GRAYPEN: 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.
GRAYPEN
Largest movements
- Cash -€447,677
down €447,677 (-42.2%), from €1.1m to €613,598
mainly Trade debts (-€553,229) and Contributions, distributions and other (-€250,000)
- Receivables within one year -€370,379
down €370,379 (-35.0%), from €1.1m to €686,469
of which Trade receivables: -€333,331
- Trade debts -€553,229
down €553,229 (-35.0%), from €1.6m to €1.0m
- Profit (loss) carried forward -€221,643
down €221,643 (-67.5%), from €328,468 to €106,825
- Tax, wage and social debts -€34,171
down €34,171 (-20.4%), from €167,396 to €133,225
- Gross operating margin -€81,597
down €81,597 (-14.4%), from €564,952 to €483,355
- Staff costs -€53,721
down €53,721 (-11.1%), from €483,863 to €430,142
- Taxes -€13,491
down €13,491 (-37.0%), from €36,440 to €22,949
- Financial income -€5,700
down €5,700 (-50.0%), from €11,411 to €5,711
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 | €2,214,829 | €1,402,829 | -€812,000 | -36.7% |
| Fixed assets | 21/28 | €76,423 | €82,847 | +€6,424 | +8.4% |
| Tangible fixed assets | 22/27 | €1,255 | €7,679 | +€6,424 | +511.9% |
| Plant, machinery and equipment | 23 | €599 | €3,869 | +€3,270 | +546.1% |
| Furniture and vehicles | 24 | €656 | €3,810 | +€3,154 | +480.7% |
| Financial fixed assets | 28 | €75,168 | €75,168 | = | 0.0% |
| Current assets | 29/58 | €2,138,406 | €1,319,983 | -€818,423 | -38.3% |
| Amounts receivable within one year | 40/41 | €1,056,849 | €686,469 | -€370,379 | -35.0% |
| Trade receivables | 40 | €994,448 | €661,117 | -€333,331 | -33.5% |
| Other amounts receivable | 41 | €62,401 | €25,352 | -€37,049 | -59.4% |
| Cash at bank and in hand | 54/58 | €1,061,275 | €613,598 | -€447,677 | -42.2% |
| Deferred charges and accrued income | 490/1 | €20,283 | €19,916 | -€367 | -1.8% |
| Total equity and liabilities | 10/49 | €2,214,829 | €1,402,829 | -€812,000 | -36.7% |
| Equity | 10/15 | €347,018 | €125,375 | -€221,643 | -63.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €328,468 | €106,825 | -€221,643 | -67.5% |
| Amounts payable | 17/49 | €1,867,811 | €1,277,454 | -€590,357 | -31.6% |
| Amounts payable within one year | 42/48 | €1,867,811 | €1,277,454 | -€590,357 | -31.6% |
| Trade debts | 44 | €1,580,895 | €1,027,666 | -€553,229 | -35.0% |
| Suppliers | 440/4 | €1,580,895 | €1,027,666 | -€553,229 | -35.0% |
| Advances received on contracts in progress | 46 | €119,520 | €116,563 | -€2,957 | -2.5% |
| Taxes, remuneration and social security | 45 | €167,396 | €133,225 | -€34,171 | -20.4% |
| Remuneration and social security | 454/9 | €167,396 | €133,225 | -€34,171 | -20.4% |
| Remuneration, social security and pensions | 62 | €483,863 | €430,142 | -€53,721 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547 | €2,418 | +€1,870 | +341.8% |
| Other operating charges | 640/8 | €563 | €2,272 | +€1,708 | +303.4% |
| Gross operating margin | 9900 | €564,952 | €483,355 | -€81,597 | -14.4% |
| Operating profit (loss) | 9901 | €79,979 | €48,524 | -€31,455 | -39.3% |
| Financial income | 75/76B | €11,411 | €5,711 | -€5,700 | -50.0% |
| Recurring financial income | 75 | €11,411 | €5,711 | -€5,700 | -50.0% |
| Financial charges | 65/66B | €2,584 | €2,929 | +€345 | +13.4% |
| Recurring financial charges | 65 | €2,584 | €2,929 | +€345 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €88,806 | €51,306 | -€37,500 | -42.2% |
| Income taxes | 67/77 | €36,440 | €22,949 | -€13,491 | -37.0% |
| Profit (loss) for the period | 9904 | €52,366 | €28,357 | -€24,009 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,366 | €28,357 | -€24,009 | -45.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.