GRADACOM: 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.
GRADACOM
Largest movements
- Current investments +€50,000
up €50,000 (+100.0%), from €50,000 to €100,000
- Receivables after one year +€30,000
new in 2025: €30,000
- Receivables within one year -€24,052
down €24,052 (-34.8%), from €69,177 to €45,124
of which Trade receivables: -€19,151
- Cash -€17,603
down €17,603 (-45.2%), from €38,919 to €21,316
mainly Current investments (-€50,000) and Receivables after one year (-€30,000)
- Tangible fixed assets -€12,378
down €12,378 (-24.7%), from €50,067 to €37,688
of which Furniture and vehicles: -€11,580
- Reserves +€18,676
up €18,676 (+11.5%), from €162,645 to €181,322
of which Distributable reserves: +€18,676
- Tax, wage and social debts +€8,296
up €8,296 (+42.8%), from €19,380 to €27,676
of which Taxes: +€14,423
- Other debts -€3,660
down €3,660 (-97.1%), from €3,768 to €108
- Staff costs -€11,763
down €11,763 (-8.6%), from €136,481 to €124,718
- Gross operating margin -€8,306
down €8,306 (-4.1%), from €200,999 to €192,692
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 | €214,067 | €236,346 | +€22,280 | +10.4% |
| Fixed assets | 21/28 | €50,067 | €37,688 | -€12,378 | -24.7% |
| Tangible fixed assets | 22/27 | €50,067 | €37,688 | -€12,378 | -24.7% |
| Plant, machinery and equipment | 23 | €2,401 | €1,603 | -€798 | -33.2% |
| Furniture and vehicles | 24 | €47,666 | €36,086 | -€11,580 | -24.3% |
| Current assets | 29/58 | €164,000 | €198,658 | +€34,658 | +21.1% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Amounts receivable within one year | 40/41 | €69,177 | €45,124 | -€24,052 | -34.8% |
| Trade receivables | 40 | €64,275 | €45,124 | -€19,151 | -29.8% |
| Other amounts receivable | 41 | €4,902 | €0 | -€4,902 | -100% |
| Current investments | 50/53 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €38,919 | €21,316 | -€17,603 | -45.2% |
| Deferred charges and accrued income | 490/1 | €5,904 | €2,217 | -€3,687 | -62.4% |
| Total equity and liabilities | 10/49 | €214,067 | €236,346 | +€22,280 | +10.4% |
| Equity | 10/15 | €187,645 | €206,322 | +€18,676 | +10.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €162,645 | €181,322 | +€18,676 | +11.5% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €141,595 | €160,272 | +€18,676 | +13.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,421 | €30,024 | +€3,603 | +13.6% |
| Amounts payable within one year | 42/48 | €26,421 | €30,024 | +€3,603 | +13.6% |
| Trade debts | 44 | €3,273 | €2,240 | -€1,033 | -31.6% |
| Suppliers | 440/4 | €3,273 | €2,240 | -€1,033 | -31.6% |
| Taxes, remuneration and social security | 45 | €19,380 | €27,676 | +€8,296 | +42.8% |
| Taxes | 450/3 | €4,996 | €19,419 | +€14,423 | +289% |
| Remuneration and social security | 454/9 | €14,384 | €8,257 | -€6,127 | -42.6% |
| Other amounts payable | 47/48 | €3,768 | €108 | -€3,660 | -97.1% |
| Remuneration, social security and pensions | 62 | €136,481 | €124,718 | -€11,763 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,891 | €14,423 | +€532 | +3.8% |
| Other operating charges | 640/8 | €591 | €602 | +€11 | +1.8% |
| Non-recurring operating charges | 66A | - | €13,257 | +€13,257 | |
| Gross operating margin | 9900 | €200,999 | €192,692 | -€8,306 | -4.1% |
| Operating profit (loss) | 9901 | €50,036 | €39,693 | -€10,343 | -20.7% |
| Financial income | 75/76B | €0 | €1,802 | +€1,802 | +3,003,933% |
| Recurring financial income | 75 | €0 | €1,802 | +€1,802 | +3,003,933% |
| Financial charges | 65/66B | €160 | €281 | +€121 | +75.6% |
| Recurring financial charges | 65 | €160 | €281 | +€121 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €49,876 | €41,215 | -€8,662 | -17.4% |
| Income taxes | 67/77 | €11,636 | €12,384 | +€748 | +6.4% |
| Profit (loss) for the period | 9904 | €38,241 | €28,831 | -€9,410 | -24.6% |
| Transfer to tax-exempt reserves | 689 | €21,050 | €0 | -€21,050 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €17,191 | €28,831 | +€11,640 | +67.7% |
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 21 October 2026 via checked.be.