Ets GRAVY: 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.
Ets GRAVY
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+242%), from €438,917 to €1.5m
of which Trade receivables: +€1.1m
- Cash -€292,687
down €292,687 (-77.1%), from €379,735 to €87,048
mainly Receivables within one year (-€1.1m) and Other debts (-€133,393)
- Stocks and contracts -€188,324
down €188,324 (-5.4%), from €3.5m to €3.3m
- Tangible fixed assets -€56,948
down €56,948 (-8.9%), from €641,588 to €584,640
of which Furniture and vehicles: -€47,325
- Trade debts +€575,724
up €575,724 (+99.3%), from €580,073 to €1.2m
- Other debts -€133,393
down €133,393 (-11.0%), from €1.2m to €1.1m
- Reserves +€126,644
up €126,644 (+8.6%), from €1.5m to €1.6m
of which Distributable reserves: +€141,362
- Write-downs +€34,020
up €34,020 (+45.4%), from -€74,987 to -€40,967
- Gross operating margin +€25,895
up €25,895 (+3.6%), from €709,746 to €735,640
- Depreciation +€8,999
up €8,999 (+7.4%), from €120,792 to €129,791
- Taxes -€8,352
down €8,352 (-11.5%), from €72,439 to €64,087
- Financial charges -€8,338
down €8,338 (-13.8%), from €60,499 to €52,161
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 | €4,919,402 | €5,443,847 | +€524,445 | +10.7% |
| Fixed assets | 21/28 | €641,588 | €584,640 | -€56,948 | -8.9% |
| Tangible fixed assets | 22/27 | €641,588 | €584,640 | -€56,948 | -8.9% |
| Land and buildings | 22 | €510,662 | €503,524 | -€7,138 | -1.4% |
| Plant, machinery and equipment | 23 | €5,726 | €3,241 | -€2,485 | -43.4% |
| Furniture and vehicles | 24 | €125,201 | €77,875 | -€47,325 | -37.8% |
| Current assets | 29/58 | €4,277,813 | €4,859,206 | +€581,393 | +13.6% |
| Stocks and contracts in progress | 3 | €3,459,161 | €3,270,837 | -€188,324 | -5.4% |
| Stocks | 30/36 | €3,459,161 | €3,270,837 | -€188,324 | -5.4% |
| Amounts receivable within one year | 40/41 | €438,917 | €1,501,321 | +€1.1m | +242% |
| Trade receivables | 40 | €434,443 | €1,501,012 | +€1.1m | +246% |
| Other amounts receivable | 41 | €4,474 | €309 | -€4,165 | -93.1% |
| Cash at bank and in hand | 54/58 | €379,735 | €87,048 | -€292,687 | -77.1% |
| Total equity and liabilities | 10/49 | €4,919,402 | €5,443,847 | +€524,445 | +10.7% |
| Equity | 10/15 | €2,116,024 | €2,237,322 | +€121,298 | +5.7% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €1,472,136 | €1,598,780 | +€126,644 | +8.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €56,638 | €41,920 | -€14,718 | -26.0% |
| Distributable reserves | 133 | €1,415,498 | €1,556,860 | +€141,362 | +10.0% |
| Profit (loss) carried forward | 14 | €460,763 | €460,763 | = | 0.0% |
| Investment grants | 15 | €43,126 | €37,780 | -€5,346 | -12.4% |
| Provisions and deferred taxes | 16 | €18,879 | €13,973 | -€4,906 | -26.0% |
| Deferred taxes | 168 | €18,879 | €13,973 | -€4,906 | -26.0% |
| Amounts payable | 17/49 | €2,784,498 | €3,192,551 | +€408,053 | +14.7% |
| Amounts payable after more than one year | 17 | €776,748 | €730,999 | -€45,749 | -5.9% |
| Financial debts | 170/4 | €126,748 | €80,999 | -€45,749 | -36.1% |
| Other amounts payable | 178/9 | €650,000 | €650,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,951,417 | €2,411,399 | +€459,982 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €45,151 | €45,749 | +€598 | +1.3% |
| Trade debts | 44 | €580,073 | €1,155,797 | +€575,724 | +99.3% |
| Suppliers | 440/4 | €580,073 | €1,155,797 | +€575,724 | +99.3% |
| Taxes, remuneration and social security | 45 | €116,017 | €133,070 | +€17,053 | +14.7% |
| Taxes | 450/3 | €60,932 | €86,960 | +€26,028 | +42.7% |
| Remuneration and social security | 454/9 | €55,085 | €46,110 | -€8,974 | -16.3% |
| Other amounts payable | 47/48 | €1,210,175 | €1,076,782 | -€133,393 | -11.0% |
| Accrued charges and deferred income | 492/3 | €56,333 | €50,153 | -€6,180 | -11.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €392,193 | €399,932 | +€7,740 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,792 | €129,791 | +€8,999 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€74,987 | -€40,967 | +€34,020 | +45.4% |
| Other operating charges | 640/8 | €13,812 | €14,896 | +€1,084 | +7.8% |
| Gross operating margin | 9900 | €709,746 | €735,640 | +€25,895 | +3.6% |
| Operating profit (loss) | 9901 | €257,936 | €231,988 | -€25,948 | -10.1% |
| Financial income | 75/76B | €5,872 | €5,998 | +€126 | +2.1% |
| Recurring financial income | 75 | €5,872 | €5,998 | +€126 | +2.1% |
| Financial charges | 65/66B | €60,499 | €52,161 | -€8,338 | -13.8% |
| Recurring financial charges | 65 | €60,499 | €52,161 | -€8,338 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €203,309 | €185,825 | -€17,485 | -8.6% |
| Transfer from deferred taxes | 780 | €5,059 | €4,906 | -€153 | -3.0% |
| Income taxes | 67/77 | €72,439 | €64,087 | -€8,352 | -11.5% |
| Profit (loss) for the period | 9904 | €135,930 | €126,644 | -€9,286 | -6.8% |
| Transfer from tax-exempt reserves | 789 | €15,178 | €14,718 | -€460 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €151,107 | €141,362 | -€9,745 | -6.4% |
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 13 October 2026 via checked.be.