Grounds Up: 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.
Grounds Up
Largest movements
- Cash -€74,581
down €74,581 (-71.1%), from €104,852 to €30,270
mainly Net result for the year (-€64,477) and Other debts (-€60,000)
- Stocks and contracts +€19,000
new in 2025: €19,000
- Tangible fixed assets +€14,263
up €14,263 (+18.7%), from €76,205 to €90,468
- Intangible fixed assets -€11,573
down €11,573 (-12.9%), from €89,881 to €78,308
- Receivables within one year -€3,399
down €3,399 (-38.8%), from €8,760 to €5,361
of which Other amounts receivable: -€4,185
- Debts after one year +€77,196
up €77,196 (+190.0%), from €40,621 to €117,817
- Profit (loss) carried forward -€64,477
down €64,477 (-143.6%), from -€44,892 to -€109,369
- Other debts -€60,000
down €60,000 (-60.0%), from €100,000 to €40,000
- Short-term financial debts -€10,000
down €10,000 (-10.0%), from €100,000 to €90,000
- Gross operating margin -€23,245
down €23,245 (-5039.8%), from -€461 to -€23,706
- Depreciation +€12,837
up €12,837 (+103.4%), from €12,411 to €25,249
- Financial charges +€2,514
up €2,514 (+21.4%), from €11,747 to €14,261
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 | €283,948 | €227,377 | -€56,571 | -19.9% |
| Formation expenses | 20 | €717 | €537 | -€179 | -25.0% |
| Fixed assets | 21/28 | €166,086 | €168,776 | +€2,690 | +1.6% |
| Intangible fixed assets | 21 | €89,881 | €78,308 | -€11,573 | -12.9% |
| Tangible fixed assets | 22/27 | €76,205 | €90,468 | +€14,263 | +18.7% |
| Plant, machinery and equipment | 23 | €76,205 | €90,468 | +€14,263 | +18.7% |
| Current assets | 29/58 | €117,146 | €58,063 | -€59,082 | -50.4% |
| Stocks and contracts in progress | 3 | - | €19,000 | +€19,000 | |
| Stocks | 30/36 | - | €19,000 | +€19,000 | |
| Amounts receivable within one year | 40/41 | €8,760 | €5,361 | -€3,399 | -38.8% |
| Trade receivables | 40 | €4,575 | €5,361 | +€786 | +17.2% |
| Other amounts receivable | 41 | €4,185 | - | -€4,185 | |
| Cash at bank and in hand | 54/58 | €104,852 | €30,270 | -€74,581 | -71.1% |
| Deferred charges and accrued income | 490/1 | €3,534 | €3,432 | -€102 | -2.9% |
| Total equity and liabilities | 10/49 | €283,948 | €227,377 | -€56,571 | -19.9% |
| Equity | 10/15 | €7,108 | -€57,369 | -€64,477 | |
| Contributions | 10/11 | €52,000 | €52,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,892 | -€109,369 | -€64,477 | -143.6% |
| Amounts payable | 17/49 | €276,840 | €284,746 | +€7,906 | +2.9% |
| Amounts payable after more than one year | 17 | €40,621 | €117,817 | +€77,196 | +190.0% |
| Financial debts | 170/4 | €40,621 | €117,817 | +€77,196 | +190.0% |
| Amounts payable within one year | 42/48 | €236,219 | €166,797 | -€69,423 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €21,762 | €22,804 | +€1,042 | +4.8% |
| Financial debts | 43 | €100,000 | €90,000 | -€10,000 | -10.0% |
| Credit institutions | 430/8 | €100,000 | €90,000 | -€10,000 | -10.0% |
| Trade debts | 44 | €12,847 | €11,612 | -€1,234 | -9.6% |
| Suppliers | 440/4 | €12,847 | €11,612 | -€1,234 | -9.6% |
| Taxes, remuneration and social security | 45 | €1,611 | €2,380 | +€770 | +47.8% |
| Taxes | 450/3 | €1,611 | €2,380 | +€770 | +47.8% |
| Other amounts payable | 47/48 | €100,000 | €40,000 | -€60,000 | -60.0% |
| Accrued charges and deferred income | 492/3 | - | €132 | +€132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,411 | €25,249 | +€12,837 | +103.4% |
| Other operating charges | 640/8 | €1,158 | €1,261 | +€103 | +8.9% |
| Gross operating margin | 9900 | -€461 | -€23,706 | -€23,245 | -5039.8% |
| Operating profit (loss) | 9901 | -€14,031 | -€50,216 | -€36,185 | -257.9% |
| Financial income | 75/76B | €19 | - | -€19 | |
| Recurring financial income | 75 | €19 | - | -€19 | |
| Financial charges | 65/66B | €11,747 | €14,261 | +€2,514 | +21.4% |
| Recurring financial charges | 65 | €11,747 | €14,261 | +€2,514 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,759 | -€64,477 | -€38,718 | -150.3% |
| Profit (loss) for the period | 9904 | -€25,759 | -€64,477 | -€38,718 | -150.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,759 | -€64,477 | -€38,718 | -150.3% |
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 29 September 2026 via checked.be.