GRAUX: 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.
GRAUX
Largest movements
- Receivables within one year +€868,765
up €868,765 (+69.7%), from €1.2m to €2.1m
of which Trade receivables: +€808,235
- Current investments -€780,455
down €780,455 (-27.7%), from €2.8m to €2.0m
- Tangible fixed assets -€257,105
down €257,105 (-19.8%), from €1.3m to €1.0m
of which Plant, machinery and equipment: -€173,695
- Cash +€120,929
up €120,929 (+14.1%), from €857,342 to €978,270
mainly Net result for the year (+€1.4m) and Current investments (+€780,455)
- Stocks and contracts -€119,505
down €119,505 (-34.3%), from €348,865 to €229,360
of which Contracts in progress: -€117,990
- Other debts -€650,698
down €650,698 (-36.1%), from €1.8m to €1.2m
- Advances received +€271,155
up €271,155 (+35.8%), from €758,230 to €1.0m
- Reserves +€201,264
up €201,264 (+8.9%), from €2.3m to €2.5m
of which Distributable reserves: +€201,264
- Tax, wage and social debts +€193,448
up €193,448 (+44.8%), from €431,657 to €625,105
of which Remuneration and social security: +€146,245
- Debts after one year -€168,983
down €168,983 (-41.2%), from €409,896 to €240,913
- Gross operating margin -€938,275
down €938,275 (-17.9%), from €5.3m to €4.3m
- Taxes -€210,846
down €210,846 (-32.4%), from €651,132 to €440,285
- Staff costs -€54,541
down €54,541 (-2.4%), from €2.3m to €2.2m
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 | €6,581,994 | €6,431,232 | -€150,762 | -2.3% |
| Fixed assets | 21/28 | €1,302,179 | €1,045,074 | -€257,105 | -19.7% |
| Tangible fixed assets | 22/27 | €1,300,679 | €1,043,574 | -€257,105 | -19.8% |
| Plant, machinery and equipment | 23 | €790,288 | €616,593 | -€173,695 | -22.0% |
| Furniture and vehicles | 24 | €220,914 | €165,343 | -€55,571 | -25.2% |
| Other tangible fixed assets | 26 | €289,477 | €261,638 | -€27,840 | -9.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €5,279,815 | €5,386,158 | +€106,344 | +2.0% |
| Stocks and contracts in progress | 3 | €348,865 | €229,360 | -€119,505 | -34.3% |
| Stocks | 30/36 | €120,251 | €118,735 | -€1,515 | -1.3% |
| Contracts in progress | 37 | €228,614 | €110,624 | -€117,990 | -51.6% |
| Amounts receivable within one year | 40/41 | €1,246,231 | €2,114,996 | +€868,765 | +69.7% |
| Trade receivables | 40 | €1,170,113 | €1,978,348 | +€808,235 | +69.1% |
| Other amounts receivable | 41 | €76,118 | €136,648 | +€60,530 | +79.5% |
| Current investments | 50/53 | €2,817,108 | €2,036,653 | -€780,455 | -27.7% |
| Cash at bank and in hand | 54/58 | €857,342 | €978,270 | +€120,929 | +14.1% |
| Deferred charges and accrued income | 490/1 | €10,270 | €26,879 | +€16,610 | +161.7% |
| Total equity and liabilities | 10/49 | €6,581,994 | €6,431,232 | -€150,762 | -2.3% |
| Equity | 10/15 | €2,520,064 | €2,717,541 | +€197,477 | +7.8% |
| Contributions | 10/11 | €243,950 | €243,950 | = | 0.0% |
| Capital | 10 | €243,950 | €243,950 | = | 0.0% |
| Issued capital | 100 | €243,950 | €243,950 | = | 0.0% |
| Reserves | 13 | €2,272,328 | €2,473,592 | +€201,264 | +8.9% |
| Non-distributable reserves | 130/1 | €24,395 | €24,395 | = | 0.0% |
| Legal reserve | 130 | €24,395 | €24,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €150,817 | €150,817 | = | 0.0% |
| Distributable reserves | 133 | €2,097,116 | €2,298,379 | +€201,264 | +9.6% |
| Investment grants | 15 | €3,786 | - | -€3,786 | |
| Amounts payable | 17/49 | €4,061,930 | €3,713,691 | -€348,239 | -8.6% |
| Amounts payable after more than one year | 17 | €409,896 | €240,913 | -€168,983 | -41.2% |
| Financial debts | 170/4 | €409,896 | €240,913 | -€168,983 | -41.2% |
| Amounts payable within one year | 42/48 | €3,633,190 | €3,453,299 | -€179,891 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €205,690 | €168,983 | -€36,707 | -17.8% |
| Trade debts | 44 | €436,915 | €479,825 | +€42,910 | +9.8% |
| Suppliers | 440/4 | €436,915 | €479,825 | +€42,910 | +9.8% |
| Advances received on contracts in progress | 46 | €758,230 | €1,029,385 | +€271,155 | +35.8% |
| Taxes, remuneration and social security | 45 | €431,657 | €625,105 | +€193,448 | +44.8% |
| Taxes | 450/3 | €40,863 | €88,066 | +€47,203 | +115.5% |
| Remuneration and social security | 454/9 | €390,795 | €537,040 | +€146,245 | +37.4% |
| Other amounts payable | 47/48 | €1,800,698 | €1,150,000 | -€650,698 | -36.1% |
| Accrued charges and deferred income | 492/3 | €18,844 | €19,479 | +€635 | +3.4% |
| Remuneration, social security and pensions | 62 | €2,284,223 | €2,229,681 | -€54,541 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €365,705 | €397,148 | +€31,443 | +8.6% |
| Other operating charges | 640/8 | €18,559 | €12,008 | -€6,551 | -35.3% |
| Gross operating margin | 9900 | €5,252,654 | €4,314,379 | -€938,275 | -17.9% |
| Operating profit (loss) | 9901 | €2,584,167 | €1,675,542 | -€908,625 | -35.2% |
| Financial income | 75/76B | €121,227 | €130,306 | +€9,079 | +7.5% |
| Recurring financial income | 75 | €121,227 | €130,306 | +€9,079 | +7.5% |
| Financial charges | 65/66B | €21,786 | €14,299 | -€7,487 | -34.4% |
| Recurring financial charges | 65 | €21,786 | €14,299 | -€7,487 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €2,683,608 | €1,791,549 | -€892,060 | -33.2% |
| Income taxes | 67/77 | €651,132 | €440,285 | -€210,846 | -32.4% |
| Profit (loss) for the period | 9904 | €2,032,477 | €1,351,264 | -€681,213 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,032,477 | €1,351,264 | -€681,213 | -33.5% |
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 4 October 2026 via checked.be.