GRAND SART: 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 SART
Largest movements
- Tangible fixed assets +€2.3m
new in 2025: €2.3m
- Stocks and contracts -€1.3m
no longer reported in 2025 (was €1.3m)
- Debts after one year +€999,294
up €999,294 (+74.9%), from €1.3m to €2.3m
of which Financial debts: +€1.1m
- Current portion of long-term debt +€27,386
new in 2025: €27,386
- Other debts -€24,766
down €24,766 (-82.6%), from €30,000 to €5,234
- Gross operating margin +€50,526
up €50,526, from -€7,463 to €43,063
- Depreciation +€35,444
new in 2025: €35,444
- Financial charges +€28,044
up €28,044 (+4,696%), from €597 to €28,641
- Financial income +€517
new in 2025: €517
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 | €1,366,740 | €2,346,993 | +€980,253 | +71.7% |
| Fixed assets | 21/28 | - | €2,272,687 | +€2.3m | |
| Tangible fixed assets | 22/27 | - | €2,272,687 | +€2.3m | |
| Land and buildings | 22 | - | €2,272,687 | +€2.3m | |
| Current assets | 29/58 | €1,366,740 | €74,306 | -€1.3m | -94.6% |
| Stocks and contracts in progress | 3 | €1,298,376 | - | -€1.3m | |
| Stocks | 30/36 | €1,298,376 | - | -€1.3m | |
| Amounts receivable within one year | 40/41 | €30,364 | €12,008 | -€18,356 | -60.5% |
| Trade receivables | 40 | €13,994 | €11,284 | -€2,710 | -19.4% |
| Other amounts receivable | 41 | €16,371 | €724 | -€15,646 | -95.6% |
| Cash at bank and in hand | 54/58 | €37,999 | €60,417 | +€22,418 | +59.0% |
| Deferred charges and accrued income | 490/1 | - | €1,880 | +€1,880 | |
| Total equity and liabilities | 10/49 | €1,366,740 | €2,346,993 | +€980,253 | +71.7% |
| Equity | 10/15 | -€13,782 | -€34,705 | -€20,923 | -152% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,282 | -€36,205 | -€20,923 | -137% |
| Amounts payable | 17/49 | €1,380,522 | €2,381,698 | +€1.0m | +72.5% |
| Amounts payable after more than one year | 17 | €1,334,528 | €2,333,822 | +€999,294 | +74.9% |
| Financial debts | 170/4 | €271,077 | €1,370,371 | +€1.1m | +406% |
| Other amounts payable | 178/9 | €1,063,451 | €963,451 | -€100,000 | -9.4% |
| Amounts payable within one year | 42/48 | €45,994 | €44,056 | -€1,938 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | - | €27,386 | +€27,386 | |
| Trade debts | 44 | €15,994 | €11,436 | -€4,558 | -28.5% |
| Suppliers | 440/4 | €15,994 | €11,436 | -€4,558 | -28.5% |
| Other amounts payable | 47/48 | €30,000 | €5,234 | -€24,766 | -82.6% |
| Accrued charges and deferred income | 492/3 | - | €3,820 | +€3,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €35,444 | +€35,444 | |
| Other operating charges | 640/8 | €405 | €418 | +€13 | +3.2% |
| Gross operating margin | 9900 | -€7,463 | €43,063 | +€50,526 | |
| Operating profit (loss) | 9901 | -€7,868 | €7,201 | +€15,069 | |
| Financial income | 75/76B | - | €517 | +€517 | |
| Recurring financial income | 75 | - | €517 | +€517 | |
| Financial charges | 65/66B | €597 | €28,641 | +€28,044 | +4,696% |
| Recurring financial charges | 65 | €597 | €28,641 | +€28,044 | +4,696% |
| Profit (loss) for the period before taxes | 9903 | -€8,465 | -€20,923 | -€12,458 | -147% |
| Profit (loss) for the period | 9904 | -€8,465 | -€20,923 | -€12,458 | -147% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,465 | -€20,923 | -€12,458 | -147% |
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 30 October 2026 via checked.be.