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 -€15,698
down €15,698 (-3.9%), from €401,693 to €385,995
of which Land and buildings: -€21,003
- Cash -€12,289
down €12,289 (-67.2%), from €18,279 to €5,991
mainly Debts after one year (-€32,843) and Investment in fixed assets (net) (-€10,799)
- Receivables within one year -€6,964
down €6,964 (-6.0%), from €115,627 to €108,663
of which Trade receivables: -€5,581
- Debts after one year -€32,843
down €32,843 (-12.4%), from €265,186 to €232,343
- Other debts -€9,557
down €9,557 (-42.1%), from €22,702 to €13,145
- Gross operating margin +€16,163
up €16,163 (+99.2%), from €16,295 to €32,458
- Financial charges -€1,684
down €1,684 (-41.8%), from €4,032 to €2,348
- Taxes +€1,243
up €1,243 (+713%), from €174 to €1,418
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 | €537,320 | €502,177 | -€35,142 | -6.5% |
| Fixed assets | 21/28 | €402,180 | €386,404 | -€15,776 | -3.9% |
| Intangible fixed assets | 21 | €488 | €410 | -€78 | -16.0% |
| Tangible fixed assets | 22/27 | €401,693 | €385,995 | -€15,698 | -3.9% |
| Land and buildings | 22 | €380,143 | €359,140 | -€21,003 | -5.5% |
| Plant, machinery and equipment | 23 | €15,088 | €21,683 | +€6,595 | +43.7% |
| Furniture and vehicles | 24 | €6,462 | €5,172 | -€1,290 | -20.0% |
| Current assets | 29/58 | €135,139 | €115,773 | -€19,366 | -14.3% |
| Amounts receivable within one year | 40/41 | €115,627 | €108,663 | -€6,964 | -6.0% |
| Trade receivables | 40 | €5,732 | €151 | -€5,581 | -97.4% |
| Other amounts receivable | 41 | €109,895 | €108,511 | -€1,384 | -1.3% |
| Cash at bank and in hand | 54/58 | €18,279 | €5,991 | -€12,289 | -67.2% |
| Deferred charges and accrued income | 490/1 | €1,232 | €1,119 | -€113 | -9.2% |
| Total equity and liabilities | 10/49 | €537,320 | €502,177 | -€35,142 | -6.5% |
| Equity | 10/15 | €180,287 | €184,238 | +€3,951 | +2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €167,887 | €171,838 | +€3,951 | +2.4% |
| Tax-exempt reserves | 132 | €104,302 | €97,348 | -€6,953 | -6.7% |
| Distributable reserves | 133 | €63,585 | €74,489 | +€10,904 | +17.1% |
| Provisions and deferred taxes | 16 | €34,767 | €32,450 | -€2,318 | -6.7% |
| Deferred taxes | 168 | €34,767 | €32,450 | -€2,318 | -6.7% |
| Amounts payable | 17/49 | €322,265 | €285,490 | -€36,775 | -11.4% |
| Amounts payable after more than one year | 17 | €265,186 | €232,343 | -€32,843 | -12.4% |
| Financial debts | 170/4 | €265,186 | €232,343 | -€32,843 | -12.4% |
| Amounts payable within one year | 42/48 | €57,079 | €53,147 | -€3,932 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €33,727 | €36,719 | +€2,992 | +8.9% |
| Trade debts | 44 | €636 | €2,192 | +€1,556 | +245% |
| Suppliers | 440/4 | €636 | €2,192 | +€1,556 | +245% |
| Taxes, remuneration and social security | 45 | €14 | €1,090 | +€1,076 | +7,504% |
| Taxes | 450/3 | €14 | €1,090 | +€1,076 | +7,504% |
| Other amounts payable | 47/48 | €22,702 | €13,145 | -€9,557 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,549 | €26,575 | +€25 | +0.1% |
| Other operating charges | 640/8 | €3,779 | €3,762 | -€16 | -0.4% |
| Gross operating margin | 9900 | €16,295 | €32,458 | +€16,163 | +99.2% |
| Operating profit (loss) | 9901 | -€14,033 | €2,121 | +€16,154 | |
| Financial income | 75/76B | €3,490 | €3,277 | -€213 | -6.1% |
| Recurring financial income | 75 | €3,490 | €3,277 | -€213 | -6.1% |
| Financial charges | 65/66B | €4,032 | €2,348 | -€1,684 | -41.8% |
| Recurring financial charges | 65 | €4,032 | €2,348 | -€1,684 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,575 | €3,050 | +€17,625 | |
| Transfer from deferred taxes | 780 | €2,318 | €2,318 | = | 0.0% |
| Income taxes | 67/77 | €174 | €1,418 | +€1,243 | +713% |
| Profit (loss) for the period | 9904 | -€12,431 | €3,951 | +€16,382 | |
| Transfer from tax-exempt reserves | 789 | €6,953 | €6,953 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,478 | €10,904 | +€16,382 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.