GRAACO: 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.
GRAACO
Largest movements
- Cash +€366,687
up €366,687 (+137.4%), from €266,855 to €633,542
mainly Net result for the year (+€236,239) and Depreciation (+€181,023)
- Tangible fixed assets -€157,236
down €157,236 (-27.1%), from €580,901 to €423,665
of which Furniture and vehicles: -€89,575
- Receivables within one year -€23,602
down €23,602 (-18.0%), from €131,279 to €107,677
of which Trade receivables: -€45,808
- Deferred charges and accrued income +€12,430
new in 2025: €12,430
- Profit (loss) carried forward +€161,239
up €161,239 (+23.4%), from €689,550 to €850,789
- Reserves +€75,000
up €75,000 (+4032.3%), from €1,860 to €76,860
of which Distributable reserves: +€75,000
- Tax, wage and social debts +€55,953
up €55,953 (+179.9%), from €31,099 to €87,052
of which Taxes: +€51,786
- Current portion of long-term debt -€32,235
down €32,235 (-50.5%), from €63,890 to €31,655
- Debts after one year -€31,764
down €31,764 (-31.7%), from €100,325 to €68,562
- Gross operating margin +€350,577
up €350,577 (+139.2%), from €251,904 to €602,480
- Taxes +€89,825
up €89,825 (+1192.1%), from €7,535 to €97,360
- Staff costs +€40,098
up €40,098 (+109.7%), from €36,565 to €76,663
- Depreciation +€35,689
up €35,689 (+24.6%), from €145,334 to €181,023
- Write-downs -€22,320
no longer reported in 2025 (was €22,320)
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 | €979,034 | €1,177,314 | +€198,279 | +20.3% |
| Fixed assets | 21/28 | €580,901 | €423,665 | -€157,236 | -27.1% |
| Tangible fixed assets | 22/27 | €580,901 | €423,665 | -€157,236 | -27.1% |
| Land and buildings | 22 | €32,575 | €27,581 | -€4,994 | -15.3% |
| Plant, machinery and equipment | 23 | €154,557 | €127,181 | -€27,377 | -17.7% |
| Furniture and vehicles | 24 | €342,612 | €253,036 | -€89,575 | -26.1% |
| Leasing and similar rights | 25 | €51,157 | €15,867 | -€35,290 | -69.0% |
| Current assets | 29/58 | €398,133 | €753,649 | +€355,515 | +89.3% |
| Amounts receivable within one year | 40/41 | €131,279 | €107,677 | -€23,602 | -18.0% |
| Trade receivables | 40 | €93,387 | €47,579 | -€45,808 | -49.1% |
| Other amounts receivable | 41 | €37,891 | €60,097 | +€22,206 | +58.6% |
| Cash at bank and in hand | 54/58 | €266,855 | €633,542 | +€366,687 | +137.4% |
| Deferred charges and accrued income | 490/1 | - | €12,430 | +€12,430 | |
| Total equity and liabilities | 10/49 | €979,034 | €1,177,314 | +€198,279 | +20.3% |
| Equity | 10/15 | €710,010 | €946,249 | +€236,239 | +33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €76,860 | +€75,000 | +4032.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €75,000 | +€75,000 | |
| Profit (loss) carried forward | 14 | €689,550 | €850,789 | +€161,239 | +23.4% |
| Amounts payable | 17/49 | €269,024 | €231,065 | -€37,959 | -14.1% |
| Amounts payable after more than one year | 17 | €100,325 | €68,562 | -€31,764 | -31.7% |
| Financial debts | 170/4 | €100,325 | €68,562 | -€31,764 | -31.7% |
| Amounts payable within one year | 42/48 | €168,699 | €162,503 | -€6,196 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €63,890 | €31,655 | -€32,235 | -50.5% |
| Trade debts | 44 | €73,710 | €43,796 | -€29,914 | -40.6% |
| Suppliers | 440/4 | €73,710 | €43,796 | -€29,914 | -40.6% |
| Taxes, remuneration and social security | 45 | €31,099 | €87,052 | +€55,953 | +179.9% |
| Taxes | 450/3 | €28,109 | €79,895 | +€51,786 | +184.2% |
| Remuneration and social security | 454/9 | €2,990 | €7,158 | +€4,167 | +139.4% |
| Non-recurring operating income | 76A | €6,500 | - | -€6,500 | |
| Remuneration, social security and pensions | 62 | €36,565 | €76,663 | +€40,098 | +109.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,334 | €181,023 | +€35,689 | +24.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,320 | - | -€22,320 | |
| Other operating charges | 640/8 | €4,983 | €7,375 | +€2,392 | +48.0% |
| Gross operating margin | 9900 | €251,904 | €602,480 | +€350,577 | +139.2% |
| Operating profit (loss) | 9901 | €42,702 | €337,419 | +€294,717 | +690.2% |
| Financial income | 75/76B | €1,244 | €2,374 | +€1,129 | +90.8% |
| Recurring financial income | 75 | €1,244 | €2,374 | +€1,129 | +90.8% |
| Financial charges | 65/66B | €5,682 | €6,195 | +€513 | +9.0% |
| Recurring financial charges | 65 | €5,682 | €6,195 | +€513 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €38,264 | €333,598 | +€295,334 | +771.8% |
| Income taxes | 67/77 | €7,535 | €97,360 | +€89,825 | +1192.1% |
| Profit (loss) for the period | 9904 | €30,729 | €236,239 | +€205,509 | +668.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,729 | €236,239 | +€205,509 | +668.8% |
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 12 October 2026 via checked.be.