GREGOIRE: 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.
GREGOIRE
Largest movements
- Stocks and contracts -€144,145
down €144,145 (-54.6%), from €264,145 to €120,000
- Tangible fixed assets +€31,686
new in 2025: €31,686
- Deferred charges and accrued income -€17,293
down €17,293 (-63.8%), from €27,086 to €9,793
- Cash -€9,002
down €9,002 (-14.1%), from €64,058 to €55,056
mainly Debts after one year (-€144,417) and Investment in fixed assets (net) (-€39,593)
- Receivables within one year -€4,771
down €4,771 (-7.7%), from €62,138 to €57,366
of which Other amounts receivable: -€4,771
- Debts after one year -€144,417
down €144,417 (-60.2%), from €240,000 to €95,583
- Current portion of long-term debt +€5,717
new in 2025: €5,717
- Trade debts -€5,696
down €5,696 (-19.4%), from €29,427 to €23,732
- Gross operating margin +€28,764
up €28,764 (+716%), from €4,019 to €32,783
- Financial charges +€17,514
up €17,514 (+2,438%), from €718 to €18,233
of which Financial charges: +€14,034
- Depreciation +€7,908
new in 2025: €7,908
- Taxes +€3,873
up €3,873, from -€701 to €3,172
- Other operating charges -€426
down €426 (-24.4%), from €1,746 to €1,319
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 | €417,426 | €273,901 | -€143,525 | -34.4% |
| Fixed assets | 21/28 | - | €31,686 | +€31,686 | |
| Tangible fixed assets | 22/27 | - | €31,686 | +€31,686 | |
| Furniture and vehicles | 24 | - | €31,686 | +€31,686 | |
| Current assets | 29/58 | €417,426 | €242,215 | -€175,211 | -42.0% |
| Stocks and contracts in progress | 3 | €264,145 | €120,000 | -€144,145 | -54.6% |
| Stocks | 30/36 | €264,145 | €120,000 | -€144,145 | -54.6% |
| Amounts receivable within one year | 40/41 | €62,138 | €57,366 | -€4,771 | -7.7% |
| Trade receivables | 40 | €43,449 | €43,449 | = | 0.0% |
| Other amounts receivable | 41 | €18,689 | €13,917 | -€4,771 | -25.5% |
| Cash at bank and in hand | 54/58 | €64,058 | €55,056 | -€9,002 | -14.1% |
| Deferred charges and accrued income | 490/1 | €27,086 | €9,793 | -€17,293 | -63.8% |
| Total equity and liabilities | 10/49 | €417,426 | €273,901 | -€143,525 | -34.4% |
| Equity | 10/15 | €107,487 | €108,661 | +€1,174 | +1.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €80,859 | €80,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €79,000 | €79,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,036 | €9,209 | +€1,174 | +14.6% |
| Amounts payable | 17/49 | €309,939 | €165,240 | -€144,699 | -46.7% |
| Amounts payable after more than one year | 17 | €240,000 | €95,583 | -€144,417 | -60.2% |
| Financial debts | 170/4 | €240,000 | €95,583 | -€144,417 | -60.2% |
| Amounts payable within one year | 42/48 | €69,939 | €65,912 | -€4,027 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,717 | +€5,717 | |
| Trade debts | 44 | €29,427 | €23,732 | -€5,696 | -19.4% |
| Suppliers | 440/4 | €29,427 | €23,732 | -€5,696 | -19.4% |
| Taxes, remuneration and social security | 45 | €4,911 | €863 | -€4,048 | -82.4% |
| Taxes | 450/3 | €4,911 | €863 | -€4,048 | -82.4% |
| Other amounts payable | 47/48 | €35,601 | €35,601 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €3,745 | +€3,745 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,908 | +€7,908 | |
| Other operating charges | 640/8 | €1,746 | €1,319 | -€426 | -24.4% |
| Non-recurring operating charges | 66A | - | €978 | +€978 | |
| Gross operating margin | 9900 | €4,019 | €32,783 | +€28,764 | +716% |
| Operating profit (loss) | 9901 | €2,274 | €22,578 | +€20,304 | +893% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €718 | €18,233 | +€17,514 | +2,438% |
| Recurring financial charges | 65 | €718 | €14,752 | +€14,034 | +1,954% |
| Non-recurring financial charges | 66B | - | €3,481 | +€3,481 | |
| Profit (loss) for the period before taxes | 9903 | €1,556 | €4,345 | +€2,790 | +179% |
| Income taxes | 67/77 | -€701 | €3,172 | +€3,873 | |
| Profit (loss) for the period | 9904 | €2,257 | €1,174 | -€1,083 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,257 | €1,174 | -€1,083 | -48.0% |
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 17 October 2026 via checked.be.