GRACO: 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.
What changed
GRACO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53.7m
2024 · €127.7m-€74.0m
Equity
€248.7m
2024 · €195.0m+€53.7m
Cash
€243,187
2024 · €261,525-€18,338
Balance sheet total
€264.0m
2024 · €309.0m-€45.0m
Largest movements
Assets
- Receivables within one year -€43.9m
down €43.9m (-94.6%), from €46.4m to €2.5m
of which Other amounts receivable: -€45.7m
Equity and liabilities
- Other debts -€80.0m
down €80.0m (-100.0%), from €80.0m to €1,044
- Profit (loss) carried forward +€53.7m
up €53.7m (+49.3%), from €108.8m to €162.5m
- Current portion of long-term debt -€26.7m
no longer reported in 2025 (was €26.7m)
- Short-term financial debts +€12.0m
new in 2025: €12.0m
- Trade debts -€4.2m
down €4.2m (-87.0%), from €4.9m to €630,950
Income statement
- Financial charges -€6.5m
down €6.5m (-88.0%), from €7.4m to €891,656
of which Financial charges: -€6.5m
- Other operating income -€3.8m
down €3.8m (-17.1%), from €21.9m to €18.1m
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.
Result 2024
€127.7m
Staff costs
+€252,199
Depreciation
-€193,694
Other operating charges
+€2,394
Other operating items
-€2.0m
Financial income
-€78.9m
Financial charges
+€6.5m
Other financial items
+€2
Taxes
+€290,025
Deferred taxes and other
-€2,017
Result 2025
€53.7m
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.
From operations
+€14.7m
Investment
-€13,367
Financing
-€14.7m
Cash 2024
€261,525
From operations (derived)
+€14.7m
Net result for the year
+€53.7m
Depreciation
+€1.1m
Receivables within one year
+€43.9m
Smaller working-capital items
-€60,002
Trade debts
-€4.2m
Tax, wage and social debts
+€331,453
Other debts
-€80.0m
Investment (derived)
-€13,367
Investment in fixed assets (net)
-€13,367
Financing
-€14.7m
Current portion of long-term debt
-€26.7m
Short-term financial debts
+€12.0m
Cash 2025
€243,187
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €308,965,483 | €264,011,150 | -€45.0m | -14.5% |
| Fixed assets | 21/28 | €262,161,502 | €261,059,338 | -€1.1m | -0.4% |
| Tangible fixed assets | 22/27 | €10,999,512 | €9,889,149 | -€1.1m | -10.1% |
| Land and buildings | 22 | €9,161,134 | €8,736,418 | -€424,716 | -4.6% |
| Plant, machinery and equipment | 23 | €429,795 | €539,595 | +€109,800 | +25.5% |
| Furniture and vehicles | 24 | €958,584 | €597,496 | -€361,088 | -37.7% |
| Assets under construction and advance payments | 27 | €450,000 | €15,640 | -€434,360 | -96.5% |
| Financial fixed assets | 28 | €251,161,989 | €251,170,189 | +€8,200 | 0.0% |
| Affiliated companies | 280/1 | €251,158,689 | €251,158,689 | = | 0.0% |
| Participating interests | 280 | €251,158,689 | €251,158,689 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,300 | €11,500 | +€8,200 | +248.5% |
| Amounts receivable and cash guarantees | 285/8 | €3,300 | €11,500 | +€8,200 | +248.5% |
| Current assets | 29/58 | €46,803,982 | €2,951,812 | -€43.9m | -93.7% |
| Amounts receivable within one year | 40/41 | €46,354,099 | €2,487,892 | -€43.9m | -94.6% |
| Trade receivables | 40 | €74,241 | €1,923,222 | +€1.8m | +2490.5% |
| Other amounts receivable | 41 | €46,279,858 | €564,671 | -€45.7m | -98.8% |
| Cash at bank and in hand | 54/58 | €261,525 | €243,187 | -€18,338 | -7.0% |
| Deferred charges and accrued income | 490/1 | €188,358 | €220,733 | +€32,375 | +17.2% |
| Total equity and liabilities | 10/49 | €308,965,483 | €264,011,150 | -€45.0m | -14.5% |
| Equity | 10/15 | €195,001,497 | €248,674,852 | +€53.7m | +27.5% |
| Contributions | 10/11 | €81,612,555 | €81,612,555 | = | 0.0% |
| Reserves | 13 | €4,592,466 | €4,592,466 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,592,466 | €4,592,466 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,592,466 | €4,592,466 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,796,476 | €162,469,831 | +€53.7m | +49.3% |
| Amounts payable | 17/49 | €113,963,986 | €15,336,298 | -€98.6m | -86.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €113,749,492 | €15,149,431 | -€98.6m | -86.7% |
| Current portion of amounts payable after more than one year | 42 | €26,700,000 | - | -€26.7m | |
| Financial debts | 43 | - | €12,000,000 | +€12.0m | |
| Other loans | 439 | - | €12,000,000 | +€12.0m | |
| Trade debts | 44 | €4,859,085 | €630,950 | -€4.2m | -87.0% |
| Suppliers | 440/4 | €4,859,085 | €630,950 | -€4.2m | -87.0% |
| Taxes, remuneration and social security | 45 | €2,185,984 | €2,517,437 | +€331,453 | +15.2% |
| Taxes | 450/3 | €222,960 | €255,151 | +€32,191 | +14.4% |
| Remuneration and social security | 454/9 | €1,963,024 | €2,262,286 | +€299,262 | +15.2% |
| Other amounts payable | 47/48 | €80,004,423 | €1,044 | -€80.0m | -100.0% |
| Accrued charges and deferred income | 492/3 | €214,494 | €186,867 | -€27,627 | -12.9% |
| Operating income | 70/76A | €21,875,338 | €18,126,921 | -€3.7m | -17.1% |
| Other operating income | 74 | €21,874,097 | €18,123,011 | -€3.8m | -17.1% |
| Non-recurring operating income | 76A | €1,241 | €3,910 | +€2,669 | +215.1% |
| Operating charges | 60/66A | €19,217,321 | €17,398,473 | -€1.8m | -9.5% |
| Services and other goods | 61 | €7,098,287 | €4,887,562 | -€2.2m | -31.1% |
| Remuneration, social security and pensions | 62 | €10,967,016 | €10,714,817 | -€252,199 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €921,836 | €1,115,530 | +€193,694 | +21.0% |
| Other operating charges | 640/8 | €230,130 | €227,736 | -€2,394 | -1.0% |
| Non-recurring operating charges | 66A | €53 | €452,829 | +€452,776 | +854294.3% |
| Operating profit (loss) | 9901 | €2,658,017 | €728,447 | -€1.9m | -72.6% |
| Recurring financial income | 75 | €133,123,255 | €54,240,959 | -€78.9m | -59.3% |
| Income from financial fixed assets | 750 | €125,963,886 | €52,721,385 | -€73.2m | -58.1% |
| Income from current assets | 751 | €4,575,616 | €1,400,890 | -€3.2m | -69.4% |
| Other financial income | 752/9 | €2,583,753 | €118,684 | -€2.5m | -95.4% |
| Financial charges | 65/66B | €7,421,440 | €891,656 | -€6.5m | -88.0% |
| Recurring financial charges | 65 | €7,421,440 | €891,656 | -€6.5m | -88.0% |
| Debt charges | 650 | €7,291,203 | €194,154 | -€7.1m | -97.3% |
| Other financial charges | 652/9 | €130,237 | €697,502 | +€567,265 | +435.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €128,359,831 | €54,077,751 | -€74.3m | -57.9% |
| Transfer from deferred taxes | 780 | €2,016 | - | -€2,016 | |
| Income taxes | 67/77 | €694,421 | €404,396 | -€290,025 | -41.8% |
| Taxes | 670/3 | €740,000 | €460,000 | -€280,000 | -37.8% |
| Tax adjustments and reversals of tax provisions | 77 | €45,579 | €55,604 | +€10,025 | +22.0% |
| Profit (loss) for the period | 9904 | €127,667,427 | €53,673,355 | -€74.0m | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,667,427 | €53,673,355 | -€74.0m | -58.0% |
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 1 October 2026 via checked.be.