Grandin: 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.
Grandin
Largest movements
- Stocks and contracts -€95,489
down €95,489 (-25.1%), from €380,974 to €285,485
- Receivables within one year -€36,220
down €36,220 (-97.7%), from €37,084 to €864
of which Trade receivables: -€31,514
- Profit (loss) carried forward -€90,466
down €90,466 (-95.4%), from -€94,794 to -€185,260
- Trade debts -€33,388
down €33,388 (-70.7%), from €47,246 to €13,858
- Other debts -€13,466
down €13,466 (-2.9%), from €463,103 to €449,636
- Tax, wage and social debts +€6,484
up €6,484 (+2,112%), from €307 to €6,791
- Gross operating margin +€7,452
up €7,452 (+8.0%), from -€93,640 to -€86,188
- Financial charges +€2,557
up €2,557 (+477%), from €536 to €3,094
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 | €421,460 | €289,170 | -€132,289 | -31.4% |
| Fixed assets | 21/28 | €2,533 | €1,492 | -€1,041 | -41.1% |
| Intangible fixed assets | 21 | €1,255 | €255 | -€1,000 | -79.7% |
| Tangible fixed assets | 22/27 | €1,278 | €1,237 | -€41 | -3.2% |
| Other tangible fixed assets | 26 | €1,278 | €1,237 | -€41 | -3.2% |
| Current assets | 29/58 | €418,927 | €287,678 | -€131,249 | -31.3% |
| Stocks and contracts in progress | 3 | €380,974 | €285,485 | -€95,489 | -25.1% |
| Stocks | 30/36 | €380,974 | €285,485 | -€95,489 | -25.1% |
| Amounts receivable within one year | 40/41 | €37,084 | €864 | -€36,220 | -97.7% |
| Trade receivables | 40 | €31,634 | €120 | -€31,514 | -99.6% |
| Other amounts receivable | 41 | €5,451 | €744 | -€4,707 | -86.3% |
| Cash at bank and in hand | 54/58 | €71 | €276 | +€204 | +286% |
| Deferred charges and accrued income | 490/1 | €797 | €1,053 | +€256 | +32.2% |
| Total equity and liabilities | 10/49 | €421,460 | €289,170 | -€132,289 | -31.4% |
| Equity | 10/15 | -€91,794 | -€182,260 | -€90,466 | -98.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,794 | -€185,260 | -€90,466 | -95.4% |
| Amounts payable | 17/49 | €513,254 | €471,430 | -€41,823 | -8.1% |
| Amounts payable within one year | 42/48 | €513,254 | €471,430 | -€41,823 | -8.1% |
| Financial debts | 43 | €2,598 | €1,146 | -€1,453 | -55.9% |
| Credit institutions | 430/8 | €2,598 | €1,146 | -€1,453 | -55.9% |
| Trade debts | 44 | €47,246 | €13,858 | -€33,388 | -70.7% |
| Suppliers | 440/4 | €47,246 | €13,858 | -€33,388 | -70.7% |
| Taxes, remuneration and social security | 45 | €307 | €6,791 | +€6,484 | +2,112% |
| Taxes | 450/3 | €307 | €6,791 | +€6,484 | +2,112% |
| Other amounts payable | 47/48 | €463,103 | €449,636 | -€13,466 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,041 | €1,041 | +€0 | 0.0% |
| Other operating charges | 640/8 | €346 | €516 | +€170 | +49.0% |
| Gross operating margin | 9900 | -€93,640 | -€86,188 | +€7,452 | +8.0% |
| Operating profit (loss) | 9901 | -€95,027 | -€87,744 | +€7,283 | +7.7% |
| Financial income | 75/76B | €13 | €372 | +€360 | +2,873% |
| Recurring financial income | 75 | €13 | €372 | +€360 | +2,873% |
| Financial charges | 65/66B | €536 | €3,094 | +€2,557 | +477% |
| Recurring financial charges | 65 | €536 | €3,094 | +€2,557 | +477% |
| Profit (loss) for the period before taxes | 9903 | -€95,551 | -€90,466 | +€5,085 | +5.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€95,551 | -€90,466 | +€5,085 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,551 | -€90,466 | +€5,085 | +5.3% |
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 23 October 2026 via checked.be.