GRADATEX: 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.
What changed
GRADATEX
NACE 13.921, Manufacture of textiles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,365
2024 · €16,338-€3,973
Equity
€298,250
2024 · €285,885+€12,365
Cash
€25,386
2024 · €26,608-€1,222
Balance sheet total
€1.4m
2024 · €1.1m+€242,098
Largest movements
Assets
- Receivables within one year +€230,185
up €230,185 (+75.2%), from €305,965 to €536,150
of which Trade receivables: +€229,343
- Stocks and contracts +€50,083
up €50,083 (+8.2%), from €607,477 to €657,560
- Tangible fixed assets -€36,916
down €36,916 (-27.2%), from €135,747 to €98,831
of which Leasing and similar rights: -€25,784
Equity and liabilities
- Trade debts +€249,131
up €249,131 (+51.5%), from €483,288 to €732,419
Income statement
- Write-downs -€27,602
down €27,602 (-98.6%), from €28,000 to €398
- Gross operating margin -€19,769
down €19,769 (-7.2%), from €276,101 to €256,331
- Financial income +€17,586
up €17,586 (+268%), from €6,574 to €24,160
- Staff costs +€16,327
up €16,327 (+10.7%), from €152,521 to €168,848
- Depreciation +€8,147
up €8,147 (+23.2%), from €35,064 to €43,211
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.
Result 2024
€16,338
Gross operating margin
-€19,769
Staff costs
-€16,327
Depreciation
-€8,147
Write-downs
+€27,602
Other operating charges
+€2,319
Other operating items
-€6,119
Financial income
+€17,586
Financial charges
-€1,764
Taxes
+€645
Result 2025
€12,365
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€14,439
Investment
-€6,295
Financing
-€9,365
Cash 2024
€26,608
From operations (derived)
+€14,439
Net result for the year
+€12,365
Depreciation
+€43,211
Stocks and contracts
-€50,083
Receivables within one year
-€230,185
Deferred charges and accrued income
+€32
Trade debts
+€249,131
Tax, wage and social debts
+€2,467
Other debts
-€12,500
Investment (derived)
-€6,295
Investment in fixed assets (net)
-€6,295
Financing
-€9,365
Debts after one year
-€10,514
Current portion of long-term debt
-€10,604
Short-term financial debts
+€11,753
Cash 2025
€25,386
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,138,618 | €1,380,717 | +€242,098 | +21.3% |
| Fixed assets | 21/28 | €135,747 | €98,831 | -€36,916 | -27.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €135,747 | €98,831 | -€36,916 | -27.2% |
| Plant, machinery and equipment | 23 | €26,689 | €21,676 | -€5,013 | -18.8% |
| Furniture and vehicles | 24 | €14,605 | €8,487 | -€6,119 | -41.9% |
| Leasing and similar rights | 25 | €94,452 | €68,668 | -€25,784 | -27.3% |
| Current assets | 29/58 | €1,002,872 | €1,281,885 | +€279,014 | +27.8% |
| Stocks and contracts in progress | 3 | €607,477 | €657,560 | +€50,083 | +8.2% |
| Stocks | 30/36 | €607,477 | €657,560 | +€50,083 | +8.2% |
| Amounts receivable within one year | 40/41 | €305,965 | €536,150 | +€230,185 | +75.2% |
| Trade receivables | 40 | €303,912 | €533,255 | +€229,343 | +75.5% |
| Other amounts receivable | 41 | €2,053 | €2,895 | +€843 | +41.1% |
| Cash at bank and in hand | 54/58 | €26,608 | €25,386 | -€1,222 | -4.6% |
| Deferred charges and accrued income | 490/1 | €62,821 | €62,789 | -€32 | -0.1% |
| Total equity and liabilities | 10/49 | €1,138,618 | €1,380,717 | +€242,098 | +21.3% |
| Equity | 10/15 | €285,885 | €298,250 | +€12,365 | +4.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €51,903 | €51,903 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,244 | €10,244 | = | 0.0% |
| Distributable reserves | 133 | €39,800 | €39,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,390 | €227,755 | +€12,365 | +5.7% |
| Amounts payable | 17/49 | €852,733 | €1,082,467 | +€229,733 | +26.9% |
| Amounts payable after more than one year | 17 | €106,526 | €96,012 | -€10,514 | -9.9% |
| Financial debts | 170/4 | €57,776 | €47,262 | -€10,514 | -18.2% |
| Other amounts payable | 178/9 | €48,750 | €48,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €746,208 | €986,455 | +€240,247 | +32.2% |
| Current portion of amounts payable after more than one year | 42 | €21,118 | €10,514 | -€10,604 | -50.2% |
| Financial debts | 43 | €81,112 | €92,865 | +€11,753 | +14.5% |
| Credit institutions | 430/8 | €81,112 | €92,865 | +€11,753 | +14.5% |
| Trade debts | 44 | €483,288 | €732,419 | +€249,131 | +51.5% |
| Suppliers | 440/4 | €483,288 | €732,419 | +€249,131 | +51.5% |
| Taxes, remuneration and social security | 45 | €64,405 | €66,872 | +€2,467 | +3.8% |
| Taxes | 450/3 | €49,546 | €45,152 | -€4,394 | -8.9% |
| Remuneration and social security | 454/9 | €14,859 | €21,720 | +€6,861 | +46.2% |
| Other amounts payable | 47/48 | €96,285 | €83,785 | -€12,500 | -13.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €152,521 | €168,848 | +€16,327 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,064 | €43,211 | +€8,147 | +23.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,000 | €398 | -€27,602 | -98.6% |
| Other operating charges | 640/8 | €8,197 | €5,878 | -€2,319 | -28.3% |
| Non-recurring operating charges | 66A | - | €6,119 | +€6,119 | |
| Gross operating margin | 9900 | €276,101 | €256,331 | -€19,769 | -7.2% |
| Operating profit (loss) | 9901 | €52,319 | €31,878 | -€20,440 | -39.1% |
| Financial income | 75/76B | €6,574 | €24,160 | +€17,586 | +268% |
| Recurring financial income | 75 | €6,574 | €24,160 | +€17,586 | +268% |
| Financial charges | 65/66B | €34,560 | €36,324 | +€1,764 | +5.1% |
| Recurring financial charges | 65 | €34,560 | €36,324 | +€1,764 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €24,333 | €19,714 | -€4,618 | -19.0% |
| Income taxes | 67/77 | €7,994 | €7,349 | -€645 | -8.1% |
| Profit (loss) for the period | 9904 | €16,338 | €12,365 | -€3,973 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,338 | €12,365 | -€3,973 | -24.3% |
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 17 October 2026 via checked.be.