Graef: 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.
Graef
Largest movements
- Receivables within one year +€63,596
up €63,596 (+11.6%), from €549,587 to €613,183
of which Trade receivables: +€51,853
- Cash +€51,204
up €51,204 (+19.3%), from €265,481 to €316,685
mainly Net result for the year (+€255,521) and Tax, wage and social debts (+€28,858)
- Reserves +€249,710
up €249,710 (+45.2%), from €552,471 to €802,182
of which Distributable reserves: +€249,710
- Other debts -€151,352
down €151,352 (-99.8%), from €151,691 to €339
- Tax, wage and social debts +€28,858
up €28,858 (+58.5%), from €49,344 to €78,202
of which Taxes: +€16,895
- Trade debts -€14,905
down €14,905 (-15.5%), from €96,375 to €81,470
- Gross operating margin +€43,478
up €43,478 (+6.0%), from €729,175 to €772,653
- Staff costs -€17,522
down €17,522 (-4.1%), from €426,735 to €409,213
- Taxes +€16,664
up €16,664 (+23.6%), from €70,553 to €87,216
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 | €868,517 | €980,804 | +€112,287 | +12.9% |
| Fixed assets | 21/28 | €53,449 | €48,663 | -€4,785 | -9.0% |
| Tangible fixed assets | 22/27 | €53,334 | €48,548 | -€4,785 | -9.0% |
| Plant, machinery and equipment | 23 | €19,922 | €14,660 | -€5,262 | -26.4% |
| Furniture and vehicles | 24 | €33,411 | €33,888 | +€477 | +1.4% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €815,068 | €932,140 | +€117,072 | +14.4% |
| Amounts receivable within one year | 40/41 | €549,587 | €613,183 | +€63,596 | +11.6% |
| Trade receivables | 40 | €284,521 | €336,374 | +€51,853 | +18.2% |
| Other amounts receivable | 41 | €265,066 | €276,809 | +€11,743 | +4.4% |
| Cash at bank and in hand | 54/58 | €265,481 | €316,685 | +€51,204 | +19.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,272 | +€2,272 | |
| Total equity and liabilities | 10/49 | €868,517 | €980,804 | +€112,287 | +12.9% |
| Equity | 10/15 | €571,071 | €820,782 | +€249,710 | +43.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €552,471 | €802,182 | +€249,710 | +45.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €550,611 | €800,322 | +€249,710 | +45.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €297,446 | €160,022 | -€137,423 | -46.2% |
| Amounts payable within one year | 42/48 | €297,446 | €160,022 | -€137,423 | -46.2% |
| Financial debts | 43 | €35 | €12 | -€23 | -66.2% |
| Other loans | 439 | €35 | €12 | -€23 | -66.2% |
| Trade debts | 44 | €96,375 | €81,470 | -€14,905 | -15.5% |
| Suppliers | 440/4 | €96,375 | €81,470 | -€14,905 | -15.5% |
| Taxes, remuneration and social security | 45 | €49,344 | €78,202 | +€28,858 | +58.5% |
| Taxes | 450/3 | €14,937 | €31,832 | +€16,895 | +113.1% |
| Remuneration and social security | 454/9 | €34,408 | €46,370 | +€11,962 | +34.8% |
| Other amounts payable | 47/48 | €151,691 | €339 | -€151,352 | -99.8% |
| Remuneration, social security and pensions | 62 | €426,735 | €409,213 | -€17,522 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,843 | €17,694 | +€1,851 | +11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,591 | €0 | +€2,591 | |
| Other operating charges | 640/8 | €737 | €1,318 | +€581 | +78.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €729,175 | €772,653 | +€43,478 | +6.0% |
| Operating profit (loss) | 9901 | €288,451 | €344,428 | +€55,978 | +19.4% |
| Financial income | 75/76B | €1,043 | €1,539 | +€496 | +47.5% |
| Recurring financial income | 75 | €1,043 | €1,539 | +€496 | +47.5% |
| Financial charges | 65/66B | €3,029 | €3,230 | +€201 | +6.6% |
| Recurring financial charges | 65 | €3,029 | €3,230 | +€201 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €286,465 | €342,737 | +€56,272 | +19.6% |
| Income taxes | 67/77 | €70,553 | €87,216 | +€16,664 | +23.6% |
| Profit (loss) for the period | 9904 | €215,912 | €255,521 | +€39,609 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €215,912 | €255,521 | +€39,609 | +18.3% |
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 8 October 2026 via checked.be.