DE GRAAL: 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 GRAAL
Largest movements
- Cash -€125,926
down €125,926 (-24.0%), from €525,614 to €399,688
mainly Investment in fixed assets (net) (-€143,300) and Debts after one year (-€118,432)
- Stocks and contracts +€40,692
up €40,692 (+14.7%), from €276,261 to €316,953
- Tangible fixed assets -€22,080
down €22,080 (-2.3%), from €973,930 to €951,849
of which Plant, machinery and equipment: -€49,140
- Reserves +€129,667
up €129,667 (+12.1%), from €1.1m to €1.2m
of which Distributable reserves: +€129,667
- Debts after one year -€118,432
down €118,432 (-23.1%), from €513,466 to €395,033
- Other debts -€99,030
down €99,030 (-46.0%), from €215,493 to €116,463
- Gross operating margin -€24,759
down €24,759 (-5.0%), from €494,930 to €470,171
- Other operating charges -€21,596
down €21,596 (-16.8%), from €128,374 to €106,779
- Financial income -€11,254
down €11,254 (-59.2%), from €19,005 to €7,751
- Depreciation +€10,677
up €10,677 (+6.9%), from €154,704 to €165,381
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 | €2,021,697 | €1,920,632 | -€101,065 | -5.0% |
| Fixed assets | 21/28 | €1,012,734 | €990,654 | -€22,080 | -2.2% |
| Tangible fixed assets | 22/27 | €973,930 | €951,849 | -€22,080 | -2.3% |
| Land and buildings | 22 | €742,310 | €771,114 | +€28,804 | +3.9% |
| Plant, machinery and equipment | 23 | €216,600 | €167,459 | -€49,140 | -22.7% |
| Furniture and vehicles | 24 | €15,020 | €13,276 | -€1,744 | -11.6% |
| Financial fixed assets | 28 | €38,805 | €38,805 | = | 0.0% |
| Current assets | 29/58 | €1,008,962 | €929,978 | -€78,984 | -7.8% |
| Stocks and contracts in progress | 3 | €276,261 | €316,953 | +€40,692 | +14.7% |
| Stocks | 30/36 | €276,261 | €316,953 | +€40,692 | +14.7% |
| Amounts receivable within one year | 40/41 | €103,102 | €114,726 | +€11,624 | +11.3% |
| Trade receivables | 40 | €72,953 | €82,839 | +€9,886 | +13.6% |
| Other amounts receivable | 41 | €30,149 | €31,887 | +€1,738 | +5.8% |
| Current investments | 50/53 | €101,828 | €95,609 | -€6,219 | -6.1% |
| Cash at bank and in hand | 54/58 | €525,614 | €399,688 | -€125,926 | -24.0% |
| Deferred charges and accrued income | 490/1 | €2,157 | €3,002 | +€845 | +39.2% |
| Total equity and liabilities | 10/49 | €2,021,697 | €1,920,632 | -€101,065 | -5.0% |
| Equity | 10/15 | €1,101,054 | €1,230,721 | +€129,667 | +11.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,076,054 | €1,205,721 | +€129,667 | +12.1% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,019,804 | €1,149,471 | +€129,667 | +12.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €920,643 | €689,911 | -€230,732 | -25.1% |
| Amounts payable after more than one year | 17 | €513,466 | €395,033 | -€118,432 | -23.1% |
| Financial debts | 170/4 | €513,466 | €395,033 | -€118,432 | -23.1% |
| Amounts payable within one year | 42/48 | €407,177 | €294,878 | -€112,299 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €136,021 | €118,432 | -€17,588 | -12.9% |
| Trade debts | 44 | €27,819 | €26,267 | -€1,552 | -5.6% |
| Suppliers | 440/4 | €27,819 | €26,267 | -€1,552 | -5.6% |
| Taxes, remuneration and social security | 45 | €27,845 | €33,716 | +€5,871 | +21.1% |
| Taxes | 450/3 | €27,845 | €27,838 | -€7 | 0.0% |
| Remuneration and social security | 454/9 | €0 | €5,878 | +€5,878 | |
| Other amounts payable | 47/48 | €215,493 | €116,463 | -€99,030 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,704 | €165,381 | +€10,677 | +6.9% |
| Other operating charges | 640/8 | €128,374 | €106,779 | -€21,596 | -16.8% |
| Gross operating margin | 9900 | €494,930 | €470,171 | -€24,759 | -5.0% |
| Operating profit (loss) | 9901 | €211,852 | €198,012 | -€13,840 | -6.5% |
| Financial income | 75/76B | €19,005 | €7,751 | -€11,254 | -59.2% |
| Recurring financial income | 75 | €19,005 | €7,751 | -€11,254 | -59.2% |
| Financial charges | 65/66B | €14,163 | €18,845 | +€4,682 | +33.1% |
| Recurring financial charges | 65 | €14,163 | €18,845 | +€4,682 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €216,694 | €186,917 | -€29,777 | -13.7% |
| Income taxes | 67/77 | €61,459 | €57,250 | -€4,209 | -6.8% |
| Profit (loss) for the period | 9904 | €155,234 | €129,667 | -€25,568 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €155,234 | €129,667 | -€25,568 | -16.5% |
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 24 October 2026 via checked.be.