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
- Cash -€59,464
down €59,464 (-32.6%), from €182,579 to €123,115
mainly Net result for the year (-€33,793) and Investment in fixed assets (net) (-€17,934)
- Receivables within one year +€7,308
up €7,308 (+10.5%), from €69,468 to €76,776
of which Trade receivables: +€9,719
- Stocks and contracts +€3,350
up €3,350 (+75.3%), from €4,450 to €7,800
- Reserves -€33,793
down €33,793 (-18.9%), from €178,919 to €145,125
of which Distributable reserves: -€33,793
- Other debts +€19,109
up €19,109 (+110.8%), from €17,242 to €36,350
- Trade debts -€13,677
down €13,677 (-96.1%), from €14,229 to €552
- Tax, wage and social debts -€11,914
down €11,914 (-24.7%), from €48,260 to €36,347
of which Remuneration and social security: -€12,779
- Current portion of long-term debt -€5,219
down €5,219 (-82.9%), from €6,297 to €1,078
- Gross operating margin -€20,289
down €20,289 (-15.9%), from €127,309 to €107,020
- Staff costs -€14,942
down €14,942 (-11.0%), from €136,128 to €121,186
- Depreciation +€3,144
up €3,144 (+25.2%), from €12,496 to €15,641
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 | €284,575 | €238,668 | -€45,907 | -16.1% |
| Fixed assets | 21/28 | €26,413 | €28,706 | +€2,293 | +8.7% |
| Tangible fixed assets | 22/27 | €23,688 | €25,981 | +€2,293 | +9.7% |
| Land and buildings | 22 | €0 | €8,973 | +€8,973 | |
| Plant, machinery and equipment | 23 | €8,284 | €12,279 | +€3,995 | +48.2% |
| Furniture and vehicles | 24 | €15,404 | €4,729 | -€10,675 | -69.3% |
| Financial fixed assets | 28 | €2,725 | €2,725 | = | 0.0% |
| Current assets | 29/58 | €258,162 | €209,962 | -€48,200 | -18.7% |
| Stocks and contracts in progress | 3 | €4,450 | €7,800 | +€3,350 | +75.3% |
| Stocks | 30/36 | €4,450 | €7,800 | +€3,350 | +75.3% |
| Amounts receivable within one year | 40/41 | €69,468 | €76,776 | +€7,308 | +10.5% |
| Trade receivables | 40 | €47,294 | €57,012 | +€9,719 | +20.5% |
| Other amounts receivable | 41 | €22,174 | €19,764 | -€2,411 | -10.9% |
| Cash at bank and in hand | 54/58 | €182,579 | €123,115 | -€59,464 | -32.6% |
| Deferred charges and accrued income | 490/1 | €1,665 | €2,271 | +€606 | +36.4% |
| Total equity and liabilities | 10/49 | €284,575 | €238,668 | -€45,907 | -16.1% |
| Equity | 10/15 | €197,469 | €163,675 | -€33,793 | -17.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €178,919 | €145,125 | -€33,793 | -18.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €147,919 | €114,125 | -€33,793 | -22.8% |
| Amounts payable | 17/49 | €87,106 | €74,993 | -€12,114 | -13.9% |
| Amounts payable after more than one year | 17 | €1,078 | €0 | -€1,078 | -100.0% |
| Financial debts | 170/4 | €1,078 | €0 | -€1,078 | -100.0% |
| Amounts payable within one year | 42/48 | €86,028 | €74,327 | -€11,701 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €6,297 | €1,078 | -€5,219 | -82.9% |
| Trade debts | 44 | €14,229 | €552 | -€13,677 | -96.1% |
| Suppliers | 440/4 | €14,229 | €552 | -€13,677 | -96.1% |
| Taxes, remuneration and social security | 45 | €48,260 | €36,347 | -€11,914 | -24.7% |
| Taxes | 450/3 | €31,256 | €32,121 | +€865 | +2.8% |
| Remuneration and social security | 454/9 | €17,005 | €4,226 | -€12,779 | -75.1% |
| Other amounts payable | 47/48 | €17,242 | €36,350 | +€19,109 | +110.8% |
| Accrued charges and deferred income | 492/3 | €0 | €665 | +€665 | |
| Remuneration, social security and pensions | 62 | €136,128 | €121,186 | -€14,942 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,496 | €15,641 | +€3,144 | +25.2% |
| Other operating charges | 640/8 | €3,646 | €3,289 | -€357 | -9.8% |
| Gross operating margin | 9900 | €127,309 | €107,020 | -€20,289 | -15.9% |
| Operating profit (loss) | 9901 | -€24,962 | -€33,096 | -€8,134 | -32.6% |
| Financial income | 75/76B | €86 | €373 | +€287 | +334.2% |
| Recurring financial income | 75 | €86 | €373 | +€287 | +334.2% |
| Financial charges | 65/66B | €827 | €824 | -€3 | -0.4% |
| Recurring financial charges | 65 | €827 | €824 | -€3 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,702 | -€33,546 | -€7,844 | -30.5% |
| Income taxes | 67/77 | €240 | €247 | +€7 | +3.0% |
| Profit (loss) for the period | 9904 | -€25,942 | -€33,793 | -€7,851 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,942 | -€33,793 | -€7,851 | -30.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.