GRACO: 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.
What changed
GRACO
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.5m+€259,835
Equity
€20.1m
2024 · €18.5m+€1.6m
Cash
€111,430
2024 · €232,162-€120,732
Balance sheet total
€24.3m
2024 · €23.0m+€1.3m
Largest movements
Assets
- Receivables within one year +€1.0m
up €1.0m (+33.0%), from €3.2m to €4.2m
of which Other amounts receivable: +€948,519
- Deferred charges and accrued income +€265,719
up €265,719 (+12085.4%), from €2,199 to €267,918
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+10.6%), from €15.4m to €17.0m
of which Distributable reserves: +€872,901
- Debts after one year -€424,531
down €424,531 (-18.0%), from €2.4m to €1.9m
of which Other amounts payable: -€366,820
- Short-term financial debts -€250,000
down €250,000 (-20.0%), from €1.3m to €1.0m
Income statement
- Financial income +€1.1m
up €1.1m (+1036.8%), from €104,872 to €1.2m
of which Financial income: +€1.1m
- Gross operating margin -€862,977
down €862,977 (-25.5%), from €3.4m to €2.5m
- Staff costs +€266,607
up €266,607 (+29.6%), from €900,004 to €1.2m
- Taxes -€255,685
down €255,685 (-40.8%), from €626,490 to €370,806
- Financial charges -€61,390
down €61,390 (-26.4%), from €232,177 to €170,787
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
€1.5m
Gross operating margin
-€862,977
Staff costs
-€266,607
Depreciation
-€22,775
Other operating charges
+€7,415
Other operating items
+€349
Financial income
+€1.1m
Financial charges
+€61,390
Taxes
+€255,685
Result 2025
€1.8m
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
+€984,143
Investment
-€259,999
Financing
-€844,876
Cash 2024
€232,162
From operations (derived)
+€984,143
Net result for the year
+€1.8m
Depreciation
+€192,513
Receivables within one year
-€1.0m
Deferred charges and accrued income
-€265,719
Trade debts
-€37,090
Tax, wage and social debts
-€11,148
Other debts
+€128,600
Accrued charges and deferred income
+€221,886
Investment (derived)
-€259,999
Investment in fixed assets (net)
-€259,999
Financing
-€844,876
Debts after one year
-€424,531
Current portion of long-term debt
+€666
Short-term financial debts
-€250,000
Contributions, distributions and other
-€171,011
Cash 2025
€111,430
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,011,522 | €24,270,606 | +€1.3m | +5.5% |
| Fixed assets | 21/28 | €19,161,162 | €19,228,648 | +€67,486 | +0.4% |
| Tangible fixed assets | 22/27 | €3,285,825 | €3,353,311 | +€67,486 | +2.1% |
| Land and buildings | 22 | €3,172,752 | €3,217,928 | +€45,177 | +1.4% |
| Plant, machinery and equipment | 23 | €3,270 | €10,668 | +€7,398 | +226.2% |
| Furniture and vehicles | 24 | €45,322 | €60,233 | +€14,911 | +32.9% |
| Other tangible fixed assets | 26 | €64,481 | €64,481 | = | 0.0% |
| Financial fixed assets | 28 | €15,875,336 | €15,875,336 | = | 0.0% |
| Current assets | 29/58 | €3,850,360 | €5,041,959 | +€1.2m | +30.9% |
| Amounts receivable after more than one year | 29 | €440,000 | €440,000 | = | 0.0% |
| Other amounts receivable | 291 | €440,000 | €440,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,175,999 | €4,222,611 | +€1.0m | +33.0% |
| Trade receivables | 40 | €85,714 | €183,807 | +€98,093 | +114.4% |
| Other amounts receivable | 41 | €3,090,285 | €4,038,804 | +€948,519 | +30.7% |
| Cash at bank and in hand | 54/58 | €232,162 | €111,430 | -€120,732 | -52.0% |
| Deferred charges and accrued income | 490/1 | €2,199 | €267,918 | +€265,719 | +12085.4% |
| Total equity and liabilities | 10/49 | €23,011,522 | €24,270,606 | +€1.3m | +5.5% |
| Equity | 10/15 | €18,503,477 | €20,134,178 | +€1.6m | +8.8% |
| Contributions | 10/11 | €3,144,000 | €3,144,000 | = | 0.0% |
| Reserves | 13 | €15,359,477 | €16,990,178 | +€1.6m | +10.6% |
| Non-distributable reserves | 130/1 | €278,300 | €278,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €278,300 | €278,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,157,750 | €1,915,550 | +€757,800 | +65.5% |
| Distributable reserves | 133 | €13,923,427 | €14,796,328 | +€872,901 | +6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,508,045 | €4,136,428 | -€371,616 | -8.2% |
| Amounts payable after more than one year | 17 | €2,355,938 | €1,931,407 | -€424,531 | -18.0% |
| Financial debts | 170/4 | €530,352 | €472,641 | -€57,711 | -10.9% |
| Other amounts payable | 178/9 | €1,825,586 | €1,458,766 | -€366,820 | -20.1% |
| Amounts payable within one year | 42/48 | €2,149,907 | €1,980,935 | -€168,972 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €57,044 | €57,711 | +€666 | +1.2% |
| Financial debts | 43 | €1,250,000 | €1,000,000 | -€250,000 | -20.0% |
| Credit institutions | 430/8 | €1,250,000 | €1,000,000 | -€250,000 | -20.0% |
| Trade debts | 44 | €90,827 | €53,737 | -€37,090 | -40.8% |
| Suppliers | 440/4 | €90,827 | €53,737 | -€37,090 | -40.8% |
| Taxes, remuneration and social security | 45 | €399,239 | €388,092 | -€11,148 | -2.8% |
| Taxes | 450/3 | €282,645 | €236,714 | -€45,931 | -16.3% |
| Remuneration and social security | 454/9 | €116,594 | €151,378 | +€34,784 | +29.8% |
| Other amounts payable | 47/48 | €352,796 | €481,396 | +€128,600 | +36.5% |
| Accrued charges and deferred income | 492/3 | €2,200 | €224,086 | +€221,886 | +10085.7% |
| Remuneration, social security and pensions | 62 | €900,004 | €1,166,611 | +€266,607 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,738 | €192,513 | +€22,775 | +13.4% |
| Other operating charges | 640/8 | €16,835 | €9,420 | -€7,415 | -44.0% |
| Non-recurring operating charges | 66A | €349 | €0 | -€349 | -100.0% |
| Gross operating margin | 9900 | €3,382,599 | €2,519,622 | -€862,977 | -25.5% |
| Operating profit (loss) | 9901 | €2,295,672 | €1,151,078 | -€1.1m | -49.9% |
| Financial income | 75/76B | €104,872 | €1,192,226 | +€1.1m | +1036.8% |
| Recurring financial income | 75 | €104,872 | €1,192,226 | +€1.1m | +1036.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €232,177 | €170,787 | -€61,390 | -26.4% |
| Recurring financial charges | 65 | €232,177 | €170,787 | -€61,390 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €2,168,367 | €2,172,518 | +€4,151 | +0.2% |
| Income taxes | 67/77 | €626,490 | €370,806 | -€255,685 | -40.8% |
| Profit (loss) for the period | 9904 | €1,541,877 | €1,801,712 | +€259,835 | +16.9% |
| Transfer from tax-exempt reserves | 789 | - | €189,450 | +€189,450 | |
| Transfer to tax-exempt reserves | 689 | €631,500 | €947,250 | +€315,750 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €910,377 | €1,043,912 | +€133,535 | +14.7% |
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 11 October 2026 via checked.be.