GRANHOLD: 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.
What changed
GRANHOLD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€91,969
2024 · -€53,996-€37,974
Equity
€7.9m
2024 · €8.0m-€91,969
Cash
€5,749
2024 · €9,328-€3,579
Balance sheet total
€19.1m
2024 · €17.3m+€1.8m
Largest movements
Assets
- Receivables within one year +€1.6m
up €1.6m (+104%), from €1.6m to €3.2m
of which Other amounts receivable: +€1.5m
- Deferred charges and accrued income +€257,860
up €257,860 (+13.9%), from €1.9m to €2.1m
Equity and liabilities
- Other debts +€1.7m
up €1.7m (+75.5%), from €2.2m to €3.9m
Income statement
- Financial charges +€23,161
up €23,161 (+13.2%), from €175,057 to €198,219
- Financial income -€13,979
down €13,979 (-3.7%), from €375,613 to €361,634
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.
Result 2024
-€53,996
Gross operating margin
-€1,984
Depreciation
+€286
Other operating charges
+€949
Financial income
-€13,979
Financial charges
-€23,161
Taxes
-€84
Result 2025
-€91,969
raises the resultlowers the result
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.
From operations
-€98,579
Investment
€0
Financing
+€95,000
Cash 2024
€9,328
From operations (derived)
-€98,579
Net result for the year
-€91,969
Depreciation
+€73
Receivables after one year
-€21,988
Stocks and contracts
+€65,239
Receivables within one year
-€1.6m
Deferred charges and accrued income
-€257,860
Trade debts
-€1,217
Tax, wage and social debts
-€4,922
Other debts
+€1.7m
Accrued charges and deferred income
+€163,094
Financing
+€95,000
Debts after one year
+€95,000
Cash 2025
€5,749
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,282,535 | €19,128,521 | +€1.8m | +10.7% |
| Fixed assets | 21/28 | €11,651,150 | €11,651,077 | -€73 | 0.0% |
| Tangible fixed assets | 22/27 | €73 | - | -€73 | |
| Furniture and vehicles | 24 | €73 | - | -€73 | |
| Financial fixed assets | 28 | €11,651,077 | €11,651,077 | = | 0.0% |
| Current assets | 29/58 | €5,631,385 | €7,477,444 | +€1.8m | +32.8% |
| Amounts receivable after more than one year | 29 | €2,058,012 | €2,080,000 | +€21,988 | +1.1% |
| Other amounts receivable | 291 | €2,058,012 | €2,080,000 | +€21,988 | +1.1% |
| Stocks and contracts in progress | 3 | €134,651 | €69,412 | -€65,239 | -48.5% |
| Stocks | 30/36 | €134,651 | €69,412 | -€65,239 | -48.5% |
| Amounts receivable within one year | 40/41 | €1,577,201 | €3,212,230 | +€1.6m | +104% |
| Trade receivables | 40 | €985,869 | €1,113,822 | +€127,953 | +13.0% |
| Other amounts receivable | 41 | €591,332 | €2,098,408 | +€1.5m | +255% |
| Cash at bank and in hand | 54/58 | €9,328 | €5,749 | -€3,579 | -38.4% |
| Deferred charges and accrued income | 490/1 | €1,852,193 | €2,110,053 | +€257,860 | +13.9% |
| Total equity and liabilities | 10/49 | €17,282,535 | €19,128,521 | +€1.8m | +10.7% |
| Equity | 10/15 | €7,963,380 | €7,871,410 | -€91,969 | -1.2% |
| Contributions | 10/11 | €9,500,000 | €9,500,000 | = | 0.0% |
| Capital | 10 | €9,500,000 | €9,500,000 | = | 0.0% |
| Issued capital | 100 | €9,500,000 | €9,500,000 | = | 0.0% |
| Reserves | 13 | €352,755 | €352,755 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,154 | €77,154 | = | 0.0% |
| Distributable reserves | 133 | €25,601 | €25,601 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,889,375 | -€1,981,344 | -€91,969 | -4.9% |
| Amounts payable | 17/49 | €9,319,155 | €11,257,110 | +€1.9m | +20.8% |
| Amounts payable after more than one year | 17 | €6,850,000 | €6,945,000 | +€95,000 | +1.4% |
| Financial debts | 170/4 | €6,850,000 | €6,945,000 | +€95,000 | +1.4% |
| Amounts payable within one year | 42/48 | €2,295,298 | €3,975,159 | +€1.7m | +73.2% |
| Trade debts | 44 | €57,536 | €56,319 | -€1,217 | -2.1% |
| Suppliers | 440/4 | €57,536 | €56,319 | -€1,217 | -2.1% |
| Taxes, remuneration and social security | 45 | €4,922 | - | -€4,922 | |
| Taxes | 450/3 | €4,922 | - | -€4,922 | |
| Other amounts payable | 47/48 | €2,232,839 | €3,918,839 | +€1.7m | +75.5% |
| Accrued charges and deferred income | 492/3 | €173,857 | €336,952 | +€163,094 | +93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €359 | €73 | -€286 | -79.6% |
| Other operating charges | 640/8 | €2,067 | €1,118 | -€949 | -45.9% |
| Gross operating margin | 9900 | -€247,203 | -€249,187 | -€1,984 | -0.8% |
| Operating profit (loss) | 9901 | -€249,630 | -€250,379 | -€749 | -0.3% |
| Financial income | 75/76B | €375,613 | €361,634 | -€13,979 | -3.7% |
| Recurring financial income | 75 | €375,613 | €361,634 | -€13,979 | -3.7% |
| Financial charges | 65/66B | €175,057 | €198,219 | +€23,161 | +13.2% |
| Recurring financial charges | 65 | €175,057 | €198,219 | +€23,161 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | -€49,074 | -€86,963 | -€37,889 | -77.2% |
| Income taxes | 67/77 | €4,922 | €5,007 | +€84 | +1.7% |
| Profit (loss) for the period | 9904 | -€53,996 | -€91,969 | -€37,974 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,996 | -€91,969 | -€37,974 | -70.3% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.