GRANEX: 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.
GRANEX
Largest movements
- Cash -€38,261
down €38,261 (-77.0%), from €49,719 to €11,459
mainly Trade debts (-€38,581) and Receivables within one year (-€13,913)
- Receivables within one year +€13,913
up €13,913 (+13.0%), from €106,728 to €120,641
of which Trade receivables: +€8,095
- Deferred charges and accrued income +€2,735
up €2,735 (+23.6%), from €11,581 to €14,316
- Trade debts -€38,581
down €38,581 (-57.8%), from €66,712 to €28,131
- Other debts +€21,000
new in 2025: €21,000
- Tax, wage and social debts -€6,521
down €6,521 (-32.0%), from €20,358 to €13,838
of which Taxes: -€7,068
- Reserves +€2,482
up €2,482 (+8.0%), from €30,853 to €33,335
of which Distributable reserves: +€2,482
- Write-downs +€163,821
no longer reported in 2025 (was -€163,821)
- Other operating charges -€163,701
down €163,701 (-99.6%), from €164,404 to €702
- Gross operating margin -€23,863
down €23,863 (-18.2%), from €131,260 to €107,397
- Staff costs +€6,792
up €6,792 (+7.3%), from €93,573 to €100,364
- Taxes -€6,182
down €6,182 (-63.8%), from €9,687 to €3,505
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 | €180,423 | €158,940 | -€21,483 | -11.9% |
| Fixed assets | 21/28 | €12,395 | €12,525 | +€130 | +1.0% |
| Tangible fixed assets | 22/27 | - | €130 | +€130 | |
| Furniture and vehicles | 24 | - | €130 | +€130 | |
| Financial fixed assets | 28 | €12,395 | €12,395 | = | 0.0% |
| Current assets | 29/58 | €168,029 | €146,416 | -€21,613 | -12.9% |
| Amounts receivable within one year | 40/41 | €106,728 | €120,641 | +€13,913 | +13.0% |
| Trade receivables | 40 | €105,079 | €113,174 | +€8,095 | +7.7% |
| Other amounts receivable | 41 | €1,649 | €7,467 | +€5,818 | +353% |
| Cash at bank and in hand | 54/58 | €49,719 | €11,459 | -€38,261 | -77.0% |
| Deferred charges and accrued income | 490/1 | €11,581 | €14,316 | +€2,735 | +23.6% |
| Total equity and liabilities | 10/49 | €180,423 | €158,940 | -€21,483 | -11.9% |
| Equity | 10/15 | €93,353 | €95,835 | +€2,482 | +2.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €30,853 | €33,335 | +€2,482 | +8.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €24,603 | €27,085 | +€2,482 | +10.1% |
| Amounts payable | 17/49 | €87,070 | €63,106 | -€23,965 | -27.5% |
| Amounts payable within one year | 42/48 | €87,070 | €62,969 | -€24,102 | -27.7% |
| Trade debts | 44 | €66,712 | €28,131 | -€38,581 | -57.8% |
| Suppliers | 440/4 | €66,712 | €28,131 | -€38,581 | -57.8% |
| Taxes, remuneration and social security | 45 | €20,358 | €13,838 | -€6,521 | -32.0% |
| Taxes | 450/3 | €9,687 | €2,619 | -€7,068 | -73.0% |
| Remuneration and social security | 454/9 | €10,671 | €11,219 | +€548 | +5.1% |
| Other amounts payable | 47/48 | - | €21,000 | +€21,000 | |
| Accrued charges and deferred income | 492/3 | - | €137 | +€137 | |
| Non-recurring operating income | 76A | €5,712 | - | -€5,712 | |
| Remuneration, social security and pensions | 62 | €93,573 | €100,364 | +€6,792 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €24 | +€24 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€163,821 | - | +€163,821 | |
| Other operating charges | 640/8 | €164,404 | €702 | -€163,701 | -99.6% |
| Gross operating margin | 9900 | €131,260 | €107,397 | -€23,863 | -18.2% |
| Operating profit (loss) | 9901 | €37,105 | €6,307 | -€30,798 | -83.0% |
| Financial income | 75/76B | €1 | €392 | +€391 | +65,205% |
| Recurring financial income | 75 | €1 | €392 | +€391 | +65,205% |
| Financial charges | 65/66B | €4,483 | €711 | -€3,772 | -84.1% |
| Recurring financial charges | 65 | €4,483 | €711 | -€3,772 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | €32,622 | €5,987 | -€26,635 | -81.6% |
| Income taxes | 67/77 | €9,687 | €3,505 | -€6,182 | -63.8% |
| Profit (loss) for the period | 9904 | €22,935 | €2,482 | -€20,454 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,935 | €2,482 | -€20,454 | -89.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.