GRAYWAN: 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.
GRAYWAN
Largest movements
- Cash -€105,381
down €105,381 (-11.9%), from €885,258 to €779,878
mainly Contributions, distributions and other (-€104,523) and Other debts (-€26,930)
- Reserves -€77,609
down €77,609 (-10.7%), from €724,201 to €646,592
of which Distributable reserves: -€77,609
- Other debts -€26,930
down €26,930 (-14.5%), from €186,155 to €159,225
- Gross operating margin -€174,356
down €174,356 (-82.2%), from €212,050 to €37,694
- Taxes -€55,494
down €55,494 (-80.7%), from €68,767 to €13,273
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 | €978,650 | €875,345 | -€103,305 | -10.6% |
| Fixed assets | 21/28 | €93,140 | €85,478 | -€7,662 | -8.2% |
| Tangible fixed assets | 22/27 | €93,140 | €85,478 | -€7,662 | -8.2% |
| Land and buildings | 22 | €83,279 | €80,736 | -€2,542 | -3.1% |
| Plant, machinery and equipment | 23 | €2,614 | €1,495 | -€1,119 | -42.8% |
| Furniture and vehicles | 24 | €7,247 | €3,247 | -€4,001 | -55.2% |
| Current assets | 29/58 | €885,510 | €789,867 | -€95,644 | -10.8% |
| Amounts receivable within one year | 40/41 | €0 | €9,737 | +€9,737 | |
| Trade receivables | 40 | €0 | €1,500 | +€1,500 | |
| Other amounts receivable | 41 | - | €8,237 | +€8,237 | |
| Cash at bank and in hand | 54/58 | €885,258 | €779,878 | -€105,381 | -11.9% |
| Deferred charges and accrued income | 490/1 | €252 | €252 | = | 0.0% |
| Total equity and liabilities | 10/49 | €978,650 | €875,345 | -€103,305 | -10.6% |
| Equity | 10/15 | €786,201 | €708,592 | -€77,609 | -9.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €724,201 | €646,592 | -€77,609 | -10.7% |
| Non-distributable reserves | 130/1 | €11,155 | €11,155 | = | 0.0% |
| Legal reserve | 130 | €11,155 | €11,155 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,539 | €5,539 | = | 0.0% |
| Distributable reserves | 133 | €707,507 | €629,898 | -€77,609 | -11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €192,449 | €166,753 | -€25,696 | -13.4% |
| Amounts payable within one year | 42/48 | €192,449 | €166,753 | -€25,696 | -13.4% |
| Trade debts | 44 | €968 | €1,668 | +€701 | +72.4% |
| Suppliers | 440/4 | €968 | €1,668 | +€701 | +72.4% |
| Taxes, remuneration and social security | 45 | €5,327 | €5,860 | +€533 | +10.0% |
| Taxes | 450/3 | €5,327 | €5,860 | +€533 | +10.0% |
| Other amounts payable | 47/48 | €186,155 | €159,225 | -€26,930 | -14.5% |
| Non-recurring operating income | 76A | €5,200 | €0 | -€5,200 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,859 | €8,842 | -€1,017 | -10.3% |
| Other operating charges | 640/8 | €9,656 | €9,653 | -€3 | 0.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €212,050 | €37,694 | -€174,356 | -82.2% |
| Operating profit (loss) | 9901 | €192,535 | €19,199 | -€173,337 | -90.0% |
| Financial income | 75/76B | €21,884 | €21,322 | -€562 | -2.6% |
| Recurring financial income | 75 | €21,884 | €21,322 | -€562 | -2.6% |
| Financial charges | 65/66B | €135 | €333 | +€198 | +147.0% |
| Recurring financial charges | 65 | €135 | €333 | +€198 | +147.0% |
| Profit (loss) for the period before taxes | 9903 | €214,284 | €40,187 | -€174,097 | -81.2% |
| Income taxes | 67/77 | €68,767 | €13,273 | -€55,494 | -80.7% |
| Profit (loss) for the period | 9904 | €145,517 | €26,914 | -€118,603 | -81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €145,517 | €26,914 | -€118,603 | -81.5% |
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 11 October 2026 via checked.be.