GRAAFWERK: 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.
GRAAFWERK
Largest movements
- Cash +€30,508
up €30,508 (+25.1%), from €121,366 to €151,874
mainly Net result for the year (+€28,856) and Depreciation (+€18,804)
- Receivables within one year -€10,024
down €10,024 (-23.2%), from €43,287 to €33,262
of which Trade receivables: -€11,699
- Tangible fixed assets -€8,682
down €8,682 (-6.0%), from €145,581 to €136,899
of which Land and buildings: -€10,675
- Profit (loss) carried forward +€28,856
up €28,856 (+34.6%), from €83,362 to €112,218
- Debts after one year -€9,024
down €9,024 (-9.7%), from €93,497 to €84,473
- Other debts -€6,050
down €6,050 (-17.4%), from €34,824 to €28,774
- Gross operating margin +€9,759
up €9,759 (+20.1%), from €48,522 to €58,281
- Taxes +€1,943
up €1,943 (+30.6%), from €6,348 to €8,292
- Other operating charges -€760
down €760 (-27.2%), from €2,796 to €2,036
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 | €314,008 | €325,479 | +€11,471 | +3.7% |
| Fixed assets | 21/28 | €147,215 | €138,299 | -€8,916 | -6.1% |
| Intangible fixed assets | 21 | €385 | €150 | -€234 | -60.9% |
| Tangible fixed assets | 22/27 | €145,581 | €136,899 | -€8,682 | -6.0% |
| Land and buildings | 22 | €126,640 | €115,965 | -€10,675 | -8.4% |
| Plant, machinery and equipment | 23 | - | €2,942 | +€2,942 | |
| Furniture and vehicles | 24 | €18,941 | €17,992 | -€949 | -5.0% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €166,793 | €187,180 | +€20,387 | +12.2% |
| Amounts receivable within one year | 40/41 | €43,287 | €33,262 | -€10,024 | -23.2% |
| Trade receivables | 40 | €43,049 | €31,349 | -€11,699 | -27.2% |
| Other amounts receivable | 41 | €238 | €1,913 | +€1,675 | +703% |
| Cash at bank and in hand | 54/58 | €121,366 | €151,874 | +€30,508 | +25.1% |
| Deferred charges and accrued income | 490/1 | €2,140 | €2,044 | -€97 | -4.5% |
| Total equity and liabilities | 10/49 | €314,008 | €325,479 | +€11,471 | +3.7% |
| Equity | 10/15 | €148,153 | €177,009 | +€28,856 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,192 | €46,192 | = | 0.0% |
| Distributable reserves | 133 | €46,192 | €46,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,362 | €112,218 | +€28,856 | +34.6% |
| Amounts payable | 17/49 | €165,855 | €148,470 | -€17,385 | -10.5% |
| Amounts payable after more than one year | 17 | €93,497 | €84,473 | -€9,024 | -9.7% |
| Financial debts | 170/4 | €93,497 | €84,473 | -€9,024 | -9.7% |
| Amounts payable within one year | 42/48 | €57,643 | €47,831 | -€9,812 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €8,315 | €8,470 | +€155 | +1.9% |
| Trade debts | 44 | €1,985 | €668 | -€1,317 | -66.3% |
| Suppliers | 440/4 | €1,985 | €668 | -€1,317 | -66.3% |
| Taxes, remuneration and social security | 45 | €12,519 | €9,919 | -€2,600 | -20.8% |
| Taxes | 450/3 | €12,519 | €7,669 | -€4,850 | -38.7% |
| Remuneration and social security | 454/9 | - | €2,250 | +€2,250 | |
| Other amounts payable | 47/48 | €34,824 | €28,774 | -€6,050 | -17.4% |
| Accrued charges and deferred income | 492/3 | €14,715 | €16,166 | +€1,451 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,706 | €18,804 | +€98 | +0.5% |
| Other operating charges | 640/8 | €2,796 | €2,036 | -€760 | -27.2% |
| Gross operating margin | 9900 | €48,522 | €58,281 | +€9,759 | +20.1% |
| Operating profit (loss) | 9901 | €27,020 | €37,441 | +€10,421 | +38.6% |
| Financial income | 75/76B | €693 | €1,271 | +€577 | +83.3% |
| Recurring financial income | 75 | €693 | €85 | -€608 | -87.7% |
| Non-recurring financial income | 76B | - | €1,185 | +€1,185 | |
| Financial charges | 65/66B | €1,801 | €1,564 | -€237 | -13.2% |
| Recurring financial charges | 65 | €1,801 | €1,564 | -€237 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €25,912 | €37,148 | +€11,236 | +43.4% |
| Income taxes | 67/77 | €6,348 | €8,292 | +€1,943 | +30.6% |
| Profit (loss) for the period | 9904 | €19,564 | €28,856 | +€9,292 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,564 | €28,856 | +€9,292 | +47.5% |
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 19 October 2026 via checked.be.