GRAMESCO: 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.
GRAMESCO
Largest movements
- Tangible fixed assets -€66,410
down €66,410 (-5.4%), from €1.2m to €1.2m
of which Other tangible fixed assets: -€68,956
- Cash +€44,732
up €44,732 (+182.7%), from €24,482 to €69,214
mainly Depreciation (+€77,968) and Net result for the year (+€43,690)
- Receivables within one year -€12,628
down €12,628 (-100.0%), from €12,628 to €0
- Debts after one year -€49,830
down €49,830 (-16.4%), from €303,886 to €254,056
- Reserves +€43,690
up €43,690 (+11.1%), from €393,219 to €436,910
of which Distributable reserves: +€59,214
- Accrued charges and deferred income -€25,295
down €25,295 (-15.7%), from €160,607 to €135,313
- Gross operating margin +€22,061
up €22,061 (+15.6%), from €141,044 to €163,105
- Taxes +€7,229
up €7,229 (+34.6%), from €20,904 to €28,133
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 | €1,262,650 | €1,231,550 | -€31,100 | -2.5% |
| Fixed assets | 21/28 | €1,224,071 | €1,157,662 | -€66,410 | -5.4% |
| Tangible fixed assets | 22/27 | €1,224,071 | €1,157,662 | -€66,410 | -5.4% |
| Land and buildings | 22 | €255,764 | €259,202 | +€3,438 | +1.3% |
| Plant, machinery and equipment | 23 | - | €1,748 | +€1,748 | |
| Furniture and vehicles | 24 | €18,857 | €16,217 | -€2,640 | -14.0% |
| Other tangible fixed assets | 26 | €949,451 | €880,495 | -€68,956 | -7.3% |
| Current assets | 29/58 | €38,578 | €73,889 | +€35,310 | +91.5% |
| Amounts receivable within one year | 40/41 | €12,628 | €0 | -€12,628 | -100.0% |
| Other amounts receivable | 41 | €12,628 | €0 | -€12,628 | -100.0% |
| Cash at bank and in hand | 54/58 | €24,482 | €69,214 | +€44,732 | +182.7% |
| Deferred charges and accrued income | 490/1 | €1,469 | €4,675 | +€3,206 | +218.3% |
| Total equity and liabilities | 10/49 | €1,262,650 | €1,231,550 | -€31,100 | -2.5% |
| Equity | 10/15 | €443,890 | €487,580 | +€43,690 | +9.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €393,219 | €436,910 | +€43,690 | +11.1% |
| Tax-exempt reserves | 132 | €262,872 | €247,348 | -€15,524 | -5.9% |
| Distributable reserves | 133 | €130,348 | €189,562 | +€59,214 | +45.4% |
| Profit (loss) carried forward | 14 | €671 | €671 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €229,656 | €221,662 | -€7,994 | -3.5% |
| Provisions for liabilities and charges | 160/5 | €150,000 | €150,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €150,000 | €150,000 | = | 0.0% |
| Deferred taxes | 168 | €79,656 | €71,662 | -€7,994 | -10.0% |
| Amounts payable | 17/49 | €589,103 | €522,307 | -€66,796 | -11.3% |
| Amounts payable after more than one year | 17 | €303,886 | €254,056 | -€49,830 | -16.4% |
| Financial debts | 170/4 | €303,886 | €254,056 | -€49,830 | -16.4% |
| Amounts payable within one year | 42/48 | €124,610 | €132,939 | +€8,329 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €49,508 | €49,830 | +€322 | +0.7% |
| Trade debts | 44 | €1,597 | €2,357 | +€760 | +47.6% |
| Suppliers | 440/4 | €1,597 | €2,357 | +€760 | +47.6% |
| Taxes, remuneration and social security | 45 | €4,235 | €8,133 | +€3,898 | +92.0% |
| Taxes | 450/3 | €4,235 | €8,133 | +€3,898 | +92.0% |
| Other amounts payable | 47/48 | €69,270 | €72,619 | +€3,349 | +4.8% |
| Accrued charges and deferred income | 492/3 | €160,607 | €135,313 | -€25,295 | -15.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,578 | €77,968 | -€1,610 | -2.0% |
| Other operating charges | 640/8 | €13,509 | €13,931 | +€422 | +3.1% |
| Gross operating margin | 9900 | €141,044 | €163,105 | +€22,061 | +15.6% |
| Operating profit (loss) | 9901 | €47,957 | €71,206 | +€23,249 | +48.5% |
| Financial income | 75/76B | - | €75 | +€75 | |
| Recurring financial income | 75 | - | €75 | +€75 | |
| Financial charges | 65/66B | €8,223 | €7,452 | -€771 | -9.4% |
| Recurring financial charges | 65 | €8,223 | €7,452 | -€771 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €39,734 | €63,829 | +€24,095 | +60.6% |
| Transfer from deferred taxes | 780 | €7,994 | €7,994 | = | 0.0% |
| Income taxes | 67/77 | €20,904 | €28,133 | +€7,229 | +34.6% |
| Profit (loss) for the period | 9904 | €26,824 | €43,690 | +€16,866 | +62.9% |
| Transfer from tax-exempt reserves | 789 | €15,524 | €15,524 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,348 | €59,214 | +€16,866 | +39.8% |
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 4 October 2026 via checked.be.