GRUND: 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.
GRUND
Largest movements
- Tangible fixed assets +€78,271
up €78,271 (+11,538%), from €678 to €78,950
- Receivables within one year -€5,946
down €5,946 (-23.0%), from €25,818 to €19,872
of which Trade receivables: -€4,788
- Debts after one year +€35,865
new in 2025: €35,865
- Other debts +€20,620
new in 2025: €20,620
- Current portion of long-term debt +€9,503
new in 2025: €9,503
- Tax, wage and social debts +€4,234
up €4,234 (+347%), from €1,222 to €5,456
- Reserves +€1,992
up €1,992 (+2.5%), from €79,299 to €81,291
- Gross operating margin +€27,945
up €27,945 (+44.2%), from €63,176 to €91,121
- Depreciation +€8,469
up €8,469 (+759%), from €1,115 to €9,584
- Taxes +€3,970
up €3,970 (+30.9%), from €12,868 to €16,839
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 | €84,344 | €157,157 | +€72,813 | +86.3% |
| Fixed assets | 21/28 | €778 | €79,050 | +€78,271 | +10,056% |
| Tangible fixed assets | 22/27 | €678 | €78,950 | +€78,271 | +11,538% |
| Furniture and vehicles | 24 | €678 | €78,950 | +€78,271 | +11,538% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €83,566 | €78,108 | -€5,458 | -6.5% |
| Amounts receivable within one year | 40/41 | €25,818 | €19,872 | -€5,946 | -23.0% |
| Trade receivables | 40 | €23,936 | €19,148 | -€4,788 | -20.0% |
| Other amounts receivable | 41 | €1,882 | €724 | -€1,158 | -61.5% |
| Cash at bank and in hand | 54/58 | €57,748 | €58,235 | +€487 | +0.8% |
| Total equity and liabilities | 10/49 | €84,344 | €157,157 | +€72,813 | +86.3% |
| Equity | 10/15 | €81,299 | €83,291 | +€1,992 | +2.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €79,299 | €81,291 | +€1,992 | +2.5% |
| Distributable reserves | 133 | €79,299 | €81,291 | +€1,992 | +2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,045 | €73,866 | +€70,821 | +2,325% |
| Amounts payable after more than one year | 17 | - | €35,865 | +€35,865 | |
| Financial debts | 170/4 | - | €35,865 | +€35,865 | |
| Amounts payable within one year | 42/48 | €3,045 | €38,001 | +€34,955 | +1,148% |
| Current portion of amounts payable after more than one year | 42 | - | €9,503 | +€9,503 | |
| Trade debts | 44 | €1,824 | €2,423 | +€599 | +32.8% |
| Suppliers | 440/4 | €1,824 | €2,423 | +€599 | +32.8% |
| Taxes, remuneration and social security | 45 | €1,222 | €5,456 | +€4,234 | +347% |
| Taxes | 450/3 | €1,222 | €5,456 | +€4,234 | +347% |
| Other amounts payable | 47/48 | - | €20,620 | +€20,620 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,115 | €9,584 | +€8,469 | +759% |
| Other operating charges | 640/8 | €587 | €402 | -€185 | -31.6% |
| Gross operating margin | 9900 | €63,176 | €91,121 | +€27,945 | +44.2% |
| Operating profit (loss) | 9901 | €61,474 | €81,135 | +€19,662 | +32.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €1,859 | €2,304 | +€446 | +24.0% |
| Recurring financial charges | 65 | €1,859 | €2,304 | +€446 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €59,617 | €78,831 | +€19,214 | +32.2% |
| Income taxes | 67/77 | €12,868 | €16,839 | +€3,970 | +30.9% |
| Profit (loss) for the period | 9904 | €46,749 | €61,992 | +€15,243 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,749 | €61,992 | +€15,243 | +32.6% |
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 20 October 2026 via checked.be.