GRAVIMMO: 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.
GRAVIMMO
Largest movements
- Stocks and contracts -€3.0m
no longer reported in 2025 (was €3.0m)
- Tangible fixed assets -€865,650
down €865,650 (-14.8%), from €5.8m to €5.0m
of which Land and buildings: -€764,376
- Deferred charges and accrued income +€234,097
up €234,097 (+1159.2%), from €20,194 to €254,291
- Debts after one year -€3.4m
down €3.4m (-43.6%), from €7.8m to €4.4m
of which Financial debts: -€3.5m
- Current portion of long-term debt -€98,547
down €98,547 (-26.0%), from €378,779 to €280,231
- Financial charges -€293,450
down €293,450 (-42.9%), from €684,383 to €390,933
- Gross operating margin +€268,295
up €268,295 (+85.7%), from €313,202 to €581,497
- Other operating charges -€27,464
down €27,464 (-26.2%), from €104,979 to €77,515
- Depreciation -€16,420
down €16,420 (-9.4%), from €173,921 to €157,501
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,722,648 | €6,132,486 | -€3.6m | -36.9% |
| Fixed assets | 21/28 | €6,584,738 | €5,719,087 | -€865,650 | -13.1% |
| Tangible fixed assets | 22/27 | €5,834,738 | €4,969,087 | -€865,650 | -14.8% |
| Land and buildings | 22 | €5,733,464 | €4,969,087 | -€764,376 | -13.3% |
| Furniture and vehicles | 24 | €18,612 | - | -€18,612 | |
| Other tangible fixed assets | 26 | €82,662 | - | -€82,662 | |
| Financial fixed assets | 28 | €750,000 | €750,000 | = | 0.0% |
| Current assets | 29/58 | €3,137,911 | €413,398 | -€2.7m | -86.8% |
| Stocks and contracts in progress | 3 | €2,957,843 | - | -€3.0m | |
| Stocks | 30/36 | €2,957,843 | - | -€3.0m | |
| Amounts receivable within one year | 40/41 | €147,835 | €140,413 | -€7,422 | -5.0% |
| Trade receivables | 40 | €127,023 | - | -€127,023 | |
| Other amounts receivable | 41 | €20,812 | €140,413 | +€119,601 | +574.7% |
| Current investments | 50/53 | €12,038 | €18,695 | +€6,657 | +55.3% |
| Deferred charges and accrued income | 490/1 | €20,194 | €254,291 | +€234,097 | +1159.2% |
| Total equity and liabilities | 10/49 | €9,722,648 | €6,132,486 | -€3.6m | -36.9% |
| Equity | 10/15 | €1,044,711 | €1,019,774 | -€24,937 | -2.4% |
| Contributions | 10/11 | €447,000 | €447,000 | = | 0.0% |
| Capital | 10 | €447,000 | €447,000 | = | 0.0% |
| Issued capital | 100 | €447,000 | €447,000 | = | 0.0% |
| Reserves | 13 | €1,739,065 | €1,667,077 | -€71,988 | -4.1% |
| Non-distributable reserves | 130/1 | €15,545 | €15,545 | = | 0.0% |
| Legal reserve | 130 | €15,545 | €15,545 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,696,955 | €1,624,967 | -€71,988 | -4.2% |
| Distributable reserves | 133 | €26,565 | €26,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,141,355 | -€1,094,304 | +€47,051 | +4.1% |
| Provisions and deferred taxes | 16 | €424,239 | €406,242 | -€17,997 | -4.2% |
| Deferred taxes | 168 | €424,239 | €406,242 | -€17,997 | -4.2% |
| Amounts payable | 17/49 | €8,253,699 | €4,706,470 | -€3.5m | -43.0% |
| Amounts payable after more than one year | 17 | €7,761,444 | €4,376,228 | -€3.4m | -43.6% |
| Financial debts | 170/4 | €7,723,369 | €4,261,891 | -€3.5m | -44.8% |
| Other amounts payable | 178/9 | €38,074 | €114,338 | +€76,263 | +200.3% |
| Amounts payable within one year | 42/48 | €455,685 | €299,749 | -€155,936 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €378,779 | €280,231 | -€98,547 | -26.0% |
| Trade debts | 44 | €43,841 | €13,938 | -€29,903 | -68.2% |
| Suppliers | 440/4 | €43,841 | €13,938 | -€29,903 | -68.2% |
| Taxes, remuneration and social security | 45 | €33,065 | €5,579 | -€27,486 | -83.1% |
| Taxes | 450/3 | €33,065 | €5,579 | -€27,486 | -83.1% |
| Accrued charges and deferred income | 492/3 | €36,571 | €30,493 | -€6,078 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,921 | €157,501 | -€16,420 | -9.4% |
| Other operating charges | 640/8 | €104,979 | €77,515 | -€27,464 | -26.2% |
| Gross operating margin | 9900 | €313,202 | €581,497 | +€268,295 | +85.7% |
| Operating profit (loss) | 9901 | €34,302 | €346,481 | +€312,179 | +910.1% |
| Financial income | 75/76B | €3,925 | €1,519 | -€2,406 | -61.3% |
| Recurring financial income | 75 | €3,925 | €1,519 | -€2,406 | -61.3% |
| Financial charges | 65/66B | €684,383 | €390,933 | -€293,450 | -42.9% |
| Recurring financial charges | 65 | €684,383 | €390,933 | -€293,450 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | -€646,157 | -€42,934 | +€603,223 | +93.4% |
| Transfer from deferred taxes | 780 | €17,997 | €17,997 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€628,160 | -€24,937 | +€603,223 | +96.0% |
| Transfer from tax-exempt reserves | 789 | €71,988 | €71,988 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€556,172 | €47,051 | +€603,223 |
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.