Grondwerk: 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.
Grondwerk
Largest movements
- Current investments +€401,723
new in 2025: €401,723
- Cash -€216,819
down €216,819 (-64.7%), from €335,040 to €118,222
mainly Current investments (-€401,723) and Investment in fixed assets (net) (-€8,314)
- Tangible fixed assets +€6,139
up €6,139 (+62.8%), from €9,776 to €15,914
of which Furniture and vehicles: +€8,094
- Profit (loss) carried forward +€147,815
new in 2025: €147,815
- Tax, wage and social debts +€39,107
up €39,107 (+54.7%), from €71,487 to €110,594
- Gross operating margin -€18,450
down €18,450 (-8.6%), from €214,821 to €196,371
- Taxes -€3,566
down €3,566 (-7.5%), from €47,494 to €43,928
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 | €349,228 | €538,132 | +€188,904 | +54.1% |
| Fixed assets | 21/28 | €9,776 | €15,914 | +€6,139 | +62.8% |
| Tangible fixed assets | 22/27 | €9,776 | €15,914 | +€6,139 | +62.8% |
| Land and buildings | 22 | €967 | €851 | -€116 | -12.0% |
| Plant, machinery and equipment | 23 | €8,809 | €6,969 | -€1,839 | -20.9% |
| Furniture and vehicles | 24 | - | €8,094 | +€8,094 | |
| Current assets | 29/58 | €339,452 | €522,218 | +€182,766 | +53.8% |
| Amounts receivable within one year | 40/41 | €540 | €1,975 | +€1,435 | +266% |
| Trade receivables | 40 | €387 | €0 | -€387 | -100% |
| Other amounts receivable | 41 | €152 | €1,975 | +€1,822 | +1,195% |
| Current investments | 50/53 | - | €401,723 | +€401,723 | |
| Cash at bank and in hand | 54/58 | €335,040 | €118,222 | -€216,819 | -64.7% |
| Deferred charges and accrued income | 490/1 | €3,872 | €298 | -€3,574 | -92.3% |
| Total equity and liabilities | 10/49 | €349,228 | €538,132 | +€188,904 | +54.1% |
| Equity | 10/15 | €268,962 | €416,777 | +€147,815 | +55.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €265,962 | €265,962 | = | 0.0% |
| Distributable reserves | 133 | €265,962 | €265,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €147,815 | +€147,815 | |
| Amounts payable | 17/49 | €80,266 | €121,355 | +€41,089 | +51.2% |
| Amounts payable within one year | 42/48 | €80,266 | €121,355 | +€41,089 | +51.2% |
| Financial debts | 43 | €859 | €159 | -€700 | -81.5% |
| Credit institutions | 430/8 | €859 | €159 | -€700 | -81.5% |
| Trade debts | 44 | €7,920 | €7,093 | -€827 | -10.4% |
| Suppliers | 440/4 | €7,920 | €7,093 | -€827 | -10.4% |
| Advances received on contracts in progress | 46 | - | €3,509 | +€3,509 | |
| Taxes, remuneration and social security | 45 | €71,487 | €110,594 | +€39,107 | +54.7% |
| Taxes | 450/3 | €71,487 | €110,594 | +€39,107 | +54.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,956 | €2,175 | +€220 | +11.2% |
| Other operating charges | 640/8 | €889 | €519 | -€370 | -41.7% |
| Gross operating margin | 9900 | €214,821 | €196,371 | -€18,450 | -8.6% |
| Operating profit (loss) | 9901 | €211,976 | €193,627 | -€18,349 | -8.7% |
| Financial income | 75/76B | €186 | €2,200 | +€2,014 | +1,085% |
| Recurring financial income | 75 | €186 | €2,200 | +€2,014 | +1,085% |
| Financial charges | 65/66B | €3,598 | €4,084 | +€486 | +13.5% |
| Recurring financial charges | 65 | €3,598 | €4,084 | +€486 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €208,564 | €191,743 | -€16,821 | -8.1% |
| Income taxes | 67/77 | €47,494 | €43,928 | -€3,566 | -7.5% |
| Profit (loss) for the period | 9904 | €161,070 | €147,815 | -€13,254 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €161,070 | €147,815 | -€13,254 | -8.2% |
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 18 October 2026 via checked.be.