GRANA: 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.
GRANA
Largest movements
- Cash -€16,626
down €16,626 (-29.2%), from €56,888 to €40,262
mainly Investment in fixed assets (net) (-€29,340) and Trade debts (-€18,182)
- Tangible fixed assets +€9,462
up €9,462 (+18.3%), from €51,642 to €61,104
of which Leasing and similar rights: +€14,756
- Deferred charges and accrued income -€8,091
down €8,091 (-84.8%), from €9,543 to €1,452
- Receivables within one year +€4,880
up €4,880 (+3.0%), from €164,272 to €169,152
of which Trade receivables: +€7,079
- Profit (loss) carried forward +€20,538
up €20,538 (+36.1%), from -€56,911 to -€36,373
- Trade debts -€18,182
down €18,182 (-47.6%), from €38,204 to €20,022
- Advances received -€13,613
no longer reported in 2025 (was €13,613)
- Tax, wage and social debts -€9,976
down €9,976 (-33.0%), from €30,206 to €20,230
of which Taxes: -€7,379
- Debts after one year +€7,361
up €7,361 (+21.8%), from €33,749 to €41,110
- Gross operating margin -€22,682
down €22,682 (-15.9%), from €142,811 to €120,129
- Staff costs -€18,263
down €18,263 (-24.5%), from €74,446 to €56,183
- Other operating charges -€2,286
down €2,286 (-31.0%), from €7,377 to €5,091
- Depreciation +€2,215
up €2,215 (+12.5%), from €17,663 to €19,878
- Taxes -€1,666
down €1,666 (-10.5%), from €15,800 to €14,134
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 | €282,758 | €272,384 | -€10,374 | -3.7% |
| Fixed assets | 21/28 | €52,055 | €61,518 | +€9,462 | +18.2% |
| Tangible fixed assets | 22/27 | €51,642 | €61,104 | +€9,462 | +18.3% |
| Furniture and vehicles | 24 | €5,494 | €859 | -€4,635 | -84.4% |
| Leasing and similar rights | 25 | €44,963 | €59,718 | +€14,756 | +32.8% |
| Other tangible fixed assets | 26 | €1,185 | €527 | -€659 | -55.6% |
| Financial fixed assets | 28 | €414 | €414 | = | 0.0% |
| Current assets | 29/58 | €230,703 | €210,866 | -€19,837 | -8.6% |
| Amounts receivable within one year | 40/41 | €164,272 | €169,152 | +€4,880 | +3.0% |
| Trade receivables | 40 | €3,256 | €10,335 | +€7,079 | +217.4% |
| Other amounts receivable | 41 | €161,016 | €158,817 | -€2,199 | -1.4% |
| Cash at bank and in hand | 54/58 | €56,888 | €40,262 | -€16,626 | -29.2% |
| Deferred charges and accrued income | 490/1 | €9,543 | €1,452 | -€8,091 | -84.8% |
| Total equity and liabilities | 10/49 | €282,758 | €272,384 | -€10,374 | -3.7% |
| Equity | 10/15 | €152,406 | €172,944 | +€20,538 | +13.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €147,317 | €147,317 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,782 | €5,782 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,782 | €5,782 | = | 0.0% |
| Distributable reserves | 133 | €141,535 | €141,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,911 | -€36,373 | +€20,538 | +36.1% |
| Amounts payable | 17/49 | €130,352 | €99,440 | -€30,912 | -23.7% |
| Amounts payable after more than one year | 17 | €33,749 | €41,110 | +€7,361 | +21.8% |
| Financial debts | 170/4 | €33,749 | €41,110 | +€7,361 | +21.8% |
| Amounts payable within one year | 42/48 | €96,603 | €58,330 | -€38,273 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €14,581 | €18,078 | +€3,497 | +24.0% |
| Trade debts | 44 | €38,204 | €20,022 | -€18,182 | -47.6% |
| Suppliers | 440/4 | €38,204 | €20,022 | -€18,182 | -47.6% |
| Advances received on contracts in progress | 46 | €13,613 | - | -€13,613 | |
| Taxes, remuneration and social security | 45 | €30,206 | €20,230 | -€9,976 | -33.0% |
| Taxes | 450/3 | €20,310 | €12,931 | -€7,379 | -36.3% |
| Remuneration and social security | 454/9 | €9,896 | €7,298 | -€2,598 | -26.2% |
| Non-recurring operating income | 76A | €3 | - | -€3 | |
| Remuneration, social security and pensions | 62 | €74,446 | €56,183 | -€18,263 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,663 | €19,878 | +€2,215 | +12.5% |
| Other operating charges | 640/8 | €7,377 | €5,091 | -€2,286 | -31.0% |
| Non-recurring operating charges | 66A | €4,373 | €362 | -€4,011 | -91.7% |
| Gross operating margin | 9900 | €142,811 | €120,129 | -€22,682 | -15.9% |
| Operating profit (loss) | 9901 | €38,952 | €38,615 | -€336 | -0.9% |
| Financial charges | 65/66B | €4,455 | €3,943 | -€511 | -11.5% |
| Recurring financial charges | 65 | €4,455 | €3,943 | -€511 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €34,497 | €34,672 | +€175 | +0.5% |
| Income taxes | 67/77 | €15,800 | €14,134 | -€1,666 | -10.5% |
| Profit (loss) for the period | 9904 | €18,697 | €20,538 | +€1,841 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,697 | €20,538 | +€1,841 | +9.8% |
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 8 October 2026 via checked.be.