Granimar: 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.
Granimar
Largest movements
- Receivables within one year +€249,970
up €249,970 (+233.8%), from €106,896 to €356,866
of which Other amounts receivable: +€188,559
- Cash -€127,161
down €127,161 (-33.1%), from €383,650 to €256,489
mainly Receivables within one year (-€249,970) and Contributions, distributions and other (-€100,000)
- Stocks and contracts -€95,092
down €95,092 (-61.3%), from €155,031 to €59,939
of which Contracts in progress: -€98,901
- Tangible fixed assets -€8,228
down €8,228 (-48.8%), from €16,860 to €8,632
of which Land and buildings: -€4,874
- Trade debts +€30,297
up €30,297 (+50.6%), from €59,919 to €90,216
- Other debts -€25,000
down €25,000 (-20.0%), from €125,000 to €100,000
- Reserves +€18,217
up €18,217 (+4.5%), from €406,525 to €424,742
of which Distributable reserves: +€18,217
- Gross operating margin +€119,903
up €119,903 (+52.6%), from €228,155 to €348,058
- Staff costs +€59,269
up €59,269 (+43.6%), from €135,988 to €195,257
- Financial charges +€12,850
up €12,850 (+517.6%), from €2,482 to €15,332
- Taxes -€9,838
down €9,838 (-48.7%), from €20,195 to €10,357
- Other operating charges +€4,633
up €4,633 (+180.1%), from €2,572 to €7,206
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 | €672,123 | €689,851 | +€17,728 | +2.6% |
| Fixed assets | 21/28 | €17,110 | €8,882 | -€8,228 | -48.1% |
| Tangible fixed assets | 22/27 | €16,860 | €8,632 | -€8,228 | -48.8% |
| Land and buildings | 22 | €8,863 | €3,989 | -€4,874 | -55.0% |
| Plant, machinery and equipment | 23 | €854 | €0 | -€854 | -100.0% |
| Furniture and vehicles | 24 | €4,105 | €2,050 | -€2,055 | -50.1% |
| Other tangible fixed assets | 26 | €3,038 | €2,593 | -€445 | -14.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €655,012 | €680,969 | +€25,956 | +4.0% |
| Stocks and contracts in progress | 3 | €155,031 | €59,939 | -€95,092 | -61.3% |
| Stocks | 30/36 | €42,721 | €46,530 | +€3,809 | +8.9% |
| Contracts in progress | 37 | €112,310 | €13,409 | -€98,901 | -88.1% |
| Amounts receivable within one year | 40/41 | €106,896 | €356,866 | +€249,970 | +233.8% |
| Trade receivables | 40 | €71,052 | €132,463 | +€61,411 | +86.4% |
| Other amounts receivable | 41 | €35,844 | €224,403 | +€188,559 | +526.1% |
| Cash at bank and in hand | 54/58 | €383,650 | €256,489 | -€127,161 | -33.1% |
| Deferred charges and accrued income | 490/1 | €9,436 | €7,675 | -€1,760 | -18.7% |
| Total equity and liabilities | 10/49 | €672,123 | €689,851 | +€17,728 | +2.6% |
| Equity | 10/15 | €475,935 | €494,152 | +€18,217 | +3.8% |
| Contributions | 10/11 | €69,410 | €69,410 | = | 0.0% |
| Capital | 10 | €69,410 | €69,410 | = | 0.0% |
| Issued capital | 100 | €69,410 | €69,410 | = | 0.0% |
| Reserves | 13 | €406,525 | €424,742 | +€18,217 | +4.5% |
| Non-distributable reserves | 130/1 | €6,941 | €6,941 | = | 0.0% |
| Legal reserve | 130 | €6,941 | €6,941 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,131 | €56,131 | = | 0.0% |
| Distributable reserves | 133 | €343,453 | €361,669 | +€18,217 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €196,188 | €195,699 | -€489 | -0.2% |
| Amounts payable after more than one year | 17 | - | €60 | +€60 | |
| Other amounts payable | 178/9 | - | €60 | +€60 | |
| Amounts payable within one year | 42/48 | €196,188 | €195,639 | -€549 | -0.3% |
| Trade debts | 44 | €59,919 | €90,216 | +€30,297 | +50.6% |
| Suppliers | 440/4 | €59,919 | €90,216 | +€30,297 | +50.6% |
| Taxes, remuneration and social security | 45 | €11,269 | €5,423 | -€5,846 | -51.9% |
| Taxes | 450/3 | €6,790 | €315 | -€6,475 | -95.4% |
| Remuneration and social security | 454/9 | €4,479 | €5,108 | +€629 | +14.0% |
| Other amounts payable | 47/48 | €125,000 | €100,000 | -€25,000 | -20.0% |
| Non-recurring operating income | 76A | €14,347 | €2,200 | -€12,147 | -84.7% |
| Remuneration, social security and pensions | 62 | €135,988 | €195,257 | +€59,269 | +43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,049 | €8,228 | -€821 | -9.1% |
| Other operating charges | 640/8 | €2,572 | €7,206 | +€4,633 | +180.1% |
| Non-recurring operating charges | 66A | €5,933 | €0 | -€5,933 | -100.0% |
| Gross operating margin | 9900 | €228,155 | €348,058 | +€119,903 | +52.6% |
| Operating profit (loss) | 9901 | €74,613 | €137,367 | +€62,755 | +84.1% |
| Financial income | 75/76B | €3,862 | €6,539 | +€2,677 | +69.3% |
| Recurring financial income | 75 | €3,862 | €6,539 | +€2,677 | +69.3% |
| Financial charges | 65/66B | €2,482 | €15,332 | +€12,850 | +517.6% |
| Recurring financial charges | 65 | €2,482 | €15,332 | +€12,850 | +517.6% |
| Profit (loss) for the period before taxes | 9903 | €75,992 | €128,574 | +€52,582 | +69.2% |
| Income taxes | 67/77 | €20,195 | €10,357 | -€9,838 | -48.7% |
| Profit (loss) for the period | 9904 | €55,797 | €118,217 | +€62,420 | +111.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,797 | €118,217 | +€62,420 | +111.9% |
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.