GR.ACE: what changed
Two fiscal 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.
GR.ACE
Largest movements
- Receivables within one year -€17,632
down €17,632 (-53.8%), from €32,794 to €15,162
of which Trade receivables: -€17,877
- Tangible fixed assets -€11,634
down €11,634 (-37.9%), from €30,737 to €19,103
of which Furniture and vehicles: -€10,027
- Cash -€6,217
down €6,217 (-7.5%), from €82,477 to €76,260
mainly Tax, wage and social debts (-€18,094) and Debts after one year (-€13,876)
- Tax, wage and social debts -€18,094
down €18,094 (-91.7%), from €19,735 to €1,641
of which Taxes: -€18,094
- Debts after one year -€13,876
down €13,876 (-11.4%), from €121,982 to €108,106
of which Financial debts: -€9,788
- Profit (loss) carried forward -€4,790
down €4,790 (-6.4%), from -€74,414 to -€79,205
- Gross operating margin +€5,499
up €5,499 (+178.5%), from €3,082 to €8,581
- Financial charges -€995
down €995 (-55.1%), from €1,804 to €809
- Depreciation +€558
up €558 (+5.0%), from €11,076 to €11,634
- Other operating charges +€403
up €403 (+104.7%), from €384 to €787
- Taxes +€141
new in 2025: €141
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.
Cash bridge derived
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 | €147,039 | €111,624 | -€35,414 | -24.1% |
| Fixed assets | 21/28 | €30,737 | €19,103 | -€11,634 | -37.9% |
| Tangible fixed assets | 22/27 | €30,737 | €19,103 | -€11,634 | -37.9% |
| Plant, machinery and equipment | 23 | €4,557 | €2,950 | -€1,607 | -35.3% |
| Furniture and vehicles | 24 | €26,180 | €16,153 | -€10,027 | -38.3% |
| Current assets | 29/58 | €116,302 | €92,521 | -€23,780 | -20.4% |
| Amounts receivable within one year | 40/41 | €32,794 | €15,162 | -€17,632 | -53.8% |
| Trade receivables | 40 | €32,090 | €14,213 | -€17,877 | -55.7% |
| Other amounts receivable | 41 | €703 | €948 | +€245 | +34.8% |
| Cash at bank and in hand | 54/58 | €82,477 | €76,260 | -€6,217 | -7.5% |
| Deferred charges and accrued income | 490/1 | €1,030 | €1,100 | +€69 | +6.7% |
| Total equity and liabilities | 10/49 | €147,039 | €111,624 | -€35,414 | -24.1% |
| Equity | 10/15 | -€6,214 | -€11,005 | -€4,790 | -77.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,414 | -€79,205 | -€4,790 | -6.4% |
| Amounts payable | 17/49 | €153,253 | €122,629 | -€30,624 | -20.0% |
| Amounts payable after more than one year | 17 | €121,982 | €108,106 | -€13,876 | -11.4% |
| Financial debts | 170/4 | €16,443 | €6,655 | -€9,788 | -59.5% |
| Other amounts payable | 178/9 | €105,539 | €101,451 | -€4,088 | -3.9% |
| Amounts payable within one year | 42/48 | €31,271 | €14,523 | -€16,748 | -53.6% |
| Current portion of amounts payable after more than one year | 42 | €9,559 | €9,788 | +€228 | +2.4% |
| Trade debts | 44 | €1,976 | €3,094 | +€1,118 | +56.6% |
| Suppliers | 440/4 | €1,976 | €3,094 | +€1,118 | +56.6% |
| Taxes, remuneration and social security | 45 | €19,735 | €1,641 | -€18,094 | -91.7% |
| Taxes | 450/3 | €18,235 | €141 | -€18,094 | -99.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,076 | €11,634 | +€558 | +5.0% |
| Other operating charges | 640/8 | €384 | €787 | +€403 | +104.7% |
| Gross operating margin | 9900 | €3,082 | €8,581 | +€5,499 | +178.5% |
| Operating profit (loss) | 9901 | -€8,379 | -€3,840 | +€4,539 | +54.2% |
| Financial charges | 65/66B | €1,804 | €809 | -€995 | -55.1% |
| Recurring financial charges | 65 | €1,804 | €809 | -€995 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,183 | -€4,649 | +€5,534 | +54.3% |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | -€10,183 | -€4,790 | +€5,393 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,183 | -€4,790 | +€5,393 | +53.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.