Graef Works: 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.
Graef Works
Largest movements
- Cash +€48,813
up €48,813 (+1,369%), from €3,566 to €52,379
mainly Net result for the year (+€354,483) and Depreciation (+€51,882)
- Tangible fixed assets -€22,874
down €22,874 (-2.5%), from €915,632 to €892,758
of which Land and buildings: -€23,068
- Debts after one year -€86,658
down €86,658 (-18.0%), from €481,681 to €395,023
- Reserves +€54,483
up €54,483 (+6.7%), from €810,208 to €864,691
- Trade debts +€33,801
up €33,801 (+186%), from €18,128 to €51,928
- Financial income +€50,005
up €50,005 (+50.0%), from €100,000 to €150,005
- Gross operating margin +€8,744
up €8,744 (+2.5%), from €345,682 to €354,426
- Financial charges +€4,248
up €4,248 (+20.6%), from €20,580 to €24,828
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 | €2,145,105 | €2,147,943 | +€2,838 | +0.1% |
| Fixed assets | 21/28 | €2,115,632 | €2,092,758 | -€22,874 | -1.1% |
| Tangible fixed assets | 22/27 | €915,632 | €892,758 | -€22,874 | -2.5% |
| Land and buildings | 22 | €887,395 | €864,327 | -€23,068 | -2.6% |
| Plant, machinery and equipment | 23 | €28,237 | €28,431 | +€194 | +0.7% |
| Financial fixed assets | 28 | €1,200,000 | €1,200,000 | = | 0.0% |
| Current assets | 29/58 | €29,473 | €55,185 | +€25,712 | +87.2% |
| Amounts receivable within one year | 40/41 | €21,224 | €2,806 | -€18,418 | -86.8% |
| Other amounts receivable | 41 | €21,224 | €2,806 | -€18,418 | -86.8% |
| Cash at bank and in hand | 54/58 | €3,566 | €52,379 | +€48,813 | +1,369% |
| Deferred charges and accrued income | 490/1 | €4,683 | €0 | -€4,683 | -100% |
| Total equity and liabilities | 10/49 | €2,145,105 | €2,147,943 | +€2,838 | +0.1% |
| Equity | 10/15 | €1,035,208 | €1,089,691 | +€54,483 | +5.3% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €810,208 | €864,691 | +€54,483 | +6.7% |
| Distributable reserves | 133 | €810,208 | €864,691 | +€54,483 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,109,897 | €1,058,252 | -€51,645 | -4.7% |
| Amounts payable after more than one year | 17 | €481,681 | €395,023 | -€86,658 | -18.0% |
| Financial debts | 170/4 | €481,681 | €395,023 | -€86,658 | -18.0% |
| Amounts payable within one year | 42/48 | €628,216 | €663,229 | +€35,013 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €77,704 | €74,658 | -€3,046 | -3.9% |
| Trade debts | 44 | €18,128 | €51,928 | +€33,801 | +186% |
| Suppliers | 440/4 | €18,128 | €51,928 | +€33,801 | +186% |
| Taxes, remuneration and social security | 45 | €13,991 | €14,683 | +€691 | +4.9% |
| Taxes | 450/3 | €13,991 | €14,683 | +€691 | +4.9% |
| Other amounts payable | 47/48 | €518,393 | €521,960 | +€3,567 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,513 | €51,882 | +€2,370 | +4.8% |
| Other operating charges | 640/8 | €5,862 | €6,045 | +€183 | +3.1% |
| Gross operating margin | 9900 | €345,682 | €354,426 | +€8,744 | +2.5% |
| Operating profit (loss) | 9901 | €290,307 | €296,499 | +€6,192 | +2.1% |
| Financial income | 75/76B | €100,000 | €150,005 | +€50,005 | +50.0% |
| Recurring financial income | 75 | €100,000 | €150,005 | +€50,005 | +50.0% |
| Financial charges | 65/66B | €20,580 | €24,828 | +€4,248 | +20.6% |
| Recurring financial charges | 65 | €20,580 | €24,828 | +€4,248 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €369,728 | €421,677 | +€51,949 | +14.1% |
| Income taxes | 67/77 | €67,501 | €67,194 | -€307 | -0.5% |
| Profit (loss) for the period | 9904 | €302,227 | €354,483 | +€52,256 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €302,227 | €354,483 | +€52,256 | +17.3% |
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 22 October 2026 via checked.be.