GRADE2: 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.
GRADE2
Largest movements
- Cash +€111,532
up €111,532 (+159.5%), from €69,927 to €181,458
mainly Current investments (+€58,685) and Net result for the year (+€23,728)
- Current investments -€58,685
no longer reported in 2025 (was €58,685)
- Receivables within one year -€17,350
down €17,350 (-43.5%), from €39,850 to €22,500
of which Trade receivables: -€17,719
- Tangible fixed assets +€3,236
up €3,236 (+319.8%), from €1,012 to €4,248
- Other debts +€16,182
up €16,182 (+91.3%), from €17,725 to €33,907
- Tax, wage and social debts +€11,562
up €11,562 (+271.6%), from €4,257 to €15,818
of which Taxes: +€7,853
- Reserves +€10,000
up €10,000 (+12.2%), from €81,860 to €91,860
of which Distributable reserves: +€10,000
- Profit (loss) carried forward +€2,728
up €2,728 (+4.9%), from €55,407 to €58,135
- Gross operating margin -€18,071
down €18,071 (-37.6%), from €48,081 to €30,010
- Taxes -€4,508
down €4,508 (-33.4%), from €13,516 to €9,008
- Financial income +€2,783
up €2,783 (+191.6%), from €1,453 to €4,236
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 | €170,419 | €209,225 | +€38,806 | +22.8% |
| Fixed assets | 21/28 | €1,012 | €4,248 | +€3,236 | +319.8% |
| Tangible fixed assets | 22/27 | €1,012 | €4,248 | +€3,236 | +319.8% |
| Furniture and vehicles | 24 | €1,012 | €4,248 | +€3,236 | +319.8% |
| Current assets | 29/58 | €169,408 | €204,977 | +€35,570 | +21.0% |
| Amounts receivable within one year | 40/41 | €39,850 | €22,500 | -€17,350 | -43.5% |
| Trade receivables | 40 | €39,850 | €22,131 | -€17,719 | -44.5% |
| Other amounts receivable | 41 | - | €368 | +€368 | |
| Current investments | 50/53 | €58,685 | - | -€58,685 | |
| Cash at bank and in hand | 54/58 | €69,927 | €181,458 | +€111,532 | +159.5% |
| Deferred charges and accrued income | 490/1 | €946 | €1,019 | +€73 | +7.7% |
| Total equity and liabilities | 10/49 | €170,419 | €209,225 | +€38,806 | +22.8% |
| Equity | 10/15 | €143,467 | €156,195 | +€12,728 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €81,860 | €91,860 | +€10,000 | +12.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €80,000 | €90,000 | +€10,000 | +12.5% |
| Profit (loss) carried forward | 14 | €55,407 | €58,135 | +€2,728 | +4.9% |
| Amounts payable | 17/49 | €26,953 | €53,031 | +€26,078 | +96.8% |
| Amounts payable within one year | 42/48 | €26,953 | €53,031 | +€26,078 | +96.8% |
| Trade debts | 44 | €4,971 | €3,305 | -€1,666 | -33.5% |
| Suppliers | 440/4 | €4,971 | €3,305 | -€1,666 | -33.5% |
| Taxes, remuneration and social security | 45 | €4,257 | €15,818 | +€11,562 | +271.6% |
| Taxes | 450/3 | €4,257 | €12,110 | +€7,853 | +184.5% |
| Remuneration and social security | 454/9 | - | €3,708 | +€3,708 | |
| Other amounts payable | 47/48 | €17,725 | €33,907 | +€16,182 | +91.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €713 | +€138 | +23.9% |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Gross operating margin | 9900 | €48,081 | €30,010 | -€18,071 | -37.6% |
| Operating profit (loss) | 9901 | €46,833 | €28,602 | -€18,231 | -38.9% |
| Financial income | 75/76B | €1,453 | €4,236 | +€2,783 | +191.6% |
| Recurring financial income | 75 | €1,453 | €4,236 | +€2,783 | +191.6% |
| Financial charges | 65/66B | €34 | €102 | +€68 | +203.3% |
| Recurring financial charges | 65 | €34 | €102 | +€68 | +203.3% |
| Profit (loss) for the period before taxes | 9903 | €48,252 | €32,736 | -€15,516 | -32.2% |
| Income taxes | 67/77 | €13,516 | €9,008 | -€4,508 | -33.4% |
| Profit (loss) for the period | 9904 | €34,737 | €23,728 | -€11,009 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,737 | €23,728 | -€11,009 | -31.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.