GRAGER: 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.
What changed
GRAGER
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€146,749
2024 · -€993,265+€846,516
Equity
€7.3m
2024 · €7.4m-€146,749
Cash
€55,639
2024 · €93,367-€37,728
Balance sheet total
€21.0m
2024 · €22.5m-€1.5m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-9.7%), from €13.4m to €12.1m
of which Land and buildings: -€1.2m
- Current investments -€325,000
down €325,000 (-41.9%), from €775,000 to €450,000
Equity and liabilities
- Debts after one year -€824,211
down €824,211 (-16.1%), from €5.1m to €4.3m
- Other debts -€414,785
down €414,785 (-4.8%), from €8.7m to €8.3m
Income statement
- Gross operating margin +€696,861
up €696,861 (+74.9%), from €930,673 to €1.6m
- Other operating charges -€107,806
down €107,806 (-49.4%), from €218,358 to €110,552
- Taxes +€55,999
up €55,999 (+3825.3%), from €1,464 to €57,463
- Financial income +€50,839
up €50,839 (+178.5%), from €28,479 to €79,318
- Depreciation -€46,860
down €46,860 (-3.3%), from €1.4m to €1.4m
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
-€993,265
Gross operating margin
+€696,861
Depreciation
+€46,860
Write-downs
-€6,947
Other operating charges
+€107,806
Financial income
+€50,839
Financial charges
+€7,096
Taxes
-€55,999
Result 2025
-€146,749
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
+€511,185
Investment
+€262,829
Financing
-€811,742
Cash 2024
€93,367
From operations (derived)
+€511,185
Net result for the year
-€146,749
Depreciation
+€1.4m
Receivables after one year
-€65,731
Receivables within one year
-€130,657
Deferred charges and accrued income
-€1,399
Trade debts
-€110,668
Tax, wage and social debts
-€26,877
Other debts
-€414,785
Accrued charges and deferred income
+€49,835
Investment (derived)
+€262,829
Investment in fixed assets (net)
-€62,171
Current investments
+€325,000
Financing
-€811,742
Debts after one year
-€824,211
Current portion of long-term debt
+€12,470
Cash 2025
€55,639
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,505,267 | €21,044,282 | -€1.5m | -6.5% |
| Fixed assets | 21/28 | €18,826,743 | €17,530,698 | -€1.3m | -6.9% |
| Tangible fixed assets | 22/27 | €13,425,743 | €12,128,698 | -€1.3m | -9.7% |
| Land and buildings | 22 | €12,352,016 | €11,111,115 | -€1.2m | -10.0% |
| Furniture and vehicles | 24 | €35,336 | €27,664 | -€7,673 | -21.7% |
| Leasing and similar rights | 25 | €1,037,391 | €988,920 | -€48,471 | -4.7% |
| Assets under construction and advance payments | 27 | €1,000 | €1,000 | = | 0.0% |
| Financial fixed assets | 28 | €5,401,000 | €5,402,000 | +€1,000 | 0.0% |
| Current assets | 29/58 | €3,678,524 | €3,513,583 | -€164,941 | -4.5% |
| Amounts receivable after more than one year | 29 | €2,693,194 | €2,758,926 | +€65,731 | +2.4% |
| Other amounts receivable | 291 | €2,693,194 | €2,758,926 | +€65,731 | +2.4% |
| Amounts receivable within one year | 40/41 | €108,059 | €238,716 | +€130,657 | +120.9% |
| Trade receivables | 40 | €76,706 | €225,079 | +€148,373 | +193.4% |
| Other amounts receivable | 41 | €31,353 | €13,636 | -€17,716 | -56.5% |
| Current investments | 50/53 | €775,000 | €450,000 | -€325,000 | -41.9% |
| Cash at bank and in hand | 54/58 | €93,367 | €55,639 | -€37,728 | -40.4% |
| Deferred charges and accrued income | 490/1 | €8,904 | €10,303 | +€1,399 | +15.7% |
| Total equity and liabilities | 10/49 | €22,505,267 | €21,044,282 | -€1.5m | -6.5% |
| Equity | 10/15 | €7,446,528 | €7,299,779 | -€146,749 | -2.0% |
| Contributions | 10/11 | €1,134,368 | €1,134,368 | = | 0.0% |
| Capital | 10 | €1,134,368 | €1,134,368 | = | 0.0% |
| Issued capital | 100 | €1,134,368 | €1,134,368 | = | 0.0% |
| Reserves | 13 | €113,437 | €113,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €113,437 | €113,437 | = | 0.0% |
| Legal reserve | 130 | €113,437 | €113,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,198,723 | €6,051,974 | -€146,749 | -2.4% |
| Amounts payable | 17/49 | €15,058,739 | €13,744,502 | -€1.3m | -8.7% |
| Amounts payable after more than one year | 17 | €5,121,849 | €4,297,638 | -€824,211 | -16.1% |
| Financial debts | 170/4 | €5,121,849 | €4,297,638 | -€824,211 | -16.1% |
| Amounts payable within one year | 42/48 | €9,928,031 | €9,388,171 | -€539,860 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €811,742 | €824,211 | +€12,470 | +1.5% |
| Trade debts | 44 | €363,076 | €252,408 | -€110,668 | -30.5% |
| Suppliers | 440/4 | €363,076 | €252,408 | -€110,668 | -30.5% |
| Taxes, remuneration and social security | 45 | €76,162 | €49,286 | -€26,877 | -35.3% |
| Taxes | 450/3 | €76,162 | €49,286 | -€26,877 | -35.3% |
| Other amounts payable | 47/48 | €8,677,052 | €8,262,267 | -€414,785 | -4.8% |
| Accrued charges and deferred income | 492/3 | €8,859 | €58,694 | +€49,835 | +562.5% |
| Non-recurring operating income | 76A | - | €273,139 | +€273,139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,405,076 | €1,358,216 | -€46,860 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,439 | €21,386 | +€6,947 | +48.1% |
| Other operating charges | 640/8 | €218,358 | €110,552 | -€107,806 | -49.4% |
| Gross operating margin | 9900 | €930,673 | €1,627,534 | +€696,861 | +74.9% |
| Operating profit (loss) | 9901 | -€707,199 | €137,381 | +€844,580 | |
| Financial income | 75/76B | €28,479 | €79,318 | +€50,839 | +178.5% |
| Recurring financial income | 75 | €28,479 | €79,318 | +€50,839 | +178.5% |
| Financial charges | 65/66B | €313,080 | €305,985 | -€7,096 | -2.3% |
| Recurring financial charges | 65 | €313,080 | €305,985 | -€7,096 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€991,801 | -€89,286 | +€902,515 | +91.0% |
| Income taxes | 67/77 | €1,464 | €57,463 | +€55,999 | +3825.3% |
| Profit (loss) for the period | 9904 | -€993,265 | -€146,749 | +€846,516 | +85.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€993,265 | -€146,749 | +€846,516 | +85.2% |
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 2 October 2026 via checked.be.