DR. M. GRAUWELS: what changed
DR. M. GRAUWELS
Largest movements
- Cash +€63,995
up €63,995 (+24.1%), from €265,359 to €329,353
mainly Net result for the year (+€73,909) and Depreciation (+€14,167)
- Receivables within one year -€12,727
down €12,727 (-10.1%), from €126,277 to €113,550
of which Other amounts receivable: -€9,660
- Reserves +€73,909
up €73,909 (+19.2%), from €384,268 to €458,176
- Other debts -€15,742
down €15,742 (-53.5%), from €29,424 to €13,682
- Tax, wage and social debts -€10,078
down €10,078 (-82.9%), from €12,163 to €2,084
- Gross operating margin +€12,884
up €12,884 (+11.6%), from €110,783 to €123,667
- Taxes +€5,292
up €5,292 (+17.3%), from €30,543 to €35,835
- Depreciation -€3,203
down €3,203 (-18.4%), from €17,370 to €14,167
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €444,887 | €496,426 | +€51,539 | +11.6% |
| Fixed assets | 21/28 | €51,230 | €50,730 | -€500 | -1.0% |
| Tangible fixed assets | 22/27 | €51,230 | €50,730 | -€500 | -1.0% |
| Land and buildings | 22 | €16,430 | €16,910 | +€480 | +2.9% |
| Plant, machinery and equipment | 23 | €9,786 | €15,077 | +€5,291 | +54.1% |
| Furniture and vehicles | 24 | €25,014 | €18,743 | -€6,271 | -25.1% |
| Current assets | 29/58 | €393,657 | €445,696 | +€52,039 | +13.2% |
| Amounts receivable within one year | 40/41 | €126,277 | €113,550 | -€12,727 | -10.1% |
| Trade receivables | 40 | €11,819 | €8,753 | -€3,066 | -25.9% |
| Other amounts receivable | 41 | €114,457 | €104,797 | -€9,660 | -8.4% |
| Cash at bank and in hand | 54/58 | €265,359 | €329,353 | +€63,995 | +24.1% |
| Deferred charges and accrued income | 490/1 | €2,022 | €2,793 | +€771 | +38.1% |
| Total equity and liabilities | 10/49 | €444,887 | €496,426 | +€51,539 | +11.6% |
| Equity | 10/15 | €402,868 | €476,776 | +€73,909 | +18.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €384,268 | €458,176 | +€73,909 | +19.2% |
| Distributable reserves | 133 | €384,268 | €458,176 | +€73,909 | +19.2% |
| Amounts payable | 17/49 | €42,020 | €19,650 | -€22,370 | -53.2% |
| Amounts payable within one year | 42/48 | €42,020 | €19,650 | -€22,370 | -53.2% |
| Trade debts | 44 | €433 | €3,884 | +€3,450 | +796% |
| Suppliers | 440/4 | €433 | €3,884 | +€3,450 | +796% |
| Taxes, remuneration and social security | 45 | €12,163 | €2,084 | -€10,078 | -82.9% |
| Taxes | 450/3 | €12,163 | €2,084 | -€10,078 | -82.9% |
| Other amounts payable | 47/48 | €29,424 | €13,682 | -€15,742 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,370 | €14,167 | -€3,203 | -18.4% |
| Other operating charges | 640/8 | €694 | €652 | -€41 | -6.0% |
| Gross operating margin | 9900 | €110,783 | €123,667 | +€12,884 | +11.6% |
| Operating profit (loss) | 9901 | €92,719 | €108,848 | +€16,129 | +17.4% |
| Financial income | 75/76B | €1,001 | €1,060 | +€59 | +5.9% |
| Recurring financial income | 75 | €1,001 | €1,060 | +€59 | +5.9% |
| Financial charges | 65/66B | €987 | €165 | -€822 | -83.3% |
| Recurring financial charges | 65 | €987 | €165 | -€822 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €92,733 | €109,744 | +€17,011 | +18.3% |
| Income taxes | 67/77 | €30,543 | €35,835 | +€5,292 | +17.3% |
| Profit (loss) for the period | 9904 | €62,190 | €73,909 | +€11,718 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,190 | €73,909 | +€11,718 | +18.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.