GRADATUS: 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.
GRADATUS
Largest movements
- Tangible fixed assets +€353,774
up €353,774 (+40.3%), from €877,480 to €1.2m
of which Land and buildings: +€369,779
- Receivables within one year -€33,703
down €33,703 (-46.6%), from €72,274 to €38,571
of which Trade receivables: -€44,109
- Debts after one year +€231,626
up €231,626 (+111.9%), from €207,060 to €438,686
- Other debts +€148,928
up €148,928 (+136.1%), from €109,431 to €258,359
- Current portion of long-term debt -€35,175
down €35,175 (-25.4%), from €138,548 to €103,374
- Trade debts -€25,251
down €25,251 (-79.5%), from €31,759 to €6,509
- Provisions -€20,675
down €20,675 (-17.1%), from €120,677 to €100,001
- Depreciation +€53,777
up €53,777 (+97.3%), from €55,261 to €109,038
- Gross operating margin -€22,909
down €22,909 (-15.0%), from €152,556 to €129,647
- Taxes -€16,288
down €16,288 (-63.5%), from €25,659 to €9,371
- Financial charges +€7,655
up €7,655 (+53.3%), from €14,355 to €22,010
- Financial income -€4,991
down €4,991 (-48.8%), from €10,220 to €5,229
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 | €1,633,148 | €1,937,696 | +€304,548 | +18.6% |
| Fixed assets | 21/28 | €1,525,480 | €1,879,254 | +€353,774 | +23.2% |
| Tangible fixed assets | 22/27 | €877,480 | €1,231,254 | +€353,774 | +40.3% |
| Land and buildings | 22 | €839,936 | €1,209,715 | +€369,779 | +44.0% |
| Plant, machinery and equipment | 23 | €1,917 | €1,312 | -€604 | -31.5% |
| Furniture and vehicles | 24 | €2,349 | €1,908 | -€442 | -18.8% |
| Leasing and similar rights | 25 | €33,278 | €18,319 | -€14,959 | -45.0% |
| Financial fixed assets | 28 | €648,000 | €648,000 | = | 0.0% |
| Current assets | 29/58 | €107,667 | €58,442 | -€49,226 | -45.7% |
| Amounts receivable within one year | 40/41 | €72,274 | €38,571 | -€33,703 | -46.6% |
| Trade receivables | 40 | €71,993 | €27,885 | -€44,109 | -61.3% |
| Other amounts receivable | 41 | €281 | €10,686 | +€10,405 | +3707.6% |
| Current investments | 50/53 | €7,500 | €7,526 | +€27 | +0.4% |
| Cash at bank and in hand | 54/58 | €27,894 | €12,345 | -€15,549 | -55.7% |
| Total equity and liabilities | 10/49 | €1,633,148 | €1,937,696 | +€304,548 | +18.6% |
| Equity | 10/15 | €1,003,441 | €1,008,042 | +€4,601 | +0.5% |
| Contributions | 10/11 | €128,600 | €128,600 | = | 0.0% |
| Reserves | 13 | €840,001 | €844,602 | +€4,601 | +0.5% |
| Tax-exempt reserves | 132 | €415,707 | €400,005 | -€15,702 | -3.8% |
| Distributable reserves | 133 | €424,294 | €444,597 | +€20,303 | +4.8% |
| Profit (loss) carried forward | 14 | €34,840 | €34,840 | = | 0.0% |
| Provisions and deferred taxes | 16 | €120,677 | €100,001 | -€20,675 | -17.1% |
| Deferred taxes | 168 | €120,677 | €100,001 | -€20,675 | -17.1% |
| Amounts payable | 17/49 | €509,030 | €829,652 | +€320,622 | +63.0% |
| Amounts payable after more than one year | 17 | €207,060 | €438,686 | +€231,626 | +111.9% |
| Financial debts | 170/4 | €207,060 | €438,686 | +€231,626 | +111.9% |
| Amounts payable within one year | 42/48 | €300,827 | €389,205 | +€88,378 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €138,548 | €103,374 | -€35,175 | -25.4% |
| Financial debts | 43 | €12,070 | €11,830 | -€241 | -2.0% |
| Credit institutions | 430/8 | €11,827 | €11,791 | -€36 | -0.3% |
| Other loans | 439 | €243 | €38 | -€205 | -84.2% |
| Trade debts | 44 | €31,759 | €6,509 | -€25,251 | -79.5% |
| Suppliers | 440/4 | €31,759 | €6,509 | -€25,251 | -79.5% |
| Taxes, remuneration and social security | 45 | €9,018 | €9,133 | +€116 | +1.3% |
| Taxes | 450/3 | €9,018 | €9,133 | +€116 | +1.3% |
| Other amounts payable | 47/48 | €109,431 | €258,359 | +€148,928 | +136.1% |
| Accrued charges and deferred income | 492/3 | €1,143 | €1,761 | +€618 | +54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,261 | €109,038 | +€53,777 | +97.3% |
| Other operating charges | 640/8 | €12,123 | €10,531 | -€1,592 | -13.1% |
| Gross operating margin | 9900 | €152,556 | €129,647 | -€22,909 | -15.0% |
| Operating profit (loss) | 9901 | €85,172 | €10,078 | -€75,095 | -88.2% |
| Financial income | 75/76B | €10,220 | €5,229 | -€4,991 | -48.8% |
| Recurring financial income | 75 | €10,220 | €5,229 | -€4,991 | -48.8% |
| Financial charges | 65/66B | €14,355 | €22,010 | +€7,655 | +53.3% |
| Recurring financial charges | 65 | €14,355 | €22,010 | +€7,655 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €81,037 | -€6,704 | -€87,741 | |
| Transfer from deferred taxes | 780 | €15,609 | €20,675 | +€5,066 | +32.5% |
| Income taxes | 67/77 | €25,659 | €9,371 | -€16,288 | -63.5% |
| Profit (loss) for the period | 9904 | €70,988 | €4,601 | -€66,387 | -93.5% |
| Transfer from tax-exempt reserves | 789 | €6,571 | €29,102 | +€22,531 | +342.9% |
| Transfer to tax-exempt reserves | 689 | €13,419 | €13,400 | -€19 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,139 | €20,303 | -€43,836 | -68.3% |
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 5 October 2026 via checked.be.