J. GRIGNARD: 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.
J. GRIGNARD
Largest movements
- Receivables within one year -€9,841
down €9,841 (-62.7%), from €15,693 to €5,852
of which Trade receivables: -€10,495
- Stocks and contracts -€8,047
down €8,047 (-78.0%), from €10,310 to €2,263
- Cash -€4,170
down €4,170 (-100.0%), from €4,170 to €0
mainly Net result for the year (-€22,587) and Other debts (-€3,139)
- Deferred charges and accrued income -€2,363
down €2,363 (-20.2%), from €11,686 to €9,322
- Profit (loss) carried forward -€22,587
down €22,587, from €5,306 to -€17,281
- Other debts -€3,139
down €3,139 (-45.6%), from €6,879 to €3,740
- Trade debts +€1,704
up €1,704 (+34.7%), from €4,904 to €6,608
- Tax, wage and social debts -€1,277
down €1,277 (-32.5%), from €3,927 to €2,650
of which Taxes: -€1,277
- Short-term financial debts +€508
new in 2025: €508
- Gross operating margin -€20,989
down €20,989, from €1,780 to -€19,209
- Depreciation -€1,400
down €1,400 (-79.2%), from €1,769 to €369
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 | €45,034 | €20,243 | -€24,790 | -55.0% |
| Fixed assets | 21/28 | €3,174 | €2,805 | -€369 | -11.6% |
| Tangible fixed assets | 22/27 | €3,174 | €2,805 | -€369 | -11.6% |
| Other tangible fixed assets | 26 | €3,174 | €2,805 | -€369 | -11.6% |
| Current assets | 29/58 | €41,860 | €17,438 | -€24,422 | -58.3% |
| Stocks and contracts in progress | 3 | €10,310 | €2,263 | -€8,047 | -78.0% |
| Stocks | 30/36 | €10,310 | €2,263 | -€8,047 | -78.0% |
| Amounts receivable within one year | 40/41 | €15,693 | €5,852 | -€9,841 | -62.7% |
| Trade receivables | 40 | €15,668 | €5,173 | -€10,495 | -67.0% |
| Other amounts receivable | 41 | €25 | €679 | +€654 | +2617.6% |
| Cash at bank and in hand | 54/58 | €4,170 | €0 | -€4,170 | -100.0% |
| Deferred charges and accrued income | 490/1 | €11,686 | €9,322 | -€2,363 | -20.2% |
| Total equity and liabilities | 10/49 | €45,034 | €20,243 | -€24,790 | -55.0% |
| Equity | 10/15 | €29,324 | €6,737 | -€22,587 | -77.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Outside capital | 11 | €6,197 | - | -€6,197 | |
| Other | 1109/19 | €6,197 | - | -€6,197 | |
| Reserves | 13 | €17,821 | €17,821 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €15,962 | €15,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,306 | -€17,281 | -€22,587 | |
| Amounts payable | 17/49 | €15,709 | €13,506 | -€2,203 | -14.0% |
| Amounts payable within one year | 42/48 | €15,709 | €13,506 | -€2,203 | -14.0% |
| Financial debts | 43 | - | €508 | +€508 | |
| Credit institutions | 430/8 | - | €508 | +€508 | |
| Trade debts | 44 | €4,904 | €6,608 | +€1,704 | +34.7% |
| Suppliers | 440/4 | €4,904 | €6,608 | +€1,704 | +34.7% |
| Taxes, remuneration and social security | 45 | €3,927 | €2,650 | -€1,277 | -32.5% |
| Taxes | 450/3 | €1,927 | €650 | -€1,277 | -66.3% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €6,879 | €3,740 | -€3,139 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,769 | €369 | -€1,400 | -79.2% |
| Other operating charges | 640/8 | €684 | €756 | +€72 | +10.5% |
| Gross operating margin | 9900 | €1,780 | -€19,209 | -€20,989 | |
| Operating profit (loss) | 9901 | -€673 | -€20,334 | -€19,661 | -2920.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €2,444 | €2,253 | -€192 | -7.8% |
| Recurring financial charges | 65 | €2,444 | €2,253 | -€192 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,118 | -€22,587 | -€19,469 | -624.5% |
| Profit (loss) for the period | 9904 | -€3,118 | -€22,587 | -€19,469 | -624.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,118 | -€22,587 | -€19,469 | -624.5% |
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 5 October 2026 via checked.be.