GRADEFA: 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.
GRADEFA
Largest movements
- Cash -€6,643
down €6,643 (-30.6%), from €21,683 to €15,040
mainly Tax, wage and social debts (-€6,298) and Investment in fixed assets (net) (-€1,174)
- Receivables within one year +€585
up €585 (+29.4%), from €1,987 to €2,572
- Tangible fixed assets +€518
up €518 (+109.2%), from €475 to €993
of which Other tangible fixed assets: +€939
- Tax, wage and social debts -€6,298
down €6,298 (-80.4%), from €7,834 to €1,536
- Profit (loss) carried forward +€981
up €981 (+6.2%), from €15,700 to €16,681
- Gross operating margin -€17,104
down €17,104 (-80.8%), from €21,166 to €4,062
- Taxes -€6,649
down €6,649 (-90.0%), from €7,384 to €736
- Other operating charges +€1,197
up €1,197 (+267.0%), from €448 to €1,645
- Depreciation +€235
up €235 (+55.8%), from €421 to €656
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 | €24,145 | €18,605 | -€5,540 | -22.9% |
| Fixed assets | 21/28 | €475 | €993 | +€518 | +109.2% |
| Tangible fixed assets | 22/27 | €475 | €993 | +€518 | +109.2% |
| Furniture and vehicles | 24 | €475 | €54 | -€421 | -88.7% |
| Other tangible fixed assets | 26 | - | €939 | +€939 | |
| Current assets | 29/58 | €23,670 | €17,612 | -€6,058 | -25.6% |
| Amounts receivable within one year | 40/41 | €1,987 | €2,572 | +€585 | +29.4% |
| Trade receivables | 40 | €1,987 | €2,572 | +€585 | +29.4% |
| Cash at bank and in hand | 54/58 | €21,683 | €15,040 | -€6,643 | -30.6% |
| Total equity and liabilities | 10/49 | €24,145 | €18,605 | -€5,540 | -22.9% |
| Equity | 10/15 | €15,701 | €16,682 | +€981 | +6.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Capital | 10 | €1 | €1 | = | 0.0% |
| Issued capital | 100 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,700 | €16,681 | +€981 | +6.2% |
| Amounts payable | 17/49 | €8,444 | €1,923 | -€6,521 | -77.2% |
| Amounts payable within one year | 42/48 | €8,444 | €1,923 | -€6,521 | -77.2% |
| Trade debts | 44 | €348 | €348 | = | 0.0% |
| Suppliers | 440/4 | €348 | €348 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,834 | €1,536 | -€6,298 | -80.4% |
| Taxes | 450/3 | €7,834 | €1,536 | -€6,298 | -80.4% |
| Other amounts payable | 47/48 | €262 | €39 | -€223 | -84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €421 | €656 | +€235 | +55.8% |
| Other operating charges | 640/8 | €448 | €1,645 | +€1,197 | +267.0% |
| Gross operating margin | 9900 | €21,166 | €4,062 | -€17,104 | -80.8% |
| Operating profit (loss) | 9901 | €20,297 | €1,762 | -€18,535 | -91.3% |
| Financial charges | 65/66B | €45 | €45 | -€0 | -0.2% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €20,252 | €1,717 | -€18,535 | -91.5% |
| Income taxes | 67/77 | €7,384 | €736 | -€6,649 | -90.0% |
| Profit (loss) for the period | 9904 | €12,867 | €981 | -€11,886 | -92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,867 | €981 | -€11,886 | -92.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.