GRANDA: 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.
GRANDA
Largest movements
- Tangible fixed assets +€448,296
up €448,296 (+119.7%), from €374,542 to €822,838
of which Assets under construction and advance payments: +€444,940
- Cash +€145,435
up €145,435 (+62.4%), from €233,137 to €378,572
mainly Debts after one year (+€413,518) and Net result for the year (+€225,342)
- Receivables within one year +€116,796
up €116,796 (+478.8%), from €24,395 to €141,190
- Debts after one year +€413,518
up €413,518 (+169.1%), from €244,565 to €658,083
- Profit (loss) carried forward +€225,342
up €225,342 (+77.2%), from €291,784 to €517,126
- Current portion of long-term debt +€116,045
new in 2025: €116,045
- Trade debts -€31,032
down €31,032 (-36.9%), from €84,130 to €53,098
- Short-term financial debts -€14,703
down €14,703 (-100.0%), from €14,703 to €0
- Gross operating margin -€71,759
down €71,759 (-17.5%), from €409,584 to €337,824
- Taxes -€19,303
down €19,303 (-20.8%), from €92,848 to €73,545
- Financial charges +€9,424
up €9,424 (+40.4%), from €23,329 to €32,753
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 | €636,182 | €1,345,353 | +€709,171 | +111.5% |
| Fixed assets | 21/28 | €374,542 | €822,838 | +€448,296 | +119.7% |
| Tangible fixed assets | 22/27 | €374,542 | €822,838 | +€448,296 | +119.7% |
| Land and buildings | 22 | €104,713 | €104,713 | = | 0.0% |
| Furniture and vehicles | 24 | €699 | €4,055 | +€3,356 | +480.0% |
| Assets under construction and advance payments | 27 | €269,130 | €714,070 | +€444,940 | +165.3% |
| Current assets | 29/58 | €261,640 | €522,515 | +€260,875 | +99.7% |
| Amounts receivable within one year | 40/41 | €24,395 | €141,190 | +€116,796 | +478.8% |
| Other amounts receivable | 41 | €24,395 | €141,190 | +€116,796 | +478.8% |
| Cash at bank and in hand | 54/58 | €233,137 | €378,572 | +€145,435 | +62.4% |
| Deferred charges and accrued income | 490/1 | €4,109 | €2,753 | -€1,356 | -33.0% |
| Total equity and liabilities | 10/49 | €636,182 | €1,345,353 | +€709,171 | +111.5% |
| Equity | 10/15 | €292,784 | €518,126 | +€225,342 | +77.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291,784 | €517,126 | +€225,342 | +77.2% |
| Amounts payable | 17/49 | €343,397 | €827,226 | +€483,829 | +140.9% |
| Amounts payable after more than one year | 17 | €244,565 | €658,083 | +€413,518 | +169.1% |
| Financial debts | 170/4 | €244,565 | €658,083 | +€413,518 | +169.1% |
| Amounts payable within one year | 42/48 | €98,832 | €169,143 | +€70,311 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | - | €116,045 | +€116,045 | |
| Financial debts | 43 | €14,703 | €0 | -€14,703 | -100.0% |
| Credit institutions | 430/8 | €14,703 | €0 | -€14,703 | -100.0% |
| Trade debts | 44 | €84,130 | €53,098 | -€31,032 | -36.9% |
| Suppliers | 440/4 | €84,130 | €53,098 | -€31,032 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530 | €1,619 | +€1,090 | +205.7% |
| Other operating charges | 640/8 | €1,093 | €4,566 | +€3,472 | +317.6% |
| Gross operating margin | 9900 | €409,584 | €337,824 | -€71,759 | -17.5% |
| Operating profit (loss) | 9901 | €407,961 | €331,639 | -€76,321 | -18.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €23,329 | €32,753 | +€9,424 | +40.4% |
| Recurring financial charges | 65 | €23,329 | €32,753 | +€9,424 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €384,632 | €298,887 | -€85,745 | -22.3% |
| Income taxes | 67/77 | €92,848 | €73,545 | -€19,303 | -20.8% |
| Profit (loss) for the period | 9904 | €291,784 | €225,342 | -€66,442 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €291,784 | €225,342 | -€66,442 | -22.8% |
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 28 September 2026 via checked.be.