GRAUWELS: 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.
GRAUWELS
Largest movements
- Tangible fixed assets +€508
up €508 (+2.6%), from €19,804 to €20,312
of which Other tangible fixed assets: +€6,724
- Cash +€364
up €364 (+14.1%), from €2,591 to €2,956
mainly Net result for the year (+€5,554) and Depreciation (+€5,360)
- Intangible fixed assets -€315
down €315 (-22.2%), from €1,415 to €1,100
- Reserves +€5,554
up €5,554 (+136%), from €4,080 to €9,634
- Debts after one year -€4,561
down €4,561 (-43.3%), from €10,543 to €5,982
- Trade debts -€722
down €722 (-48.4%), from €1,492 to €770
- Gross operating margin +€1,766
up €1,766 (+13.3%), from €13,234 to €14,999
- Depreciation +€1,703
up €1,703 (+46.6%), from €3,656 to €5,360
- Other operating charges +€331
up €331 (+152%), from €218 to €549
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 | €24,152 | €24,547 | +€395 | +1.6% |
| Fixed assets | 21/28 | €21,343 | €21,537 | +€194 | +0.9% |
| Intangible fixed assets | 21 | €1,415 | €1,100 | -€315 | -22.2% |
| Tangible fixed assets | 22/27 | €19,804 | €20,312 | +€508 | +2.6% |
| Land and buildings | 22 | €7,759 | - | -€7,759 | |
| Plant, machinery and equipment | 23 | €6,310 | €4,720 | -€1,591 | -25.2% |
| Furniture and vehicles | 24 | €4,638 | €7,772 | +€3,134 | +67.6% |
| Other tangible fixed assets | 26 | €1,096 | €7,820 | +€6,724 | +614% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €2,808 | €3,010 | +€201 | +7.2% |
| Amounts receivable within one year | 40/41 | €217 | €54 | -€163 | -75.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €217 | €54 | -€163 | -75.0% |
| Cash at bank and in hand | 54/58 | €2,591 | €2,956 | +€364 | +14.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €24,152 | €24,547 | +€395 | +1.6% |
| Equity | 10/15 | €6,580 | €12,134 | +€5,554 | +84.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €4,080 | €9,634 | +€5,554 | +136% |
| Distributable reserves | 133 | €4,080 | €9,634 | +€5,554 | +136% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €17,572 | €12,413 | -€5,159 | -29.4% |
| Amounts payable after more than one year | 17 | €10,543 | €5,982 | -€4,561 | -43.3% |
| Financial debts | 170/4 | €10,543 | €5,982 | -€4,561 | -43.3% |
| Amounts payable within one year | 42/48 | €7,029 | €6,431 | -€599 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €4,369 | €4,561 | +€191 | +4.4% |
| Trade debts | 44 | €1,492 | €770 | -€722 | -48.4% |
| Suppliers | 440/4 | €1,492 | €770 | -€722 | -48.4% |
| Taxes, remuneration and social security | 45 | €1,168 | €1,100 | -€68 | -5.8% |
| Taxes | 450/3 | €1,168 | €1,100 | -€68 | -5.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,656 | €5,360 | +€1,703 | +46.6% |
| Other operating charges | 640/8 | €218 | €549 | +€331 | +152% |
| Gross operating margin | 9900 | €13,234 | €14,999 | +€1,766 | +13.3% |
| Operating profit (loss) | 9901 | €9,359 | €9,090 | -€269 | -2.9% |
| Financial income | 75/76B | €18 | €1 | -€17 | -92.4% |
| Recurring financial income | 75 | €18 | €1 | -€17 | -92.4% |
| Financial charges | 65/66B | €1,129 | €1,257 | +€129 | +11.4% |
| Recurring financial charges | 65 | €1,129 | €1,257 | +€129 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €8,248 | €7,834 | -€414 | -5.0% |
| Income taxes | 67/77 | €2,306 | €2,280 | -€26 | -1.1% |
| Profit (loss) for the period | 9904 | €5,942 | €5,554 | -€388 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,942 | €5,554 | -€388 | -6.5% |
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 23 October 2026 via checked.be.