Graeth: 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.
Graeth
Largest movements
- Stocks and contracts -€201,651
down €201,651 (-31.0%), from €651,378 to €449,727
- Cash +€105,530
up €105,530 (+200.1%), from €52,737 to €158,267
mainly Stocks and contracts (+€201,651) and Net result for the year (+€55,934)
- Short-term financial debts -€167,000
down €167,000 (-37.4%), from €447,000 to €280,000
- Profit (loss) carried forward +€55,934
up €55,934, from -€18,570 to €37,364
- Trade debts +€11,639
up €11,639 (+176.6%), from €6,590 to €18,228
- Gross operating margin +€74,311
up €74,311 (+277.0%), from €26,824 to €101,136
- Other operating charges -€41,196
down €41,196 (-73.3%), from €56,215 to €15,019
- Taxes +€4,705
up €4,705, from €0 to €4,705
- Financial charges +€1,974
up €1,974 (+8.6%), from €22,996 to €24,969
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 | €834,668 | €735,241 | -€99,427 | -11.9% |
| Fixed assets | 21/28 | €827 | €318 | -€509 | -61.6% |
| Tangible fixed assets | 22/27 | €827 | €318 | -€509 | -61.6% |
| Furniture and vehicles | 24 | €827 | €318 | -€509 | -61.6% |
| Current assets | 29/58 | €833,841 | €734,923 | -€98,918 | -11.9% |
| Stocks and contracts in progress | 3 | €651,378 | €449,727 | -€201,651 | -31.0% |
| Stocks | 30/36 | €651,378 | €449,727 | -€201,651 | -31.0% |
| Amounts receivable within one year | 40/41 | €129,726 | €126,929 | -€2,798 | -2.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €129,726 | €126,929 | -€2,798 | -2.2% |
| Cash at bank and in hand | 54/58 | €52,737 | €158,267 | +€105,530 | +200.1% |
| Total equity and liabilities | 10/49 | €834,668 | €735,241 | -€99,427 | -11.9% |
| Equity | 10/15 | €131,430 | €187,364 | +€55,934 | +42.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€18,570 | €37,364 | +€55,934 | |
| Amounts payable | 17/49 | €703,239 | €547,877 | -€155,361 | -22.1% |
| Amounts payable within one year | 42/48 | €703,239 | €547,877 | -€155,361 | -22.1% |
| Financial debts | 43 | €447,000 | €280,000 | -€167,000 | -37.4% |
| Credit institutions | 430/8 | €447,000 | €280,000 | -€167,000 | -37.4% |
| Trade debts | 44 | €6,590 | €18,228 | +€11,639 | +176.6% |
| Suppliers | 440/4 | €6,590 | €18,228 | +€11,639 | +176.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €249,649 | €249,649 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €24 | €0 | -€24 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €509 | €509 | +€0 | 0.0% |
| Other operating charges | 640/8 | €56,215 | €15,019 | -€41,196 | -73.3% |
| Gross operating margin | 9900 | €26,824 | €101,136 | +€74,311 | +277.0% |
| Operating profit (loss) | 9901 | -€29,923 | €85,608 | +€115,531 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €22,996 | €24,969 | +€1,974 | +8.6% |
| Recurring financial charges | 65 | €22,996 | €24,969 | +€1,974 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€52,918 | €60,639 | +€113,558 | |
| Income taxes | 67/77 | €0 | €4,705 | +€4,705 | |
| Profit (loss) for the period | 9904 | -€52,918 | €55,934 | +€108,853 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,918 | €55,934 | +€108,853 |
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 6 October 2026 via checked.be.