IMMO GRANDJEAN: 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.
IMMO GRANDJEAN
Largest movements
- Formation expenses +€193,387
new in 2025: €193,387
- Receivables within one year -€155,470
down €155,470 (-51.7%), from €300,441 to €144,970
of which Other amounts receivable: -€170,968
- Tangible fixed assets -€51,515
down €51,515 (-2.3%), from €2.3m to €2.2m
- Cash -€27,661
down €27,661 (-83.1%), from €33,276 to €5,615
mainly Investment in fixed assets (net) (-€275,364) and Trade debts (-€178,713)
- Other debts +€253,926
up €253,926 (+395%), from €64,364 to €318,290
- Trade debts -€178,713
down €178,713 (-100%), from €178,713 to €0
- Debts after one year -€66,558
down €66,558 (-7.9%), from €846,046 to €779,487
- Tax, wage and social debts -€39,752
down €39,752 (-97.8%), from €40,644 to €891
of which Remuneration and social security: -€40,644
- Gross operating margin +€53,012
up €53,012 (+44.5%), from €119,002 to €172,014
- Depreciation +€49,570
up €49,570 (+58.8%), from €84,286 to €133,856
- Financial charges -€5,052
down €5,052 (-19.1%), from €26,451 to €21,399
- Staff costs +€3,228
up €3,228 (+57.1%), from -€5,651 to -€2,423
- Other operating charges +€2,484
up €2,484 (+8.4%), from €29,684 to €32,168
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 | €2,609,928 | €2,568,305 | -€41,623 | -1.6% |
| Formation expenses | 20 | - | €193,387 | +€193,387 | |
| Fixed assets | 21/28 | €2,276,211 | €2,224,333 | -€51,878 | -2.3% |
| Tangible fixed assets | 22/27 | €2,275,848 | €2,224,333 | -€51,515 | -2.3% |
| Land and buildings | 22 | €2,275,848 | €2,224,333 | -€51,515 | -2.3% |
| Financial fixed assets | 28 | €363 | €0 | -€363 | -100% |
| Current assets | 29/58 | €333,716 | €150,585 | -€183,131 | -54.9% |
| Amounts receivable within one year | 40/41 | €300,441 | €144,970 | -€155,470 | -51.7% |
| Trade receivables | 40 | - | €15,498 | +€15,498 | |
| Other amounts receivable | 41 | €300,441 | €129,472 | -€170,968 | -56.9% |
| Cash at bank and in hand | 54/58 | €33,276 | €5,615 | -€27,661 | -83.1% |
| Total equity and liabilities | 10/49 | €2,609,928 | €2,568,305 | -€41,623 | -1.6% |
| Equity | 10/15 | €1,199,985 | €1,193,747 | -€6,239 | -0.5% |
| Contributions | 10/11 | €423,402 | €423,402 | = | 0.0% |
| Capital | 10 | €423,402 | €423,402 | = | 0.0% |
| Issued capital | 100 | €423,402 | €423,402 | = | 0.0% |
| Reserves | 13 | €775,108 | €769,924 | -€5,185 | -0.7% |
| Non-distributable reserves | 130/1 | €42,340 | €42,340 | = | 0.0% |
| Legal reserve | 130 | €42,340 | €42,340 | = | 0.0% |
| Tax-exempt reserves | 132 | €496,268 | €478,083 | -€18,185 | -3.7% |
| Distributable reserves | 133 | €236,500 | €249,500 | +€13,000 | +5.5% |
| Profit (loss) carried forward | 14 | €1,475 | €421 | -€1,054 | -71.5% |
| Provisions and deferred taxes | 16 | €204,460 | €196,821 | -€7,639 | -3.7% |
| Deferred taxes | 168 | €204,460 | €196,821 | -€7,639 | -3.7% |
| Amounts payable | 17/49 | €1,205,483 | €1,177,737 | -€27,746 | -2.3% |
| Amounts payable after more than one year | 17 | €846,046 | €779,487 | -€66,558 | -7.9% |
| Financial debts | 170/4 | €846,046 | €779,487 | -€66,558 | -7.9% |
| Amounts payable within one year | 42/48 | €356,646 | €395,240 | +€38,594 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €72,926 | €76,058 | +€3,133 | +4.3% |
| Trade debts | 44 | €178,713 | €0 | -€178,713 | -100% |
| Suppliers | 440/4 | €178,713 | €0 | -€178,713 | -100% |
| Taxes, remuneration and social security | 45 | €40,644 | €891 | -€39,752 | -97.8% |
| Taxes | 450/3 | - | €891 | +€891 | |
| Remuneration and social security | 454/9 | €40,644 | €0 | -€40,644 | -100% |
| Other amounts payable | 47/48 | €64,364 | €318,290 | +€253,926 | +395% |
| Accrued charges and deferred income | 492/3 | €2,791 | €3,010 | +€219 | +7.8% |
| Remuneration, social security and pensions | 62 | -€5,651 | -€2,423 | +€3,228 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,286 | €133,856 | +€49,570 | +58.8% |
| Other operating charges | 640/8 | €29,684 | €32,168 | +€2,484 | +8.4% |
| Gross operating margin | 9900 | €119,002 | €172,014 | +€53,012 | +44.5% |
| Operating profit (loss) | 9901 | €10,683 | €8,413 | -€2,270 | -21.3% |
| Financial income | 75/76B | €47 | €0 | -€47 | -100% |
| Recurring financial income | 75 | €47 | €0 | -€47 | -100% |
| Financial charges | 65/66B | €26,451 | €21,399 | -€5,052 | -19.1% |
| Recurring financial charges | 65 | €26,451 | €21,399 | -€5,052 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,721 | -€12,986 | +€2,735 | +17.4% |
| Transfer from deferred taxes | 780 | €7,639 | €7,639 | +€0 | 0.0% |
| Income taxes | 67/77 | - | €891 | +€891 | |
| Profit (loss) for the period | 9904 | -€8,083 | -€6,239 | +€1,844 | +22.8% |
| Transfer from tax-exempt reserves | 789 | €18,185 | €18,185 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,102 | €11,946 | +€1,844 | +18.3% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.