GRAVEBE: 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.
What changed
GRAVEBE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,417
2024 · -€39,205+€16,789
Equity
€1.1m
2024 · €1.1m-€22,417
Cash
€37,947
2024 · €46,147-€8,200
Balance sheet total
€2.1m
2024 · €2.1m-€70,977
Largest movements
Assets
- Tangible fixed assets -€62,104
down €62,104 (-3.0%), from €2.1m to €2.0m
of which Land and buildings: -€61,764
Equity and liabilities
- Debts after one year -€65,795
down €65,795 (-16.4%), from €400,366 to €334,571
- Reserves -€22,375
down €22,375 (-4.5%), from €498,983 to €476,608
of which Tax-exempt reserves: -€22,375
Income statement
- Gross operating margin +€12,149
up €12,149 (+17.1%), from €70,957 to €83,106
- Financial charges -€4,658
down €4,658 (-10.5%), from €44,371 to €39,713
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.
Result 2024
-€39,205
Gross operating margin
+€12,149
Depreciation
-€382
Other operating charges
+€363
Financial income
+€0
Financial charges
+€4,658
Result 2025
-€22,417
raises the resultlowers the result
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.
From operations
+€58,793
Investment
-€4,025
Financing
-€62,968
Cash 2024
€46,147
From operations (derived)
+€58,793
Net result for the year
-€22,417
Depreciation
+€66,129
Receivables within one year
+€858
Deferred charges and accrued income
-€184
Provisions
-€9,567
Trade debts
+€134
Other debts
+€4,702
Accrued charges and deferred income
+€19,138
Investment (derived)
-€4,025
Investment in fixed assets (net)
-€4,025
Financing
-€62,968
Debts after one year
-€65,795
Current portion of long-term debt
+€2,827
Cash 2025
€37,947
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,123,283 | €2,052,305 | -€70,977 | -3.3% |
| Fixed assets | 21/28 | €2,074,969 | €2,012,865 | -€62,104 | -3.0% |
| Tangible fixed assets | 22/27 | €2,074,969 | €2,012,865 | -€62,104 | -3.0% |
| Land and buildings | 22 | €2,074,456 | €2,012,692 | -€61,764 | -3.0% |
| Furniture and vehicles | 24 | €513 | €173 | -€340 | -66.2% |
| Current assets | 29/58 | €48,313 | €39,440 | -€8,874 | -18.4% |
| Amounts receivable within one year | 40/41 | €1,208 | €350 | -€858 | -71.0% |
| Trade receivables | 40 | €1,208 | €350 | -€858 | -71.0% |
| Cash at bank and in hand | 54/58 | €46,147 | €37,947 | -€8,200 | -17.8% |
| Deferred charges and accrued income | 490/1 | €958 | €1,142 | +€184 | +19.2% |
| Total equity and liabilities | 10/49 | €2,123,283 | €2,052,305 | -€70,977 | -3.3% |
| Equity | 10/15 | €1,082,979 | €1,060,563 | -€22,417 | -2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €498,983 | €476,608 | -€22,375 | -4.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €492,783 | €470,408 | -€22,375 | -4.5% |
| Profit (loss) carried forward | 14 | €521,997 | €521,955 | -€42 | 0.0% |
| Provisions and deferred taxes | 16 | €261,165 | €251,598 | -€9,567 | -3.7% |
| Deferred taxes | 168 | €261,165 | €251,598 | -€9,567 | -3.7% |
| Amounts payable | 17/49 | €779,139 | €740,145 | -€38,994 | -5.0% |
| Amounts payable after more than one year | 17 | €400,366 | €334,571 | -€65,795 | -16.4% |
| Financial debts | 170/4 | €400,366 | €334,571 | -€65,795 | -16.4% |
| Amounts payable within one year | 42/48 | €355,204 | €362,867 | +€7,663 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €62,968 | €65,795 | +€2,827 | +4.5% |
| Trade debts | 44 | €191 | €325 | +€134 | +69.8% |
| Suppliers | 440/4 | €191 | €325 | +€134 | +69.8% |
| Other amounts payable | 47/48 | €292,045 | €296,747 | +€4,702 | +1.6% |
| Accrued charges and deferred income | 492/3 | €23,569 | €42,707 | +€19,138 | +81.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,747 | €66,129 | +€382 | +0.6% |
| Other operating charges | 640/8 | €9,612 | €9,249 | -€363 | -3.8% |
| Gross operating margin | 9900 | €70,957 | €83,106 | +€12,149 | +17.1% |
| Operating profit (loss) | 9901 | -€4,402 | €7,729 | +€12,131 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €44,371 | €39,713 | -€4,658 | -10.5% |
| Recurring financial charges | 65 | €44,371 | €39,713 | -€4,658 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,772 | -€31,984 | +€16,789 | +34.4% |
| Transfer from deferred taxes | 780 | €9,567 | €9,567 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€39,205 | -€22,417 | +€16,789 | +42.8% |
| Transfer from tax-exempt reserves | 789 | €22,375 | €22,375 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,831 | -€42 | +€16,789 | +99.8% |
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 13 October 2026 via checked.be.