DE GRAEF: 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 GRAEF
Largest movements
- Cash +€22,883
up €22,883 (+47.0%), from €48,730 to €71,613
mainly Net result for the year (+€42,423) and Tax, wage and social debts (+€9,976)
- Receivables within one year +€17,000
up €17,000 (+862.0%), from €1,972 to €18,973
- Tangible fixed assets -€6,495
down €6,495 (-48.5%), from €13,400 to €6,905
- Deferred charges and accrued income +€1,106
new in 2025: €1,106
- Profit (loss) carried forward +€42,423
up €42,423 (+154.9%), from €27,388 to €69,811
- Debts after one year -€18,250
no longer reported in 2025 (was €18,250)
- Tax, wage and social debts +€9,976
up €9,976 (+113.2%), from €8,814 to €18,791
- Other debts +€1,430
up €1,430 (+73.2%), from €1,952 to €3,382
- Trade debts -€1,085
down €1,085 (-40.2%), from €2,698 to €1,613
- Gross operating margin +€18,125
up €18,125 (+42.1%), from €43,028 to €61,153
- Taxes +€3,645
up €3,645 (+45.3%), from €8,047 to €11,692
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 | €64,103 | €98,597 | +€34,495 | +53.8% |
| Fixed assets | 21/28 | €13,400 | €6,905 | -€6,495 | -48.5% |
| Tangible fixed assets | 22/27 | €13,400 | €6,905 | -€6,495 | -48.5% |
| Furniture and vehicles | 24 | €13,400 | €6,905 | -€6,495 | -48.5% |
| Current assets | 29/58 | €50,702 | €91,692 | +€40,989 | +80.8% |
| Amounts receivable within one year | 40/41 | €1,972 | €18,973 | +€17,000 | +862.0% |
| Trade receivables | 40 | €1,972 | €18,973 | +€17,000 | +862.0% |
| Cash at bank and in hand | 54/58 | €48,730 | €71,613 | +€22,883 | +47.0% |
| Deferred charges and accrued income | 490/1 | - | €1,106 | +€1,106 | |
| Total equity and liabilities | 10/49 | €64,103 | €98,597 | +€34,495 | +53.8% |
| Equity | 10/15 | €32,388 | €74,811 | +€42,423 | +131.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,388 | €69,811 | +€42,423 | +154.9% |
| Amounts payable | 17/49 | €31,715 | €23,786 | -€7,929 | -25.0% |
| Amounts payable after more than one year | 17 | €18,250 | - | -€18,250 | |
| Financial debts | 170/4 | €18,250 | - | -€18,250 | |
| Amounts payable within one year | 42/48 | €13,465 | €23,786 | +€10,321 | +76.7% |
| Trade debts | 44 | €2,698 | €1,613 | -€1,085 | -40.2% |
| Suppliers | 440/4 | €2,698 | €1,613 | -€1,085 | -40.2% |
| Taxes, remuneration and social security | 45 | €8,814 | €18,791 | +€9,976 | +113.2% |
| Taxes | 450/3 | €8,814 | €18,791 | +€9,976 | +113.2% |
| Other amounts payable | 47/48 | €1,952 | €3,382 | +€1,430 | +73.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,010 | €6,495 | -€515 | -7.4% |
| Other operating charges | 640/8 | €543 | €318 | -€225 | -41.4% |
| Gross operating margin | 9900 | €43,028 | €61,153 | +€18,125 | +42.1% |
| Operating profit (loss) | 9901 | €35,475 | €54,340 | +€18,865 | +53.2% |
| Financial charges | 65/66B | €40 | €225 | +€184 | +458.2% |
| Recurring financial charges | 65 | €40 | €225 | +€184 | +458.2% |
| Profit (loss) for the period before taxes | 9903 | €35,435 | €54,116 | +€18,681 | +52.7% |
| Income taxes | 67/77 | €8,047 | €11,692 | +€3,645 | +45.3% |
| Profit (loss) for the period | 9904 | €27,388 | €42,423 | +€15,035 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,388 | €42,423 | +€15,035 | +54.9% |
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 8 October 2026 via checked.be.