GRANOVI: 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.
GRANOVI
Largest movements
- Receivables within one year -€199,077
down €199,077 (-65.1%), from €305,697 to €106,620
of which Other amounts receivable: -€130,664
- Stocks and contracts +€105,220
up €105,220 (+364%), from €28,914 to €134,134
- Tangible fixed assets -€23,623
down €23,623 (-3.9%), from €600,899 to €577,276
of which Land and buildings: -€26,349
- Cash +€19,515
up €19,515 (+38.8%), from €50,318 to €69,832
mainly Receivables within one year (+€199,077) and Depreciation (+€99,155)
- Reserves -€67,668
down €67,668 (-22.1%), from €306,479 to €238,811
of which Distributable reserves: -€48,353
- Debts after one year -€49,804
down €49,804 (-11.0%), from €454,137 to €404,333
- Trade debts +€16,916
up €16,916 (+36.8%), from €45,935 to €62,851
- Other debts +€16,678
new in 2025: €16,678
- Gross operating margin -€80,478
down €80,478 (-36.1%), from €223,167 to €142,689
- Taxes -€8,658
down €8,658 (-42.1%), from €20,550 to €11,892
- Financial income -€3,571
down €3,571 (-93.0%), from €3,840 to €269
- Depreciation +€3,452
up €3,452 (+3.6%), from €95,702 to €99,155
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 | €994,753 | €895,225 | -€99,528 | -10.0% |
| Fixed assets | 21/28 | €603,824 | €577,276 | -€26,548 | -4.4% |
| Intangible fixed assets | 21 | €2,925 | - | -€2,925 | |
| Tangible fixed assets | 22/27 | €600,899 | €577,276 | -€23,623 | -3.9% |
| Land and buildings | 22 | €578,126 | €551,777 | -€26,349 | -4.6% |
| Plant, machinery and equipment | 23 | €11,639 | €21,300 | +€9,661 | +83.0% |
| Furniture and vehicles | 24 | €11,134 | €4,199 | -€6,935 | -62.3% |
| Current assets | 29/58 | €390,929 | €317,949 | -€72,980 | -18.7% |
| Stocks and contracts in progress | 3 | €28,914 | €134,134 | +€105,220 | +364% |
| Stocks | 30/36 | €28,914 | €134,134 | +€105,220 | +364% |
| Amounts receivable within one year | 40/41 | €305,697 | €106,620 | -€199,077 | -65.1% |
| Trade receivables | 40 | €90,386 | €21,973 | -€68,413 | -75.7% |
| Other amounts receivable | 41 | €215,311 | €84,647 | -€130,664 | -60.7% |
| Cash at bank and in hand | 54/58 | €50,318 | €69,832 | +€19,515 | +38.8% |
| Deferred charges and accrued income | 490/1 | €6,000 | €7,362 | +€1,362 | +22.7% |
| Total equity and liabilities | 10/49 | €994,753 | €895,225 | -€99,528 | -10.0% |
| Equity | 10/15 | €394,079 | €326,411 | -€67,668 | -17.2% |
| Contributions | 10/11 | €87,601 | €87,601 | = | 0.0% |
| Capital | 10 | €87,601 | €87,601 | = | 0.0% |
| Issued capital | 100 | €87,601 | €87,601 | = | 0.0% |
| Reserves | 13 | €306,479 | €238,811 | -€67,668 | -22.1% |
| Non-distributable reserves | 130/1 | €8,760 | €8,760 | = | 0.0% |
| Legal reserve | 130 | €8,760 | €8,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,530 | €34,215 | -€19,315 | -36.1% |
| Distributable reserves | 133 | €244,188 | €195,836 | -€48,353 | -19.8% |
| Provisions and deferred taxes | 16 | €12,783 | €6,344 | -€6,438 | -50.4% |
| Deferred taxes | 168 | €12,783 | €6,344 | -€6,438 | -50.4% |
| Amounts payable | 17/49 | €587,891 | €562,470 | -€25,421 | -4.3% |
| Amounts payable after more than one year | 17 | €454,137 | €404,333 | -€49,804 | -11.0% |
| Financial debts | 170/4 | €454,137 | €404,333 | -€49,804 | -11.0% |
| Amounts payable within one year | 42/48 | €133,754 | €158,137 | +€24,383 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €65,601 | €61,804 | -€3,797 | -5.8% |
| Trade debts | 44 | €45,935 | €62,851 | +€16,916 | +36.8% |
| Suppliers | 440/4 | €45,935 | €62,851 | +€16,916 | +36.8% |
| Taxes, remuneration and social security | 45 | €22,218 | €16,804 | -€5,415 | -24.4% |
| Taxes | 450/3 | €19,341 | €13,099 | -€6,242 | -32.3% |
| Remuneration and social security | 454/9 | €2,877 | €3,705 | +€828 | +28.8% |
| Other amounts payable | 47/48 | - | €16,678 | +€16,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,702 | €99,155 | +€3,452 | +3.6% |
| Other operating charges | 640/8 | €12,045 | €13,064 | +€1,018 | +8.5% |
| Gross operating margin | 9900 | €223,167 | €142,689 | -€80,478 | -36.1% |
| Operating profit (loss) | 9901 | €115,419 | €30,470 | -€84,949 | -73.6% |
| Financial income | 75/76B | €3,840 | €269 | -€3,571 | -93.0% |
| Recurring financial income | 75 | €3,840 | €269 | -€3,571 | -93.0% |
| Financial charges | 65/66B | €21,169 | €21,525 | +€356 | +1.7% |
| Recurring financial charges | 65 | €21,169 | €21,525 | +€356 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €98,090 | €9,214 | -€88,876 | -90.6% |
| Transfer from deferred taxes | 780 | €6,438 | €6,438 | = | 0.0% |
| Income taxes | 67/77 | €20,550 | €11,892 | -€8,658 | -42.1% |
| Profit (loss) for the period | 9904 | €83,979 | €3,760 | -€80,218 | -95.5% |
| Transfer from tax-exempt reserves | 789 | €19,315 | €19,315 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,294 | €23,076 | -€80,218 | -77.7% |
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 26 October 2026 via checked.be.