GRAM: 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.
GRAM
Largest movements
- Receivables within one year +€73,785
up €73,785 (+601.6%), from €12,265 to €86,050
of which Trade receivables: +€76,785
- Cash -€4,566
down €4,566 (-11.9%), from €38,509 to €33,943
mainly Receivables within one year (-€73,785) and Trade debts (-€3,905)
- Reserves +€30,092
up €30,092 (+29.3%), from €102,776 to €132,867
of which Distributable reserves: +€30,192
- Tax, wage and social debts +€20,741
up €20,741 (+3684.5%), from €563 to €21,304
- Other debts +€16,015
up €16,015 (+58.6%), from €27,329 to €43,344
- Profit (loss) carried forward +€9,818
up €9,818, from -€9,818 to €0
- Trade debts -€3,905
down €3,905 (-22.5%), from €17,392 to €13,486
- Gross operating margin +€73,134
up €73,134, from -€94 to €73,040
- Taxes +€18,289
up €18,289 (+288.3%), from €6,343 to €24,632
- Other operating charges -€1,968
down €1,968 (-72.2%), from €2,726 to €758
- Financial charges -€1,119
down €1,119, from €947 to -€173
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 | €147,403 | €219,544 | +€72,141 | +48.9% |
| Fixed assets | 21/28 | €40,851 | €42,778 | +€1,928 | +4.7% |
| Tangible fixed assets | 22/27 | €40,851 | €42,778 | +€1,928 | +4.7% |
| Furniture and vehicles | 24 | €32,601 | €34,528 | +€1,928 | +5.9% |
| Other tangible fixed assets | 26 | €8,250 | €8,250 | = | 0.0% |
| Current assets | 29/58 | €106,553 | €176,766 | +€70,213 | +65.9% |
| Amounts receivable within one year | 40/41 | €12,265 | €86,050 | +€73,785 | +601.6% |
| Trade receivables | 40 | €8,608 | €85,393 | +€76,785 | +892.0% |
| Other amounts receivable | 41 | €3,657 | €657 | -€3,000 | -82.0% |
| Current investments | 50/53 | €55,779 | €56,586 | +€807 | +1.4% |
| Cash at bank and in hand | 54/58 | €38,509 | €33,943 | -€4,566 | -11.9% |
| Deferred charges and accrued income | 490/1 | €0 | €187 | +€187 | |
| Total equity and liabilities | 10/49 | €147,403 | €219,544 | +€72,141 | +48.9% |
| Equity | 10/15 | €97,957 | €137,867 | +€39,910 | +40.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €102,776 | €132,867 | +€30,092 | +29.3% |
| Non-distributable reserves | 130/1 | €100 | €0 | -€100 | -100.0% |
| Reserves not available under the articles | 1311 | €100 | €0 | -€100 | -100.0% |
| Distributable reserves | 133 | €102,676 | €132,867 | +€30,192 | +29.4% |
| Profit (loss) carried forward | 14 | -€9,818 | €0 | +€9,818 | |
| Amounts payable | 17/49 | €49,446 | €81,677 | +€32,230 | +65.2% |
| Amounts payable after more than one year | 17 | €3,000 | €3,000 | = | 0.0% |
| Financial debts | 170/4 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,283 | €78,134 | +€32,851 | +72.5% |
| Trade debts | 44 | €17,392 | €13,486 | -€3,905 | -22.5% |
| Suppliers | 440/4 | €17,392 | €13,486 | -€3,905 | -22.5% |
| Taxes, remuneration and social security | 45 | €563 | €21,304 | +€20,741 | +3684.5% |
| Taxes | 450/3 | €563 | €21,304 | +€20,741 | +3684.5% |
| Other amounts payable | 47/48 | €27,329 | €43,344 | +€16,015 | +58.6% |
| Accrued charges and deferred income | 492/3 | €1,163 | €542 | -€620 | -53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340 | €378 | +€38 | +11.1% |
| Other operating charges | 640/8 | €2,726 | €758 | -€1,968 | -72.2% |
| Non-recurring operating charges | 66A | - | €7,903 | +€7,903 | |
| Gross operating margin | 9900 | -€94 | €73,040 | +€73,134 | |
| Operating profit (loss) | 9901 | -€3,159 | €64,001 | +€67,160 | |
| Financial income | 75/76B | €480 | €368 | -€112 | -23.3% |
| Recurring financial income | 75 | €480 | €368 | -€112 | -23.3% |
| Financial charges | 65/66B | €947 | -€173 | -€1,119 | |
| Recurring financial charges | 65 | €947 | -€173 | -€1,119 | |
| Profit (loss) for the period before taxes | 9903 | -€3,626 | €64,542 | +€68,168 | |
| Income taxes | 67/77 | €6,343 | €24,632 | +€18,289 | +288.3% |
| Profit (loss) for the period | 9904 | -€9,969 | €39,910 | +€49,879 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,969 | €39,910 | +€49,879 |
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.