GRACE: 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.
GRACE
Largest movements
- Tangible fixed assets -€11,451
down €11,451 (-2.6%), from €435,971 to €424,521
of which Land and buildings: -€11,143
- Receivables within one year +€7,820
up €7,820 (+38.4%), from €20,387 to €28,207
of which Other amounts receivable: +€9,387
- Debts after one year -€23,043
down €23,043 (-7.9%), from €292,394 to €269,350
- Reserves +€19,458
up €19,458 (+17.1%), from €113,471 to €132,929
- Gross operating margin +€16,748
up €16,748 (+35.5%), from €47,228 to €63,977
- Other operating charges +€8,277
up €8,277 (+308%), from €2,687 to €10,964
- Taxes +€3,925
up €3,925 (+121%), from €3,236 to €7,161
- Staff costs -€1,542
down €1,542 (-50.0%), from €3,084 to €1,542
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 | €469,690 | €464,929 | -€4,761 | -1.0% |
| Fixed assets | 21/28 | €435,971 | €424,521 | -€11,451 | -2.6% |
| Tangible fixed assets | 22/27 | €435,971 | €424,521 | -€11,451 | -2.6% |
| Land and buildings | 22 | €432,575 | €421,431 | -€11,143 | -2.6% |
| Plant, machinery and equipment | 23 | €2,500 | €2,697 | +€197 | +7.9% |
| Furniture and vehicles | 24 | €897 | €392 | -€504 | -56.3% |
| Current assets | 29/58 | €33,719 | €40,409 | +€6,690 | +19.8% |
| Amounts receivable within one year | 40/41 | €20,387 | €28,207 | +€7,820 | +38.4% |
| Trade receivables | 40 | €17,463 | €15,896 | -€1,567 | -9.0% |
| Other amounts receivable | 41 | €2,924 | €12,311 | +€9,387 | +321% |
| Cash at bank and in hand | 54/58 | €13,104 | €11,579 | -€1,525 | -11.6% |
| Deferred charges and accrued income | 490/1 | €227 | €622 | +€394 | +173% |
| Total equity and liabilities | 10/49 | €469,690 | €464,929 | -€4,761 | -1.0% |
| Equity | 10/15 | €125,871 | €145,329 | +€19,458 | +15.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,471 | €132,929 | +€19,458 | +17.1% |
| Distributable reserves | 133 | €113,471 | €132,929 | +€19,458 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €343,819 | €319,600 | -€24,219 | -7.0% |
| Amounts payable after more than one year | 17 | €292,394 | €269,350 | -€23,043 | -7.9% |
| Financial debts | 170/4 | €292,394 | €269,350 | -€23,043 | -7.9% |
| Amounts payable within one year | 42/48 | €51,426 | €47,910 | -€3,516 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €22,363 | €22,812 | +€449 | +2.0% |
| Trade debts | 44 | €1,334 | €968 | -€366 | -27.4% |
| Suppliers | 440/4 | €1,334 | €968 | -€366 | -27.4% |
| Taxes, remuneration and social security | 45 | €8,999 | €6,567 | -€2,431 | -27.0% |
| Taxes | 450/3 | €8,999 | €6,567 | -€2,431 | -27.0% |
| Other amounts payable | 47/48 | €18,730 | €17,563 | -€1,168 | -6.2% |
| Accrued charges and deferred income | 492/3 | €0 | €2,340 | +€2,340 | |
| Remuneration, social security and pensions | 62 | €3,084 | €1,542 | -€1,542 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,391 | €14,756 | +€365 | +2.5% |
| Other operating charges | 640/8 | €2,687 | €10,964 | +€8,277 | +308% |
| Non-recurring operating charges | 66A | €0 | €2,632 | +€2,632 | |
| Gross operating margin | 9900 | €47,228 | €63,977 | +€16,748 | +35.5% |
| Operating profit (loss) | 9901 | €27,067 | €34,083 | +€7,016 | +25.9% |
| Financial income | 75/76B | €1 | €194 | +€193 | +21,411% |
| Recurring financial income | 75 | €1 | €194 | +€193 | +21,411% |
| Financial charges | 65/66B | €7,989 | €7,656 | -€333 | -4.2% |
| Recurring financial charges | 65 | €7,989 | €7,656 | -€333 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €19,078 | €26,620 | +€7,541 | +39.5% |
| Income taxes | 67/77 | €3,236 | €7,161 | +€3,925 | +121% |
| Profit (loss) for the period | 9904 | €15,842 | €19,458 | +€3,616 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,842 | €19,458 | +€3,616 | +22.8% |
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 13 October 2026 via checked.be.