GRAY MANAGEMENT: 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.
GRAY MANAGEMENT
Largest movements
- Current investments +€39,159
up €39,159 (+65.2%), from €60,103 to €99,262
- Deferred charges and accrued income -€13,981
no longer reported in 2025 (was €13,981)
- Cash -€7,100
down €7,100 (-43.9%), from €16,178 to €9,077
mainly Contributions, distributions and other (-€206,955) and Current investments (-€39,159)
- Tangible fixed assets -€5,556
down €5,556 (-5.2%), from €106,140 to €100,584
of which Land and buildings: -€6,840
- Other debts +€101,955
up €101,955 (+97.1%), from €105,000 to €206,955
- Profit (loss) carried forward -€81,305
down €81,305 (-100.0%), from €81,306 to €0
- Debts after one year -€9,084
down €9,084 (-16.5%), from €55,122 to €46,038
- Gross operating margin +€24,334
up €24,334 (+16.7%), from €145,754 to €170,088
- Taxes -€12,633
down €12,633 (-25.5%), from €49,617 to €36,984
- Other operating charges -€7,315
down €7,315 (-92.3%), from €7,926 to €611
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 | €344,809 | €358,628 | +€13,819 | +4.0% |
| Fixed assets | 21/28 | €106,197 | €100,642 | -€5,556 | -5.2% |
| Tangible fixed assets | 22/27 | €106,140 | €100,584 | -€5,556 | -5.2% |
| Land and buildings | 22 | €81,472 | €74,631 | -€6,840 | -8.4% |
| Furniture and vehicles | 24 | €11,433 | €13,460 | +€2,027 | +17.7% |
| Other tangible fixed assets | 26 | €13,235 | €12,493 | -€742 | -5.6% |
| Financial fixed assets | 28 | €57 | €57 | = | 0.0% |
| Current assets | 29/58 | €238,612 | €257,986 | +€19,374 | +8.1% |
| Amounts receivable within one year | 40/41 | €148,350 | €149,647 | +€1,296 | +0.9% |
| Trade receivables | 40 | €25,538 | €37,551 | +€12,012 | +47.0% |
| Other amounts receivable | 41 | €122,812 | €112,096 | -€10,716 | -8.7% |
| Current investments | 50/53 | €60,103 | €99,262 | +€39,159 | +65.2% |
| Cash at bank and in hand | 54/58 | €16,178 | €9,077 | -€7,100 | -43.9% |
| Deferred charges and accrued income | 490/1 | €13,981 | - | -€13,981 | |
| Total equity and liabilities | 10/49 | €344,809 | €358,628 | +€13,819 | +4.0% |
| Equity | 10/15 | €145,566 | €64,260 | -€81,305 | -55.9% |
| Contributions | 10/11 | €64,260 | €64,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,306 | €0 | -€81,305 | -100.0% |
| Amounts payable | 17/49 | €199,243 | €294,368 | +€95,124 | +47.7% |
| Amounts payable after more than one year | 17 | €55,122 | €46,038 | -€9,084 | -16.5% |
| Financial debts | 170/4 | €55,122 | €46,038 | -€9,084 | -16.5% |
| Amounts payable within one year | 42/48 | €138,875 | €243,082 | +€104,208 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €18,974 | €19,147 | +€173 | +0.9% |
| Trade debts | 44 | €1,733 | €2,317 | +€584 | +33.7% |
| Suppliers | 440/4 | €1,733 | €2,317 | +€584 | +33.7% |
| Taxes, remuneration and social security | 45 | €13,168 | €14,663 | +€1,495 | +11.4% |
| Taxes | 450/3 | €13,168 | €14,663 | +€1,495 | +11.4% |
| Other amounts payable | 47/48 | €105,000 | €206,955 | +€101,955 | +97.1% |
| Accrued charges and deferred income | 492/3 | €5,247 | €5,247 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,415 | €11,229 | +€814 | +7.8% |
| Other operating charges | 640/8 | €7,926 | €611 | -€7,315 | -92.3% |
| Gross operating margin | 9900 | €145,754 | €170,088 | +€24,334 | +16.7% |
| Operating profit (loss) | 9901 | €127,413 | €158,247 | +€30,835 | +24.2% |
| Financial income | 75/76B | €6,693 | €7,763 | +€1,070 | +16.0% |
| Recurring financial income | 75 | €6,693 | €7,763 | +€1,070 | +16.0% |
| Financial charges | 65/66B | €3,934 | €3,377 | -€557 | -14.2% |
| Recurring financial charges | 65 | €3,934 | €3,377 | -€557 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €130,172 | €162,634 | +€32,462 | +24.9% |
| Income taxes | 67/77 | €49,617 | €36,984 | -€12,633 | -25.5% |
| Profit (loss) for the period | 9904 | €80,555 | €125,650 | +€45,095 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,555 | €125,650 | +€45,095 | +56.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.