GRUNWALD CONSULTANCY: 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.
GRUNWALD CONSULTANCY
Largest movements
- Cash +€97,211
up €97,211 (+566%), from €17,174 to €114,385
mainly Net result for the year (+€92,424) and Receivables within one year (+€13,052)
- Receivables within one year -€13,052
down €13,052 (-82.7%), from €15,777 to €2,725
of which Trade receivables: -€14,719
- Current investments -€10,000
down €10,000 (-8.7%), from €115,000 to €105,000
- Receivables after one year +€8,946
up €8,946 (+6.2%), from €145,046 to €153,992
- Tangible fixed assets -€8,667
down €8,667 (-53.4%), from €16,221 to €7,554
- Reserves +€92,000
up €92,000 (+36.1%), from €254,787 to €346,787
of which Distributable reserves: +€92,000
- Current portion of long-term debt -€12,223
down €12,223 (-100%), from €12,223 to €0
- Gross operating margin +€10,277
up €10,277 (+8.1%), from €126,331 to €136,607
- Taxes +€2,429
up €2,429 (+5.8%), from €41,538 to €43,967
- Financial income -€1,790
down €1,790 (-16.2%), from €11,027 to €9,237
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 | €310,432 | €385,148 | +€74,717 | +24.1% |
| Fixed assets | 21/28 | €16,221 | €7,554 | -€8,667 | -53.4% |
| Tangible fixed assets | 22/27 | €16,221 | €7,554 | -€8,667 | -53.4% |
| Furniture and vehicles | 24 | €16,221 | €7,554 | -€8,667 | -53.4% |
| Current assets | 29/58 | €294,210 | €377,594 | +€83,383 | +28.3% |
| Amounts receivable after more than one year | 29 | €145,046 | €153,992 | +€8,946 | +6.2% |
| Other amounts receivable | 291 | €145,046 | €153,992 | +€8,946 | +6.2% |
| Amounts receivable within one year | 40/41 | €15,777 | €2,725 | -€13,052 | -82.7% |
| Trade receivables | 40 | €14,719 | €0 | -€14,719 | -100% |
| Other amounts receivable | 41 | €1,059 | €2,725 | +€1,667 | +157% |
| Current investments | 50/53 | €115,000 | €105,000 | -€10,000 | -8.7% |
| Cash at bank and in hand | 54/58 | €17,174 | €114,385 | +€97,211 | +566% |
| Deferred charges and accrued income | 490/1 | €1,213 | €1,492 | +€278 | +22.9% |
| Total equity and liabilities | 10/49 | €310,432 | €385,148 | +€74,717 | +24.1% |
| Equity | 10/15 | €273,787 | €366,211 | +€92,424 | +33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €254,787 | €346,787 | +€92,000 | +36.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €254,787 | €346,787 | +€92,000 | +36.1% |
| Profit (loss) carried forward | 14 | €400 | €824 | +€424 | +106% |
| Amounts payable | 17/49 | €36,644 | €18,938 | -€17,707 | -48.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €36,644 | €18,938 | -€17,707 | -48.3% |
| Current portion of amounts payable after more than one year | 42 | €12,223 | €0 | -€12,223 | -100% |
| Trade debts | 44 | €5,743 | €3,135 | -€2,608 | -45.4% |
| Suppliers | 440/4 | €5,743 | €3,135 | -€2,608 | -45.4% |
| Taxes, remuneration and social security | 45 | €18,678 | €15,802 | -€2,876 | -15.4% |
| Taxes | 450/3 | €18,678 | €15,802 | -€2,876 | -15.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,667 | €8,667 | = | 0.0% |
| Other operating charges | 640/8 | €760 | €675 | -€85 | -11.1% |
| Gross operating margin | 9900 | €126,331 | €136,607 | +€10,277 | +8.1% |
| Operating profit (loss) | 9901 | €116,904 | €127,266 | +€10,361 | +8.9% |
| Financial income | 75/76B | €11,027 | €9,237 | -€1,790 | -16.2% |
| Recurring financial income | 75 | €11,027 | €9,237 | -€1,790 | -16.2% |
| Financial charges | 65/66B | €313 | €112 | -€202 | -64.4% |
| Recurring financial charges | 65 | €313 | €112 | -€202 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €127,618 | €136,391 | +€8,773 | +6.9% |
| Income taxes | 67/77 | €41,538 | €43,967 | +€2,429 | +5.8% |
| Profit (loss) for the period | 9904 | €86,080 | €92,424 | +€6,344 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,080 | €92,424 | +€6,344 | +7.4% |
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 13 October 2026 via checked.be.