Grand - Duc: 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.
Grand - Duc
Largest movements
- Receivables within one year +€16,805
up €16,805 (+123%), from €13,710 to €30,515
of which Trade receivables: +€16,931
- Tangible fixed assets -€946
down €946 (-100.0%), from €946 to €0
- Stocks and contracts -€810
down €810 (-5.8%), from €13,904 to €13,094
- Cash +€605
up €605 (+43.9%), from €1,377 to €1,982
mainly Trade debts (+€19,614) and Other debts (+€8,562)
- Trade debts +€19,614
up €19,614 (+90.8%), from €21,593 to €41,206
- Profit (loss) carried forward -€13,108
down €13,108 (-27.0%), from -€48,564 to -€61,672
- Other debts +€8,562
up €8,562 (+62.9%), from €13,621 to €22,183
- Tax, wage and social debts +€489
up €489 (+387%), from €126 to €616
- Gross operating margin -€4,534
down €4,534 (-74.7%), from -€6,067 to -€10,602
- Depreciation -€1,912
down €1,912 (-63.5%), from €3,013 to €1,101
- Financial income +€154
up €154 (+23,025%), from €1 to €155
- Financial charges +€117
up €117 (+29.9%), from €390 to €507
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 | €32,144 | €47,701 | +€15,557 | +48.4% |
| Fixed assets | 21/28 | €2,936 | €1,990 | -€946 | -32.2% |
| Tangible fixed assets | 22/27 | €946 | €0 | -€946 | -100.0% |
| Furniture and vehicles | 24 | €946 | €0 | -€946 | -100.0% |
| Financial fixed assets | 28 | €1,990 | €1,990 | = | 0.0% |
| Current assets | 29/58 | €29,208 | €45,711 | +€16,503 | +56.5% |
| Stocks and contracts in progress | 3 | €13,904 | €13,094 | -€810 | -5.8% |
| Stocks | 30/36 | €13,904 | €13,094 | -€810 | -5.8% |
| Amounts receivable within one year | 40/41 | €13,710 | €30,515 | +€16,805 | +123% |
| Trade receivables | 40 | €13,584 | €30,515 | +€16,931 | +125% |
| Other amounts receivable | 41 | €126 | - | -€126 | |
| Cash at bank and in hand | 54/58 | €1,377 | €1,982 | +€605 | +43.9% |
| Deferred charges and accrued income | 490/1 | €217 | €120 | -€97 | -44.7% |
| Total equity and liabilities | 10/49 | €32,144 | €47,701 | +€15,557 | +48.4% |
| Equity | 10/15 | -€3,246 | -€16,354 | -€13,108 | -404% |
| Contributions | 10/11 | €43,000 | €43,000 | = | 0.0% |
| Reserves | 13 | €2,318 | €2,318 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,699 | €1,699 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,564 | -€61,672 | -€13,108 | -27.0% |
| Amounts payable | 17/49 | €35,390 | €64,055 | +€28,665 | +81.0% |
| Amounts payable within one year | 42/48 | €35,390 | €64,055 | +€28,665 | +81.0% |
| Trade debts | 44 | €21,593 | €41,206 | +€19,614 | +90.8% |
| Suppliers | 440/4 | €21,593 | €41,206 | +€19,614 | +90.8% |
| Advances received on contracts in progress | 46 | €50 | €50 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €126 | €616 | +€489 | +387% |
| Taxes | 450/3 | €126 | €616 | +€489 | +387% |
| Other amounts payable | 47/48 | €13,621 | €22,183 | +€8,562 | +62.9% |
| Non-recurring operating income | 76A | - | €25,249 | +€25,249 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,013 | €1,101 | -€1,912 | -63.5% |
| Other operating charges | 640/8 | €618 | €642 | +€24 | +3.8% |
| Non-recurring operating charges | 66A | - | €248 | +€248 | |
| Gross operating margin | 9900 | -€6,067 | -€10,602 | -€4,534 | -74.7% |
| Operating profit (loss) | 9901 | -€9,699 | -€12,592 | -€2,893 | -29.8% |
| Financial income | 75/76B | €1 | €155 | +€154 | +23,025% |
| Recurring financial income | 75 | €1 | €155 | +€154 | +23,025% |
| Financial charges | 65/66B | €390 | €507 | +€117 | +29.9% |
| Recurring financial charges | 65 | €390 | €507 | +€117 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,088 | -€12,944 | -€2,856 | -28.3% |
| Income taxes | 67/77 | €220 | €164 | -€56 | -25.5% |
| Profit (loss) for the period | 9904 | -€10,308 | -€13,108 | -€2,800 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,308 | -€13,108 | -€2,800 | -27.2% |
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 20 October 2026 via checked.be.