459 | €468 | +€9 | +1.9% |
| Total equity and liabilities | 10/49 | €178,570 | €184,812 | +€6,243 | +3.5% |
| Equity | 10/15 | €164,761 | €167,370 | +€2,609 | +1.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €162,261 | €164,870 | +€2,609 | +1.6% |
| Distributable reserves | 133 | €162,261 | €164,870 | +€2,609 | +1.6% |
| Amounts payable | 17/49 | €13,808 | €17,442 | +€3,634 | +26.3% |
| Amounts payable within one year | 42/48 | €13,808 | €16,373 | +€2,565 | +18.6% |
| Trade debts | 44 | €65 | €350 | +€285 | +437% |
| Suppliers | 440/4 | €65 | €350 | +€285 | +437% |
| Taxes, remuneration and social security | 45 | €462 | €503 | +€40 | +8.7% |
| Taxes | 450/3 | €462 | €503 | +€40 | +8.7% |
| Other amounts payable | 47/48 | €13,281 | €15,520 | +€2,239 | +16.9% |
| Accrued charges and deferred income | 492/3 | - | €1,069 | +€1,069 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,983 | €794 | -€5,189 | -86.7% |
| Other operating charges | 640/8 | €512 | €544 | +€31 | +6.1% |
| Gross operating margin | 9900 | €7,982 | €6,741 | -€1,241 | -15.5% |
| Operating profit (loss) | 9901 | €1,486 | €5,403 | +€3,917 | +264% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €39 | €1,109 | +€1,070 | +2,740% |
| Recurring financial charges | 65 | €39 | €1,109 | +€1,070 | +2,740% |
| Profit (loss) for the period before taxes | 9903 | €1,447 | €4,294 | +€2,847 | +197% |
| Income taxes | 67/77 | €1,209 | €1,684 | +€475 | +39.3% |
| Profit (loss) for the period | 9904 | €238 | €2,609 | +€2,371 | +997% |
| Profit (loss) for the period to be appropriated | 9905 | €238 | €2,609 | +€2,371 | +997% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.