GRENIER D'IGOR: 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.
GRENIER D'IGOR
Largest movements
- Current investments -€192,139
down €192,139 (-21.6%), from €887,966 to €695,827
- Receivables within one year -€133,298
down €133,298 (-70.2%), from €189,998 to €56,700
of which Trade receivables: -€114,791
- Cash +€55,688
up €55,688 (+104.4%), from €53,346 to €109,035
mainly Net result for the year (+€389,237) and Other debts (+€382,057)
- Receivables after one year -€22,996
no longer reported in 2025 (was €22,996)
- Reserves -€481,275
down €481,275 (-41.5%), from €1.2m to €678,214
of which Distributable reserves: -€481,275
- Other debts +€382,057
up €382,057 (+230.5%), from €165,717 to €547,774
- Accrued charges and deferred income -€173,612
no longer reported in 2025 (was €173,612)
- Current portion of long-term debt -€53,017
down €53,017 (-79.5%), from €66,690 to €13,672
- Tax, wage and social debts +€34,641
up €34,641 (+307.4%), from €11,268 to €45,909
- Gross operating margin +€163,784
up €163,784 (+89.2%), from €183,574 to €347,358
- Financial income +€57,913
up €57,913 (+54.2%), from €106,848 to €164,761
- Taxes +€26,550
up €26,550 (+44.8%), from €59,300 to €85,850
- Financial charges -€4,716
down €4,716 (-63.9%), from €7,377 to €2,661
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 | €1,773,724 | €1,465,725 | -€307,998 | -17.4% |
| Fixed assets | 21/28 | €619,280 | €604,146 | -€15,134 | -2.4% |
| Tangible fixed assets | 22/27 | €269,908 | €255,146 | -€14,762 | -5.5% |
| Land and buildings | 22 | €266,157 | €252,237 | -€13,920 | -5.2% |
| Plant, machinery and equipment | 23 | €3,751 | €2,908 | -€843 | -22.5% |
| Financial fixed assets | 28 | €349,372 | €349,000 | -€372 | -0.1% |
| Current assets | 29/58 | €1,154,444 | €861,579 | -€292,864 | -25.4% |
| Amounts receivable after more than one year | 29 | €22,996 | - | -€22,996 | |
| Other amounts receivable | 291 | €22,996 | - | -€22,996 | |
| Amounts receivable within one year | 40/41 | €189,998 | €56,700 | -€133,298 | -70.2% |
| Trade receivables | 40 | €171,491 | €56,700 | -€114,791 | -66.9% |
| Other amounts receivable | 41 | €18,507 | - | -€18,507 | |
| Current investments | 50/53 | €887,966 | €695,827 | -€192,139 | -21.6% |
| Cash at bank and in hand | 54/58 | €53,346 | €109,035 | +€55,688 | +104.4% |
| Deferred charges and accrued income | 490/1 | €138 | €18 | -€120 | -87.0% |
| Total equity and liabilities | 10/49 | €1,773,724 | €1,465,725 | -€307,998 | -17.4% |
| Equity | 10/15 | €1,337,465 | €856,190 | -€481,275 | -36.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €116,003 | €116,003 | = | 0.0% |
| Reserves | 13 | €1,159,489 | €678,214 | -€481,275 | -41.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €1,153,292 | €672,016 | -€481,275 | -41.7% |
| Amounts payable | 17/49 | €436,259 | €609,535 | +€173,277 | +39.7% |
| Amounts payable after more than one year | 17 | €13,672 | - | -€13,672 | |
| Financial debts | 170/4 | €13,672 | - | -€13,672 | |
| Amounts payable within one year | 42/48 | €248,974 | €609,535 | +€360,562 | +144.8% |
| Current portion of amounts payable after more than one year | 42 | €66,690 | €13,672 | -€53,017 | -79.5% |
| Trade debts | 44 | €5,299 | €2,180 | -€3,119 | -58.9% |
| Suppliers | 440/4 | €5,299 | €2,180 | -€3,119 | -58.9% |
| Taxes, remuneration and social security | 45 | €11,268 | €45,909 | +€34,641 | +307.4% |
| Taxes | 450/3 | €11,268 | €45,909 | +€34,641 | +307.4% |
| Other amounts payable | 47/48 | €165,717 | €547,774 | +€382,057 | +230.5% |
| Accrued charges and deferred income | 492/3 | €173,612 | - | -€173,612 | |
| Non-recurring operating income | 76A | - | €134,192 | +€134,192 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,279 | €34,291 | +€3,011 | +9.6% |
| Other operating charges | 640/8 | €80 | €80 | = | 0.0% |
| Gross operating margin | 9900 | €183,574 | €347,358 | +€163,784 | +89.2% |
| Operating profit (loss) | 9901 | €152,215 | €312,988 | +€160,773 | +105.6% |
| Financial income | 75/76B | €106,848 | €164,761 | +€57,913 | +54.2% |
| Recurring financial income | 75 | €106,848 | €164,761 | +€57,913 | +54.2% |
| Financial charges | 65/66B | €7,377 | €2,661 | -€4,716 | -63.9% |
| Recurring financial charges | 65 | €7,377 | €2,661 | -€4,716 | -63.9% |
| Profit (loss) for the period before taxes | 9903 | €251,686 | €475,088 | +€223,402 | +88.8% |
| Income taxes | 67/77 | €59,300 | €85,850 | +€26,550 | +44.8% |
| Profit (loss) for the period | 9904 | €192,386 | €389,237 | +€196,852 | +102.3% |
| Profit (loss) for the period to be appropriated | 9905 | €192,386 | €389,237 | +€196,852 | +102.3% |
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 9 October 2026 via checked.be.