DE GRAUWE Willy: 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 GRAUWE Willy
Largest movements
- Stocks and contracts +€898,850
up €898,850 (+1,612%), from €55,745 to €954,595
- Receivables within one year -€587,276
down €587,276 (-75.7%), from €776,245 to €188,969
of which Trade receivables: -€628,556
- Cash -€60,027
down €60,027 (-14.8%), from €404,752 to €344,725
mainly Stocks and contracts (-€898,850) and Advances received (-€427,575)
- Tangible fixed assets -€41,879
down €41,879 (-3.2%), from €1.3m to €1.3m
- Financial fixed assets +€28,500
new in 2025: €28,500
- Short-term financial debts +€457,824
up €457,824, from €0 to €457,824
- Advances received -€427,575
down €427,575 (-86.1%), from €496,678 to €69,103
- Reserves +€130,317
up €130,317 (+6.7%), from €1.9m to €2.1m
of which Distributable reserves: +€136,140
- Trade debts +€79,595
up €79,595 (+4,324%), from €1,841 to €81,436
- Tax, wage and social debts -€37,978
down €37,978 (-69.2%), from €54,903 to €16,925
of which Taxes: -€38,206
- Gross operating margin +€127,953
up €127,953 (+28.4%), from €449,942 to €577,895
- Financial income -€112,513
down €112,513 (-98.9%), from €113,715 to €1,203
of which Non-recurring financial income: -€112,481
- Staff costs +€27,580
up €27,580 (+11.8%), from €234,041 to €261,621
- Other operating charges +€9,617
up €9,617 (+464%), from €2,074 to €11,691
- Depreciation +€7,321
up €7,321 (+14.9%), from €49,182 to €56,503
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 | €2,570,439 | €2,808,228 | +€237,789 | +9.3% |
| Fixed assets | 21/28 | €1,327,858 | €1,314,479 | -€13,379 | -1.0% |
| Tangible fixed assets | 22/27 | €1,327,858 | €1,285,979 | -€41,879 | -3.2% |
| Land and buildings | 22 | €1,241,486 | €1,221,472 | -€20,014 | -1.6% |
| Plant, machinery and equipment | 23 | €1,757 | €213 | -€1,543 | -87.9% |
| Furniture and vehicles | 24 | €84,615 | €64,293 | -€20,322 | -24.0% |
| Financial fixed assets | 28 | - | €28,500 | +€28,500 | |
| Current assets | 29/58 | €1,242,581 | €1,493,750 | +€251,168 | +20.2% |
| Stocks and contracts in progress | 3 | €55,745 | €954,595 | +€898,850 | +1,612% |
| Stocks | 30/36 | €55,745 | €954,595 | +€898,850 | +1,612% |
| Amounts receivable within one year | 40/41 | €776,245 | €188,969 | -€587,276 | -75.7% |
| Trade receivables | 40 | €682,814 | €54,258 | -€628,556 | -92.1% |
| Other amounts receivable | 41 | €93,430 | €134,710 | +€41,280 | +44.2% |
| Current investments | 50/53 | €730 | €0 | -€730 | -100% |
| Cash at bank and in hand | 54/58 | €404,752 | €344,725 | -€60,027 | -14.8% |
| Deferred charges and accrued income | 490/1 | €5,110 | €5,461 | +€351 | +6.9% |
| Total equity and liabilities | 10/49 | €2,570,439 | €2,808,228 | +€237,789 | +9.3% |
| Equity | 10/15 | €1,958,942 | €2,089,259 | +€130,317 | +6.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,939,942 | €2,070,259 | +€130,317 | +6.7% |
| Non-distributable reserves | 130/1 | €28,340 | €28,340 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,340 | €28,340 | = | 0.0% |
| Tax-exempt reserves | 132 | €215,510 | €209,687 | -€5,823 | -2.7% |
| Distributable reserves | 133 | €1,696,092 | €1,832,232 | +€136,140 | +8.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €53,087 | €51,146 | -€1,941 | -3.7% |
| Deferred taxes | 168 | €53,087 | €51,146 | -€1,941 | -3.7% |
| Amounts payable | 17/49 | €558,411 | €667,824 | +€109,413 | +19.6% |
| Amounts payable within one year | 42/48 | €556,028 | €664,469 | +€108,441 | +19.5% |
| Financial debts | 43 | €0 | €457,824 | +€457,824 | |
| Credit institutions | 430/8 | €0 | €457,824 | +€457,824 | |
| Trade debts | 44 | €1,841 | €81,436 | +€79,595 | +4,324% |
| Suppliers | 440/4 | €1,841 | €81,436 | +€79,595 | +4,324% |
| Advances received on contracts in progress | 46 | €496,678 | €69,103 | -€427,575 | -86.1% |
| Taxes, remuneration and social security | 45 | €54,903 | €16,925 | -€37,978 | -69.2% |
| Taxes | 450/3 | €51,456 | €13,250 | -€38,206 | -74.3% |
| Remuneration and social security | 454/9 | €3,447 | €3,675 | +€228 | +6.6% |
| Other amounts payable | 47/48 | €2,607 | €39,182 | +€36,575 | +1,403% |
| Accrued charges and deferred income | 492/3 | €2,382 | €3,355 | +€973 | +40.8% |
| Remuneration, social security and pensions | 62 | €234,041 | €261,621 | +€27,580 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,182 | €56,503 | +€7,321 | +14.9% |
| Other operating charges | 640/8 | €2,074 | €11,691 | +€9,617 | +464% |
| Gross operating margin | 9900 | €449,942 | €577,895 | +€127,953 | +28.4% |
| Operating profit (loss) | 9901 | €164,646 | €248,080 | +€83,435 | +50.7% |
| Financial income | 75/76B | €113,715 | €1,203 | -€112,513 | -98.9% |
| Recurring financial income | 75 | €1,234 | €1,203 | -€31 | -2.5% |
| Non-recurring financial income | 76B | €112,481 | €0 | -€112,481 | -100% |
| Financial charges | 65/66B | €7,905 | €8,426 | +€521 | +6.6% |
| Recurring financial charges | 65 | €7,905 | €8,426 | +€521 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €270,456 | €240,857 | -€29,599 | -10.9% |
| Transfer from deferred taxes | 780 | €1,941 | €1,941 | = | 0.0% |
| Income taxes | 67/77 | €80,048 | €74,881 | -€5,167 | -6.5% |
| Profit (loss) for the period | 9904 | €192,349 | €167,917 | -€24,432 | -12.7% |
| Transfer from tax-exempt reserves | 789 | €5,823 | €5,823 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €198,172 | €173,740 | -€24,432 | -12.3% |
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 1 November 2026 via checked.be.