GRACO DISTRIBUTION: 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 DISTRIBUTION
NACE 46.649, Wholesale of other machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.0m
2024 · €12.5m-€2.5m
Equity
€121.8m
2024 · €111.8m+€10.0m
Cash
€30.2m
2024 · €13.1m+€17.1m
Balance sheet total
€155.3m
2024 · €203.3m-€48.0m
Largest movements
Assets
- Stocks and contracts -€67.2m
down €67.2m (-54.9%), from €122.4m to €55.1m
- Cash +€17.1m
up €17.1m (+130%), from €13.1m to €30.2m
mainly Stocks and contracts (+€67.2m) and Net result for the year (+€10.0m)
- Receivables within one year +€2.2m
up €2.2m (+4.0%), from €56.1m to €58.4m
of which Trade receivables: +€11.9m
Equity and liabilities
- Short-term financial debts -€47.2m
down €47.2m (-86.5%), from €54.6m to €7.4m
- Profit (loss) carried forward +€10.0m
up €10.0m (+11.8%), from €85.2m to €95.2m
- Accrued charges and deferred income -€6.1m
down €6.1m (-44.8%), from €13.7m to €7.5m
- Trade debts -€4.8m
down €4.8m (-41.6%), from €11.6m to €6.8m
Income statement
- Services and other goods -€11.2m
down €11.2m (-13.3%), from €84.8m to €73.6m
- Goods and materials +€5.7m
up €5.7m (+3.5%), from €164.3m to €170.0m
- Turnover +€3.7m
up €3.7m (+1.4%), from €266.2m to €269.9m
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
€12.5m
Turnover
+€3.7m
Other operating income
-€713,585
Goods and materials
-€5.7m
Services and other goods
+€11.2m
Staff costs
+€47,764
Depreciation
+€784
Write-downs
-€1.3m
Other operating charges
-€123,910
Other operating items
-€393
Financial income
-€7.5m
Financial charges
-€1.4m
Taxes
-€776,425
Result 2025
€10.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€64.3m
Investment
-€14,612
Financing
-€47.2m
Cash 2024
€13.1m
From operations (derived)
+€64.3m
Net result for the year
+€10.0m
Depreciation
+€9,139
Stocks and contracts
+€67.2m
Receivables within one year
-€2.2m
Smaller working-capital items
+€75,342
Trade debts
-€4.8m
Tax, wage and social debts
+€384,185
Advances received
-€318,284
Accrued charges and deferred income
-€6.1m
Investment (derived)
-€14,612
Investment in fixed assets (net)
-€14,612
Financing
-€47.2m
Short-term financial debts
-€47.2m
Contributions, distributions and other
+€1
Not broken down
-€3
Cash 2025
€30.2m
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,279,467 | €155,286,397 | -€48.0m | -23.6% |
| Fixed assets | 21/28 | €11,375,367 | €11,380,840 | +€5,473 | 0.0% |
| Tangible fixed assets | 22/27 | €33,082 | €40,909 | +€7,827 | +23.7% |
| Plant, machinery and equipment | 23 | €19,661 | €40,909 | +€21,248 | +108% |
| Furniture and vehicles | 24 | €1,762 | - | -€1,762 | |
| Assets under construction and advance payments | 27 | €11,660 | - | -€11,660 | |
| Financial fixed assets | 28 | €11,342,285 | €11,339,931 | -€2,354 | 0.0% |
| Affiliated companies | 280/1 | €11,328,547 | €11,328,547 | = | 0.0% |
| Participating interests | 280 | €11,328,547 | €11,328,547 | = | 0.0% |
| Other financial fixed assets | 284/8 | €13,739 | €11,385 | -€2,354 | -17.1% |
| Amounts receivable and cash guarantees | 285/8 | €13,739 | €11,385 | -€2,354 | -17.1% |
| Current assets | 29/58 | €191,904,100 | €143,905,557 | -€48.0m | -25.0% |
| Stocks and contracts in progress | 3 | €122,390,847 | €55,142,895 | -€67.2m | -54.9% |
| Stocks | 30/36 | €122,390,847 | €55,142,895 | -€67.2m | -54.9% |
| Goods purchased for resale | 34 | €69,390,847 | €55,142,895 | -€14.2m | -20.5% |
| Advance payments | 36 | €53,000,000 | - | -€53.0m | |
| Amounts receivable within one year | 40/41 | €56,129,699 | €58,351,128 | +€2.2m | +4.0% |
| Trade receivables | 40 | €46,151,835 | €58,021,609 | +€11.9m | +25.7% |
| Other amounts receivable | 41 | €9,977,863 | €329,519 | -€9.6m | -96.7% |
| Cash at bank and in hand | 54/58 | €13,111,605 | €30,194,737 | +€17.1m | +130% |
| Deferred charges and accrued income | 490/1 | €271,949 | €216,797 | -€55,152 | -20.3% |
| Total equity and liabilities | 10/49 | €203,279,467 | €155,286,397 | -€48.0m | -23.6% |
| Equity | 10/15 | €111,784,044 | €121,817,567 | +€10.0m | +9.0% |
| Contributions | 10/11 | €25,868,550 | €25,868,550 | = | 0.0% |
| Reserves | 13 | €726,386 | €726,386 | = | 0.0% |
| Non-distributable reserves | 130/1 | €726,386 | €726,386 | = | 0.0% |
| Reserves not available under the articles | 1311 | €726,386 | €726,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,189,108 | €95,222,631 | +€10.0m | +11.8% |
| Provisions and deferred taxes | 16 | €190,955 | €215,439 | +€24,484 | +12.8% |
| Provisions for liabilities and charges | 160/5 | €190,955 | €215,439 | +€24,484 | +12.8% |
| Other liabilities and charges | 164/5 | €190,955 | €215,439 | +€24,484 | +12.8% |
| Amounts payable | 17/49 | €91,304,467 | €33,253,392 | -€58.1m | -63.6% |
| Amounts payable after more than one year | 17 | €7,500,000 | €7,500,000 | = | 0.0% |
| Financial debts | 170/4 | €7,500,000 | €7,500,000 | = | 0.0% |
| Other loans | 174 | €7,500,000 | €7,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,150,796 | €18,209,804 | -€51.9m | -74.0% |
| Financial debts | 43 | €54,554,085 | €7,361,331 | -€47.2m | -86.5% |
| Other loans | 439 | €54,554,085 | €7,361,331 | -€47.2m | -86.5% |
| Trade debts | 44 | €11,563,246 | €6,753,402 | -€4.8m | -41.6% |
| Suppliers | 440/4 | €11,563,246 | €6,753,402 | -€4.8m | -41.6% |
| Advances received on contracts in progress | 46 | €406,953 | €88,669 | -€318,284 | -78.2% |
| Taxes, remuneration and social security | 45 | €3,610,795 | €3,994,980 | +€384,185 | +10.6% |
| Taxes | 450/3 | €1,117,685 | €975,715 | -€141,970 | -12.7% |
| Remuneration and social security | 454/9 | €2,493,110 | €3,019,265 | +€526,155 | +21.1% |
| Other amounts payable | 47/48 | €15,716 | €11,422 | -€4,294 | -27.3% |
| Accrued charges and deferred income | 492/3 | €13,653,671 | €7,543,588 | -€6.1m | -44.8% |
| Operating income | 70/76A | €270,736,278 | €273,762,374 | +€3.0m | +1.1% |
| Turnover | 70 | €266,200,272 | €269,940,345 | +€3.7m | +1.4% |
| Other operating income | 74 | €4,535,614 | €3,822,029 | -€713,585 | -15.7% |
| Non-recurring operating income | 76A | €393 | - | -€393 | |
| Operating charges | 60/66A | €261,957,521 | €257,838,047 | -€4.1m | -1.6% |
| Goods for resale, raw materials and consumables | 60 | €164,250,132 | €169,991,952 | +€5.7m | +3.5% |
| Change in stocks: decrease (increase) | 609 | €1,233,563 | €12,319,666 | +€11.1m | +899% |
| Services and other goods | 61 | €84,826,595 | €73,585,148 | -€11.2m | -13.3% |
| Remuneration, social security and pensions | 62 | €11,947,485 | €11,899,721 | -€47,764 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,923 | €9,139 | -€784 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €623,495 | €1,928,285 | +€1.3m | +209% |
| Other operating charges | 640/8 | €299,892 | €423,802 | +€123,910 | +41.3% |
| Operating profit (loss) | 9901 | €8,778,757 | €15,924,327 | +€7.1m | +81.4% |
| Recurring financial income | 75 | €10,161,503 | €2,693,332 | -€7.5m | -73.5% |
| Income from financial fixed assets | 750 | €4,961,318 | €0 | -€5.0m | -100% |
| Income from current assets | 751 | - | €5,753 | +€5,753 | |
| Other financial income | 752/9 | €5,200,186 | €2,687,578 | -€2.5m | -48.3% |
| Financial charges | 65/66B | €3,561,630 | €4,937,296 | +€1.4m | +38.6% |
| Recurring financial charges | 65 | €3,561,630 | €4,937,296 | +€1.4m | +38.6% |
| Debt charges | 650 | €2,472,172 | €686,221 | -€1.8m | -72.2% |
| Other financial charges | 652/9 | €1,089,458 | €4,251,075 | +€3.2m | +290% |
| Profit (loss) for the period before taxes | 9903 | €15,378,630 | €13,680,363 | -€1.7m | -11.0% |
| Income taxes | 67/77 | €2,870,416 | €3,646,841 | +€776,425 | +27.0% |
| Taxes | 670/3 | €2,987,621 | €3,646,841 | +€659,220 | +22.1% |
| Tax adjustments and reversals of tax provisions | 77 | €117,205 | €0 | -€117,205 | -100% |
| Profit (loss) for the period | 9904 | €12,508,214 | €10,033,522 | -€2.5m | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,508,214 | €10,033,522 | -€2.5m | -19.8% |
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 14 October 2026 via checked.be.