DAVID GRAUX: 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.
DAVID GRAUX
Largest movements
- Receivables within one year +€12,520
up €12,520 (+98.0%), from €12,780 to €25,300
of which Trade receivables: +€12,925
- Cash -€4,396
down €4,396 (-50.2%), from €8,763 to €4,367
mainly Receivables within one year (-€12,520) and Contributions, distributions and other (-€5,251)
- Deferred charges and accrued income +€1,772
up €1,772 (+218.1%), from €813 to €2,585
- Tangible fixed assets -€750
down €750 (-6.9%), from €10,808 to €10,058
of which Plant, machinery and equipment: -€396
- Reserves +€6,913
up €6,913 (+50.3%), from €13,744 to €20,657
- Tax, wage and social debts +€5,226
up €5,226 (+113.2%), from €4,616 to €9,842
- Profit (loss) carried forward -€2,351
no longer reported in 2025 (was €2,351)
- Trade debts -€1,903
down €1,903 (-30.7%), from €6,201 to €4,298
- Current portion of long-term debt +€1,263
new in 2025: €1,263
- Gross operating margin +€4,039
up €4,039 (+29.1%), from €13,861 to €17,900
- Taxes +€1,026
up €1,026 (+27.0%), from €3,799 to €4,825
- Depreciation +€448
up €448 (+26.1%), from €1,713 to €2,161
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 | €33,163 | €42,310 | +€9,147 | +27.6% |
| Fixed assets | 21/28 | €10,808 | €10,058 | -€750 | -6.9% |
| Tangible fixed assets | 22/27 | €10,808 | €10,058 | -€750 | -6.9% |
| Land and buildings | 22 | €8,246 | €8,189 | -€57 | -0.7% |
| Plant, machinery and equipment | 23 | €1,846 | €1,450 | -€396 | -21.5% |
| Furniture and vehicles | 24 | €716 | €419 | -€297 | -41.5% |
| Current assets | 29/58 | €22,355 | €32,252 | +€9,897 | +44.3% |
| Amounts receivable within one year | 40/41 | €12,780 | €25,300 | +€12,520 | +98.0% |
| Trade receivables | 40 | €1,099 | €14,024 | +€12,925 | +1176.2% |
| Other amounts receivable | 41 | €11,681 | €11,277 | -€404 | -3.5% |
| Cash at bank and in hand | 54/58 | €8,763 | €4,367 | -€4,396 | -50.2% |
| Deferred charges and accrued income | 490/1 | €813 | €2,585 | +€1,772 | +218.1% |
| Total equity and liabilities | 10/49 | €33,163 | €42,310 | +€9,147 | +27.6% |
| Equity | 10/15 | €22,346 | €26,907 | +€4,561 | +20.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €13,744 | €20,657 | +€6,913 | +50.3% |
| Distributable reserves | 133 | €13,744 | €20,657 | +€6,913 | +50.3% |
| Profit (loss) carried forward | 14 | €2,351 | - | -€2,351 | |
| Amounts payable | 17/49 | €10,817 | €15,403 | +€4,586 | +42.4% |
| Amounts payable within one year | 42/48 | €10,817 | €15,403 | +€4,586 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | - | €1,263 | +€1,263 | |
| Trade debts | 44 | €6,201 | €4,298 | -€1,903 | -30.7% |
| Suppliers | 440/4 | €6,201 | €4,298 | -€1,903 | -30.7% |
| Taxes, remuneration and social security | 45 | €4,616 | €9,842 | +€5,226 | +113.2% |
| Taxes | 450/3 | €4,616 | €9,842 | +€5,226 | +113.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,713 | €2,161 | +€448 | +26.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €13,861 | €17,900 | +€4,039 | +29.1% |
| Operating profit (loss) | 9901 | €11,761 | €15,339 | +€3,579 | +30.4% |
| Financial income | 75/76B | €811 | €779 | -€32 | -3.9% |
| Recurring financial income | 75 | €811 | €779 | -€32 | -3.9% |
| Financial charges | 65/66B | €1,448 | €1,481 | +€33 | +2.3% |
| Recurring financial charges | 65 | €1,448 | €1,481 | +€33 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €11,124 | €14,638 | +€3,514 | +31.6% |
| Income taxes | 67/77 | €3,799 | €4,825 | +€1,026 | +27.0% |
| Profit (loss) for the period | 9904 | €7,324 | €9,813 | +€2,488 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,324 | €9,813 | +€2,488 | +34.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.