de Graaf - van Til: 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.
de Graaf - van Til
Largest movements
- Current investments -€595,500
no longer reported in 2025 (was €595,500)
- Stocks and contracts +€42,293
up €42,293 (+1.7%), from €2.4m to €2.5m
of which Stocks: +€42,293
- Receivables within one year +€41,537
up €41,537 (+28.0%), from €148,353 to €189,889
of which Trade receivables: +€27,614
- Short-term financial debts -€559,082
no longer reported in 2025 (was €559,082)
- Current portion of long-term debt +€210,726
up €210,726 (+9.4%), from €2.2m to €2.5m
- Trade debts -€112,919
down €112,919 (-64.4%), from €175,341 to €62,422
- Profit (loss) carried forward -€68,377
down €68,377 (-70.6%), from €96,788 to €28,411
- Gross operating margin -€185,826
down €185,826, from €181,495 to -€4,332
- Taxes -€31,693
no longer reported in 2025 (was €31,693)
- Financial charges +€14,178
up €14,178 (+30.3%), from €46,778 to €60,957
- Other operating charges -€3,368
down €3,368 (-66.3%), from €5,078 to €1,710
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,199,956 | €2,669,796 | -€530,160 | -16.6% |
| Fixed assets | 21/28 | €8,454 | €5,334 | -€3,120 | -36.9% |
| Tangible fixed assets | 22/27 | €3,120 | - | -€3,120 | |
| Plant, machinery and equipment | 23 | €533 | - | -€533 | |
| Furniture and vehicles | 24 | €2,587 | - | -€2,587 | |
| Financial fixed assets | 28 | €5,334 | €5,334 | = | 0.0% |
| Current assets | 29/58 | €3,191,503 | €2,664,462 | -€527,040 | -16.5% |
| Stocks and contracts in progress | 3 | €2,431,335 | €2,473,628 | +€42,293 | +1.7% |
| Stocks | 30/36 | €2,299,790 | €2,342,083 | +€42,293 | +1.8% |
| Contracts in progress | 37 | €131,545 | €131,545 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €148,353 | €189,889 | +€41,537 | +28.0% |
| Trade receivables | 40 | €147,753 | €175,367 | +€27,614 | +18.7% |
| Other amounts receivable | 41 | €600 | €14,523 | +€13,923 | +2,320% |
| Current investments | 50/53 | €595,500 | - | -€595,500 | |
| Cash at bank and in hand | 54/58 | - | €459 | +€459 | |
| Deferred charges and accrued income | 490/1 | €16,315 | €486 | -€15,829 | -97.0% |
| Total equity and liabilities | 10/49 | €3,199,956 | €2,669,796 | -€530,160 | -16.6% |
| Equity | 10/15 | €180,612 | €112,235 | -€68,377 | -37.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €73,824 | €73,824 | = | 0.0% |
| Distributable reserves | 133 | €73,824 | €73,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,788 | €28,411 | -€68,377 | -70.6% |
| Amounts payable | 17/49 | €3,019,344 | €2,557,561 | -€461,783 | -15.3% |
| Amounts payable within one year | 42/48 | €3,019,344 | €2,557,561 | -€461,783 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €2,245,922 | €2,456,647 | +€210,726 | +9.4% |
| Financial debts | 43 | €559,082 | - | -€559,082 | |
| Credit institutions | 430/8 | €559,082 | - | -€559,082 | |
| Trade debts | 44 | €175,341 | €62,422 | -€112,919 | -64.4% |
| Suppliers | 440/4 | €175,341 | €62,422 | -€112,919 | -64.4% |
| Taxes, remuneration and social security | 45 | €39,000 | €38,426 | -€574 | -1.5% |
| Taxes | 450/3 | €39,000 | €38,426 | -€574 | -1.5% |
| Other amounts payable | 47/48 | - | €66 | +€66 | |
| Remuneration, social security and pensions | 62 | €1,353 | - | -€1,353 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,049 | €533 | -€1,516 | -74.0% |
| Other operating charges | 640/8 | €5,078 | €1,710 | -€3,368 | -66.3% |
| Non-recurring operating charges | 66A | - | €934 | +€934 | |
| Gross operating margin | 9900 | €181,495 | -€4,332 | -€185,826 | |
| Operating profit (loss) | 9901 | €173,015 | -€7,509 | -€180,524 | |
| Financial income | 75/76B | €338 | €89 | -€249 | -73.8% |
| Recurring financial income | 75 | €338 | €89 | -€249 | -73.8% |
| Financial charges | 65/66B | €46,778 | €60,957 | +€14,178 | +30.3% |
| Recurring financial charges | 65 | €46,778 | €60,957 | +€14,178 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €126,574 | -€68,377 | -€194,951 | |
| Income taxes | 67/77 | €31,693 | - | -€31,693 | |
| Profit (loss) for the period | 9904 | €94,881 | -€68,377 | -€163,258 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,881 | -€68,377 | -€163,258 |
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 15 October 2026 via checked.be.