Graef
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 23 filings
Turnover
≈ €1.3m
Estimated: probably between €1.2m and €1.6m
Total assets
€980,804▲ 12.9%
2024 · €868,517
Net result
€255,521▲ 18.3%
2024 · €215,912
Working capital
€772,118▲ 49.2%
2024 · €517,623
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€344,428
▲ 19.4%
2025
20182025
Net result
€255,521
▲ 18.3%
2025
middle half of the sector
20182025
Equity
€820,782
▲ 43.7%
2025
highest quarter of the sector
20182025
Total assets
€980,804
▲ 12.9%
2025
middle half of the sector
20182025
Debt
€160,022
▼ 46.2%
2025
20182025
Working capital
€772,118
▲ 49.2%
2025
highest quarter of the sector
20182025
Solvency
83.7%
▲ 17.9pp
2025
highest quarter of the sector
20182025
Current ratio
5.83
▲ 3.08
2025
highest quarter of the sector
20182025
Return on assets (ROA)
26.1%
▲ 1.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5.6
▼ 11.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€189,313-€204,939▲ 8.3%€94,472▼ 53.9%€94,930▲ 0.5%€92,402▼ 2.7%€204,847▲ 122%€288,451▲ 40.8%€344,428▲ 19.4%
Net result€125,983-€141,224▲ 12.1%€67,040within the sector's middle half▼ 52.5%€62,813within the sector's middle half▼ 6.3%€73,470within the sector's middle half▲ 17.0%€150,575within the sector's middle half▲ 105%€215,912within the sector's middle half▲ 43.4%€255,521within the sector's middle half▲ 18.3%
Equity€304,867-€347,085▲ 13.8%€414,125within the sector's middle half▲ 19.3%€446,719within the sector's middle half▲ 7.9%€470,189within the sector's middle half▲ 5.3%€520,764within the sector's middle half▲ 10.8%€571,071within the sector's middle half▲ 9.7%€820,782above the sector's middle half▲ 43.7%
Total assets€540,718-€568,708▲ 5.2%€540,770within the sector's middle half▼ 4.9%€619,050within the sector's middle half▲ 14.5%€683,424within the sector's middle half▲ 10.4%€788,976within the sector's middle half▲ 15.4%€868,517within the sector's middle half▲ 10.1%€980,804within the sector's middle half▲ 12.9%
Debt€235,850-€211,623▼ 10.3%€116,645▼ 44.9%€162,331▲ 39.2%€213,235▲ 31.4%€268,211▲ 25.8%€297,446▲ 10.9%€160,022▼ 46.2%
Working capital€261,942-€324,017▲ 23.7%€388,933within the sector's middle half▲ 20.0%€401,628within the sector's middle half▲ 3.3%€428,957within the sector's middle half▲ 6.8%€477,054within the sector's middle half▲ 11.2%€517,623within the sector's middle half▲ 8.5%€772,118above the sector's middle half▲ 49.2%
Solvency56.4%-61.0%▲ 4.6pp76.6%above the sector's middle half▲ 15.6pp72.2%above the sector's middle half▼ 4.4pp68.8%within the sector's middle half▼ 3.4pp66.0%within the sector's middle half▼ 2.8pp65.8%within the sector's middle half▼ 0.3pp83.7%above the sector's middle half▲ 17.9pp
Current ratio2.24-2.56▲ 0.324.33above the sector's middle half▲ 1.783.47above the sector's middle half▼ 0.863.09within the sector's middle half▼ 0.382.78within the sector's middle half▼ 0.312.74within the sector's middle half▼ 0.045.83above the sector's middle half▲ 3.08
Return on assets (ROA)23.3%-24.8%▲ 1.5pp12.4%within the sector's middle half▼ 12.4pp10.1%within the sector's middle half▼ 2.3pp10.8%within the sector's middle half▲ 0.6pp19.1%within the sector's middle half▲ 8.3pp24.9%above the sector's middle half▲ 5.8pp26.1%above the sector's middle half▲ 1.2pp
Staff (FTE)6.8-5.8▼ 14.7%6.4within the sector's middle half▲ 10.3%6.6within the sector's middle half▲ 3.1%7.3within the sector's middle half▲ 10.6%6.7within the sector's middle half▼ 8.2%6.3within the sector's middle half▼ 6.0%5.6within the sector's middle half▼ 11.1%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 19% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €980,804
Fixed assets
€48,663 ▼ 9.0%
Current assets
€932,140 ▲ 14.4%
Equity and liabilities €980,804
Equity
€820,782 ▲ 43.7%
Debt
€160,022 ▼ 46.2%
Debt's share of the balance-sheet total falls from 34.2% to 16.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€362,122▲
2024 · €304,294
Cash flow
€273,215▲
2024 · €231,755
Debt to equity
0.19▼
2024 · 0.52
ROE
31.1%▼
2024 · 37.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€160,022▼
2024 · €297,446
Income taxes
€87,216▲
2024 · €70,553
Staff costs
€409,213▼
2024 · €426,735
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 9 | 10 | 6 | 6 |
| full-time | 4 | 2 | 3 | 2 | 2 |
| part-time | 6 | 7 | 7 | 4 | 4 |
| in full-time equivalents | 7.7 | 6.5 | 6.8 | 0 | 5 |
| Average over the year, in full-time equivalents | 6.6 | 7.3 | 6.7 | 6.3 | 5.6 |
| On a permanent contract | 9 | 9 | 8 | 6 | 6 |
| Joined | 9 | 2 | 2 | 4 | 5 |
| Left | 6 | 2 | 1 | 6 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €32,802 | €10,015 | €11,683 | €25,581 | €12,909 |
| Depreciation and write-downs of the year | €12,902 | €15,875 | €17,205 | €15,843 | €17,694 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €18,942 awarded · €19,388 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,440 | €3,184 |
| 2024 | 1 | €1,998 | €1,998 |
| 2023 | 1 | €6,093 | €6,795 |
| 2022 | 1 | €7,411 | €7,411 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €332,794 | €441,519 | €425,241 | €426,735 | €409,213 | ▼ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,895 | €30,049 | €10,840 | €12,902 | €15,875 | €17,205 | €15,843 | €17,694 | ▲ 11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€2,524 | €5,684 | -€2,591 | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€10,000 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €130 | €631 | €581 | €737 | €1,318 | ▲ 78.9% |
| Non-recurring operating charges66A | - | - | - | - | €12,500 | €15,140 | €0 | - | - |
| Gross operating margin9900 | €618,055 | €555,139 | €438,499 | €440,756 | €550,403 | €668,698 | €729,175 | €772,653 | ▲ 6.0% |
| Operating profit (loss)9901 | €189,313 | €204,939 | €94,472 | €94,930 | €92,402 | €204,847 | €288,451 | €344,428 | ▲ 19.4% |
| Financial income75/76B | - | - | - | €750 | €3,205 | €2,701 | €1,043 | €1,539 | ▲ 47.5% |
| Recurring financial income75 | €2 | €273 | €267 | €750 | €3,205 | €2,701 | €1,043 | €1,539 | ▲ 47.5% |
| Financial charges65/66B | - | - | - | €2,867 | €5,272 | €2,957 | €3,029 | €3,230 | ▲ 6.6% |
| Recurring financial charges65 | €4,573 | €2,938 | €2,425 | €2,867 | €5,272 | €2,957 | €3,029 | €3,230 | ▲ 6.6% |
| Profit (loss) for the period before taxes9903 | €184,742 | €202,275 | €92,313 | €92,813 | €90,335 | €204,591 | €286,465 | €342,737 | ▲ 19.6% |
| Income taxes67/77 | €58,759 | €61,051 | €25,273 | €30,000 | €16,865 | €54,015 | €70,553 | €87,216 | ▲ 23.6% |
| Profit (loss) for the period9904 | €125,983 | €141,224 | €67,040 | €62,813 | €73,470 | €150,575 | €215,912 | €255,521 | ▲ 18.3% |
| Profit (loss) for the period to be appropriated9905 | €125,983 | €141,224 | €67,040 | €62,813 | €73,470 | €150,575 | €215,912 | €255,521 | ▲ 18.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €540,718 | €568,708 | €540,770 | €619,050 | €683,424 | €788,976 | €868,517 | €980,804 | ▲ 12.9% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €66,782 | €36,496 | €35,192 | €55,092 | €49,232 | €43,710 | €53,449 | €48,663 | ▼ 9.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €66,667 | €36,381 | €35,077 | €54,977 | €49,117 | €43,595 | €53,334 | €48,548 | ▼ 9.0% |
| Plant, machinery and equipment23 | - | - | - | €31,861 | €32,576 | €27,906 | €19,922 | €14,660 | ▼ 26.4% |
| Furniture and vehicles24 | - | - | - | €23,115 | €16,541 | €15,690 | €33,411 | €33,888 | ▲ 1.4% |
| Financial fixed assets28 | €115 | €115 | €115 | €115 | €115 | €115 | €115 | €115 | = |
| Current assets29/58 | €473,936 | €532,212 | €505,578 | €563,958 | €634,192 | €745,265 | €815,068 | €932,140 | ▲ 14.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €356,406 | €358,187 | €379,186 | €521,372 | €539,708 | €673,056 | €549,587 | €613,183 | ▲ 11.6% |
| Trade receivables40 | - | - | - | €288,299 | €238,793 | €290,856 | €284,521 | €336,374 | ▲ 18.2% |
| Other amounts receivable41 | - | - | - | €233,073 | €300,915 | €382,200 | €265,066 | €276,809 | ▲ 4.4% |
| Current investments50/53 | €49 | €49 | €49 | €49 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €106,849 | €173,031 | €126,343 | €42,537 | €87,619 | €70,050 | €265,481 | €316,685 | ▲ 19.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €6,866 | €2,160 | €0 | €2,272 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €540,718 | €568,708 | €540,770 | €619,050 | €683,424 | €788,976 | €868,517 | €980,804 | ▲ 12.9% |
| Equity10/15 | €304,867 | €347,085 | €414,125 | €446,719 | €470,189 | €520,764 | €571,071 | €820,782 | ▲ 43.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €286,267 | €328,485 | €395,525 | €428,119 | €451,589 | €502,164 | €552,471 | €802,182 | ▲ 45.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €426,259 | €449,729 | €500,304 | €550,611 | €800,322 | ▲ 45.4% |
| Profit (loss) carried forward14 | €0 | €0 | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | €10,000 | €10,000 | €10,000 | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €10,000 | €0 | - | - | - | - |
| Environmental obligations163 | - | - | - | €10,000 | €0 | - | - | - | - |
| Amounts payable17/49 | €235,850 | €211,623 | €116,645 | €162,331 | €213,235 | €268,211 | €297,446 | €160,022 | ▼ 46.2% |
| Amounts payable after more than one year17 | €23,857 | €3,428 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €211,993 | €208,196 | €116,645 | €162,331 | €205,235 | €268,211 | €297,446 | €160,022 | ▼ 46.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | €20,392 | €293 | €22 | €35 | €12 | ▼ 66.2% |
| Credit institutions430/8 | - | - | - | €392 | €293 | €0 | - | - | - |
| Other loans439 | - | - | - | €20,000 | €0 | €22 | €35 | €12 | ▼ 66.2% |
| Trade debts44 | €24,647 | €36,463 | €70,006 | €77,480 | €73,112 | €84,230 | €96,375 | €81,470 | ▼ 15.5% |
| Suppliers440/4 | - | - | - | €77,480 | €73,112 | €84,230 | €96,375 | €81,470 | ▼ 15.5% |
| Taxes, remuneration and social security45 | - | - | - | €51,832 | €81,724 | €83,959 | €49,344 | €78,202 | ▲ 58.5% |
| Taxes450/3 | - | - | - | €7,532 | €17,264 | €17,152 | €14,937 | €31,832 | ▲ 113% |
| Remuneration and social security454/9 | - | - | - | €44,300 | €64,459 | €66,808 | €34,408 | €46,370 | ▲ 34.8% |
| Other amounts payable47/48 | - | - | - | €12,628 | €50,106 | €100,000 | €151,691 | €339 | ▼ 99.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €8,000 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €125,983 | €141,224 | €67,040 | €62,813 | €73,470 | €150,575 | €215,912 | €255,521 | ▲ 18.3% |
| + Depreciation and write-downs630 | €39,895 | €30,049 | €10,840 | €12,902 | €15,875 | €17,205 | €15,843 | €17,694 | ▲ 11.7% |
| Operating cash flow (approximation) | €165,878 | €171,273 | €77,880 | €75,715 | €89,344 | €167,780 | €231,755 | €273,215 | ▲ 17.9% |
| Investment in fixed assets (approximation) | - | €237 | -€9,536 | -€32,802 | -€10,015 | -€11,683 | -€25,581 | -€12,909 | ▲ 49.5% |
| Change in cash | - | €66,182 | -€46,688 | -€83,806 | €45,082 | -€17,569 | €195,432 | €51,204 | ▼ 73.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as Graef has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Graef itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for Graef. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00303151 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00270221 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00390226 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00379726 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20369689 | |
| 31-12-2020 | abbreviated format | 15-10-2021 | 2021-72000291 | |
| 31-12-2019 | abbreviated format | 31-10-2020 | 2020-67000283 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59300361 | |
| 31-12-2017 | abbreviated format | 05-09-2018 | 2018-61700394 | |
| 31-12-2016 | abbreviated format | 22-09-2017 | 2017-62100313 |