GRINDUS: what changed
Two fiscal 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.
GRINDUS
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+2443.3%), from €129,143 to €3.3m
- Deferred charges and accrued income -€72,000
down €72,000 (-100.0%), from €72,000 to €0
- Receivables within one year +€63,673
up €63,673 (+212.2%), from €30,000 to €93,673
- Revaluation surpluses +€3.1m
new in 2025: €3.1m
- Other debts +€150,000
new in 2025: €150,000
- Reserves -€115,760
down €115,760 (-65.3%), from €177,375 to €61,615
of which Distributable reserves: -€115,760
- Other operating charges +€20,950
up €20,950 (+3591.6%), from €583 to €21,533
- Gross operating margin -€17,842
down €17,842 (-20.7%), from €86,321 to €68,480
- Taxes -€11,166
down €11,166 (-49.5%), from €22,580 to €11,413
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 | €265,800 | €3,426,842 | +€3.2m | +1189.3% |
| Fixed assets | 21/28 | €129,143 | €3,284,481 | +€3.2m | +2443.3% |
| Tangible fixed assets | 22/27 | €129,143 | €3,284,481 | +€3.2m | +2443.3% |
| Land and buildings | 22 | €129,143 | €3,284,481 | +€3.2m | +2443.3% |
| Current assets | 29/58 | €136,657 | €142,361 | +€5,704 | +4.2% |
| Amounts receivable within one year | 40/41 | €30,000 | €93,673 | +€63,673 | +212.2% |
| Other amounts receivable | 41 | €30,000 | €93,673 | +€63,673 | +212.2% |
| Cash at bank and in hand | 54/58 | €34,657 | €48,688 | +€14,032 | +40.5% |
| Deferred charges and accrued income | 490/1 | €72,000 | €0 | -€72,000 | -100.0% |
| Total equity and liabilities | 10/49 | €265,800 | €3,426,842 | +€3.2m | +1189.3% |
| Equity | 10/15 | €239,375 | €3,238,615 | +€3.0m | +1252.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,115,000 | +€3.1m | |
| Reserves | 13 | €177,375 | €61,615 | -€115,760 | -65.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €171,175 | €55,415 | -€115,760 | -67.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,425 | €188,227 | +€161,802 | +612.3% |
| Amounts payable within one year | 42/48 | €26,425 | €158,227 | +€131,802 | +498.8% |
| Financial debts | 43 | €15,000 | €0 | -€15,000 | -100.0% |
| Credit institutions | 430/8 | €15,000 | €0 | -€15,000 | -100.0% |
| Trade debts | 44 | €3,969 | €771 | -€3,198 | -80.6% |
| Suppliers | 440/4 | €3,969 | €771 | -€3,198 | -80.6% |
| Taxes, remuneration and social security | 45 | €7,456 | €7,456 | = | 0.0% |
| Taxes | 450/3 | €7,456 | €7,456 | = | 0.0% |
| Other amounts payable | 47/48 | - | €150,000 | +€150,000 | |
| Accrued charges and deferred income | 492/3 | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €820 | +€820 | |
| Other operating charges | 640/8 | €583 | €21,533 | +€20,950 | +3591.6% |
| Gross operating margin | 9900 | €86,321 | €68,480 | -€17,842 | -20.7% |
| Operating profit (loss) | 9901 | €85,738 | €46,126 | -€39,611 | -46.2% |
| Financial charges | 65/66B | €29 | €473 | +€444 | +1559.4% |
| Recurring financial charges | 65 | €29 | €473 | +€444 | +1559.4% |
| Profit (loss) for the period before taxes | 9903 | €85,709 | €45,654 | -€40,056 | -46.7% |
| Income taxes | 67/77 | €22,580 | €11,413 | -€11,166 | -49.5% |
| Profit (loss) for the period | 9904 | €63,129 | €34,240 | -€28,889 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,129 | €34,240 | -€28,889 | -45.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.