DEGRAEUWE: 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.
DEGRAEUWE
Largest movements
- Cash +€112,013
up €112,013 (+338%), from €33,103 to €145,116
mainly Trade debts (+€91,891) and Depreciation (+€52,518)
- Receivables within one year +€52,869
up €52,869 (+65.5%), from €80,661 to €133,531
of which Trade receivables: +€65,473
- Tangible fixed assets -€33,594
down €33,594 (-32.8%), from €102,521 to €68,927
of which Furniture and vehicles: -€17,511
- Intangible fixed assets -€5,500
down €5,500 (-25.0%), from €22,000 to €16,500
- Trade debts +€91,891
up €91,891 (+293%), from €31,333 to €123,224
- Reserves +€43,150
up €43,150 (+51.0%), from €84,682 to €127,832
- Debts after one year -€34,352
down €34,352 (-48.2%), from €71,255 to €36,903
- Accrued charges and deferred income +€21,616
up €21,616 (+150,320%), from €14 to €21,630
- Tax, wage and social debts +€12,315
up €12,315 (+111%), from €11,079 to €23,394
of which Taxes: +€9,334
- Gross operating margin +€65,736
up €65,736 (+55.2%), from €119,181 to €184,917
- Taxes +€13,890
up €13,890, from €0 to €13,890
- Other operating charges -€2,763
down €2,763 (-42.8%), from €6,450 to €3,687
- Financial charges -€1,919
down €1,919 (-26.0%), from €7,389 to €5,470
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 | €257,947 | €386,328 | +€128,381 | +49.8% |
| Fixed assets | 21/28 | €124,746 | €85,692 | -€39,054 | -31.3% |
| Intangible fixed assets | 21 | €22,000 | €16,500 | -€5,500 | -25.0% |
| Tangible fixed assets | 22/27 | €102,521 | €68,927 | -€33,594 | -32.8% |
| Plant, machinery and equipment | 23 | €18,207 | €14,896 | -€3,311 | -18.2% |
| Furniture and vehicles | 24 | €61,687 | €44,176 | -€17,511 | -28.4% |
| Leasing and similar rights | 25 | €13,388 | €3,048 | -€10,341 | -77.2% |
| Other tangible fixed assets | 26 | €9,239 | €6,808 | -€2,432 | -26.3% |
| Financial fixed assets | 28 | €225 | €265 | +€40 | +17.8% |
| Current assets | 29/58 | €133,200 | €300,635 | +€167,435 | +126% |
| Stocks and contracts in progress | 3 | €15,903 | €16,006 | +€103 | +0.6% |
| Stocks | 30/36 | €15,903 | €16,006 | +€103 | +0.6% |
| Amounts receivable within one year | 40/41 | €80,661 | €133,531 | +€52,869 | +65.5% |
| Trade receivables | 40 | €62,604 | €128,077 | +€65,473 | +105% |
| Other amounts receivable | 41 | €18,057 | €5,454 | -€12,604 | -69.8% |
| Cash at bank and in hand | 54/58 | €33,103 | €145,116 | +€112,013 | +338% |
| Deferred charges and accrued income | 490/1 | €3,533 | €5,983 | +€2,450 | +69.3% |
| Total equity and liabilities | 10/49 | €257,947 | €386,328 | +€128,381 | +49.8% |
| Equity | 10/15 | €103,282 | €146,432 | +€43,150 | +41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,682 | €127,832 | +€43,150 | +51.0% |
| Distributable reserves | 133 | €84,682 | €127,832 | +€43,150 | +51.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €154,665 | €239,896 | +€85,231 | +55.1% |
| Amounts payable after more than one year | 17 | €71,255 | €36,903 | -€34,352 | -48.2% |
| Financial debts | 170/4 | €71,255 | €36,903 | -€34,352 | -48.2% |
| Amounts payable within one year | 42/48 | €83,395 | €181,363 | +€97,967 | +117% |
| Current portion of amounts payable after more than one year | 42 | €40,771 | €33,912 | -€6,859 | -16.8% |
| Trade debts | 44 | €31,333 | €123,224 | +€91,891 | +293% |
| Suppliers | 440/4 | €31,333 | €123,224 | +€91,891 | +293% |
| Advances received on contracts in progress | 46 | €212 | €0 | -€212 | -100% |
| Taxes, remuneration and social security | 45 | €11,079 | €23,394 | +€12,315 | +111% |
| Taxes | 450/3 | €2,935 | €12,269 | +€9,334 | +318% |
| Remuneration and social security | 454/9 | €8,144 | €11,125 | +€2,981 | +36.6% |
| Other amounts payable | 47/48 | €0 | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €14 | €21,630 | +€21,616 | +150,320% |
| Remuneration, social security and pensions | 62 | €67,357 | €66,929 | -€429 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,003 | €52,518 | -€1,485 | -2.7% |
| Other operating charges | 640/8 | €6,450 | €3,687 | -€2,763 | -42.8% |
| Gross operating margin | 9900 | €119,181 | €184,917 | +€65,736 | +55.2% |
| Operating profit (loss) | 9901 | -€8,629 | €61,783 | +€70,412 | |
| Financial income | 75/76B | €322 | €1,559 | +€1,238 | +385% |
| Recurring financial income | 75 | €322 | €1,559 | +€1,238 | +385% |
| Financial charges | 65/66B | €7,389 | €5,470 | -€1,919 | -26.0% |
| Recurring financial charges | 65 | €7,389 | €5,470 | -€1,919 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,696 | €57,872 | +€73,569 | |
| Income taxes | 67/77 | €0 | €13,890 | +€13,890 | |
| Profit (loss) for the period | 9904 | -€15,696 | €43,983 | +€59,679 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,696 | €43,983 | +€59,679 |
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 16 October 2026 via checked.be.