GRAUWET ROGER: 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.
GRAUWET ROGER
Largest movements
- Financial fixed assets -€677,639
down €677,639 (-76.9%), from €881,750 to €204,112
- Cash -€182,023
down €182,023 (-74.7%), from €243,812 to €61,789
mainly Net result for the year (-€357,393) and Contributions, distributions and other (-€299,257)
- Receivables after one year -€175,000
down €175,000 (-46.1%), from €379,616 to €204,616
- Tangible fixed assets +€104,037
up €104,037 (+788%), from €13,203 to €117,240
of which Furniture and vehicles: +€57,752
- Receivables within one year -€58,647
down €58,647 (-22.3%), from €262,743 to €204,096
of which Other amounts receivable: -€64,149
- Reserves -€656,650
down €656,650 (-53.2%), from €1.2m to €577,573
of which Distributable reserves: -€656,650
- Other debts -€295,137
down €295,137 (-58.2%), from €507,490 to €212,353
- Financial charges +€222,833
up €222,833 (+896%), from €24,879 to €247,712
of which Non-recurring financial charges: +€229,766
- Write-downs +€148,353
new in 2025: €148,353
- Gross operating margin -€147,290
down €147,290 (-38.5%), from €382,656 to €235,365
- Staff costs +€82,927
up €82,927 (+95.1%), from €87,172 to €170,099
- Taxes -€71,874
down €71,874 (-97.4%), from €73,770 to €1,896
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 | €1,813,714 | €865,017 | -€948,697 | -52.3% |
| Fixed assets | 21/28 | €894,953 | €321,352 | -€573,601 | -64.1% |
| Tangible fixed assets | 22/27 | €13,203 | €117,240 | +€104,037 | +788% |
| Land and buildings | 22 | - | €44,789 | +€44,789 | |
| Plant, machinery and equipment | 23 | €1,126 | €2,623 | +€1,496 | +133% |
| Furniture and vehicles | 24 | €12,076 | €69,829 | +€57,752 | +478% |
| Financial fixed assets | 28 | €881,750 | €204,112 | -€677,639 | -76.9% |
| Current assets | 29/58 | €918,761 | €543,665 | -€375,096 | -40.8% |
| Amounts receivable after more than one year | 29 | €379,616 | €204,616 | -€175,000 | -46.1% |
| Other amounts receivable | 291 | €379,616 | €204,616 | -€175,000 | -46.1% |
| Amounts receivable within one year | 40/41 | €262,743 | €204,096 | -€58,647 | -22.3% |
| Trade receivables | 40 | €44,226 | €49,727 | +€5,501 | +12.4% |
| Other amounts receivable | 41 | €218,518 | €154,369 | -€64,149 | -29.4% |
| Cash at bank and in hand | 54/58 | €243,812 | €61,789 | -€182,023 | -74.7% |
| Deferred charges and accrued income | 490/1 | €32,590 | €73,165 | +€40,575 | +125% |
| Total equity and liabilities | 10/49 | €1,813,714 | €865,017 | -€948,697 | -52.3% |
| Equity | 10/15 | €1,252,773 | €596,123 | -€656,650 | -52.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,234,223 | €577,573 | -€656,650 | -53.2% |
| Tax-exempt reserves | 132 | €421,000 | €421,000 | = | 0.0% |
| Distributable reserves | 133 | €813,223 | €156,573 | -€656,650 | -80.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €560,941 | €268,894 | -€292,047 | -52.1% |
| Amounts payable within one year | 42/48 | €560,941 | €262,100 | -€298,841 | -53.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,855 | €16,041 | +€186 | +1.2% |
| Suppliers | 440/4 | €15,855 | €16,041 | +€186 | +1.2% |
| Taxes, remuneration and social security | 45 | €37,596 | €33,706 | -€3,890 | -10.3% |
| Taxes | 450/3 | €29,760 | €9,755 | -€20,005 | -67.2% |
| Remuneration and social security | 454/9 | €7,836 | €23,951 | +€16,115 | +206% |
| Other amounts payable | 47/48 | €507,490 | €212,353 | -€295,137 | -58.2% |
| Accrued charges and deferred income | 492/3 | - | €6,794 | +€6,794 | |
| Non-recurring operating income | 76A | - | €12,463 | +€12,463 | |
| Remuneration, social security and pensions | 62 | €87,172 | €170,099 | +€82,927 | +95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,841 | €30,712 | +€23,872 | +349% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €148,353 | +€148,353 | |
| Other operating charges | 640/8 | €2,879 | €6,504 | +€3,625 | +126% |
| Non-recurring operating charges | 66A | €50,016 | €0 | -€50,016 | -100% |
| Gross operating margin | 9900 | €382,656 | €235,365 | -€147,290 | -38.5% |
| Operating profit (loss) | 9901 | €235,748 | -€120,303 | -€356,051 | |
| Financial income | 75/76B | €33,946 | €12,519 | -€21,427 | -63.1% |
| Recurring financial income | 75 | €33,946 | €12,519 | -€21,427 | -63.1% |
| Financial charges | 65/66B | €24,879 | €247,712 | +€222,833 | +896% |
| Recurring financial charges | 65 | €24,879 | €17,946 | -€6,933 | -27.9% |
| Non-recurring financial charges | 66B | €0 | €229,766 | +€229,766 | |
| Profit (loss) for the period before taxes | 9903 | €244,814 | -€355,496 | -€600,311 | |
| Income taxes | 67/77 | €73,770 | €1,896 | -€71,874 | -97.4% |
| Profit (loss) for the period | 9904 | €171,045 | -€357,393 | -€528,437 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €171,045 | -€357,393 | -€528,437 |
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 30 October 2026 via checked.be.