GRAMO: what changed
Two financial 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.
GRAMO
Largest movements
- Financial fixed assets -€3.4m
down €3.4m (-12.0%), from €28.4m to €25.0m
- Current investments +€1.3m
up €1.3m (+89.4%), from €1.4m to €2.7m
- Reserves -€2.5m
down €2.5m (-16.4%), from €15.1m to €12.6m
- Financial charges +€3.3m
up €3.3m (+1,215%), from €271,042 to €3.6m
of which Non-recurring financial charges: +€3.4m
- Gross operating margin -€3.1m
down €3.1m, from €3.1m to -€58,326
- Financial income +€235,695
up €235,695 (+25.5%), from €923,394 to €1.2m
- Taxes -€148,098
down €148,098 (-91.5%), from €161,942 to €13,844
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.
Derived cash bridge
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 | €30,593,671 | €28,208,156 | -€2.4m | -7.8% |
| Fixed assets | 21/28 | €28,398,018 | €25,003,450 | -€3.4m | -12.0% |
| Tangible fixed assets | 22/27 | €1,518 | €720 | -€798 | -52.6% |
| Plant, machinery and equipment | 23 | €1,040 | €720 | -€320 | -30.8% |
| Furniture and vehicles | 24 | €478 | €0 | -€478 | -100% |
| Financial fixed assets | 28 | €28,396,500 | €25,002,730 | -€3.4m | -12.0% |
| Current assets | 29/58 | €2,195,653 | €3,204,706 | +€1.0m | +46.0% |
| Amounts receivable within one year | 40/41 | €459,233 | €461,199 | +€1,966 | +0.4% |
| Trade receivables | 40 | €83,255 | €49,452 | -€33,803 | -40.6% |
| Other amounts receivable | 41 | €375,978 | €411,747 | +€35,769 | +9.5% |
| Current investments | 50/53 | €1,400,543 | €2,652,035 | +€1.3m | +89.4% |
| Cash at bank and in hand | 54/58 | €311,367 | €80,170 | -€231,196 | -74.3% |
| Deferred charges and accrued income | 490/1 | €24,510 | €11,301 | -€13,209 | -53.9% |
| Total equity and liabilities | 10/49 | €30,593,671 | €28,208,156 | -€2.4m | -7.8% |
| Equity | 10/15 | €27,110,778 | €24,632,949 | -€2.5m | -9.1% |
| Contributions | 10/11 | €12,018,600 | €12,018,600 | = | 0.0% |
| Reserves | 13 | €15,092,178 | €12,614,349 | -€2.5m | -16.4% |
| Distributable reserves | 133 | €15,092,178 | €12,614,349 | -€2.5m | -16.4% |
| Amounts payable | 17/49 | €3,482,893 | €3,575,207 | +€92,314 | +2.7% |
| Amounts payable within one year | 42/48 | €3,213,808 | €3,395,934 | +€182,126 | +5.7% |
| Trade debts | 44 | €82,075 | €80,465 | -€1,610 | -2.0% |
| Suppliers | 440/4 | €82,075 | €80,465 | -€1,610 | -2.0% |
| Taxes, remuneration and social security | 45 | €7,115 | €0 | -€7,115 | -100% |
| Taxes | 450/3 | €7,115 | €0 | -€7,115 | -100% |
| Other amounts payable | 47/48 | €3,124,618 | €3,315,469 | +€190,852 | +6.1% |
| Accrued charges and deferred income | 492/3 | €269,085 | €179,273 | -€89,812 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €822 | €798 | -€24 | -2.9% |
| Other operating charges | 640/8 | €241 | €206 | -€35 | -14.6% |
| Gross operating margin | 9900 | €3,076,087 | -€58,326 | -€3.1m | |
| Operating profit (loss) | 9901 | €3,075,024 | -€59,331 | -€3.1m | |
| Financial income | 75/76B | €923,394 | €1,159,089 | +€235,695 | +25.5% |
| Recurring financial income | 75 | €923,394 | €1,159,089 | +€235,695 | +25.5% |
| Financial charges | 65/66B | €271,042 | €3,563,743 | +€3.3m | +1,215% |
| Recurring financial charges | 65 | €271,042 | €179,273 | -€91,769 | -33.9% |
| Non-recurring financial charges | 66B | - | €3,384,470 | +€3.4m | |
| Profit (loss) for the period before taxes | 9903 | €3,727,376 | -€2,463,984 | -€6.2m | |
| Income taxes | 67/77 | €161,942 | €13,844 | -€148,098 | -91.5% |
| Profit (loss) for the period | 9904 | €3,565,434 | -€2,477,829 | -€6.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,565,434 | -€2,477,829 | -€6.0m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.