GRANDSART: 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.
GRANDSART
Largest movements
- Tangible fixed assets -€113,302
down €113,302 (-3.7%), from €3.1m to €2.9m
of which Land and buildings: -€130,270
- Cash +€45,839
up €45,839 (+256.6%), from €17,862 to €63,700
mainly Depreciation (+€207,879) and Other debts (+€158,175)
- Debts after one year -€393,869
down €393,869 (-25.8%), from €1.5m to €1.1m
- Other debts +€158,175
up €158,175 (+53.8%), from €294,082 to €452,257
- Reserves +€106,760
up €106,760 (+21.4%), from €499,279 to €606,040
of which Distributable reserves: +€106,760
- Short-term financial debts +€40,000
new in 2025: €40,000
- Financial charges +€39,134
up €39,134 (+76.8%), from €50,949 to €90,083
- Staff costs +€27,209
up €27,209 (+8.4%), from €322,030 to €349,238
- Taxes -€17,848
down €17,848 (-27.8%), from €64,102 to €46,254
- Gross operating margin +€16,209
up €16,209 (+2.1%), from €788,393 to €804,602
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 | €3,152,264 | €3,090,665 | -€61,599 | -2.0% |
| Fixed assets | 21/28 | €3,054,446 | €2,941,144 | -€113,302 | -3.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,053,687 | €2,940,385 | -€113,302 | -3.7% |
| Land and buildings | 22 | €2,790,168 | €2,659,898 | -€130,270 | -4.7% |
| Plant, machinery and equipment | 23 | €204,945 | €243,903 | +€38,958 | +19.0% |
| Furniture and vehicles | 24 | €13,169 | €17,571 | +€4,403 | +33.4% |
| Leasing and similar rights | 25 | €45,405 | €19,013 | -€26,392 | -58.1% |
| Financial fixed assets | 28 | €759 | €759 | = | 0.0% |
| Current assets | 29/58 | €97,819 | €149,521 | +€51,703 | +52.9% |
| Stocks and contracts in progress | 3 | €2,200 | €2,298 | +€98 | +4.5% |
| Stocks | 30/36 | €2,200 | €2,298 | +€98 | +4.5% |
| Amounts receivable within one year | 40/41 | €57,642 | €60,948 | +€3,306 | +5.7% |
| Trade receivables | 40 | €37,302 | €31,525 | -€5,776 | -15.5% |
| Other amounts receivable | 41 | €20,341 | €29,423 | +€9,082 | +44.6% |
| Cash at bank and in hand | 54/58 | €17,862 | €63,700 | +€45,839 | +256.6% |
| Deferred charges and accrued income | 490/1 | €20,115 | €22,575 | +€2,460 | +12.2% |
| Total equity and liabilities | 10/49 | €3,152,264 | €3,090,665 | -€61,599 | -2.0% |
| Equity | 10/15 | €774,279 | €881,040 | +€106,760 | +13.8% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €499,279 | €606,040 | +€106,760 | +21.4% |
| Non-distributable reserves | 130/1 | €27,500 | €27,500 | = | 0.0% |
| Legal reserve | 130 | €27,500 | €27,500 | = | 0.0% |
| Distributable reserves | 133 | €471,779 | €578,540 | +€106,760 | +22.6% |
| Amounts payable | 17/49 | €2,377,985 | €2,209,625 | -€168,360 | -7.1% |
| Amounts payable after more than one year | 17 | €1,523,967 | €1,130,098 | -€393,869 | -25.8% |
| Financial debts | 170/4 | €1,523,967 | €1,130,098 | -€393,869 | -25.8% |
| Amounts payable within one year | 42/48 | €854,018 | €1,077,187 | +€223,168 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €368,091 | €393,635 | +€25,544 | +6.9% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €139,538 | €139,505 | -€33 | 0.0% |
| Suppliers | 440/4 | €139,538 | €139,505 | -€33 | 0.0% |
| Taxes, remuneration and social security | 45 | €52,307 | €51,790 | -€517 | -1.0% |
| Taxes | 450/3 | €20,617 | €15,065 | -€5,552 | -26.9% |
| Remuneration and social security | 454/9 | €31,690 | €36,725 | +€5,035 | +15.9% |
| Other amounts payable | 47/48 | €294,082 | €452,257 | +€158,175 | +53.8% |
| Accrued charges and deferred income | 492/3 | €0 | €2,341 | +€2,341 | |
| Remuneration, social security and pensions | 62 | €322,030 | €349,238 | +€27,209 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,348 | €207,879 | +€5,531 | +2.7% |
| Other operating charges | 640/8 | €4,543 | €4,404 | -€139 | -3.1% |
| Gross operating margin | 9900 | €788,393 | €804,602 | +€16,209 | +2.1% |
| Operating profit (loss) | 9901 | €259,472 | €243,081 | -€16,391 | -6.3% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €50,949 | €90,083 | +€39,134 | +76.8% |
| Recurring financial charges | 65 | €50,949 | €90,083 | +€39,134 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | €208,523 | €153,014 | -€55,509 | -26.6% |
| Income taxes | 67/77 | €64,102 | €46,254 | -€17,848 | -27.8% |
| Profit (loss) for the period | 9904 | €144,422 | €106,760 | -€37,661 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €144,422 | €106,760 | -€37,661 | -26.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.