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
- Tangible fixed assets +€85,142
up €85,142 (+36.5%), from €233,478 to €318,619
of which Plant, machinery and equipment: +€92,413
- Receivables within one year +€68,919
up €68,919 (+40.2%), from €171,601 to €240,520
of which Other amounts receivable: +€195,658
- Stocks and contracts -€21,805
down €21,805 (-21.9%), from €99,366 to €77,561
- Contributions +€999,350
up €999,350 (+992.9%), from €100,650 to €1.1m
- Debts after one year -€747,350
no longer reported in 2025 (was €747,350)
- Profit (loss) carried forward -€319,890
down €319,890 (-52.0%), from -€615,173 to -€935,063
- Other debts +€227,940
up €227,940 (+117.9%), from €193,324 to €421,264
- Accrued charges and deferred income -€29,856
no longer reported in 2025 (was €29,856)
- Staff costs +€47,962
up €47,962 (+43.1%), from €111,387 to €159,348
- Gross operating margin -€13,592
down €13,592 (-22.7%), from -€59,795 to -€73,387
- Depreciation +€5,986
up €5,986 (+11.8%), from €50,580 to €56,566
- Financial charges -€2,039
down €2,039 (-6.6%), from €30,923 to €28,885
- Write-downs +€947
new in 2025: €947
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 | €557,011 | €685,731 | +€128,721 | +23.1% |
| Fixed assets | 21/28 | €239,430 | €324,928 | +€85,499 | +35.7% |
| Intangible fixed assets | 21 | €3,702 | €1,559 | -€2,143 | -57.9% |
| Tangible fixed assets | 22/27 | €233,478 | €318,619 | +€85,142 | +36.5% |
| Land and buildings | 22 | €68,263 | €62,280 | -€5,983 | -8.8% |
| Plant, machinery and equipment | 23 | €104,048 | €196,461 | +€92,413 | +88.8% |
| Furniture and vehicles | 24 | €55,155 | €55,093 | -€62 | -0.1% |
| Other tangible fixed assets | 26 | €6,011 | €4,786 | -€1,225 | -20.4% |
| Financial fixed assets | 28 | €2,250 | €4,750 | +€2,500 | +111.1% |
| Current assets | 29/58 | €317,581 | €360,803 | +€43,222 | +13.6% |
| Stocks and contracts in progress | 3 | €99,366 | €77,561 | -€21,805 | -21.9% |
| Stocks | 30/36 | €99,366 | €77,561 | -€21,805 | -21.9% |
| Amounts receivable within one year | 40/41 | €171,601 | €240,520 | +€68,919 | +40.2% |
| Trade receivables | 40 | €160,001 | €33,262 | -€126,739 | -79.2% |
| Other amounts receivable | 41 | €11,600 | €207,257 | +€195,658 | +1686.7% |
| Cash at bank and in hand | 54/58 | €44,499 | €42,009 | -€2,491 | -5.6% |
| Deferred charges and accrued income | 490/1 | €2,114 | €713 | -€1,401 | -66.3% |
| Total equity and liabilities | 10/49 | €557,011 | €685,731 | +€128,721 | +23.1% |
| Equity | 10/15 | -€469,456 | €210,004 | +€679,460 | |
| Contributions | 10/11 | €100,650 | €1,100,000 | +€999,350 | +992.9% |
| Reserves | 13 | €45,067 | €45,067 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,065 | €10,065 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,065 | €10,065 | = | 0.0% |
| Distributable reserves | 133 | €35,002 | €35,002 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€615,173 | -€935,063 | -€319,890 | -52.0% |
| Amounts payable | 17/49 | €1,026,466 | €475,727 | -€550,739 | -53.7% |
| Amounts payable after more than one year | 17 | €747,350 | - | -€747,350 | |
| Financial debts | 170/4 | €747,350 | - | -€747,350 | |
| Amounts payable within one year | 42/48 | €249,261 | €475,727 | +€226,467 | +90.9% |
| Trade debts | 44 | €49,372 | €45,157 | -€4,215 | -8.5% |
| Suppliers | 440/4 | €49,372 | €45,157 | -€4,215 | -8.5% |
| Taxes, remuneration and social security | 45 | €6,565 | €9,307 | +€2,742 | +41.8% |
| Taxes | 450/3 | €519 | - | -€519 | |
| Remuneration and social security | 454/9 | €6,046 | €9,307 | +€3,261 | +53.9% |
| Other amounts payable | 47/48 | €193,324 | €421,264 | +€227,940 | +117.9% |
| Accrued charges and deferred income | 492/3 | €29,856 | - | -€29,856 | |
| Remuneration, social security and pensions | 62 | €111,387 | €159,348 | +€47,962 | +43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,580 | €56,566 | +€5,986 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €947 | +€947 | |
| Other operating charges | 640/8 | €524 | €758 | +€234 | +44.6% |
| Gross operating margin | 9900 | -€59,795 | -€73,387 | -€13,592 | -22.7% |
| Operating profit (loss) | 9901 | -€222,285 | -€291,006 | -€68,721 | -30.9% |
| Financial income | 75/76B | €6 | €1 | -€5 | -89.9% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -89.9% |
| Financial charges | 65/66B | €30,923 | €28,885 | -€2,039 | -6.6% |
| Recurring financial charges | 65 | €30,923 | €28,885 | -€2,039 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€253,203 | -€319,890 | -€66,687 | -26.3% |
| Profit (loss) for the period | 9904 | -€253,203 | -€319,890 | -€66,687 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€253,203 | -€319,890 | -€66,687 | -26.3% |
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 7 October 2026 via checked.be.