Grâce Pham: what changed
Two fiscal 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.
Grâce Pham
Largest movements
- Receivables within one year -€47,751
down €47,751 (-59.5%), from €80,224 to €32,473
of which Other amounts receivable: -€47,187
- Cash +€41,023
up €41,023 (+7198.3%), from €570 to €41,593
mainly Receivables within one year (+€47,751) and Depreciation (+€12,525)
- Tangible fixed assets -€9,220
down €9,220 (-19.4%), from €47,586 to €38,366
of which Furniture and vehicles: -€7,445
- Deferred charges and accrued income -€6,303
down €6,303 (-66.4%), from €9,498 to €3,195
- Tax, wage and social debts -€15,219
down €15,219 (-81.4%), from €18,689 to €3,470
of which Taxes: -€8,970
- Debts after one year -€8,235
down €8,235 (-30.9%), from €26,610 to €18,375
- Profit (loss) carried forward +€4,167
up €4,167 (+5.3%), from €78,820 to €82,986
- Trade debts -€3,321
down €3,321 (-75.8%), from €4,381 to €1,060
- Financial charges +€53,580
up €53,580 (+2619.5%), from €2,045 to €55,625
- Staff costs -€25,161
down €25,161 (-64.1%), from €39,252 to €14,091
- Gross operating margin -€16,616
down €16,616 (-15.8%), from €105,221 to €88,604
- Taxes -€8,970
down €8,970 (-81.4%), from €11,018 to €2,048
- Depreciation +€1,105
up €1,105 (+9.7%), from €11,420 to €12,525
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.
Cash bridge derived
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 | €137,878 | €115,627 | -€22,251 | -16.1% |
| Fixed assets | 21/28 | €47,586 | €38,366 | -€9,220 | -19.4% |
| Tangible fixed assets | 22/27 | €47,586 | €38,366 | -€9,220 | -19.4% |
| Plant, machinery and equipment | 23 | €650 | €50 | -€600 | -92.3% |
| Furniture and vehicles | 24 | €37,438 | €29,993 | -€7,445 | -19.9% |
| Other tangible fixed assets | 26 | €9,498 | €8,323 | -€1,175 | -12.4% |
| Current assets | 29/58 | €90,291 | €77,261 | -€13,030 | -14.4% |
| Amounts receivable within one year | 40/41 | €80,224 | €32,473 | -€47,751 | -59.5% |
| Trade receivables | 40 | €2,896 | €2,332 | -€564 | -19.5% |
| Other amounts receivable | 41 | €77,328 | €30,141 | -€47,187 | -61.0% |
| Cash at bank and in hand | 54/58 | €570 | €41,593 | +€41,023 | +7198.3% |
| Deferred charges and accrued income | 490/1 | €9,498 | €3,195 | -€6,303 | -66.4% |
| Total equity and liabilities | 10/49 | €137,878 | €115,627 | -€22,251 | -16.1% |
| Equity | 10/15 | €80,320 | €84,486 | +€4,167 | +5.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,820 | €82,986 | +€4,167 | +5.3% |
| Amounts payable | 17/49 | €57,558 | €31,141 | -€26,417 | -45.9% |
| Amounts payable after more than one year | 17 | €26,610 | €18,375 | -€8,235 | -30.9% |
| Financial debts | 170/4 | €26,610 | €18,375 | -€8,235 | -30.9% |
| Amounts payable within one year | 42/48 | €30,948 | €12,766 | -€18,182 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €7,878 | €8,235 | +€357 | +4.5% |
| Trade debts | 44 | €4,381 | €1,060 | -€3,321 | -75.8% |
| Suppliers | 440/4 | €4,381 | €1,060 | -€3,321 | -75.8% |
| Taxes, remuneration and social security | 45 | €18,689 | €3,470 | -€15,219 | -81.4% |
| Taxes | 450/3 | €11,018 | €2,048 | -€8,970 | -81.4% |
| Remuneration and social security | 454/9 | €7,671 | €1,422 | -€6,249 | -81.5% |
| Remuneration, social security and pensions | 62 | €39,252 | €14,091 | -€25,161 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,420 | €12,525 | +€1,105 | +9.7% |
| Other operating charges | 640/8 | €1,230 | €498 | -€732 | -59.5% |
| Gross operating margin | 9900 | €105,221 | €88,604 | -€16,616 | -15.8% |
| Operating profit (loss) | 9901 | €53,319 | €61,491 | +€8,172 | +15.3% |
| Financial income | 75/76B | €1,939 | €1,491 | -€448 | -23.1% |
| Recurring financial income | 75 | €1,939 | €1,491 | -€448 | -23.1% |
| Financial charges | 65/66B | €2,045 | €55,625 | +€53,580 | +2619.5% |
| Recurring financial charges | 65 | €2,045 | €55,625 | +€53,580 | +2619.5% |
| Profit (loss) for the period before taxes | 9903 | €53,213 | €7,357 | -€45,856 | -86.2% |
| Income taxes | 67/77 | €11,018 | €2,048 | -€8,970 | -81.4% |
| Profit (loss) for the period | 9904 | €42,196 | €5,309 | -€36,887 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,196 | €5,309 | -€36,887 | -87.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.