STEVEN GRANDJEAN: 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.
STEVEN GRANDJEAN
Largest movements
- Deferred charges and accrued income +€96,488
new in 2025: €96,488
- Cash +€86,285
up €86,285 (+1,979%), from €4,361 to €90,646
mainly Net result for the year (+€152,828) and Tax, wage and social debts (+€37,656)
- Tangible fixed assets +€3,859
up €3,859 (+377%), from €1,024 to €4,883
- Profit (loss) carried forward +€151,995
up €151,995, from -€4,222 to €147,774
- Tax, wage and social debts +€37,656
up €37,656 (+1,883%), from €2,000 to €39,656
of which Taxes: +€39,656
- Trade debts -€3,727
down €3,727 (-66.0%), from €5,643 to €1,916
- Gross operating margin +€197,555
up €197,555, from -€4,187 to €193,367
- Taxes +€39,656
new in 2025: €39,656
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 | €5,421 | €192,179 | +€186,758 | +3,445% |
| Fixed assets | 21/28 | €1,024 | €4,883 | +€3,859 | +377% |
| Tangible fixed assets | 22/27 | €1,024 | €4,883 | +€3,859 | +377% |
| Furniture and vehicles | 24 | €1,024 | €4,883 | +€3,859 | +377% |
| Current assets | 29/58 | €4,397 | €187,296 | +€182,899 | +4,160% |
| Amounts receivable within one year | 40/41 | €36 | €162 | +€126 | +349% |
| Other amounts receivable | 41 | €36 | €162 | +€126 | +349% |
| Cash at bank and in hand | 54/58 | €4,361 | €90,646 | +€86,285 | +1,979% |
| Deferred charges and accrued income | 490/1 | - | €96,488 | +€96,488 | |
| Total equity and liabilities | 10/49 | €5,421 | €192,179 | +€186,758 | +3,445% |
| Equity | 10/15 | -€2,222 | €149,774 | +€151,995 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,222 | €147,774 | +€151,995 | |
| Amounts payable | 17/49 | €7,643 | €42,405 | +€34,762 | +455% |
| Amounts payable within one year | 42/48 | €7,643 | €42,405 | +€34,762 | +455% |
| Trade debts | 44 | €5,643 | €1,916 | -€3,727 | -66.0% |
| Suppliers | 440/4 | €5,643 | €1,916 | -€3,727 | -66.0% |
| Taxes, remuneration and social security | 45 | €2,000 | €39,656 | +€37,656 | +1,883% |
| Taxes | 450/3 | - | €39,656 | +€39,656 | |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25 | €431 | +€406 | +1,647% |
| Other operating charges | 640/8 | - | €307 | +€307 | |
| Gross operating margin | 9900 | -€4,187 | €193,367 | +€197,555 | |
| Operating profit (loss) | 9901 | -€4,212 | €192,630 | +€196,842 | |
| Financial charges | 65/66B | €10 | €145 | +€136 | +1,400% |
| Recurring financial charges | 65 | €10 | €145 | +€136 | +1,400% |
| Profit (loss) for the period before taxes | 9903 | -€4,222 | €192,484 | +€196,706 | |
| Income taxes | 67/77 | - | €39,656 | +€39,656 | |
| Profit (loss) for the period | 9904 | -€4,222 | €152,828 | +€157,050 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,222 | €152,828 | +€157,050 |
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.