GRAAFFF: 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.
GRAAFFF
Largest movements
- Current investments +€54,729
new in 2025: €54,729
- Cash +€46,214
up €46,214 (+439.9%), from €10,505 to €56,719
mainly Net result for the year (+€95,798) and Tax, wage and social debts (+€36,531)
- Receivables within one year +€40,352
up €40,352 (+3804.7%), from €1,061 to €41,413
of which Trade receivables: +€40,411
- Deferred charges and accrued income -€5,660
down €5,660 (-88.1%), from €6,425 to €766
- Tangible fixed assets -€3,605
down €3,605 (-23.4%), from €15,414 to €11,809
of which Plant, machinery and equipment: -€4,808
- Reserves +€91,743
new in 2025: €91,743
- Tax, wage and social debts +€36,531
up €36,531 (+9607.9%), from €380 to €36,911
of which Taxes: +€36,911
- Profit (loss) carried forward +€4,055
up €4,055, from -€4,055 to €0
- Gross operating margin +€116,086
up €116,086 (+1193.1%), from €9,730 to €125,816
- Taxes +€23,014
new in 2025: €23,014
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 | €35,120 | €166,142 | +€131,022 | +373.1% |
| Formation expenses | 20 | €311 | €0 | -€311 | -100.0% |
| Fixed assets | 21/28 | €15,414 | €11,809 | -€3,605 | -23.4% |
| Tangible fixed assets | 22/27 | €15,414 | €11,809 | -€3,605 | -23.4% |
| Plant, machinery and equipment | 23 | €13,469 | €8,661 | -€4,808 | -35.7% |
| Furniture and vehicles | 24 | €1,946 | €3,148 | +€1,202 | +61.8% |
| Current assets | 29/58 | €19,395 | €154,333 | +€134,939 | +695.8% |
| Stocks and contracts in progress | 3 | €1,404 | €707 | -€697 | -49.7% |
| Stocks | 30/36 | €1,404 | €707 | -€697 | -49.7% |
| Amounts receivable within one year | 40/41 | €1,061 | €41,413 | +€40,352 | +3804.7% |
| Trade receivables | 40 | €1,002 | €41,413 | +€40,411 | +4032.4% |
| Other amounts receivable | 41 | €58 | €0 | -€58 | -100.0% |
| Current investments | 50/53 | - | €54,729 | +€54,729 | |
| Cash at bank and in hand | 54/58 | €10,505 | €56,719 | +€46,214 | +439.9% |
| Deferred charges and accrued income | 490/1 | €6,425 | €766 | -€5,660 | -88.1% |
| Total equity and liabilities | 10/49 | €35,120 | €166,142 | +€131,022 | +373.1% |
| Equity | 10/15 | €32,945 | €128,743 | +€95,798 | +290.8% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | - | €91,743 | +€91,743 | |
| Distributable reserves | 133 | - | €91,743 | +€91,743 | |
| Profit (loss) carried forward | 14 | -€4,055 | €0 | +€4,055 | |
| Amounts payable | 17/49 | €2,175 | €37,399 | +€35,224 | +1619.5% |
| Amounts payable within one year | 42/48 | €2,175 | €37,399 | +€35,224 | +1619.5% |
| Trade debts | 44 | €1,795 | €149 | -€1,646 | -91.7% |
| Suppliers | 440/4 | €1,795 | €149 | -€1,646 | -91.7% |
| Taxes, remuneration and social security | 45 | €380 | €36,911 | +€36,531 | +9607.9% |
| Taxes | 450/3 | - | €36,911 | +€36,911 | |
| Remuneration and social security | 454/9 | €380 | €0 | -€380 | -100.0% |
| Other amounts payable | 47/48 | - | €339 | +€339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,174 | €5,929 | +€755 | +14.6% |
| Other operating charges | 640/8 | - | €591 | +€591 | |
| Gross operating margin | 9900 | €9,730 | €125,816 | +€116,086 | +1193.1% |
| Operating profit (loss) | 9901 | €4,556 | €119,296 | +€114,740 | +2518.4% |
| Financial income | 75/76B | €0 | €52 | +€52 | +73628.6% |
| Recurring financial income | 75 | €0 | €52 | +€52 | +73628.6% |
| Financial charges | 65/66B | €79 | €535 | +€456 | +581.2% |
| Recurring financial charges | 65 | €79 | €535 | +€456 | +581.2% |
| Profit (loss) for the period before taxes | 9903 | €4,478 | €118,813 | +€114,335 | +2553.5% |
| Income taxes | 67/77 | - | €23,014 | +€23,014 | |
| Profit (loss) for the period | 9904 | €4,478 | €95,798 | +€91,321 | +2039.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,478 | €95,798 | +€91,321 | +2039.5% |
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 7 October 2026 via checked.be.