DE GRAAF: 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.
DE GRAAF
Largest movements
- Receivables within one year -€46,990
down €46,990 (-41.2%), from €114,162 to €67,172
of which Trade receivables: -€46,998
- Tangible fixed assets -€14,676
down €14,676 (-7.2%), from €204,356 to €189,681
of which Land and buildings: -€12,873
- Cash -€12,691
down €12,691 (-85.7%), from €14,803 to €2,111
mainly Debts after one year (-€97,952) and Current portion of long-term debt (-€16,260)
- Debts after one year -€97,952
no longer reported in 2025 (was €97,952)
- Reserves +€37,819
up €37,819 (+23.7%), from €159,705 to €197,524
of which Distributable reserves: +€37,819
- Current portion of long-term debt -€16,260
down €16,260 (-56.3%), from €28,858 to €12,598
- Other operating charges -€6,080
down €6,080 (-80.3%), from €7,576 to €1,496
- Gross operating margin -€2,704
down €2,704 (-3.2%), from €83,350 to €80,646
- Taxes +€1,398
up €1,398 (+9.8%), from €14,233 to €15,631
- Depreciation -€940
down €940 (-4.9%), from €19,018 to €18,078
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 | €1,096,750 | €1,020,566 | -€76,184 | -6.9% |
| Fixed assets | 21/28 | €965,419 | €950,743 | -€14,676 | -1.5% |
| Tangible fixed assets | 22/27 | €204,356 | €189,681 | -€14,676 | -7.2% |
| Land and buildings | 22 | €193,530 | €180,657 | -€12,873 | -6.7% |
| Plant, machinery and equipment | 23 | €2,393 | €1,864 | -€529 | -22.1% |
| Furniture and vehicles | 24 | €8,433 | €7,160 | -€1,273 | -15.1% |
| Financial fixed assets | 28 | €761,063 | €761,063 | = | 0.0% |
| Current assets | 29/58 | €131,331 | €69,822 | -€61,508 | -46.8% |
| Amounts receivable within one year | 40/41 | €114,162 | €67,172 | -€46,990 | -41.2% |
| Trade receivables | 40 | €114,162 | €67,163 | -€46,998 | -41.2% |
| Other amounts receivable | 41 | - | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €14,803 | €2,111 | -€12,691 | -85.7% |
| Deferred charges and accrued income | 490/1 | €2,366 | €539 | -€1,827 | -77.2% |
| Total equity and liabilities | 10/49 | €1,096,750 | €1,020,566 | -€76,184 | -6.9% |
| Equity | 10/15 | €840,702 | €878,521 | +€37,819 | +4.5% |
| Contributions | 10/11 | €482,000 | €482,000 | = | 0.0% |
| Reserves | 13 | €159,705 | €197,524 | +€37,819 | +23.7% |
| Non-distributable reserves | 130/1 | €12,480 | €12,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,480 | €12,480 | = | 0.0% |
| Distributable reserves | 133 | €147,225 | €185,043 | +€37,819 | +25.7% |
| Profit (loss) carried forward | 14 | €198,997 | €198,997 | = | 0.0% |
| Amounts payable | 17/49 | €256,048 | €142,045 | -€114,003 | -44.5% |
| Amounts payable after more than one year | 17 | €97,952 | - | -€97,952 | |
| Financial debts | 170/4 | €97,952 | - | -€97,952 | |
| Amounts payable within one year | 42/48 | €150,870 | €129,184 | -€21,686 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €28,858 | €12,598 | -€16,260 | -56.3% |
| Trade debts | 44 | €11,841 | €3,283 | -€8,558 | -72.3% |
| Suppliers | 440/4 | €11,841 | €3,283 | -€8,558 | -72.3% |
| Taxes, remuneration and social security | 45 | €31,579 | €24,609 | -€6,969 | -22.1% |
| Taxes | 450/3 | €29,949 | €24,609 | -€5,340 | -17.8% |
| Remuneration and social security | 454/9 | €1,630 | - | -€1,630 | |
| Other amounts payable | 47/48 | €78,593 | €88,694 | +€10,101 | +12.9% |
| Accrued charges and deferred income | 492/3 | €7,225 | €12,861 | +€5,636 | +78.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,018 | €18,078 | -€940 | -4.9% |
| Other operating charges | 640/8 | €7,576 | €1,496 | -€6,080 | -80.3% |
| Gross operating margin | 9900 | €83,350 | €80,646 | -€2,704 | -3.2% |
| Operating profit (loss) | 9901 | €56,756 | €61,072 | +€4,316 | +7.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,178 | €7,623 | +€445 | +6.2% |
| Recurring financial charges | 65 | €7,178 | €7,623 | +€445 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €49,579 | €53,449 | +€3,870 | +7.8% |
| Income taxes | 67/77 | €14,233 | €15,631 | +€1,398 | +9.8% |
| Profit (loss) for the period | 9904 | €35,346 | €37,819 | +€2,473 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,346 | €37,819 | +€2,473 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.