GRINDWIN: 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.
GRINDWIN
Largest movements
- Receivables within one year +€323,696
up €323,696 (+95.5%), from €338,870 to €662,566
of which Other amounts receivable: +€286,398
- Tangible fixed assets -€33,890
down €33,890 (-82.4%), from €41,135 to €7,245
of which Furniture and vehicles: -€33,802
- Cash +€31,094
up €31,094 (+143.8%), from €21,616 to €52,711
mainly Trade debts (+€315,524) and Deferred charges and accrued income (+€27,025)
- Deferred charges and accrued income -€27,025
no longer reported in 2026 (was €27,025)
- Trade debts +€315,524
up €315,524 (+1421.8%), from €22,191 to €337,715
- Tax, wage and social debts -€15,550
down €15,550 (-40.2%), from €38,725 to €23,175
of which Taxes: -€11,402
- Gross operating margin -€106,702
down €106,702 (-37.6%), from €283,847 to €177,146
- Depreciation -€37,291
down €37,291 (-84.4%), from €44,170 to €6,879
- Staff costs -€36,418
down €36,418 (-18.0%), from €202,103 to €165,685
- Financial charges +€13,426
up €13,426 (+1562.7%), from €859 to €14,285
of which Non-recurring financial charges: +€11,642
- Taxes -€8,563
down €8,563 (-62.7%), from €13,653 to €5,090
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €434,545 | €727,682 | +€293,137 | +67.5% |
| Fixed assets | 21/28 | €41,135 | €7,245 | -€33,890 | -82.4% |
| Tangible fixed assets | 22/27 | €41,135 | €7,245 | -€33,890 | -82.4% |
| Plant, machinery and equipment | 23 | €2,254 | €2,781 | +€527 | +23.4% |
| Furniture and vehicles | 24 | €37,346 | €3,543 | -€33,802 | -90.5% |
| Leasing and similar rights | 25 | €1,535 | €921 | -€614 | -40.0% |
| Current assets | 29/58 | €393,410 | €720,436 | +€327,026 | +83.1% |
| Stocks and contracts in progress | 3 | €5,899 | €5,160 | -€739 | -12.5% |
| Stocks | 30/36 | €5,899 | €5,160 | -€739 | -12.5% |
| Amounts receivable within one year | 40/41 | €338,870 | €662,566 | +€323,696 | +95.5% |
| Trade receivables | 40 | €295,609 | €332,906 | +€37,297 | +12.6% |
| Other amounts receivable | 41 | €43,262 | €329,660 | +€286,398 | +662.0% |
| Cash at bank and in hand | 54/58 | €21,616 | €52,711 | +€31,094 | +143.8% |
| Deferred charges and accrued income | 490/1 | €27,025 | - | -€27,025 | |
| Total equity and liabilities | 10/49 | €434,545 | €727,682 | +€293,137 | +67.5% |
| Equity | 10/15 | €371,447 | €364,739 | -€6,708 | -1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €365,247 | €358,539 | -€6,708 | -1.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,593 | €91,593 | = | 0.0% |
| Distributable reserves | 133 | €271,794 | €265,086 | -€6,708 | -2.5% |
| Amounts payable | 17/49 | €63,098 | €362,942 | +€299,844 | +475.2% |
| Amounts payable within one year | 42/48 | €63,098 | €362,942 | +€299,844 | +475.2% |
| Current portion of amounts payable after more than one year | 42 | €2,182 | €2,052 | -€130 | -5.9% |
| Trade debts | 44 | €22,191 | €337,715 | +€315,524 | +1421.8% |
| Suppliers | 440/4 | €22,191 | €337,715 | +€315,524 | +1421.8% |
| Taxes, remuneration and social security | 45 | €38,725 | €23,175 | -€15,550 | -40.2% |
| Taxes | 450/3 | €11,939 | €537 | -€11,402 | -95.5% |
| Remuneration and social security | 454/9 | €26,786 | €22,638 | -€4,148 | -15.5% |
| Remuneration, social security and pensions | 62 | €202,103 | €165,685 | -€36,418 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,170 | €6,879 | -€37,291 | -84.4% |
| Other operating charges | 640/8 | €8,059 | €462 | -€7,597 | -94.3% |
| Gross operating margin | 9900 | €283,847 | €177,146 | -€106,702 | -37.6% |
| Operating profit (loss) | 9901 | €29,516 | €4,120 | -€25,396 | -86.0% |
| Financial income | 75/76B | €26 | €8,547 | +€8,522 | +33406.1% |
| Recurring financial income | 75 | €26 | €2,642 | +€2,617 | +10258.4% |
| Non-recurring financial income | 76B | - | €5,905 | +€5,905 | |
| Financial charges | 65/66B | €859 | €14,285 | +€13,426 | +1562.7% |
| Recurring financial charges | 65 | €859 | €2,643 | +€1,784 | +207.7% |
| Non-recurring financial charges | 66B | - | €11,642 | +€11,642 | |
| Profit (loss) for the period before taxes | 9903 | €28,682 | -€1,618 | -€30,300 | |
| Income taxes | 67/77 | €13,653 | €5,090 | -€8,563 | -62.7% |
| Profit (loss) for the period | 9904 | €15,030 | -€6,708 | -€21,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,030 | -€6,708 | -€21,737 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.