ERIC GRANDJEAN: 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.
ERIC GRANDJEAN
Largest movements
- Cash +€171,658
up €171,658 (+79.4%), from €216,187 to €387,845
mainly Depreciation (+€140,875) and Receivables within one year (+€125,142)
- Receivables within one year -€125,142
down €125,142 (-54.6%), from €229,314 to €104,172
of which Trade receivables: -€128,221
- Tangible fixed assets +€108,974
up €108,974 (+14.5%), from €750,194 to €859,169
of which Leasing and similar rights: +€186,871
- Stocks and contracts +€19,141
up €19,141 (+26.6%), from €71,967 to €91,108
of which Contracts in progress: +€18,774
- Debts after one year +€104,210
up €104,210 (+44.2%), from €235,965 to €340,175
- Reserves +€30,000
up €30,000 (+9.0%), from €333,231 to €363,231
of which Distributable reserves: +€30,000
- Other operating charges -€28,730
down €28,730 (-63.9%), from €44,965 to €16,234
- Gross operating margin -€22,887
down €22,887 (-5.6%), from €407,875 to €384,987
- Staff costs +€17,604
up €17,604 (+12.3%), from €143,220 to €160,824
- Taxes -€8,248
down €8,248 (-47.1%), from €17,503 to €9,255
- Write-downs +€4,525
new in 2026: €4,525
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 | €1,285,383 | €1,467,003 | +€181,620 | +14.1% |
| Fixed assets | 21/28 | €751,165 | €860,270 | +€109,105 | +14.5% |
| Tangible fixed assets | 22/27 | €750,194 | €859,169 | +€108,974 | +14.5% |
| Land and buildings | 22 | €480,295 | €469,863 | -€10,432 | -2.2% |
| Plant, machinery and equipment | 23 | €70,740 | €33,908 | -€36,832 | -52.1% |
| Furniture and vehicles | 24 | €197,933 | €167,914 | -€30,019 | -15.2% |
| Leasing and similar rights | 25 | - | €186,871 | +€186,871 | |
| Other tangible fixed assets | 26 | €1,226 | €613 | -€613 | -50.0% |
| Financial fixed assets | 28 | €971 | €1,102 | +€131 | +13.5% |
| Current assets | 29/58 | €534,218 | €606,733 | +€72,515 | +13.6% |
| Stocks and contracts in progress | 3 | €71,967 | €91,108 | +€19,141 | +26.6% |
| Stocks | 30/36 | €22,511 | €22,877 | +€367 | +1.6% |
| Contracts in progress | 37 | €49,456 | €68,231 | +€18,774 | +38.0% |
| Amounts receivable within one year | 40/41 | €229,314 | €104,172 | -€125,142 | -54.6% |
| Trade receivables | 40 | €190,359 | €62,137 | -€128,221 | -67.4% |
| Other amounts receivable | 41 | €38,956 | €42,035 | +€3,079 | +7.9% |
| Cash at bank and in hand | 54/58 | €216,187 | €387,845 | +€171,658 | +79.4% |
| Deferred charges and accrued income | 490/1 | €16,750 | €23,608 | +€6,858 | +40.9% |
| Total equity and liabilities | 10/49 | €1,285,383 | €1,467,003 | +€181,620 | +14.1% |
| Equity | 10/15 | €911,774 | €959,719 | +€47,945 | +5.3% |
| Contributions | 10/11 | €255,500 | €255,500 | = | 0.0% |
| Capital | 10 | €255,500 | €255,500 | = | 0.0% |
| Issued capital | 100 | €255,500 | €255,500 | = | 0.0% |
| Reserves | 13 | €333,231 | €363,231 | +€30,000 | +9.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,231 | €46,231 | = | 0.0% |
| Distributable reserves | 133 | €272,000 | €302,000 | +€30,000 | +11.0% |
| Profit (loss) carried forward | 14 | €319,811 | €329,932 | +€10,121 | +3.2% |
| Investment grants | 15 | €3,232 | €11,057 | +€7,824 | +242% |
| Amounts payable | 17/49 | €373,609 | €507,284 | +€133,675 | +35.8% |
| Amounts payable after more than one year | 17 | €235,965 | €340,175 | +€104,210 | +44.2% |
| Financial debts | 170/4 | €235,965 | €340,175 | +€104,210 | +44.2% |
| Amounts payable within one year | 42/48 | €137,644 | €167,109 | +€29,465 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €49,917 | €59,744 | +€9,828 | +19.7% |
| Trade debts | 44 | €27,915 | €37,924 | +€10,009 | +35.9% |
| Suppliers | 440/4 | €27,915 | €37,924 | +€10,009 | +35.9% |
| Taxes, remuneration and social security | 45 | €9,848 | €20,320 | +€10,472 | +106% |
| Taxes | 450/3 | €4,968 | €6,597 | +€1,629 | +32.8% |
| Remuneration and social security | 454/9 | €4,880 | €13,723 | +€8,843 | +181% |
| Other amounts payable | 47/48 | €49,965 | €49,121 | -€844 | -1.7% |
| Remuneration, social security and pensions | 62 | €143,220 | €160,824 | +€17,604 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,924 | €140,875 | +€3,951 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,525 | +€4,525 | |
| Other operating charges | 640/8 | €44,965 | €16,234 | -€28,730 | -63.9% |
| Gross operating margin | 9900 | €407,875 | €384,987 | -€22,887 | -5.6% |
| Operating profit (loss) | 9901 | €82,766 | €62,529 | -€20,237 | -24.5% |
| Financial income | 75/76B | €4,222 | €1,586 | -€2,637 | -62.4% |
| Recurring financial income | 75 | €4,222 | €1,586 | -€2,637 | -62.4% |
| Financial charges | 65/66B | €11,489 | €14,739 | +€3,250 | +28.3% |
| Recurring financial charges | 65 | €11,489 | €14,739 | +€3,250 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €75,499 | €49,376 | -€26,123 | -34.6% |
| Income taxes | 67/77 | €17,503 | €9,255 | -€8,248 | -47.1% |
| Profit (loss) for the period | 9904 | €57,997 | €40,121 | -€17,876 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,997 | €40,121 | -€17,876 | -30.8% |
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 30 October 2026 via checked.be.