STEFAN GRONSFELD: what changed
STEFAN GRONSFELD
Largest movements
- Receivables within one year -€9,019
down €9,019 (-47.0%), from €19,207 to €10,188
of which Trade receivables: -€7,951
- Tangible fixed assets +€3,033
up €3,033 (+9.0%), from €33,587 to €36,620
of which Furniture and vehicles: +€4,384
- Stocks and contracts -€1,000
down €1,000 (-8.2%), from €12,132 to €11,132
- Trade debts -€15,115
down €15,115 (-48.0%), from €31,488 to €16,374
- Profit (loss) carried forward +€5,386
up €5,386 (+3.9%), from -€138,535 to -€133,149
- Other debts +€1,896
up €1,896 (+1.2%), from €162,748 to €164,645
- Tax, wage and social debts +€1,891
up €1,891 (+1,295%), from €146 to €2,037
- Gross operating margin +€17,170
up €17,170 (+1,856%), from €925 to €18,095
- Taxes +€9,093
no longer reported in 2025 (was -€9,093)
- Depreciation +€1,704
up €1,704 (+21.6%), from €7,888 to €9,592
- Other operating charges +€1,430
up €1,430 (+92.4%), from €1,547 to €2,978
- Financial income -€216
down €216 (-98.8%), from €218 to €3
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,448 | €68,507 | -€5,941 | -8.0% |
| Fixed assets | 21/28 | €33,722 | €36,755 | +€3,033 | +9.0% |
| Tangible fixed assets | 22/27 | €33,587 | €36,620 | +€3,033 | +9.0% |
| Land and buildings | 22 | €11,820 | €8,807 | -€3,013 | -25.5% |
| Plant, machinery and equipment | 23 | €5,360 | €7,022 | +€1,662 | +31.0% |
| Furniture and vehicles | 24 | €16,407 | €20,791 | +€4,384 | +26.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €40,726 | €31,752 | -€8,974 | -22.0% |
| Stocks and contracts in progress | 3 | €12,132 | €11,132 | -€1,000 | -8.2% |
| Stocks | 30/36 | €12,132 | €11,132 | -€1,000 | -8.2% |
| Amounts receivable within one year | 40/41 | €19,207 | €10,188 | -€9,019 | -47.0% |
| Trade receivables | 40 | €14,515 | €6,564 | -€7,951 | -54.8% |
| Other amounts receivable | 41 | €4,691 | €3,624 | -€1,068 | -22.8% |
| Cash at bank and in hand | 54/58 | €8,115 | €8,761 | +€645 | +8.0% |
| Deferred charges and accrued income | 490/1 | €1,272 | €1,672 | +€400 | +31.4% |
| Total equity and liabilities | 10/49 | €74,448 | €68,507 | -€5,941 | -8.0% |
| Equity | 10/15 | -€119,935 | -€114,549 | +€5,386 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,535 | -€133,149 | +€5,386 | +3.9% |
| Amounts payable | 17/49 | €194,383 | €183,056 | -€11,327 | -5.8% |
| Amounts payable within one year | 42/48 | €194,383 | €183,056 | -€11,327 | -5.8% |
| Trade debts | 44 | €31,488 | €16,374 | -€15,115 | -48.0% |
| Suppliers | 440/4 | €31,488 | €16,374 | -€15,115 | -48.0% |
| Taxes, remuneration and social security | 45 | €146 | €2,037 | +€1,891 | +1,295% |
| Taxes | 450/3 | €146 | €2,037 | +€1,891 | +1,295% |
| Other amounts payable | 47/48 | €162,748 | €164,645 | +€1,896 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,888 | €9,592 | +€1,704 | +21.6% |
| Other operating charges | 640/8 | €1,547 | €2,978 | +€1,430 | +92.4% |
| Gross operating margin | 9900 | €925 | €18,095 | +€17,170 | +1,856% |
| Operating profit (loss) | 9901 | -€8,511 | €5,525 | +€14,036 | |
| Financial income | 75/76B | €218 | €3 | -€216 | -98.8% |
| Recurring financial income | 75 | €218 | €3 | -€216 | -98.8% |
| Financial charges | 65/66B | €158 | €142 | -€16 | -10.2% |
| Recurring financial charges | 65 | €158 | €142 | -€16 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,450 | €5,386 | +€13,837 | |
| Income taxes | 67/77 | -€9,093 | - | +€9,093 | |
| Profit (loss) for the period | 9904 | €643 | €5,386 | +€4,743 | +738% |
| Profit (loss) for the period to be appropriated | 9905 | €643 | €5,386 | +€4,743 | +738% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.