GRADUTRADE: 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.
GRADUTRADE
Largest movements
- Receivables within one year +€16,392
up €16,392 (+24.8%), from €66,090 to €82,482
of which Trade receivables: +€23,642
- Tangible fixed assets +€2,239
up €2,239 (+61.6%), from €3,638 to €5,876
- Cash -€2,062
down €2,062 (-32.0%), from €6,451 to €4,389
mainly Receivables within one year (-€16,392) and Investment in fixed assets (net) (-€4,741)
- Trade debts +€13,041
up €13,041 (+52.7%), from €24,754 to €37,794
- Tax, wage and social debts +€2,752
up €2,752 (+114%), from €2,406 to €5,158
of which Taxes: +€2,742
- Profit (loss) carried forward +€1,101
up €1,101 (+3.6%), from €30,448 to €31,549
- Gross operating margin -€4,420
down €4,420 (-39.1%), from €11,311 to €6,891
- Staff costs -€2,449
no longer reported in 2025 (was €2,449)
- Depreciation +€1,737
up €1,737 (+394%), from €440 to €2,177
- Taxes -€1,314
down €1,314 (-44.7%), from €2,943 to €1,629
- Other operating charges -€606
down €606 (-28.9%), from €2,093 to €1,487
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 | €76,208 | €93,101 | +€16,893 | +22.2% |
| Fixed assets | 21/28 | €3,667 | €6,230 | +€2,564 | +69.9% |
| Tangible fixed assets | 22/27 | €3,638 | €5,876 | +€2,239 | +61.6% |
| Furniture and vehicles | 24 | €3,638 | €5,876 | +€2,239 | +61.6% |
| Financial fixed assets | 28 | €29 | €354 | +€325 | +1,121% |
| Current assets | 29/58 | €72,542 | €86,871 | +€14,329 | +19.8% |
| Amounts receivable within one year | 40/41 | €66,090 | €82,482 | +€16,392 | +24.8% |
| Trade receivables | 40 | €55,399 | €79,041 | +€23,642 | +42.7% |
| Other amounts receivable | 41 | €10,691 | €3,441 | -€7,250 | -67.8% |
| Cash at bank and in hand | 54/58 | €6,451 | €4,389 | -€2,062 | -32.0% |
| Total equity and liabilities | 10/49 | €76,208 | €93,101 | +€16,893 | +22.2% |
| Equity | 10/15 | €49,048 | €50,149 | +€1,101 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,448 | €31,549 | +€1,101 | +3.6% |
| Amounts payable | 17/49 | €27,160 | €42,952 | +€15,792 | +58.1% |
| Amounts payable within one year | 42/48 | €27,160 | €42,952 | +€15,792 | +58.1% |
| Trade debts | 44 | €24,754 | €37,794 | +€13,041 | +52.7% |
| Suppliers | 440/4 | €24,754 | €37,794 | +€13,041 | +52.7% |
| Taxes, remuneration and social security | 45 | €2,406 | €5,158 | +€2,752 | +114% |
| Taxes | 450/3 | €1,757 | €4,499 | +€2,742 | +156% |
| Remuneration and social security | 454/9 | €649 | €659 | +€10 | +1.5% |
| Remuneration, social security and pensions | 62 | €2,449 | - | -€2,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440 | €2,177 | +€1,737 | +394% |
| Other operating charges | 640/8 | €2,093 | €1,487 | -€606 | -28.9% |
| Non-recurring operating charges | 66A | €1,900 | €421 | -€1,479 | -77.9% |
| Gross operating margin | 9900 | €11,311 | €6,891 | -€4,420 | -39.1% |
| Operating profit (loss) | 9901 | €4,429 | €2,806 | -€1,623 | -36.6% |
| Financial charges | 65/66B | €95 | €76 | -€18 | -19.3% |
| Recurring financial charges | 65 | €95 | €76 | -€18 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €4,335 | €2,730 | -€1,605 | -37.0% |
| Income taxes | 67/77 | €2,943 | €1,629 | -€1,314 | -44.7% |
| Profit (loss) for the period | 9904 | €1,391 | €1,101 | -€291 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,391 | €1,101 | -€291 | -20.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.