GRAVENSTEEN: 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.
GRAVENSTEEN
Largest movements
- Receivables within one year +€39,901
up €39,901 (+52.8%), from €75,514 to €115,415
- Tangible fixed assets -€23,104
down €23,104 (-4.7%), from €490,717 to €467,613
of which Land and buildings: -€16,017
- Reserves +€26,593
up €26,593 (+33.0%), from €80,573 to €107,166
of which Distributable reserves: +€26,593
- Other debts +€25,099
up €25,099 (+6.2%), from €402,513 to €427,612
- Accrued charges and deferred income -€20,050
down €20,050 (-100%), from €20,050 to €0
- Debts after one year -€15,027
down €15,027 (-18.7%), from €80,232 to €65,205
- Gross operating margin +€6,408
up €6,408 (+7.8%), from €81,723 to €88,131
- Financial charges -€2,476
down €2,476 (-11.8%), from €21,035 to €18,558
- Taxes +€1,975
up €1,975 (+27.8%), from €7,111 to €9,086
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €991,381 | €1,008,333 | +€16,952 | +1.7% |
| Fixed assets | 21/28 | €904,502 | €881,398 | -€23,104 | -2.6% |
| Tangible fixed assets | 22/27 | €490,717 | €467,613 | -€23,104 | -4.7% |
| Land and buildings | 22 | €276,231 | €260,214 | -€16,017 | -5.8% |
| Plant, machinery and equipment | 23 | €20,862 | €16,964 | -€3,898 | -18.7% |
| Other tangible fixed assets | 26 | €193,624 | €190,434 | -€3,189 | -1.6% |
| Financial fixed assets | 28 | €413,784 | €413,784 | = | 0.0% |
| Current assets | 29/58 | €86,879 | €126,936 | +€40,056 | +46.1% |
| Amounts receivable within one year | 40/41 | €75,514 | €115,415 | +€39,901 | +52.8% |
| Other amounts receivable | 41 | €75,514 | €115,415 | +€39,901 | +52.8% |
| Cash at bank and in hand | 54/58 | €4,510 | €4,152 | -€358 | -7.9% |
| Deferred charges and accrued income | 490/1 | €6,855 | €7,369 | +€514 | +7.5% |
| Total equity and liabilities | 10/49 | €991,381 | €1,008,333 | +€16,952 | +1.7% |
| Equity | 10/15 | €469,350 | €495,944 | +€26,593 | +5.7% |
| Contributions | 10/11 | €388,777 | €388,777 | = | 0.0% |
| Capital | 10 | €385,688 | €385,688 | = | 0.0% |
| Issued capital | 100 | €385,688 | €385,688 | = | 0.0% |
| Contributions outside capital | 11 | €3,089 | €3,089 | = | 0.0% |
| Share premium | 1100/10 | €3,089 | €3,089 | = | 0.0% |
| Reserves | 13 | €80,573 | €107,166 | +€26,593 | +33.0% |
| Non-distributable reserves | 130/1 | €38,569 | €38,569 | = | 0.0% |
| Legal reserve | 130 | €38,569 | €38,569 | = | 0.0% |
| Distributable reserves | 133 | €42,004 | €68,598 | +€26,593 | +63.3% |
| Amounts payable | 17/49 | €522,031 | €512,390 | -€9,641 | -1.8% |
| Amounts payable after more than one year | 17 | €80,232 | €65,205 | -€15,027 | -18.7% |
| Financial debts | 170/4 | €80,232 | €65,205 | -€15,027 | -18.7% |
| Amounts payable within one year | 42/48 | €421,749 | €447,185 | +€25,436 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €14,909 | €15,027 | +€118 | +0.8% |
| Trade debts | 44 | €716 | €460 | -€256 | -35.8% |
| Suppliers | 440/4 | €716 | €460 | -€256 | -35.8% |
| Taxes, remuneration and social security | 45 | €3,611 | €4,086 | +€475 | +13.2% |
| Taxes | 450/3 | €3,611 | €4,086 | +€475 | +13.2% |
| Other amounts payable | 47/48 | €402,513 | €427,612 | +€25,099 | +6.2% |
| Accrued charges and deferred income | 492/3 | €20,050 | €0 | -€20,050 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,865 | €23,104 | +€239 | +1.0% |
| Other operating charges | 640/8 | €10,464 | €10,790 | +€325 | +3.1% |
| Gross operating margin | 9900 | €81,723 | €88,131 | +€6,408 | +7.8% |
| Operating profit (loss) | 9901 | €48,394 | €54,237 | +€5,844 | +12.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €21,035 | €18,558 | -€2,476 | -11.8% |
| Recurring financial charges | 65 | €21,035 | €18,558 | -€2,476 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €27,359 | €35,679 | +€8,320 | +30.4% |
| Income taxes | 67/77 | €7,111 | €9,086 | +€1,975 | +27.8% |
| Profit (loss) for the period | 9904 | €20,248 | €26,593 | +€6,345 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,248 | €26,593 | +€6,345 | +31.3% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.