NINE GRAND: 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.
NINE GRAND
Largest movements
- Receivables within one year +€97,626
up €97,626 (+400%), from €24,382 to €122,007
of which Other amounts receivable: +€80,456
- Financial fixed assets -€58,945
no longer reported in 2025 (was €58,945)
- Cash +€3,265
up €3,265 (+8.2%), from €39,886 to €43,151
mainly Investment in fixed assets (net) (+€52,616) and Net result for the year (+€44,574)
- Tangible fixed assets +€2,900
up €2,900 (+32.6%), from €8,886 to €11,786
of which Furniture and vehicles: +€3,397
- Deferred charges and accrued income +€2,115
up €2,115 (+69.1%), from €3,060 to €5,174
- Reserves +€44,500
up €44,500 (+76.3%), from €58,291 to €102,791
of which Distributable reserves: +€44,500
- Tax, wage and social debts +€6,621
up €6,621 (+113%), from €5,872 to €12,493
- Trade debts -€6,609
no longer reported in 2025 (was €6,609)
- Other debts +€2,375
up €2,375 (+17.3%), from €13,741 to €16,116
- Financial income +€50,245
up €50,245 (+19,276%), from €261 to €50,506
of which Financial income: +€48,460
- Gross operating margin +€12,913
up €12,913 (+754%), from €1,712 to €14,625
- Financial charges +€9,203
up €9,203 (+4,651%), from €198 to €9,401
- Taxes +€6,662
up €6,662 (+3,938%), from €169 to €6,831
- Depreciation +€922
up €922 (+36.8%), from €2,507 to €3,428
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 | €135,157 | €182,119 | +€46,961 | +34.7% |
| Fixed assets | 21/28 | €67,831 | €11,786 | -€56,044 | -82.6% |
| Tangible fixed assets | 22/27 | €8,886 | €11,786 | +€2,900 | +32.6% |
| Plant, machinery and equipment | 23 | €2,528 | €2,031 | -€497 | -19.7% |
| Furniture and vehicles | 24 | €6,359 | €9,756 | +€3,397 | +53.4% |
| Financial fixed assets | 28 | €58,945 | - | -€58,945 | |
| Current assets | 29/58 | €67,327 | €170,332 | +€103,006 | +153% |
| Amounts receivable within one year | 40/41 | €24,382 | €122,007 | +€97,626 | +400% |
| Trade receivables | 40 | €24,382 | €41,551 | +€17,170 | +70.4% |
| Other amounts receivable | 41 | - | €80,456 | +€80,456 | |
| Cash at bank and in hand | 54/58 | €39,886 | €43,151 | +€3,265 | +8.2% |
| Deferred charges and accrued income | 490/1 | €3,060 | €5,174 | +€2,115 | +69.1% |
| Total equity and liabilities | 10/49 | €135,157 | €182,119 | +€46,961 | +34.7% |
| Equity | 10/15 | €108,935 | €153,509 | +€44,574 | +40.9% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €58,291 | €102,791 | +€44,500 | +76.3% |
| Tax-exempt reserves | 132 | €11,431 | €11,431 | = | 0.0% |
| Distributable reserves | 133 | €46,860 | €91,360 | +€44,500 | +95.0% |
| Profit (loss) carried forward | 14 | €44,443 | €44,517 | +€74 | +0.2% |
| Amounts payable | 17/49 | €26,222 | €28,609 | +€2,387 | +9.1% |
| Amounts payable within one year | 42/48 | €26,222 | €28,609 | +€2,387 | +9.1% |
| Trade debts | 44 | €6,609 | - | -€6,609 | |
| Suppliers | 440/4 | €6,609 | - | -€6,609 | |
| Taxes, remuneration and social security | 45 | €5,872 | €12,493 | +€6,621 | +113% |
| Taxes | 450/3 | €5,872 | €12,493 | +€6,621 | +113% |
| Other amounts payable | 47/48 | €13,741 | €16,116 | +€2,375 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,507 | €3,428 | +€922 | +36.8% |
| Other operating charges | 640/8 | €825 | €675 | -€150 | -18.1% |
| Non-recurring operating charges | 66A | - | €222 | +€222 | |
| Gross operating margin | 9900 | €1,712 | €14,625 | +€12,913 | +754% |
| Operating profit (loss) | 9901 | -€1,620 | €10,300 | +€11,920 | |
| Financial income | 75/76B | €261 | €50,506 | +€50,245 | +19,276% |
| Recurring financial income | 75 | €261 | €48,721 | +€48,460 | +18,591% |
| Non-recurring financial income | 76B | - | €1,785 | +€1,785 | |
| Financial charges | 65/66B | €198 | €9,401 | +€9,203 | +4,651% |
| Recurring financial charges | 65 | €198 | €9,401 | +€9,203 | +4,651% |
| Profit (loss) for the period before taxes | 9903 | -€1,557 | €51,405 | +€52,962 | |
| Income taxes | 67/77 | €169 | €6,831 | +€6,662 | +3,938% |
| Profit (loss) for the period | 9904 | -€1,726 | €44,574 | +€46,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,726 | €44,574 | +€46,300 |
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 29 October 2026 via checked.be.