Grenspandje: 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.
Grenspandje
Largest movements
- Receivables within one year +€151,570
up €151,570 (+126%), from €120,033 to €271,603
of which Other amounts receivable: +€107,475
- Cash -€122,179
down €122,179 (-61.5%), from €198,547 to €76,368
mainly Receivables within one year (-€151,570) and Trade debts (-€145,784)
- Stocks and contracts -€106,384
no longer reported in 2025 (was €106,384)
- Tangible fixed assets -€48,987
down €48,987 (-4.3%), from €1.1m to €1.1m
of which Land and buildings: -€46,707
- Current investments -€18,241
no longer reported in 2025 (was €18,241)
- Trade debts -€145,784
down €145,784 (-99.4%), from €146,638 to €854
- Reserves +€120,391
up €120,391 (+15.5%), from €777,987 to €898,378
- Debts after one year -€77,746
down €77,746 (-14.9%), from €521,998 to €444,252
of which Financial debts: -€77,746
- Tax, wage and social debts -€46,709
down €46,709 (-84.2%), from €55,484 to €8,775
of which Taxes: -€37,375
- Gross operating margin -€396,141
down €396,141 (-59.3%), from €667,633 to €271,492
- Taxes -€81,258
down €81,258 (-58.3%), from €139,372 to €58,114
- Financial charges -€36,884
down €36,884 (-61.9%), from €59,560 to €22,677
- Staff costs -€17,272
down €17,272 (-43.6%), from €39,626 to €22,354
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 | €1,598,997 | €1,449,763 | -€149,234 | -9.3% |
| Fixed assets | 21/28 | €1,149,001 | €1,100,014 | -€48,987 | -4.3% |
| Tangible fixed assets | 22/27 | €1,149,001 | €1,100,014 | -€48,987 | -4.3% |
| Land and buildings | 22 | €1,113,205 | €1,066,498 | -€46,707 | -4.2% |
| Plant, machinery and equipment | 23 | €17,859 | €10,855 | -€7,004 | -39.2% |
| Furniture and vehicles | 24 | €12,890 | €22,662 | +€9,771 | +75.8% |
| Other tangible fixed assets | 26 | €5,047 | - | -€5,047 | |
| Current assets | 29/58 | €449,996 | €349,749 | -€100,247 | -22.3% |
| Stocks and contracts in progress | 3 | €106,384 | - | -€106,384 | |
| Stocks | 30/36 | €106,384 | - | -€106,384 | |
| Amounts receivable within one year | 40/41 | €120,033 | €271,603 | +€151,570 | +126% |
| Trade receivables | 40 | €74,569 | €118,665 | +€44,095 | +59.1% |
| Other amounts receivable | 41 | €45,463 | €152,938 | +€107,475 | +236% |
| Current investments | 50/53 | €18,241 | - | -€18,241 | |
| Cash at bank and in hand | 54/58 | €198,547 | €76,368 | -€122,179 | -61.5% |
| Deferred charges and accrued income | 490/1 | €6,791 | €1,778 | -€5,013 | -73.8% |
| Total equity and liabilities | 10/49 | €1,598,997 | €1,449,763 | -€149,234 | -9.3% |
| Equity | 10/15 | €796,579 | €916,970 | +€120,391 | +15.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €777,987 | €898,378 | +€120,391 | +15.5% |
| Distributable reserves | 133 | €777,987 | €898,378 | +€120,391 | +15.5% |
| Amounts payable | 17/49 | €802,418 | €532,793 | -€269,625 | -33.6% |
| Amounts payable after more than one year | 17 | €521,998 | €444,252 | -€77,746 | -14.9% |
| Financial debts | 170/4 | €517,198 | €439,452 | -€77,746 | -15.0% |
| Other amounts payable | 178/9 | €4,800 | €4,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €280,420 | €88,541 | -€191,879 | -68.4% |
| Current portion of amounts payable after more than one year | 42 | €77,095 | €77,746 | +€651 | +0.8% |
| Trade debts | 44 | €146,638 | €854 | -€145,784 | -99.4% |
| Suppliers | 440/4 | €146,638 | €854 | -€145,784 | -99.4% |
| Taxes, remuneration and social security | 45 | €55,484 | €8,775 | -€46,709 | -84.2% |
| Taxes | 450/3 | €46,150 | €8,775 | -€37,375 | -81.0% |
| Remuneration and social security | 454/9 | €9,334 | - | -€9,334 | |
| Other amounts payable | 47/48 | €1,203 | €1,166 | -€36 | -3.0% |
| Non-recurring operating income | 76A | €210,676 | €158,043 | -€52,634 | -25.0% |
| Remuneration, social security and pensions | 62 | €39,626 | €22,354 | -€17,272 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,865 | €42,245 | -€5,621 | -11.7% |
| Other operating charges | 640/8 | €4,678 | €4,047 | -€631 | -13.5% |
| Gross operating margin | 9900 | €667,633 | €271,492 | -€396,141 | -59.3% |
| Operating profit (loss) | 9901 | €575,465 | €202,847 | -€372,618 | -64.8% |
| Financial income | 75/76B | €2 | €1 | -€1 | -67.2% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -67.2% |
| Financial charges | 65/66B | €59,560 | €22,677 | -€36,884 | -61.9% |
| Recurring financial charges | 65 | €59,560 | €22,677 | -€36,884 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €515,906 | €180,170 | -€335,736 | -65.1% |
| Income taxes | 67/77 | €139,372 | €58,114 | -€81,258 | -58.3% |
| Profit (loss) for the period | 9904 | €376,535 | €122,057 | -€254,478 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €376,535 | €122,057 | -€254,478 | -67.6% |
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.