DR. PAUL DEGRANDE: 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. PAUL DEGRANDE
Largest movements
- Cash +€59,616
up €59,616 (+42.1%), from €141,604 to €201,219
mainly Other debts (+€177,867) and Net result for the year (+€150,569)
- Current investments +€50,000
up €50,000 (+11.4%), from €440,000 to €490,000
- Tangible fixed assets -€22,380
down €22,380 (-28.1%), from €79,615 to €57,235
of which Furniture and vehicles: -€15,780
- Receivables within one year -€14,097
down €14,097 (-53.5%), from €26,353 to €12,256
of which Other amounts receivable: -€11,255
- Other debts +€177,867
up €177,867 (+274%), from €64,904 to €242,771
- Reserves -€136,248
down €136,248 (-25.6%), from €533,146 to €396,898
- Tax, wage and social debts +€30,371
up €30,371 (+40.9%), from €74,334 to €104,705
of which Taxes: +€29,756
- Financial income +€11,600
up €11,600 (+475%), from €2,441 to €14,041
- Staff costs +€6,817
up €6,817 (+46.3%), from €14,723 to €21,540
- Taxes +€3,654
up €3,654 (+5.4%), from €67,325 to €70,979
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 | €691,675 | €761,073 | +€69,399 | +10.0% |
| Fixed assets | 21/28 | €79,615 | €57,235 | -€22,380 | -28.1% |
| Tangible fixed assets | 22/27 | €79,615 | €57,235 | -€22,380 | -28.1% |
| Land and buildings | 22 | €217 | €217 | = | 0.0% |
| Plant, machinery and equipment | 23 | €10,924 | €5,650 | -€5,275 | -48.3% |
| Furniture and vehicles | 24 | €67,149 | €51,369 | -€15,780 | -23.5% |
| Other tangible fixed assets | 26 | €1,325 | €0 | -€1,325 | -100% |
| Current assets | 29/58 | €612,060 | €703,838 | +€91,778 | +15.0% |
| Amounts receivable within one year | 40/41 | €26,353 | €12,256 | -€14,097 | -53.5% |
| Trade receivables | 40 | €15,006 | €12,164 | -€2,842 | -18.9% |
| Other amounts receivable | 41 | €11,347 | €92 | -€11,255 | -99.2% |
| Current investments | 50/53 | €440,000 | €490,000 | +€50,000 | +11.4% |
| Cash at bank and in hand | 54/58 | €141,604 | €201,219 | +€59,616 | +42.1% |
| Deferred charges and accrued income | 490/1 | €4,103 | €363 | -€3,740 | -91.1% |
| Total equity and liabilities | 10/49 | €691,675 | €761,073 | +€69,399 | +10.0% |
| Equity | 10/15 | €545,546 | €409,298 | -€136,248 | -25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €533,146 | €396,898 | -€136,248 | -25.6% |
| Distributable reserves | 133 | €533,146 | €396,898 | -€136,248 | -25.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €146,129 | €351,775 | +€205,646 | +141% |
| Amounts payable within one year | 42/48 | €146,010 | €351,775 | +€205,766 | +141% |
| Trade debts | 44 | €6,772 | €4,300 | -€2,472 | -36.5% |
| Suppliers | 440/4 | €6,772 | €4,300 | -€2,472 | -36.5% |
| Taxes, remuneration and social security | 45 | €74,334 | €104,705 | +€30,371 | +40.9% |
| Taxes | 450/3 | €71,313 | €101,069 | +€29,756 | +41.7% |
| Remuneration and social security | 454/9 | €3,022 | €3,636 | +€614 | +20.3% |
| Other amounts payable | 47/48 | €64,904 | €242,771 | +€177,867 | +274% |
| Accrued charges and deferred income | 492/3 | €119 | €0 | -€119 | -100% |
| Non-recurring operating income | 76A | €12,500 | €0 | -€12,500 | -100% |
| Remuneration, social security and pensions | 62 | €14,723 | €21,540 | +€6,817 | +46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,271 | €22,380 | +€2,109 | +10.4% |
| Other operating charges | 640/8 | €1,006 | €2,103 | +€1,097 | +109% |
| Gross operating margin | 9900 | €251,352 | €253,691 | +€2,339 | +0.9% |
| Operating profit (loss) | 9901 | €215,352 | €207,669 | -€7,684 | -3.6% |
| Financial income | 75/76B | €2,441 | €14,041 | +€11,600 | +475% |
| Recurring financial income | 75 | €2,441 | €14,041 | +€11,600 | +475% |
| Financial charges | 65/66B | €168 | €161 | -€7 | -4.0% |
| Recurring financial charges | 65 | €168 | €161 | -€7 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €217,625 | €221,548 | +€3,923 | +1.8% |
| Income taxes | 67/77 | €67,325 | €70,979 | +€3,654 | +5.4% |
| Profit (loss) for the period | 9904 | €150,300 | €150,569 | +€269 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €150,300 | €150,569 | +€269 | +0.2% |
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 28 October 2026 via checked.be.