De Graef Law: 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 Graef Law
Largest movements
- Cash -€41,729
down €41,729 (-13.4%), from €311,641 to €269,912
mainly Contributions, distributions and other (-€109,903) and Other debts (-€92,846)
- Receivables within one year -€34,808
down €34,808 (-58.7%), from €59,315 to €24,507
- Tangible fixed assets +€22,908
up €22,908 (+15.8%), from €144,992 to €167,900
of which Furniture and vehicles: +€25,064
- Other debts -€92,846
down €92,846 (-62.2%), from €149,256 to €56,410
- Reserves +€37,907
up €37,907 (+12.7%), from €297,904 to €335,811
- Tax, wage and social debts +€15,441
up €15,441 (+44.3%), from €34,889 to €50,330
- Trade debts -€13,574
down €13,574 (-93.0%), from €14,589 to €1,015
- Gross operating margin -€47,067
down €47,067 (-16.0%), from €293,561 to €246,494
- Taxes -€18,879
down €18,879 (-20.6%), from €91,719 to €72,839
- Depreciation +€9,631
up €9,631 (+55.4%), from €17,383 to €27,014
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 | €516,985 | €463,913 | -€53,072 | -10.3% |
| Fixed assets | 21/28 | €144,992 | €167,900 | +€22,908 | +15.8% |
| Tangible fixed assets | 22/27 | €144,992 | €167,900 | +€22,908 | +15.8% |
| Furniture and vehicles | 24 | €135,183 | €160,246 | +€25,064 | +18.5% |
| Other tangible fixed assets | 26 | €9,810 | €7,654 | -€2,156 | -22.0% |
| Current assets | 29/58 | €371,992 | €296,013 | -€75,980 | -20.4% |
| Amounts receivable within one year | 40/41 | €59,315 | €24,507 | -€34,808 | -58.7% |
| Trade receivables | 40 | €59,315 | €24,507 | -€34,808 | -58.7% |
| Cash at bank and in hand | 54/58 | €311,641 | €269,912 | -€41,729 | -13.4% |
| Deferred charges and accrued income | 490/1 | €1,037 | €1,594 | +€557 | +53.7% |
| Total equity and liabilities | 10/49 | €516,985 | €463,913 | -€53,072 | -10.3% |
| Equity | 10/15 | €318,251 | €356,158 | +€37,907 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,904 | €335,811 | +€37,907 | +12.7% |
| Distributable reserves | 133 | €297,904 | €335,811 | +€37,907 | +12.7% |
| Profit (loss) carried forward | 14 | €1,747 | €1,747 | = | 0.0% |
| Amounts payable | 17/49 | €198,734 | €107,755 | -€90,979 | -45.8% |
| Amounts payable within one year | 42/48 | €198,734 | €107,755 | -€90,979 | -45.8% |
| Trade debts | 44 | €14,589 | €1,015 | -€13,574 | -93.0% |
| Suppliers | 440/4 | €14,589 | €1,015 | -€13,574 | -93.0% |
| Taxes, remuneration and social security | 45 | €34,889 | €50,330 | +€15,441 | +44.3% |
| Taxes | 450/3 | €34,889 | €50,330 | +€15,441 | +44.3% |
| Other amounts payable | 47/48 | €149,256 | €56,410 | -€92,846 | -62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,383 | €27,014 | +€9,631 | +55.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €293,561 | €246,494 | -€47,067 | -16.0% |
| Operating profit (loss) | 9901 | €275,790 | €219,080 | -€56,710 | -20.6% |
| Financial income | 75/76B | €2,138 | €1,640 | -€498 | -23.3% |
| Recurring financial income | 75 | €2,138 | €1,640 | -€498 | -23.3% |
| Financial charges | 65/66B | €69 | €70 | +€1 | +2.0% |
| Recurring financial charges | 65 | €69 | €70 | +€1 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €277,860 | €220,650 | -€57,210 | -20.6% |
| Income taxes | 67/77 | €91,719 | €72,839 | -€18,879 | -20.6% |
| Profit (loss) for the period | 9904 | €186,141 | €147,811 | -€38,330 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,141 | €147,811 | -€38,330 | -20.6% |
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 19 October 2026 via checked.be.