GRACIAS: 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.
GRACIAS
Largest movements
- Cash -€3.3m
down €3.3m (-78.1%), from €4.3m to €932,646
mainly Trade debts (-€5.8m) and Contributions, distributions and other (-€306,185)
- Receivables within one year -€1.7m
down €1.7m (-59.2%), from €2.9m to €1.2m
of which Trade receivables: -€1.5m
- Deferred charges and accrued income -€278,176
down €278,176 (-81.5%), from €341,360 to €63,184
- Trade debts -€5.8m
down €5.8m (-94.1%), from €6.2m to €366,910
- Accrued charges and deferred income +€865,441
up €865,441 (+260%), from €333,003 to €1.2m
- Other debts -€290,589
down €290,589 (-48.7%), from €596,774 to €306,185
- Reserves -€78,093
down €78,093 (-26.1%), from €298,993 to €220,900
of which Distributable reserves: -€78,093
- Turnover -€15.0m
down €15.0m (-70.8%), from €21.2m to €6.2m
- Gross operating margin -€450,496
down €450,496 (-38.5%), from €1.2m to €721,016
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 | €7,533,742 | €2,252,899 | -€5.3m | -70.1% |
| Fixed assets | 21/28 | €58,729 | €83,185 | +€24,456 | +41.6% |
| Intangible fixed assets | 21 | €176 | €103 | -€73 | -41.4% |
| Tangible fixed assets | 22/27 | €58,553 | €82,582 | +€24,029 | +41.0% |
| Plant, machinery and equipment | 23 | €6,406 | €4,182 | -€2,223 | -34.7% |
| Furniture and vehicles | 24 | €45,553 | €73,977 | +€28,423 | +62.4% |
| Other tangible fixed assets | 26 | €6,594 | €4,423 | -€2,171 | -32.9% |
| Financial fixed assets | 28 | €0 | €500 | +€500 | |
| Current assets | 29/58 | €7,475,013 | €2,169,714 | -€5.3m | -71.0% |
| Amounts receivable within one year | 40/41 | €2,877,855 | €1,173,884 | -€1.7m | -59.2% |
| Trade receivables | 40 | €2,379,963 | €837,137 | -€1.5m | -64.8% |
| Other amounts receivable | 41 | €497,892 | €336,748 | -€161,144 | -32.4% |
| Cash at bank and in hand | 54/58 | €4,255,798 | €932,646 | -€3.3m | -78.1% |
| Deferred charges and accrued income | 490/1 | €341,360 | €63,184 | -€278,176 | -81.5% |
| Total equity and liabilities | 10/49 | €7,533,742 | €2,252,899 | -€5.3m | -70.1% |
| Equity | 10/15 | €360,493 | €282,400 | -€78,093 | -21.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €298,993 | €220,900 | -€78,093 | -26.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €292,843 | €214,750 | -€78,093 | -26.7% |
| Amounts payable | 17/49 | €7,173,250 | €1,970,499 | -€5.2m | -72.5% |
| Amounts payable within one year | 42/48 | €6,840,247 | €772,055 | -€6.1m | -88.7% |
| Trade debts | 44 | €6,182,683 | €366,910 | -€5.8m | -94.1% |
| Suppliers | 440/4 | €6,182,683 | €366,910 | -€5.8m | -94.1% |
| Taxes, remuneration and social security | 45 | €60,790 | €98,961 | +€38,171 | +62.8% |
| Taxes | 450/3 | €20,157 | €61,368 | +€41,211 | +204% |
| Remuneration and social security | 454/9 | €40,633 | €37,593 | -€3,040 | -7.5% |
| Other amounts payable | 47/48 | €596,774 | €306,185 | -€290,589 | -48.7% |
| Accrued charges and deferred income | 492/3 | €333,003 | €1,198,444 | +€865,441 | +260% |
| Turnover | 70 | €21,239,513 | €6,194,743 | -€15.0m | -70.8% |
| Remuneration, social security and pensions | 62 | €364,429 | €372,710 | +€8,281 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,699 | €24,612 | -€2,087 | -7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,000 | - | -€25,000 | |
| Other operating charges | 640/8 | €2,367 | €2,527 | +€160 | +6.8% |
| Non-recurring operating charges | 66A | - | €18,950 | +€18,950 | |
| Gross operating margin | 9900 | €1,171,512 | €721,016 | -€450,496 | -38.5% |
| Operating profit (loss) | 9901 | €753,017 | €302,218 | -€450,799 | -59.9% |
| Financial income | 75/76B | €40,838 | €38,990 | -€1,848 | -4.5% |
| Recurring financial income | 75 | €40,838 | €38,990 | -€1,848 | -4.5% |
| Financial charges | 65/66B | €22,709 | €6,831 | -€15,879 | -69.9% |
| Recurring financial charges | 65 | €22,709 | €6,831 | -€15,879 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €771,146 | €334,377 | -€436,769 | -56.6% |
| Income taxes | 67/77 | €183,905 | €106,286 | -€77,619 | -42.2% |
| Profit (loss) for the period | 9904 | €587,241 | €228,092 | -€359,149 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €587,241 | €228,092 | -€359,149 | -61.2% |
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 18 October 2026 via checked.be.