Philippe GREVESSE: 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.
Philippe GREVESSE
Largest movements
- Cash -€5,222
down €5,222 (-74.0%), from €7,058 to €1,836
mainly Other debts (-€12,119) and Trade debts (-€8,242)
- Receivables within one year -€4,916
down €4,916 (-12.0%), from €41,020 to €36,104
of which Trade receivables: -€5,020
- Stocks and contracts -€1,553
down €1,553 (-19.4%), from €7,985 to €6,432
- Other debts -€12,119
down €12,119 (-38.4%), from €31,597 to €19,478
- Trade debts -€8,242
down €8,242 (-58.6%), from €14,073 to €5,831
- Profit (loss) carried forward +€7,145
up €7,145 (+45.0%), from -€15,877 to -€8,733
- Tax, wage and social debts +€1,138
up €1,138 (+107%), from €1,063 to €2,201
of which Taxes: +€1,138
- Gross operating margin +€16,961
up €16,961, from -€6,094 to €10,867
- Taxes +€1,134
up €1,134 (+813%), from €140 to €1,274
- Financial income -€148
down €148 (-17.2%), from €861 to €713
- Financial charges -€117
down €117 (-10.8%), from €1,083 to €966
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 | €57,973 | €45,963 | -€12,009 | -20.7% |
| Fixed assets | 21/28 | €798 | €922 | +€124 | +15.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €798 | €922 | +€124 | +15.5% |
| Current assets | 29/58 | €57,175 | €45,041 | -€12,133 | -21.2% |
| Stocks and contracts in progress | 3 | €7,985 | €6,432 | -€1,553 | -19.4% |
| Stocks | 30/36 | €7,985 | €6,432 | -€1,553 | -19.4% |
| Amounts receivable within one year | 40/41 | €41,020 | €36,104 | -€4,916 | -12.0% |
| Trade receivables | 40 | €40,684 | €35,664 | -€5,020 | -12.3% |
| Other amounts receivable | 41 | €336 | €440 | +€104 | +30.8% |
| Cash at bank and in hand | 54/58 | €7,058 | €1,836 | -€5,222 | -74.0% |
| Deferred charges and accrued income | 490/1 | €1,111 | €669 | -€442 | -39.8% |
| Total equity and liabilities | 10/49 | €57,973 | €45,963 | -€12,009 | -20.7% |
| Equity | 10/15 | €11,240 | €18,385 | +€7,145 | +63.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €14,718 | €14,718 | = | 0.0% |
| Distributable reserves | 133 | €14,718 | €14,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,877 | -€8,733 | +€7,145 | +45.0% |
| Amounts payable | 17/49 | €46,732 | €27,578 | -€19,154 | -41.0% |
| Amounts payable within one year | 42/48 | €46,732 | €27,578 | -€19,154 | -41.0% |
| Trade debts | 44 | €14,073 | €5,831 | -€8,242 | -58.6% |
| Suppliers | 440/4 | €14,073 | €5,831 | -€8,242 | -58.6% |
| Advances received on contracts in progress | 46 | - | €69 | +€69 | |
| Taxes, remuneration and social security | 45 | €1,063 | €2,201 | +€1,138 | +107% |
| Taxes | 450/3 | €1,063 | €2,201 | +€1,138 | +107% |
| Remuneration and social security | 454/9 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €31,597 | €19,478 | -€12,119 | -38.4% |
| Non-recurring operating income | 76A | €357 | - | -€357 | |
| Remuneration, social security and pensions | 62 | €55 | - | -€55 | |
| Other operating charges | 640/8 | €2,209 | €2,196 | -€13 | -0.6% |
| Gross operating margin | 9900 | -€6,094 | €10,867 | +€16,961 | |
| Operating profit (loss) | 9901 | -€8,357 | €8,671 | +€17,029 | |
| Financial income | 75/76B | €861 | €713 | -€148 | -17.2% |
| Recurring financial income | 75 | €861 | €713 | -€148 | -17.2% |
| Financial charges | 65/66B | €1,083 | €966 | -€117 | -10.8% |
| Recurring financial charges | 65 | €1,083 | €966 | -€117 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,579 | €8,418 | +€16,997 | |
| Income taxes | 67/77 | €140 | €1,274 | +€1,134 | +813% |
| Profit (loss) for the period | 9904 | -€8,719 | €7,145 | +€15,863 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,719 | €7,145 | +€15,863 |
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 28 October 2026 via checked.be.