GRAND STRATEGY: 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 STRATEGY
Largest movements
- Cash -€28,456
down €28,456 (-16.4%), from €173,547 to €145,091
mainly Tax, wage and social debts (-€22,513) and Investment in fixed assets (net) (-€13,596)
- Tangible fixed assets -€6,751
down €6,751 (-22.1%), from €30,527 to €23,776
- Tax, wage and social debts -€22,513
down €22,513 (-83.9%), from €26,823 to €4,310
- Trade debts -€7,958
down €7,958 (-75.0%), from €10,609 to €2,652
- Other debts -€5,918
down €5,918 (-43.3%), from €13,656 to €7,738
- Gross operating margin -€81,738
down €81,738 (-74.9%), from €109,081 to €27,343
- Taxes -€22,513
down €22,513 (-83.9%), from €26,823 to €4,310
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 | €207,944 | €173,540 | -€34,404 | -16.5% |
| Fixed assets | 21/28 | €30,527 | €23,776 | -€6,751 | -22.1% |
| Tangible fixed assets | 22/27 | €30,527 | €23,776 | -€6,751 | -22.1% |
| Furniture and vehicles | 24 | €30,527 | €23,776 | -€6,751 | -22.1% |
| Current assets | 29/58 | €177,418 | €149,764 | -€27,653 | -15.6% |
| Amounts receivable within one year | 40/41 | €2,605 | €3,548 | +€943 | +36.2% |
| Trade receivables | 40 | €1,034 | €3,332 | +€2,298 | +222% |
| Other amounts receivable | 41 | €1,572 | €217 | -€1,355 | -86.2% |
| Cash at bank and in hand | 54/58 | €173,547 | €145,091 | -€28,456 | -16.4% |
| Deferred charges and accrued income | 490/1 | €1,265 | €1,125 | -€140 | -11.1% |
| Total equity and liabilities | 10/49 | €207,944 | €173,540 | -€34,404 | -16.5% |
| Equity | 10/15 | €156,856 | €158,840 | +€1,984 | +1.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €61,660 | €63,644 | +€1,984 | +3.2% |
| Distributable reserves | 133 | €61,660 | €63,644 | +€1,984 | +3.2% |
| Profit (loss) carried forward | 14 | €91,196 | €91,196 | = | 0.0% |
| Amounts payable | 17/49 | €51,088 | €14,700 | -€36,389 | -71.2% |
| Amounts payable within one year | 42/48 | €51,088 | €14,700 | -€36,389 | -71.2% |
| Trade debts | 44 | €10,609 | €2,652 | -€7,958 | -75.0% |
| Suppliers | 440/4 | €10,609 | €2,652 | -€7,958 | -75.0% |
| Taxes, remuneration and social security | 45 | €26,823 | €4,310 | -€22,513 | -83.9% |
| Taxes | 450/3 | €26,823 | €4,310 | -€22,513 | -83.9% |
| Other amounts payable | 47/48 | €13,656 | €7,738 | -€5,918 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,975 | €20,347 | +€372 | +1.9% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €109,081 | €27,343 | -€81,738 | -74.9% |
| Operating profit (loss) | 9901 | €88,595 | €6,468 | -€82,127 | -92.7% |
| Financial income | 75/76B | €66 | €0 | -€66 | -100.0% |
| Recurring financial income | 75 | €66 | €0 | -€66 | -100.0% |
| Financial charges | 65/66B | €178 | €173 | -€5 | -2.7% |
| Recurring financial charges | 65 | €178 | €173 | -€5 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €88,483 | €6,295 | -€82,189 | -92.9% |
| Income taxes | 67/77 | €26,823 | €4,310 | -€22,513 | -83.9% |
| Profit (loss) for the period | 9904 | €61,660 | €1,984 | -€59,676 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,660 | €1,984 | -€59,676 | -96.8% |
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.