De Griffel: 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 Griffel
Largest movements
- Cash +€18,915
up €18,915 (+48.1%), from €39,344 to €58,259
mainly Trade debts (+€33,854) and Net result for the year (+€22,309)
- Tangible fixed assets -€12,332
down €12,332 (-21.1%), from €58,329 to €45,997
of which Furniture and vehicles: -€11,878
- Stocks and contracts +€7,299
up €7,299 (+12.2%), from €59,708 to €67,007
- Trade debts +€33,854
up €33,854 (+592.6%), from €5,713 to €39,567
- Other debts -€32,393
down €32,393 (-73.2%), from €44,268 to €11,875
- Reserves +€21,476
up €21,476 (+40.7%), from €52,791 to €74,267
- Debts after one year -€10,269
down €10,269 (-41.6%), from €24,661 to €14,391
- Gross operating margin +€27,958
up €27,958 (+54.1%), from €51,708 to €79,665
- Taxes +€2,127
up €2,127 (+838.7%), from €254 to €2,380
- Other operating charges -€1,887
down €1,887 (-80.3%), from €2,349 to €463
- Staff costs +€1,375
up €1,375 (+4.2%), from €32,659 to €34,034
- Financial income -€891
down €891 (-66.1%), from €1,349 to €457
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 | €160,336 | €174,947 | +€14,611 | +9.1% |
| Fixed assets | 21/28 | €58,329 | €45,997 | -€12,332 | -21.1% |
| Tangible fixed assets | 22/27 | €58,329 | €45,997 | -€12,332 | -21.1% |
| Plant, machinery and equipment | 23 | €7,175 | €6,721 | -€454 | -6.3% |
| Furniture and vehicles | 24 | €51,154 | €39,276 | -€11,878 | -23.2% |
| Current assets | 29/58 | €102,007 | €128,950 | +€26,943 | +26.4% |
| Stocks and contracts in progress | 3 | €59,708 | €67,007 | +€7,299 | +12.2% |
| Stocks | 30/36 | €59,708 | €67,007 | +€7,299 | +12.2% |
| Amounts receivable within one year | 40/41 | €2,904 | €3,685 | +€780 | +26.9% |
| Trade receivables | 40 | €2,904 | €3,685 | +€780 | +26.9% |
| Cash at bank and in hand | 54/58 | €39,344 | €58,259 | +€18,915 | +48.1% |
| Deferred charges and accrued income | 490/1 | €50 | - | -€50 | |
| Total equity and liabilities | 10/49 | €160,336 | €174,947 | +€14,611 | +9.1% |
| Equity | 10/15 | €71,383 | €92,859 | +€21,476 | +30.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €52,791 | €74,267 | +€21,476 | +40.7% |
| Distributable reserves | 133 | €52,791 | €74,267 | +€21,476 | +40.7% |
| Amounts payable | 17/49 | €88,952 | €82,088 | -€6,864 | -7.7% |
| Amounts payable after more than one year | 17 | €24,661 | €14,391 | -€10,269 | -41.6% |
| Financial debts | 170/4 | €24,661 | €14,391 | -€10,269 | -41.6% |
| Amounts payable within one year | 42/48 | €63,101 | €66,250 | +€3,149 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €9,841 | €10,269 | +€428 | +4.4% |
| Trade debts | 44 | €5,713 | €39,567 | +€33,854 | +592.6% |
| Suppliers | 440/4 | €5,713 | €39,567 | +€33,854 | +592.6% |
| Taxes, remuneration and social security | 45 | €3,279 | €4,538 | +€1,259 | +38.4% |
| Taxes | 450/3 | €3,279 | €4,538 | +€1,259 | +38.4% |
| Other amounts payable | 47/48 | €44,268 | €11,875 | -€32,393 | -73.2% |
| Accrued charges and deferred income | 492/3 | €1,191 | €1,447 | +€256 | +21.5% |
| Non-recurring operating income | 76A | €1 | €1 | +€0 | +59.3% |
| Remuneration, social security and pensions | 62 | €32,659 | €34,034 | +€1,375 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,813 | €19,358 | +€545 | +2.9% |
| Other operating charges | 640/8 | €2,349 | €463 | -€1,887 | -80.3% |
| Gross operating margin | 9900 | €51,708 | €79,665 | +€27,958 | +54.1% |
| Operating profit (loss) | 9901 | -€2,114 | €25,810 | +€27,924 | |
| Financial income | 75/76B | €1,349 | €457 | -€891 | -66.1% |
| Recurring financial income | 75 | €1,349 | €457 | -€891 | -66.1% |
| Financial charges | 65/66B | €2,001 | €1,579 | -€422 | -21.1% |
| Recurring financial charges | 65 | €2,001 | €1,579 | -€422 | -21.1% |
| Non-recurring financial charges | 66B | €0 | €0 | +€0 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,766 | €24,689 | +€27,455 | |
| Income taxes | 67/77 | €254 | €2,380 | +€2,127 | +838.7% |
| Profit (loss) for the period | 9904 | -€3,020 | €22,309 | +€25,328 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,020 | €22,309 | +€25,328 |
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.