GRAMACO: 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.
GRAMACO
Largest movements
- Tangible fixed assets -€199,664
down €199,664 (-23.6%), from €847,643 to €647,979
- Cash +€184,480
up €184,480 (+148.9%), from €123,921 to €308,400
mainly Depreciation (+€212,436) and Net result for the year (+€66,720)
- Stocks and contracts -€31,041
down €31,041 (-6.3%), from €491,829 to €460,788
- Profit (loss) carried forward +€80,533
up €80,533 (+21.5%), from €374,550 to €455,083
- Current portion of long-term debt -€70,682
down €70,682 (-58.4%), from €121,010 to €50,328
- Debts after one year -€65,328
down €65,328 (-22.9%), from €285,639 to €220,310
- Tax, wage and social debts +€52,521
up €52,521 (+211.9%), from €24,782 to €77,303
of which Remuneration and social security: +€31,063
- Trade debts -€42,769
down €42,769 (-8.8%), from €486,527 to €443,759
- Gross operating margin +€132,903
up €132,903 (+12.7%), from €1.0m to €1.2m
- Staff costs +€90,595
up €90,595 (+12.2%), from €743,997 to €834,593
- Depreciation -€28,904
down €28,904 (-12.0%), from €241,340 to €212,436
- Taxes +€20,161
up €20,161 (+109.2%), from €18,467 to €38,627
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 | €2,221,106 | €2,192,485 | -€28,621 | -1.3% |
| Fixed assets | 21/28 | €847,643 | €647,979 | -€199,664 | -23.6% |
| Tangible fixed assets | 22/27 | €847,643 | €647,979 | -€199,664 | -23.6% |
| Land and buildings | 22 | €657,463 | €561,927 | -€95,536 | -14.5% |
| Plant, machinery and equipment | 23 | €139,918 | €52,277 | -€87,641 | -62.6% |
| Furniture and vehicles | 24 | €50,262 | €33,774 | -€16,487 | -32.8% |
| Current assets | 29/58 | €1,373,463 | €1,544,506 | +€171,043 | +12.5% |
| Stocks and contracts in progress | 3 | €491,829 | €460,788 | -€31,041 | -6.3% |
| Stocks | 30/36 | €491,829 | €460,788 | -€31,041 | -6.3% |
| Amounts receivable within one year | 40/41 | €701,947 | €721,649 | +€19,702 | +2.8% |
| Trade receivables | 40 | €656,077 | €672,235 | +€16,158 | +2.5% |
| Other amounts receivable | 41 | €45,870 | €49,414 | +€3,544 | +7.7% |
| Current investments | 50/53 | €25,172 | €25,172 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,921 | €308,400 | +€184,480 | +148.9% |
| Deferred charges and accrued income | 490/1 | €30,595 | €28,497 | -€2,098 | -6.9% |
| Total equity and liabilities | 10/49 | €2,221,106 | €2,192,485 | -€28,621 | -1.3% |
| Equity | 10/15 | €1,212,634 | €1,279,354 | +€66,720 | +5.5% |
| Contributions | 10/11 | €420,206 | €420,206 | = | 0.0% |
| Capital | 10 | €420,206 | €420,206 | = | 0.0% |
| Issued capital | 100 | €420,206 | €420,206 | = | 0.0% |
| Reserves | 13 | €417,878 | €404,065 | -€13,813 | -3.3% |
| Non-distributable reserves | 130/1 | €42,021 | €42,021 | = | 0.0% |
| Legal reserve | 130 | €42,021 | €42,021 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,440 | €27,627 | -€13,813 | -33.3% |
| Distributable reserves | 133 | €334,418 | €334,418 | = | 0.0% |
| Profit (loss) carried forward | 14 | €374,550 | €455,083 | +€80,533 | +21.5% |
| Amounts payable | 17/49 | €1,008,472 | €913,131 | -€95,341 | -9.5% |
| Amounts payable after more than one year | 17 | €285,639 | €220,310 | -€65,328 | -22.9% |
| Financial debts | 170/4 | €285,639 | €220,310 | -€65,328 | -22.9% |
| Amounts payable within one year | 42/48 | €665,711 | €603,033 | -€62,677 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €121,010 | €50,328 | -€70,682 | -58.4% |
| Trade debts | 44 | €486,527 | €443,759 | -€42,769 | -8.8% |
| Suppliers | 440/4 | €486,527 | €443,759 | -€42,769 | -8.8% |
| Taxes, remuneration and social security | 45 | €24,782 | €77,303 | +€52,521 | +211.9% |
| Taxes | 450/3 | €472 | €21,929 | +€21,457 | +4546.1% |
| Remuneration and social security | 454/9 | €24,310 | €55,373 | +€31,063 | +127.8% |
| Other amounts payable | 47/48 | €33,391 | €31,643 | -€1,747 | -5.2% |
| Accrued charges and deferred income | 492/3 | €57,122 | €89,787 | +€32,665 | +57.2% |
| Remuneration, social security and pensions | 62 | €743,997 | €834,593 | +€90,595 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,340 | €212,436 | -€28,904 | -12.0% |
| Other operating charges | 640/8 | €26,456 | €24,646 | -€1,810 | -6.8% |
| Non-recurring operating charges | 66A | - | €3,938 | +€3,938 | |
| Gross operating margin | 9900 | €1,045,348 | €1,178,251 | +€132,903 | +12.7% |
| Operating profit (loss) | 9901 | €33,554 | €102,638 | +€69,083 | +205.9% |
| Financial income | 75/76B | €12,378 | €7,849 | -€4,529 | -36.6% |
| Recurring financial income | 75 | €12,378 | €7,849 | -€4,529 | -36.6% |
| Financial charges | 65/66B | €13,077 | €5,139 | -€7,938 | -60.7% |
| Recurring financial charges | 65 | €13,077 | €5,139 | -€7,938 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €32,855 | €105,347 | +€72,492 | +220.6% |
| Income taxes | 67/77 | €18,467 | €38,627 | +€20,161 | +109.2% |
| Profit (loss) for the period | 9904 | €14,388 | €66,720 | +€52,332 | +363.7% |
| Transfer from tax-exempt reserves | 789 | €13,813 | €13,813 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,201 | €80,533 | +€52,332 | +185.6% |
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 1 October 2026 via checked.be.