GRAEFF: 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.
GRAEFF
Largest movements
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Receivables within one year -€44,186
down €44,186 (-75.8%), from €58,320 to €14,134
of which Trade receivables: -€49,812
- Cash +€21,642
up €21,642 (+248.2%), from €8,719 to €30,361
mainly Contributions, distributions and other (+€1.2m) and Receivables within one year (+€44,186)
- Contributions +€1.1m
up €1.1m (+11405.2%), from €10,000 to €1.2m
- Debts after one year +€37,500
new in 2025: €37,500
- Profit (loss) carried forward +€22,178
up €22,178 (+189.2%), from €11,725 to €33,903
- Gross operating margin -€6,186
down €6,186 (-26.3%), from €23,528 to €17,342
- Taxes -€1,724
down €1,724 (-26.1%), from €6,603 to €4,879
- Other operating charges +€450
up €450 (+159.6%), from €282 to €732
- Depreciation +€286
up €286 (+17.8%), from €1,608 to €1,894
- Financial charges +€253
up €253 (+23.4%), from €1,079 to €1,332
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 | €80,851 | €1,309,412 | +€1.2m | +1519.5% |
| Fixed assets | 21/28 | €13,812 | €1,264,917 | +€1.3m | +9058.1% |
| Tangible fixed assets | 22/27 | €13,812 | €11,918 | -€1,894 | -13.7% |
| Plant, machinery and equipment | 23 | €6,756 | €5,870 | -€886 | -13.1% |
| Furniture and vehicles | 24 | €7,056 | €6,048 | -€1,008 | -14.3% |
| Financial fixed assets | 28 | - | €1,252,999 | +€1.3m | |
| Current assets | 29/58 | €67,039 | €44,495 | -€22,544 | -33.6% |
| Amounts receivable within one year | 40/41 | €58,320 | €14,134 | -€44,186 | -75.8% |
| Trade receivables | 40 | €58,320 | €8,508 | -€49,812 | -85.4% |
| Other amounts receivable | 41 | - | €5,626 | +€5,626 | |
| Cash at bank and in hand | 54/58 | €8,719 | €30,361 | +€21,642 | +248.2% |
| Total equity and liabilities | 10/49 | €80,851 | €1,309,412 | +€1.2m | +1519.5% |
| Equity | 10/15 | €53,856 | €1,225,058 | +€1.2m | +2174.7% |
| Contributions | 10/11 | €10,000 | €1,150,518 | +€1.1m | +11405.2% |
| Reserves | 13 | €32,131 | €40,637 | +€8,506 | +26.5% |
| Distributable reserves | 133 | €32,131 | €40,637 | +€8,506 | +26.5% |
| Profit (loss) carried forward | 14 | €11,725 | €33,903 | +€22,178 | +189.2% |
| Amounts payable | 17/49 | €26,995 | €84,354 | +€57,359 | +212.5% |
| Amounts payable after more than one year | 17 | - | €37,500 | +€37,500 | |
| Financial debts | 170/4 | - | €37,500 | +€37,500 | |
| Amounts payable within one year | 42/48 | €26,288 | €41,443 | +€15,155 | +57.6% |
| Trade debts | 44 | €1,732 | €7,484 | +€5,752 | +332.1% |
| Suppliers | 440/4 | €1,732 | €7,484 | +€5,752 | +332.1% |
| Taxes, remuneration and social security | 45 | €13,246 | €16,818 | +€3,572 | +27.0% |
| Taxes | 450/3 | €13,221 | €16,818 | +€3,597 | +27.2% |
| Remuneration and social security | 454/9 | €25 | - | -€25 | |
| Other amounts payable | 47/48 | €11,310 | €17,141 | +€5,831 | +51.6% |
| Accrued charges and deferred income | 492/3 | €707 | €5,411 | +€4,704 | +665.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,608 | €1,894 | +€286 | +17.8% |
| Other operating charges | 640/8 | €282 | €732 | +€450 | +159.6% |
| Gross operating margin | 9900 | €23,528 | €17,342 | -€6,186 | -26.3% |
| Operating profit (loss) | 9901 | €21,638 | €14,716 | -€6,922 | -32.0% |
| Financial charges | 65/66B | €1,079 | €1,332 | +€253 | +23.4% |
| Recurring financial charges | 65 | €1,079 | €1,332 | +€253 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €20,559 | €13,384 | -€7,175 | -34.9% |
| Income taxes | 67/77 | €6,603 | €4,879 | -€1,724 | -26.1% |
| Profit (loss) for the period | 9904 | €13,956 | €8,505 | -€5,451 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,956 | €8,505 | -€5,451 | -39.1% |
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 30 September 2026 via checked.be.