Heather Grabbe: 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.
Heather Grabbe
Largest movements
- Current investments +€120,063
new in 2025: €120,063
- Cash -€116,365
down €116,365 (-72.0%), from €161,722 to €45,358
mainly Current investments (-€120,063) and Trade debts (-€30,878)
- Receivables within one year -€32,641
down €32,641 (-37.6%), from €86,825 to €54,183
of which Trade receivables: -€16,812
- Trade debts -€30,878
down €30,878 (-73.3%), from €42,138 to €11,261
- Profit (loss) carried forward +€26,600
new in 2025: €26,600
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Tax, wage and social debts -€8,749
down €8,749 (-12.5%), from €69,860 to €61,110
of which Taxes: -€9,076
- Gross operating margin -€106,985
down €106,985 (-61.8%), from €173,050 to €66,065
- Taxes -€30,285
down €30,285 (-66.3%), from €45,680 to €15,395
- Depreciation -€3,751
down €3,751 (-77.7%), from €4,825 to €1,074
- Financial income +€2,415
up €2,415 (+268%), from €902 to €3,317
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 | €254,167 | €226,120 | -€28,047 | -11.0% |
| Fixed assets | 21/28 | €2,147 | €1,074 | -€1,074 | -50.0% |
| Tangible fixed assets | 22/27 | €2,147 | €1,074 | -€1,074 | -50.0% |
| Furniture and vehicles | 24 | €2,147 | €1,074 | -€1,074 | -50.0% |
| Current assets | 29/58 | €252,020 | €225,046 | -€26,973 | -10.7% |
| Amounts receivable within one year | 40/41 | €86,825 | €54,183 | -€32,641 | -37.6% |
| Trade receivables | 40 | €58,112 | €41,300 | -€16,812 | -28.9% |
| Other amounts receivable | 41 | €28,712 | €12,883 | -€15,829 | -55.1% |
| Current investments | 50/53 | - | €120,063 | +€120,063 | |
| Cash at bank and in hand | 54/58 | €161,722 | €45,358 | -€116,365 | -72.0% |
| Deferred charges and accrued income | 490/1 | €3,472 | €5,443 | +€1,970 | +56.7% |
| Total equity and liabilities | 10/49 | €254,167 | €226,120 | -€28,047 | -11.0% |
| Equity | 10/15 | €112,677 | €139,277 | +€26,600 | +23.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €107,677 | €107,677 | = | 0.0% |
| Distributable reserves | 133 | €107,677 | €107,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €26,600 | +€26,600 | |
| Amounts payable | 17/49 | €141,490 | €86,843 | -€54,647 | -38.6% |
| Amounts payable within one year | 42/48 | €127,019 | €72,371 | -€54,647 | -43.0% |
| Financial debts | 43 | €20 | - | -€20 | |
| Credit institutions | 430/8 | €20 | - | -€20 | |
| Trade debts | 44 | €42,138 | €11,261 | -€30,878 | -73.3% |
| Suppliers | 440/4 | €42,138 | €11,261 | -€30,878 | -73.3% |
| Taxes, remuneration and social security | 45 | €69,860 | €61,110 | -€8,749 | -12.5% |
| Taxes | 450/3 | €66,860 | €57,784 | -€9,076 | -13.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,326 | +€326 | +10.9% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | €14,472 | €14,472 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,825 | €1,074 | -€3,751 | -77.7% |
| Other operating charges | 640/8 | €150 | - | -€150 | |
| Gross operating margin | 9900 | €173,050 | €66,065 | -€106,985 | -61.8% |
| Operating profit (loss) | 9901 | €168,075 | €64,991 | -€103,084 | -61.3% |
| Financial income | 75/76B | €902 | €3,317 | +€2,415 | +268% |
| Recurring financial income | 75 | €902 | €3,317 | +€2,415 | +268% |
| Financial charges | 65/66B | €620 | €1,313 | +€693 | +112% |
| Recurring financial charges | 65 | €493 | €1,313 | +€820 | +166% |
| Non-recurring financial charges | 66B | €128 | - | -€128 | |
| Profit (loss) for the period before taxes | 9903 | €168,357 | €66,995 | -€101,361 | -60.2% |
| Income taxes | 67/77 | €45,680 | €15,395 | -€30,285 | -66.3% |
| Profit (loss) for the period | 9904 | €122,677 | €51,600 | -€71,076 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,677 | €51,600 | -€71,076 | -57.9% |
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.