DE GRAEVE: 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 GRAEVE
Largest movements
- Receivables within one year -€14,197
down €14,197 (-30.2%), from €47,026 to €32,828
of which Trade receivables: -€15,328
- Cash +€7,575
up €7,575 (+43.9%), from €17,273 to €24,848
mainly Depreciation (+€40,957) and Receivables within one year (+€14,197)
- Tangible fixed assets -€6,494
down €6,494 (-3.5%), from €187,596 to €181,102
of which Plant, machinery and equipment: -€16,571
- Stocks and contracts -€5,949
down €5,949 (-28.2%), from €21,088 to €15,139
- Intangible fixed assets -€5,500
no longer reported in 2025 (was €5,500)
- Debts after one year -€10,322
down €10,322 (-10.8%), from €95,606 to €85,284
- Profit (loss) carried forward -€9,826
down €9,826, from €699 to -€9,127
- Reserves -€6,000
down €6,000 (-4.9%), from €123,667 to €117,667
- Other operating charges +€12,557
up €12,557 (+512.1%), from €2,452 to €15,009
- Write-downs +€8,099
up €8,099, from -€124 to €7,975
- Gross operating margin +€6,177
up €6,177 (+12.2%), from €50,804 to €56,981
- Depreciation +€4,318
up €4,318 (+11.8%), from €36,639 to €40,957
- Financial income +€2,243
up €2,243 (+595.3%), from €377 to €2,620
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 | €286,366 | €258,663 | -€27,703 | -9.7% |
| Fixed assets | 21/28 | €193,396 | €181,402 | -€11,994 | -6.2% |
| Intangible fixed assets | 21 | €5,500 | - | -€5,500 | |
| Tangible fixed assets | 22/27 | €187,596 | €181,102 | -€6,494 | -3.5% |
| Land and buildings | 22 | €158,241 | €145,425 | -€12,816 | -8.1% |
| Plant, machinery and equipment | 23 | €27,480 | €10,909 | -€16,571 | -60.3% |
| Furniture and vehicles | 24 | €1,875 | €614 | -€1,261 | -67.2% |
| Leasing and similar rights | 25 | - | €24,154 | +€24,154 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €92,970 | €77,261 | -€15,709 | -16.9% |
| Stocks and contracts in progress | 3 | €21,088 | €15,139 | -€5,949 | -28.2% |
| Stocks | 30/36 | €21,088 | €15,139 | -€5,949 | -28.2% |
| Amounts receivable within one year | 40/41 | €47,026 | €32,828 | -€14,197 | -30.2% |
| Trade receivables | 40 | €40,888 | €25,560 | -€15,328 | -37.5% |
| Other amounts receivable | 41 | €6,138 | €7,268 | +€1,131 | +18.4% |
| Cash at bank and in hand | 54/58 | €17,273 | €24,848 | +€7,575 | +43.9% |
| Deferred charges and accrued income | 490/1 | €7,584 | €4,446 | -€3,138 | -41.4% |
| Total equity and liabilities | 10/49 | €286,366 | €258,663 | -€27,703 | -9.7% |
| Equity | 10/15 | €154,366 | €138,540 | -€15,826 | -10.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €123,667 | €117,667 | -€6,000 | -4.9% |
| Distributable reserves | 133 | €123,667 | €117,667 | -€6,000 | -4.9% |
| Profit (loss) carried forward | 14 | €699 | -€9,127 | -€9,826 | |
| Amounts payable | 17/49 | €132,000 | €120,123 | -€11,877 | -9.0% |
| Amounts payable after more than one year | 17 | €95,606 | €85,284 | -€10,322 | -10.8% |
| Financial debts | 170/4 | €95,606 | €85,284 | -€10,322 | -10.8% |
| Amounts payable within one year | 42/48 | €36,394 | €34,839 | -€1,555 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €33,140 | €33,676 | +€537 | +1.6% |
| Trade debts | 44 | €2,421 | €30 | -€2,391 | -98.8% |
| Suppliers | 440/4 | €2,421 | €30 | -€2,391 | -98.8% |
| Taxes, remuneration and social security | 45 | €833 | €833 | = | 0.0% |
| Taxes | 450/3 | €833 | €833 | = | 0.0% |
| Other amounts payable | 47/48 | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,639 | €40,957 | +€4,318 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€124 | €7,975 | +€8,099 | |
| Other operating charges | 640/8 | €2,452 | €15,009 | +€12,557 | +512.1% |
| Gross operating margin | 9900 | €50,804 | €56,981 | +€6,177 | +12.2% |
| Operating profit (loss) | 9901 | €11,837 | -€6,959 | -€18,796 | |
| Financial income | 75/76B | €377 | €2,620 | +€2,243 | +595.3% |
| Recurring financial income | 75 | €377 | €2,620 | +€2,243 | +595.3% |
| Financial charges | 65/66B | €5,848 | €5,331 | -€517 | -8.8% |
| Recurring financial charges | 65 | €5,848 | €5,331 | -€517 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €6,366 | -€9,670 | -€16,036 | |
| Income taxes | 67/77 | €667 | €156 | -€511 | -76.6% |
| Profit (loss) for the period | 9904 | €5,699 | -€9,826 | -€15,525 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,699 | -€9,826 | -€15,525 |
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 11 October 2026 via checked.be.