GRACOPA: 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.
GRACOPA
Largest movements
- Stocks and contracts -€409,920
down €409,920 (-30.4%), from €1.3m to €936,396
- Receivables within one year -€370,812
down €370,812 (-14.6%), from €2.5m to €2.2m
of which Trade receivables: -€576,101
- Deferred charges and accrued income -€75,931
no longer reported in 2025 (was €75,931)
- Cash -€69,397
down €69,397 (-7.5%), from €920,106 to €850,708
mainly Other debts (-€945,350) and Contributions, distributions and other (-€250,000)
- Other debts -€945,350
down €945,350 (-42.5%), from €2.2m to €1.3m
- Reserves +€98,678
up €98,678 (+59.1%), from €166,889 to €265,567
- Trade debts -€77,952
down €77,952 (-3.8%), from €2.1m to €2.0m
- Gross operating margin -€1.8m
down €1.8m (-81.1%), from €2.3m to €425,255
- Taxes +€42,908
up €42,908 (+239.6%), from €17,911 to €60,819
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,884,776 | €3,957,636 | -€927,140 | -19.0% |
| Fixed assets | 21/28 | €4,032 | €2,952 | -€1,080 | -26.8% |
| Tangible fixed assets | 22/27 | €4,032 | €2,952 | -€1,080 | -26.8% |
| Plant, machinery and equipment | 23 | €4,032 | €2,952 | -€1,080 | -26.8% |
| Current assets | 29/58 | €4,880,744 | €3,954,683 | -€926,060 | -19.0% |
| Stocks and contracts in progress | 3 | €1,346,316 | €936,396 | -€409,920 | -30.4% |
| Stocks | 30/36 | €1,346,316 | €936,396 | -€409,920 | -30.4% |
| Amounts receivable within one year | 40/41 | €2,538,391 | €2,167,579 | -€370,812 | -14.6% |
| Trade receivables | 40 | €2,177,940 | €1,601,838 | -€576,101 | -26.5% |
| Other amounts receivable | 41 | €360,451 | €565,741 | +€205,289 | +57.0% |
| Cash at bank and in hand | 54/58 | €920,106 | €850,708 | -€69,397 | -7.5% |
| Deferred charges and accrued income | 490/1 | €75,931 | - | -€75,931 | |
| Total equity and liabilities | 10/49 | €4,884,776 | €3,957,636 | -€927,140 | -19.0% |
| Equity | 10/15 | €185,439 | €284,117 | +€98,678 | +53.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €166,889 | €265,567 | +€98,678 | +59.1% |
| Distributable reserves | 133 | €166,889 | €265,567 | +€98,678 | +59.1% |
| Amounts payable | 17/49 | €4,699,336 | €3,673,519 | -€1.0m | -21.8% |
| Amounts payable within one year | 42/48 | €4,697,366 | €3,669,815 | -€1.0m | -21.9% |
| Financial debts | 43 | €400,000 | €398,933 | -€1,067 | -0.3% |
| Credit institutions | 430/8 | €400,000 | €398,933 | -€1,067 | -0.3% |
| Trade debts | 44 | €2,067,128 | €1,989,176 | -€77,952 | -3.8% |
| Suppliers | 440/4 | €2,067,128 | €1,989,176 | -€77,952 | -3.8% |
| Taxes, remuneration and social security | 45 | €4,116 | €934 | -€3,182 | -77.3% |
| Taxes | 450/3 | €4,116 | €934 | -€3,182 | -77.3% |
| Other amounts payable | 47/48 | €2,226,122 | €1,280,772 | -€945,350 | -42.5% |
| Accrued charges and deferred income | 492/3 | €1,971 | €3,704 | +€1,734 | +88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,348 | €1,080 | -€268 | -19.9% |
| Other operating charges | 640/8 | €968 | €1,114 | +€147 | +15.2% |
| Gross operating margin | 9900 | €2,252,214 | €425,255 | -€1.8m | -81.1% |
| Operating profit (loss) | 9901 | €2,249,898 | €423,061 | -€1.8m | -81.2% |
| Financial income | 75/76B | €284 | €849 | +€565 | +199.2% |
| Recurring financial income | 75 | €284 | €849 | +€565 | +199.2% |
| Financial charges | 65/66B | €23,146 | €14,413 | -€8,733 | -37.7% |
| Recurring financial charges | 65 | €23,146 | €14,413 | -€8,733 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €2,227,036 | €409,497 | -€1.8m | -81.6% |
| Income taxes | 67/77 | €17,911 | €60,819 | +€42,908 | +239.6% |
| Profit (loss) for the period | 9904 | €2,209,125 | €348,678 | -€1.9m | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,209,125 | €348,678 | -€1.9m | -84.2% |
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 30 September 2026 via checked.be.