GRANOF: 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.
GRANOF
Largest movements
- Tangible fixed assets -€46,673
down €46,673 (-6.0%), from €775,935 to €729,262
of which Land and buildings: -€24,086
- Debts after one year -€61,470
down €61,470 (-10.3%), from €595,801 to €534,331
- Staff costs +€21,103
up €21,103 (+104%), from €20,246 to €41,348
- Gross operating margin +€7,582
up €7,582 (+7.8%), from €97,315 to €104,897
- Financial charges -€1,113
down €1,113 (-9.6%), from €11,641 to €10,528
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 | €779,092 | €731,800 | -€47,292 | -6.1% |
| Fixed assets | 21/28 | €777,032 | €729,870 | -€47,162 | -6.1% |
| Intangible fixed assets | 21 | €1,097 | €608 | -€489 | -44.6% |
| Tangible fixed assets | 22/27 | €775,935 | €729,262 | -€46,673 | -6.0% |
| Land and buildings | 22 | €642,808 | €618,722 | -€24,086 | -3.7% |
| Plant, machinery and equipment | 23 | €98,824 | €86,456 | -€12,368 | -12.5% |
| Furniture and vehicles | 24 | €34,304 | €24,084 | -€10,220 | -29.8% |
| Current assets | 29/58 | €2,060 | €1,930 | -€130 | -6.3% |
| Cash at bank and in hand | 54/58 | €1,013 | €909 | -€104 | -10.3% |
| Deferred charges and accrued income | 490/1 | €1,047 | €1,021 | -€26 | -2.5% |
| Total equity and liabilities | 10/49 | €779,092 | €731,800 | -€47,292 | -6.1% |
| Equity | 10/15 | -€49,680 | -€50,503 | -€824 | -1.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,680 | -€55,503 | -€824 | -1.5% |
| Amounts payable | 17/49 | €828,772 | €782,304 | -€46,468 | -5.6% |
| Amounts payable after more than one year | 17 | €595,801 | €534,331 | -€61,470 | -10.3% |
| Financial debts | 170/4 | €595,801 | €534,331 | -€61,470 | -10.3% |
| Amounts payable within one year | 42/48 | €232,971 | €247,972 | +€15,001 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €60,340 | €61,470 | +€1,130 | +1.9% |
| Trade debts | 44 | €2,760 | €9,206 | +€6,446 | +234% |
| Suppliers | 440/4 | €2,760 | €9,206 | +€6,446 | +234% |
| Taxes, remuneration and social security | 45 | €6,609 | €8,425 | +€1,816 | +27.5% |
| Remuneration and social security | 454/9 | €6,609 | €8,425 | +€1,816 | +27.5% |
| Other amounts payable | 47/48 | €163,262 | €168,872 | +€5,610 | +3.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €20,246 | €41,348 | +€21,103 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,208 | €49,474 | -€734 | -1.5% |
| Other operating charges | 640/8 | €4,473 | €4,483 | +€10 | +0.2% |
| Gross operating margin | 9900 | €97,315 | €104,897 | +€7,582 | +7.8% |
| Operating profit (loss) | 9901 | €22,388 | €9,591 | -€12,797 | -57.2% |
| Financial income | 75/76B | €0 | €113 | +€113 | |
| Recurring financial income | 75 | €0 | €113 | +€113 | |
| Financial charges | 65/66B | €11,641 | €10,528 | -€1,113 | -9.6% |
| Recurring financial charges | 65 | €11,641 | €10,528 | -€1,113 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €10,748 | -€824 | -€11,571 | |
| Profit (loss) for the period | 9904 | €10,748 | -€824 | -€11,571 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,748 | -€824 | -€11,571 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.