GRAN-PINI: 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.
GRAN-PINI
Largest movements
- Current investments -€442,381
down €442,381 (-27.8%), from €1.6m to €1.1m
- Tangible fixed assets +€217,394
up €217,394 (+26.4%), from €823,167 to €1.0m
of which Other tangible fixed assets: +€767,063
- Cash +€84,242
up €84,242 (+764.5%), from €11,019 to €95,262
mainly Current investments (+€442,381) and Receivables within one year (+€38,018)
- Receivables within one year -€38,018
down €38,018 (-51.5%), from €73,785 to €35,768
of which Other amounts receivable: -€24,714
- Trade debts -€187,715
down €187,715 (-94.0%), from €199,600 to €11,885
- Gross operating margin -€230,197
down €230,197, from €218,535 to -€11,662
- Taxes -€18,586
down €18,586 (-92.9%), from €20,000 to €1,415
- Other operating charges -€9,294
down €9,294 (-55.2%), from €16,836 to €7,542
- Financial income +€9,090
up €9,090 (+18.2%), from €50,039 to €59,129
of which Financial income: +€9,090
- Depreciation -€7,354
down €7,354 (-21.5%), from €34,174 to €26,821
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 | €3,492,291 | €3,309,641 | -€182,650 | -5.2% |
| Fixed assets | 21/28 | €853,467 | €1,040,861 | +€187,394 | +22.0% |
| Tangible fixed assets | 22/27 | €823,167 | €1,040,561 | +€217,394 | +26.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,219 | €947 | -€1,272 | -57.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €272,552 | €1,039,614 | +€767,063 | +281.4% |
| Assets under construction and advance payments | 27 | €548,397 | €0 | -€548,397 | -100.0% |
| Financial fixed assets | 28 | €30,300 | €300 | -€30,000 | -99.0% |
| Current assets | 29/58 | €2,638,824 | €2,268,780 | -€370,045 | -14.0% |
| Stocks and contracts in progress | 3 | €962,179 | €988,177 | +€25,997 | +2.7% |
| Stocks | 30/36 | €910,000 | €910,000 | = | 0.0% |
| Contracts in progress | 37 | €52,179 | €78,177 | +€25,997 | +49.8% |
| Amounts receivable within one year | 40/41 | €73,785 | €35,768 | -€38,018 | -51.5% |
| Trade receivables | 40 | €23,855 | €10,551 | -€13,304 | -55.8% |
| Other amounts receivable | 41 | €49,930 | €25,216 | -€24,714 | -49.5% |
| Current investments | 50/53 | €1,590,177 | €1,147,796 | -€442,381 | -27.8% |
| Cash at bank and in hand | 54/58 | €11,019 | €95,262 | +€84,242 | +764.5% |
| Deferred charges and accrued income | 490/1 | €1,664 | €1,778 | +€114 | +6.9% |
| Total equity and liabilities | 10/49 | €3,492,291 | €3,309,641 | -€182,650 | -5.2% |
| Equity | 10/15 | €3,272,842 | €3,284,374 | +€11,532 | +0.4% |
| Contributions | 10/11 | €950,900 | €950,900 | = | 0.0% |
| Reserves | 13 | €2,321,532 | €2,333,032 | +€11,500 | +0.5% |
| Distributable reserves | 133 | €2,321,532 | €2,333,032 | +€11,500 | +0.5% |
| Profit (loss) carried forward | 14 | €410 | €442 | +€32 | +7.8% |
| Amounts payable | 17/49 | €219,450 | €25,267 | -€194,182 | -88.5% |
| Amounts payable within one year | 42/48 | €215,450 | €12,867 | -€202,582 | -94.0% |
| Trade debts | 44 | €199,600 | €11,885 | -€187,715 | -94.0% |
| Suppliers | 440/4 | €199,600 | €11,885 | -€187,715 | -94.0% |
| Taxes, remuneration and social security | 45 | €15,850 | €0 | -€15,850 | -100.0% |
| Taxes | 450/3 | €15,850 | €0 | -€15,850 | -100.0% |
| Other amounts payable | 47/48 | - | €982 | +€982 | |
| Accrued charges and deferred income | 492/3 | €4,000 | €12,400 | +€8,400 | +210.0% |
| Non-recurring operating income | 76A | €239,432 | €0 | -€239,432 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,174 | €26,821 | -€7,354 | -21.5% |
| Other operating charges | 640/8 | €16,836 | €7,542 | -€9,294 | -55.2% |
| Gross operating margin | 9900 | €218,535 | -€11,662 | -€230,197 | |
| Operating profit (loss) | 9901 | €167,524 | -€46,025 | -€213,549 | |
| Financial income | 75/76B | €50,039 | €59,129 | +€9,090 | +18.2% |
| Recurring financial income | 75 | €50,039 | €59,129 | +€9,090 | +18.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €153 | €158 | +€5 | +3.1% |
| Recurring financial charges | 65 | €153 | €158 | +€5 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €217,410 | €12,947 | -€204,464 | -94.0% |
| Income taxes | 67/77 | €20,000 | €1,415 | -€18,586 | -92.9% |
| Profit (loss) for the period | 9904 | €197,410 | €11,532 | -€185,878 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €197,410 | €11,532 | -€185,878 | -94.2% |
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 12 October 2026 via checked.be.