Jurgen Van Grasdorff: 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.
Jurgen Van Grasdorff
Largest movements
- Receivables after one year +€47,610
up €47,610 (+100%), from €47,500 to €95,110
- Receivables within one year +€29,863
up €29,863 (+8.0%), from €374,974 to €404,837
of which Trade receivables: +€16,942
- Tangible fixed assets -€12,308
down €12,308 (-3.7%), from €331,635 to €319,328
- Reserves +€118,317
up €118,317 (+30.1%), from €393,250 to €511,567
- Debts after one year -€33,160
down €33,160 (-16.2%), from €205,063 to €171,904
- Profit (loss) carried forward -€18,669
no longer reported in 2025 (was €18,669)
- Trade debts +€17,308
up €17,308 (+63.0%), from €27,491 to €44,799
- Current portion of long-term debt -€15,537
down €15,537 (-18.2%), from €85,300 to €69,763
- Gross operating margin -€45,619
down €45,619 (-13.2%), from €345,377 to €299,758
- Staff costs +€26,018
up €26,018 (+35.5%), from €73,358 to €99,376
- Other operating charges +€19,693
up €19,693 (+359%), from €5,480 to €25,173
- Taxes -€19,127
down €19,127 (-23.3%), from €82,004 to €62,878
- Depreciation +€8,774
up €8,774 (+107%), from €8,234 to €17,008
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 | €809,214 | €875,022 | +€65,807 | +8.1% |
| Fixed assets | 21/28 | €331,635 | €319,328 | -€12,308 | -3.7% |
| Tangible fixed assets | 22/27 | €331,635 | €319,328 | -€12,308 | -3.7% |
| Land and buildings | 22 | €222,605 | €221,611 | -€993 | -0.4% |
| Plant, machinery and equipment | 23 | €37,656 | €32,249 | -€5,407 | -14.4% |
| Furniture and vehicles | 24 | €71,375 | €65,468 | -€5,907 | -8.3% |
| Current assets | 29/58 | €477,579 | €555,694 | +€78,115 | +16.4% |
| Amounts receivable after more than one year | 29 | €47,500 | €95,110 | +€47,610 | +100% |
| Other amounts receivable | 291 | €47,500 | €95,110 | +€47,610 | +100% |
| Amounts receivable within one year | 40/41 | €374,974 | €404,837 | +€29,863 | +8.0% |
| Trade receivables | 40 | €240,254 | €257,195 | +€16,942 | +7.1% |
| Other amounts receivable | 41 | €134,720 | €147,642 | +€12,922 | +9.6% |
| Cash at bank and in hand | 54/58 | €53,291 | €51,782 | -€1,509 | -2.8% |
| Deferred charges and accrued income | 490/1 | €1,814 | €3,965 | +€2,151 | +119% |
| Total equity and liabilities | 10/49 | €809,214 | €875,022 | +€65,807 | +8.1% |
| Equity | 10/15 | €430,520 | €530,167 | +€99,648 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €393,250 | €511,567 | +€118,317 | +30.1% |
| Distributable reserves | 133 | €393,250 | €511,567 | +€118,317 | +30.1% |
| Profit (loss) carried forward | 14 | €18,669 | - | -€18,669 | |
| Amounts payable | 17/49 | €378,695 | €344,854 | -€33,840 | -8.9% |
| Amounts payable after more than one year | 17 | €205,063 | €171,904 | -€33,160 | -16.2% |
| Financial debts | 170/4 | €205,063 | €171,904 | -€33,160 | -16.2% |
| Amounts payable within one year | 42/48 | €170,834 | €172,951 | +€2,117 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €85,300 | €69,763 | -€15,537 | -18.2% |
| Trade debts | 44 | €27,491 | €44,799 | +€17,308 | +63.0% |
| Suppliers | 440/4 | €27,491 | €44,799 | +€17,308 | +63.0% |
| Taxes, remuneration and social security | 45 | €58,043 | €58,389 | +€346 | +0.6% |
| Taxes | 450/3 | €41,427 | €42,672 | +€1,245 | +3.0% |
| Remuneration and social security | 454/9 | €16,616 | €15,717 | -€899 | -5.4% |
| Accrued charges and deferred income | 492/3 | €2,797 | - | -€2,797 | |
| Remuneration, social security and pensions | 62 | €73,358 | €99,376 | +€26,018 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,234 | €17,008 | +€8,774 | +107% |
| Other operating charges | 640/8 | €5,480 | €25,173 | +€19,693 | +359% |
| Non-recurring operating charges | 66A | €116 | €116 | +€0 | +0.3% |
| Gross operating margin | 9900 | €345,377 | €299,758 | -€45,619 | -13.2% |
| Operating profit (loss) | 9901 | €258,189 | €158,085 | -€100,105 | -38.8% |
| Financial income | 75/76B | €6,477 | €9,554 | +€3,078 | +47.5% |
| Recurring financial income | 75 | €6,477 | €9,554 | +€3,078 | +47.5% |
| Financial charges | 65/66B | €4,670 | €5,113 | +€443 | +9.5% |
| Recurring financial charges | 65 | €4,670 | €5,113 | +€443 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €259,996 | €162,525 | -€97,470 | -37.5% |
| Income taxes | 67/77 | €82,004 | €62,878 | -€19,127 | -23.3% |
| Profit (loss) for the period | 9904 | €177,991 | €99,648 | -€78,344 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €177,991 | €99,648 | -€78,344 | -44.0% |
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 25 October 2026 via checked.be.