GRAMCORE: 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.
GRAMCORE
Largest movements
- Current investments +€603,363
up €603,363 (+227.9%), from €264,750 to €868,114
- Cash -€200,766
down €200,766 (-56.1%), from €357,611 to €156,845
mainly Current investments (-€603,363) and Investment in fixed assets (net) (-€17,875)
- Receivables within one year -€39,983
down €39,983 (-29.9%), from €133,932 to €93,949
of which Trade receivables: -€41,538
- Profit (loss) carried forward +€331,186
new in 2025: €331,186
- Tax, wage and social debts +€31,531
up €31,531 (+20.3%), from €155,426 to €186,957
- Gross operating margin +€28,522
up €28,522 (+6.7%), from €428,095 to €456,616
- Financial charges -€23,751
down €23,751 (-56.5%), from €42,029 to €18,277
- Taxes -€20,075
down €20,075 (-15.0%), from €133,773 to €113,699
- Financial income -€13,401
down €13,401 (-40.4%), from €33,202 to €19,801
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 | €775,414 | €1,143,280 | +€367,865 | +47.4% |
| Fixed assets | 21/28 | €17,736 | €22,880 | +€5,144 | +29.0% |
| Tangible fixed assets | 22/27 | €17,736 | €22,880 | +€5,144 | +29.0% |
| Plant, machinery and equipment | 23 | - | €16,535 | +€16,535 | |
| Furniture and vehicles | 24 | €11,912 | €1,154 | -€10,758 | -90.3% |
| Other tangible fixed assets | 26 | €5,824 | €5,191 | -€633 | -10.9% |
| Current assets | 29/58 | €757,678 | €1,120,400 | +€362,722 | +47.9% |
| Amounts receivable within one year | 40/41 | €133,932 | €93,949 | -€39,983 | -29.9% |
| Trade receivables | 40 | €133,375 | €91,837 | -€41,538 | -31.1% |
| Other amounts receivable | 41 | €557 | €2,111 | +€1,555 | +279.4% |
| Current investments | 50/53 | €264,750 | €868,114 | +€603,363 | +227.9% |
| Cash at bank and in hand | 54/58 | €357,611 | €156,845 | -€200,766 | -56.1% |
| Deferred charges and accrued income | 490/1 | €1,385 | €1,493 | +€108 | +7.8% |
| Total equity and liabilities | 10/49 | €775,414 | €1,143,280 | +€367,865 | +47.4% |
| Equity | 10/15 | €512,469 | €843,655 | +€331,186 | +64.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €509,969 | €509,969 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €250 | +€250 | |
| Other | 1319 | €250 | - | -€250 | |
| Distributable reserves | 133 | €509,719 | €509,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €331,186 | +€331,186 | |
| Amounts payable | 17/49 | €262,945 | €299,624 | +€36,679 | +13.9% |
| Amounts payable within one year | 42/48 | €254,969 | €292,391 | +€37,422 | +14.7% |
| Trade debts | 44 | €78 | €576 | +€498 | +641.6% |
| Suppliers | 440/4 | €78 | €576 | +€498 | +641.6% |
| Taxes, remuneration and social security | 45 | €155,426 | €186,957 | +€31,531 | +20.3% |
| Taxes | 450/3 | €155,426 | €186,957 | +€31,531 | +20.3% |
| Other amounts payable | 47/48 | €99,466 | €104,858 | +€5,392 | +5.4% |
| Accrued charges and deferred income | 492/3 | €7,976 | €7,233 | -€743 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,263 | €12,732 | +€1,468 | +13.0% |
| Other operating charges | 640/8 | €487 | €524 | +€37 | +7.6% |
| Gross operating margin | 9900 | €428,095 | €456,616 | +€28,522 | +6.7% |
| Operating profit (loss) | 9901 | €416,345 | €443,361 | +€27,016 | +6.5% |
| Financial income | 75/76B | €33,202 | €19,801 | -€13,401 | -40.4% |
| Recurring financial income | 75 | €33,202 | €19,801 | -€13,401 | -40.4% |
| Financial charges | 65/66B | €42,029 | €18,277 | -€23,751 | -56.5% |
| Recurring financial charges | 65 | €42,029 | €18,277 | -€23,751 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €407,518 | €444,885 | +€37,367 | +9.2% |
| Income taxes | 67/77 | €133,773 | €113,699 | -€20,075 | -15.0% |
| Profit (loss) for the period | 9904 | €273,744 | €331,186 | +€57,442 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €273,744 | €331,186 | +€57,442 | +21.0% |
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 3 October 2026 via checked.be.