GRAEFF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-07-2026 at the NBB all 4 filings
Turnover
≈ €81,000
Estimated: probably between €39,000 and €160,000
Total assets
€1.3m▲ 16×
2024 · €80,851
Net result
€8,505▼ 39.1%
2024 · €13,956
Working capital
€3,052▼ 92.5%
2024 · €40,751
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€14,716
▼ 32.0%
2025
20222025
Net result
€8,505
▼ 39.1%
2025
middle half of the sector
20222025
Equity
€1.2m
▲ 23×
2025
highest quarter of the sector
20222025
Total assets
€1.3m
▲ 16×
2025
highest quarter of the sector
20222025
Debt
€84,354
▲ 212%
2025
20222025
Working capital
€3,052
▼ 92.5%
2025
middle half of the sector
20222025
Solvency
93.6%
▲ 26.9pp
2025
highest quarter of the sector
20222025
Current ratio
1.07
▼ 1.48
2025
middle half of the sector
20222025
Return on assets (ROA)
0.6%
▼ 16.6pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€0.03m-€0.01m▼ 47.1%€0.02m▲ 47.3%€0.01m▼ 32.0%
Net result€0.02mwithin the sector's middle half-€0.01mwithin the sector's middle half▼ 35.5%€0.01mwithin the sector's middle half▲ 19.0%€0.009mwithin the sector's middle half▼ 39.1%
Equity€0.03mwithin the sector's middle half-€0.04mwithin the sector's middle half▲ 41.6%€0.05mwithin the sector's middle half▲ 35.0%€1.2mabove the sector's middle half▲ 23×
Total assets€0.04mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 38.7%€0.08mwithin the sector's middle half▲ 31.7%€1.3mabove the sector's middle half▲ 16×
Debt€0.02m-€0.02m▲ 33.5%€0.03m▲ 25.6%€0.08m▲ 212%
Working capital€0.02mwithin the sector's middle half-€0.03mwithin the sector's middle half▲ 30.7%€0.04mwithin the sector's middle half▲ 53.3%€0.003mwithin the sector's middle half▼ 92.5%
Solvency63.6%within the sector's middle half-65.0%within the sector's middle half▲ 1.3pp66.6%within the sector's middle half▲ 1.6pp93.6%above the sector's middle half▲ 26.9pp
Current ratio2.26within the sector's middle half-2.24within the sector's middle half▼ 0.032.55within the sector's middle half▲ 0.311.07within the sector's middle half▼ 1.48
Return on assets (ROA)41.1%above the sector's middle half-19.1%within the sector's middle half▼ 22.0pp17.3%within the sector's middle half▼ 1.8pp0.6%below the sector's middle half▼ 16.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 32% lower than in 2024.
Large changes and their cause
- 2025 Equity +2,175%, Total assets +1,520% on 2024. Part of NEXT QUEST VENTURES received in a demerger, effective 02-12-2025.
Turnover and EBIT margin are not published. The micro 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 €1.3m
Fixed assets
€1.3m ▲ 92×
Current assets
€44,495 ▼ 33.6%
Equity and liabilities €1.3m
Equity
€1.2m ▲ 23×
Debt
€84,354 ▲ 212%
Debt's share of the balance-sheet total falls from 33.4% to 6.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,610▼
2024 · €23,246
Cash flow
€10,399▼
2024 · €15,564
Debt to equity
0.07▼
2024 · 0.50
ROE
0.7%▼
2024 · 25.9%
Interest coverage
12.47▼
2024 · 21.54
Debt ≤ 1 year
€41,443▲
2024 · €26,288
Debt > 1 year
€37,500
Income taxes
€4,879▼
2024 · €6,603
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €9,052 | €6,713 | €2,105 | - |
| Depreciation and write-downs of the year | €1,209 | €1,241 | €1,608 | €1,894 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,209 | €1,241 | €1,608 | €1,894 | ▲ 17.8% |
| Other operating charges640/8 | €991 | - | €282 | €732 | ▲ 160% |
| Gross operating margin9900 | €29,947 | €15,926 | €23,528 | €17,342 | ▼ 26.3% |
| Operating profit (loss)9901 | €27,747 | €14,685 | €21,638 | €14,716 | ▼ 32.0% |
| Financial income75/76B | - | €13 | - | - | - |
| Recurring financial income75 | - | €13 | - | - | - |
| Financial charges65/66B | €405 | €142 | €1,079 | €1,332 | ▲ 23.4% |
| Recurring financial charges65 | €405 | €142 | €1,079 | €1,332 | ▲ 23.4% |
| Profit (loss) for the period before taxes9903 | €27,342 | €14,556 | €20,559 | €13,384 | ▼ 34.9% |
| Income taxes67/77 | €9,167 | €2,832 | €6,603 | €4,879 | ▼ 26.1% |
| Profit (loss) for the period9904 | €18,175 | €11,724 | €13,956 | €8,505 | ▼ 39.1% |
| Profit (loss) for the period to be appropriated9905 | €18,175 | €11,724 | €13,956 | €8,505 | ▼ 39.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.04m | €0.06m | €0.08m | €1.3m | ▲ 16× |
| Fixed assets21/28 | €0.008m | €0.01m | €0.01m | €1.3m | ▲ 92× |
| Tangible fixed assets22/27 | €0.008m | €0.01m | €0.01m | €0.01m | ▼ 13.7% |
| Plant, machinery and equipment23 | - | €0.006m | €0.007m | €0.006m | ▼ 13.1% |
| Furniture and vehicles24 | €0.008m | €0.007m | €0.007m | €0.006m | ▼ 14.3% |
| Financial fixed assets28 | - | - | - | €1.3m | - |
| Current assets29/58 | €0.04m | €0.05m | €0.07m | €0.04m | ▼ 33.6% |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.06m | €0.01m | ▼ 75.8% |
| Trade receivables40 | €0.02m | €0.04m | €0.06m | €0.009m | ▼ 85.4% |
| Other amounts receivable41 | €333 | - | - | €0.006m | - |
| Cash at bank and in hand54/58 | €0.01m | €0.004m | €0.009m | €0.03m | ▲ 248% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.04m | €0.06m | €0.08m | €1.3m | ▲ 16× |
| Equity10/15 | €0.03m | €0.04m | €0.05m | €1.2m | ▲ 23× |
| Contributions10/11 | €0.01m | €0.01m | €0.01m | €1.2m | ▲ 115× |
| Reserves13 | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 26.5% |
| Distributable reserves133 | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 26.5% |
| Profit (loss) carried forward14 | - | €0.01m | €0.01m | €0.03m | ▲ 189% |
| Amounts payable17/49 | €0.02m | €0.02m | €0.03m | €0.08m | ▲ 212% |
| Amounts payable after more than one year17 | - | - | - | €0.04m | - |
| Financial debts170/4 | - | - | - | €0.04m | - |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 57.6% |
| Trade debts44 | €0.003m | €0.002m | €0.002m | €0.007m | ▲ 332% |
| Suppliers440/4 | €0.003m | €0.002m | €0.002m | €0.007m | ▲ 332% |
| Taxes, remuneration and social security45 | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 27.0% |
| Taxes450/3 | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 27.2% |
| Remuneration and social security454/9 | - | - | €25 | - | - |
| Other amounts payable47/48 | - | €0.006m | €0.01m | €0.02m | ▲ 51.6% |
| Accrued charges and deferred income492/3 | - | - | €0.001m | €0.005m | ▲ 665% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.01m | €0.01m | €0.009m | ▼ 39.1% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 17.8% |
| Operating cash flow (approximation) | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 33.2% |
| Investment in fixed assets (approximation) | - | -€0.007m | -€0.002m | -€1.3m | ▼ 59,425% |
| Change in cash | - | -€0.01m | €0.005m | €0.02m | ▲ 357% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.