GRAYLING: 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.
GRAYLING
Largest movements
- Financial fixed assets +€287,815
up €287,815 (+7.0%), from €4.1m to €4.4m
- Receivables within one year -€177,407
down €177,407 (-29.5%), from €601,339 to €423,932
of which Other amounts receivable: -€152,590
- Tangible fixed assets +€94,437
up €94,437 (+139%), from €67,712 to €162,148
of which Other tangible fixed assets: +€107,708
- Cash +€94,018
up €94,018 (+63.8%), from €147,284 to €241,303
mainly Receivables within one year (+€177,407) and Trade debts (+€153,590)
- Deferred charges and accrued income -€73,726
down €73,726 (-68.6%), from €107,458 to €33,733
- Trade debts +€153,590
up €153,590 (+38.0%), from €404,222 to €557,811
- Other debts +€104,191
up €104,191 (+13.9%), from €750,000 to €854,191
- Accrued charges and deferred income +€75,457
up €75,457 (+46.2%), from €163,197 to €238,654
- Tax, wage and social debts -€68,946
down €68,946 (-46.6%), from €148,077 to €79,131
of which Remuneration and social security: -€80,894
- Gross operating margin -€506,027
down €506,027 (-61.4%), from €823,586 to €317,559
- Staff costs -€433,370
down €433,370 (-45.8%), from €946,007 to €512,637
- Financial income +€13,053
up €13,053 (+4.5%), from €289,361 to €302,414
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,055,309 | €5,280,446 | +€225,137 | +4.5% |
| Fixed assets | 21/28 | €4,199,227 | €4,581,479 | +€382,252 | +9.1% |
| Tangible fixed assets | 22/27 | €67,712 | €162,148 | +€94,437 | +139% |
| Furniture and vehicles | 24 | €19,896 | €35,873 | +€15,977 | +80.3% |
| Other tangible fixed assets | 26 | €18,567 | €126,275 | +€107,708 | +580% |
| Assets under construction and advance payments | 27 | €29,248 | €0 | -€29,248 | -100% |
| Financial fixed assets | 28 | €4,131,515 | €4,419,331 | +€287,815 | +7.0% |
| Current assets | 29/58 | €856,082 | €698,967 | -€157,115 | -18.4% |
| Amounts receivable within one year | 40/41 | €601,339 | €423,932 | -€177,407 | -29.5% |
| Trade receivables | 40 | €437,859 | €413,042 | -€24,817 | -5.7% |
| Other amounts receivable | 41 | €163,480 | €10,890 | -€152,590 | -93.3% |
| Cash at bank and in hand | 54/58 | €147,284 | €241,303 | +€94,018 | +63.8% |
| Deferred charges and accrued income | 490/1 | €107,458 | €33,733 | -€73,726 | -68.6% |
| Total equity and liabilities | 10/49 | €5,055,309 | €5,280,446 | +€225,137 | +4.5% |
| Equity | 10/15 | €3,589,813 | €3,550,658 | -€39,155 | -1.1% |
| Contributions | 10/11 | €123,973 | €123,973 | = | 0.0% |
| Capital | 10 | €123,973 | €123,973 | = | 0.0% |
| Issued capital | 100 | €123,973 | €123,973 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,453,445 | €3,414,290 | -€39,155 | -1.1% |
| Amounts payable | 17/49 | €1,465,495 | €1,729,788 | +€264,292 | +18.0% |
| Amounts payable within one year | 42/48 | €1,302,299 | €1,491,134 | +€188,835 | +14.5% |
| Trade debts | 44 | €404,222 | €557,811 | +€153,590 | +38.0% |
| Suppliers | 440/4 | €404,222 | €557,811 | +€153,590 | +38.0% |
| Taxes, remuneration and social security | 45 | €148,077 | €79,131 | -€68,946 | -46.6% |
| Taxes | 450/3 | €21,054 | €33,002 | +€11,948 | +56.7% |
| Remuneration and social security | 454/9 | €127,023 | €46,129 | -€80,894 | -63.7% |
| Other amounts payable | 47/48 | €750,000 | €854,191 | +€104,191 | +13.9% |
| Accrued charges and deferred income | 492/3 | €163,197 | €238,654 | +€75,457 | +46.2% |
| Non-recurring operating income | 76A | €12,771 | €7,217 | -€5,554 | -43.5% |
| Remuneration, social security and pensions | 62 | €946,007 | €512,637 | -€433,370 | -45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,109 | €45,683 | +€7,573 | +19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €90,235 | €89,870 | -€365 | -0.4% |
| Non-recurring operating charges | 66A | €27,130 | €0 | -€27,130 | -100% |
| Gross operating margin | 9900 | €823,586 | €317,559 | -€506,027 | -61.4% |
| Operating profit (loss) | 9901 | -€277,895 | -€330,631 | -€52,736 | -19.0% |
| Financial income | 75/76B | €289,361 | €302,414 | +€13,053 | +4.5% |
| Recurring financial income | 75 | €289,361 | €302,414 | +€13,053 | +4.5% |
| Financial charges | 65/66B | €16,628 | €8,438 | -€8,190 | -49.3% |
| Recurring financial charges | 65 | €16,628 | €8,438 | -€8,190 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,163 | -€36,655 | -€31,492 | -610% |
| Income taxes | 67/77 | €6,306 | €2,500 | -€3,806 | -60.4% |
| Profit (loss) for the period | 9904 | -€11,469 | -€39,155 | -€27,686 | -241% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,469 | -€39,155 | -€27,686 | -241% |
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 18 October 2026 via checked.be.