J. GRIMMEAU: 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.
J. GRIMMEAU
Largest movements
- Tangible fixed assets -€14,521
down €14,521 (-3.9%), from €376,674 to €362,153
of which Land and buildings: -€18,326
- Cash +€7,493
up €7,493 (+28.4%), from €26,350 to €33,843
mainly Depreciation (+€29,064) and Receivables within one year (+€5,232)
- Receivables within one year -€5,232
down €5,232 (-49.2%), from €10,637 to €5,405
of which Other amounts receivable: -€4,339
- Provisions -€9,860
down €9,860 (-23.7%), from €41,546 to €31,686
- Reserves -€4,149
down €4,149 (-1.4%), from €298,751 to €294,602
of which Tax-exempt reserves: -€19,149
- Gross operating margin +€23,333
up €23,333 (+644%), from €3,625 to €26,958
- Taxes +€7,145
up €7,145 (+2,543%), from €281 to €7,426
- Depreciation +€575
up €575 (+2.0%), from €28,489 to €29,064
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 | €414,361 | €401,401 | -€12,960 | -3.1% |
| Fixed assets | 21/28 | €376,674 | €362,153 | -€14,521 | -3.9% |
| Tangible fixed assets | 22/27 | €376,674 | €362,153 | -€14,521 | -3.9% |
| Land and buildings | 22 | €328,674 | €310,348 | -€18,326 | -5.6% |
| Plant, machinery and equipment | 23 | €6,104 | €4,097 | -€2,007 | -32.9% |
| Furniture and vehicles | 24 | €785 | €385 | -€400 | -51.0% |
| Other tangible fixed assets | 26 | €41,111 | €47,323 | +€6,212 | +15.1% |
| Current assets | 29/58 | €37,687 | €39,248 | +€1,561 | +4.1% |
| Amounts receivable within one year | 40/41 | €10,637 | €5,405 | -€5,232 | -49.2% |
| Trade receivables | 40 | €1,578 | €685 | -€893 | -56.6% |
| Other amounts receivable | 41 | €9,059 | €4,720 | -€4,339 | -47.9% |
| Cash at bank and in hand | 54/58 | €26,350 | €33,843 | +€7,493 | +28.4% |
| Deferred charges and accrued income | 490/1 | €700 | - | -€700 | |
| Total equity and liabilities | 10/49 | €414,361 | €401,401 | -€12,960 | -3.1% |
| Equity | 10/15 | €361,558 | €358,045 | -€3,513 | -1.0% |
| Contributions | 10/11 | €265 | €265 | = | 0.0% |
| Reserves | 13 | €298,751 | €294,602 | -€4,149 | -1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,470 | €77,321 | -€19,149 | -19.8% |
| Distributable reserves | 133 | €200,421 | €215,421 | +€15,000 | +7.5% |
| Profit (loss) carried forward | 14 | €62,542 | €63,178 | +€636 | +1.0% |
| Provisions and deferred taxes | 16 | €41,546 | €31,686 | -€9,860 | -23.7% |
| Deferred taxes | 168 | €41,546 | €31,686 | -€9,860 | -23.7% |
| Amounts payable | 17/49 | €11,257 | €11,670 | +€413 | +3.7% |
| Amounts payable after more than one year | 17 | €6,823 | €6,253 | -€570 | -8.4% |
| Other amounts payable | 178/9 | €6,823 | €6,253 | -€570 | -8.4% |
| Amounts payable within one year | 42/48 | €4,252 | €5,417 | +€1,165 | +27.4% |
| Trade debts | 44 | €2,620 | €329 | -€2,291 | -87.4% |
| Suppliers | 440/4 | €2,620 | €329 | -€2,291 | -87.4% |
| Advances received on contracts in progress | 46 | €708 | - | -€708 | |
| Taxes, remuneration and social security | 45 | €900 | €4,858 | +€3,958 | +440% |
| Taxes | 450/3 | €900 | €3,458 | +€2,558 | +284% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €24 | €230 | +€206 | +858% |
| Accrued charges and deferred income | 492/3 | €182 | - | -€182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,489 | €29,064 | +€575 | +2.0% |
| Other operating charges | 640/8 | €3,675 | €3,931 | +€256 | +7.0% |
| Gross operating margin | 9900 | €3,625 | €26,958 | +€23,333 | +644% |
| Operating profit (loss) | 9901 | -€28,539 | -€6,037 | +€22,502 | +78.8% |
| Financial income | 75/76B | €217 | €135 | -€82 | -37.8% |
| Recurring financial income | 75 | €217 | €135 | -€82 | -37.8% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,367 | -€5,947 | +€22,420 | +79.0% |
| Transfer from deferred taxes | 780 | €9,860 | €9,860 | = | 0.0% |
| Income taxes | 67/77 | €281 | €7,426 | +€7,145 | +2,543% |
| Profit (loss) for the period | 9904 | -€18,788 | -€3,513 | +€15,275 | +81.3% |
| Transfer from tax-exempt reserves | 789 | €19,149 | €19,149 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €361 | €15,636 | +€15,275 | +4,231% |
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 30 October 2026 via checked.be.