Grigor' s art: 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.
Grigor' s art
Largest movements
- Tangible fixed assets -€29,554
down €29,554 (-29.2%), from €101,209 to €71,655
of which Furniture and vehicles: -€28,458
- Cash +€25,325
up €25,325 (+114%), from €22,271 to €47,596
mainly Depreciation (+€31,433) and Net result for the year (+€19,426)
- Receivables within one year -€8,387
down €8,387 (-33.8%), from €24,832 to €16,445
of which Trade receivables: -€12,145
- Profit (loss) carried forward +€15,264
up €15,264 (+25.9%), from €58,998 to €74,262
- Current portion of long-term debt -€8,515
down €8,515 (-57.4%), from €14,836 to €6,321
- Other debts -€8,307
no longer reported in 2025 (was €8,307)
- Debts after one year -€7,494
down €7,494 (-12.2%), from €61,327 to €53,833
- Trade debts -€3,564
down €3,564 (-73.6%), from €4,844 to €1,280
- Gross operating margin +€28,058
up €28,058 (+69.8%), from €40,194 to €68,252
- Financial charges +€5,319
up €5,319 (+327%), from €1,627 to €6,946
- Taxes +€4,500
up €4,500 (+180%), from €2,500 to €7,000
- Depreciation -€2,751
down €2,751 (-8.0%), from €34,184 to €31,433
- Staff costs +€1,842
up €1,842 (+197%), from €936 to €2,778
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 | €148,312 | €135,696 | -€12,616 | -8.5% |
| Fixed assets | 21/28 | €101,209 | €71,655 | -€29,554 | -29.2% |
| Tangible fixed assets | 22/27 | €101,209 | €71,655 | -€29,554 | -29.2% |
| Land and buildings | 22 | €14,313 | €13,756 | -€557 | -3.9% |
| Plant, machinery and equipment | 23 | €1,251 | €712 | -€539 | -43.1% |
| Furniture and vehicles | 24 | €85,645 | €57,187 | -€28,458 | -33.2% |
| Current assets | 29/58 | €47,103 | €64,041 | +€16,938 | +36.0% |
| Amounts receivable within one year | 40/41 | €24,832 | €16,445 | -€8,387 | -33.8% |
| Trade receivables | 40 | €18,515 | €6,370 | -€12,145 | -65.6% |
| Other amounts receivable | 41 | €6,317 | €10,075 | +€3,758 | +59.5% |
| Cash at bank and in hand | 54/58 | €22,271 | €47,596 | +€25,325 | +114% |
| Total equity and liabilities | 10/49 | €148,312 | €135,696 | -€12,616 | -8.5% |
| Equity | 10/15 | €58,998 | €74,262 | +€15,264 | +25.9% |
| Profit (loss) carried forward | 14 | €58,998 | €74,262 | +€15,264 | +25.9% |
| Amounts payable | 17/49 | €89,314 | €61,434 | -€27,880 | -31.2% |
| Amounts payable after more than one year | 17 | €61,327 | €53,833 | -€7,494 | -12.2% |
| Financial debts | 170/4 | €61,327 | €53,833 | -€7,494 | -12.2% |
| Amounts payable within one year | 42/48 | €27,987 | €7,601 | -€20,386 | -72.8% |
| Current portion of amounts payable after more than one year | 42 | €14,836 | €6,321 | -€8,515 | -57.4% |
| Trade debts | 44 | €4,844 | €1,280 | -€3,564 | -73.6% |
| Suppliers | 440/4 | €4,844 | €1,280 | -€3,564 | -73.6% |
| Other amounts payable | 47/48 | €8,307 | - | -€8,307 | |
| Remuneration, social security and pensions | 62 | €936 | €2,778 | +€1,842 | +197% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,184 | €31,433 | -€2,751 | -8.0% |
| Other operating charges | 640/8 | €1,929 | €688 | -€1,241 | -64.3% |
| Gross operating margin | 9900 | €40,194 | €68,252 | +€28,058 | +69.8% |
| Operating profit (loss) | 9901 | €3,145 | €33,353 | +€30,208 | +961% |
| Financial income | 75/76B | €1,576 | €19 | -€1,557 | -98.8% |
| Recurring financial income | 75 | €1,576 | €19 | -€1,557 | -98.8% |
| Financial charges | 65/66B | €1,627 | €6,946 | +€5,319 | +327% |
| Recurring financial charges | 65 | €1,627 | €6,946 | +€5,319 | +327% |
| Profit (loss) for the period before taxes | 9903 | €3,094 | €26,426 | +€23,332 | +754% |
| Income taxes | 67/77 | €2,500 | €7,000 | +€4,500 | +180% |
| Profit (loss) for the period | 9904 | €594 | €19,426 | +€18,832 | +3,170% |
| Profit (loss) for the period to be appropriated | 9905 | €594 | €19,426 | +€18,832 | +3,170% |
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 21 October 2026 via checked.be.