GRÄFE: 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.
GRÄFE
Largest movements
- Stocks and contracts -€55,524
down €55,524 (-70.0%), from €79,323 to €23,799
- Tangible fixed assets -€54,550
down €54,550 (-24.7%), from €220,750 to €166,200
of which Land and buildings: -€31,137
- Receivables within one year +€23,161
up €23,161 (+9.6%), from €240,756 to €263,917
of which Trade receivables: +€36,693
- Cash +€19,761
up €19,761 (+3.8%), from €521,194 to €540,955
mainly Net result for the year (+€110,788) and Depreciation (+€63,999)
- Tax, wage and social debts -€32,909
down €32,909 (-33.3%), from €98,695 to €65,786
of which Taxes: -€17,002
- Trade debts -€32,496
down €32,496 (-55.0%), from €59,047 to €26,551
- Reserves +€25,074
up €25,074 (+183.9%), from €13,634 to €38,708
of which Distributable reserves: +€25,074
- Other debts -€23,016
down €23,016 (-21.6%), from €106,432 to €83,416
- Depreciation +€27,421
up €27,421 (+75.0%), from €36,578 to €63,999
- Gross operating margin +€21,142
up €21,142 (+4.2%), from €508,337 to €529,479
- Staff costs -€11,233
down €11,233 (-3.6%), from €309,702 to €298,469
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 | €1,152,000 | €1,088,653 | -€63,347 | -5.5% |
| Fixed assets | 21/28 | €220,750 | €166,200 | -€54,550 | -24.7% |
| Tangible fixed assets | 22/27 | €220,750 | €166,200 | -€54,550 | -24.7% |
| Land and buildings | 22 | €70,930 | €39,793 | -€31,137 | -43.9% |
| Plant, machinery and equipment | 23 | €84,898 | €78,083 | -€6,815 | -8.0% |
| Furniture and vehicles | 24 | €64,922 | €48,324 | -€16,598 | -25.6% |
| Current assets | 29/58 | €931,250 | €922,453 | -€8,797 | -0.9% |
| Stocks and contracts in progress | 3 | €79,323 | €23,799 | -€55,524 | -70.0% |
| Contracts in progress | 37 | €79,323 | €23,799 | -€55,524 | -70.0% |
| Amounts receivable within one year | 40/41 | €240,756 | €263,917 | +€23,161 | +9.6% |
| Trade receivables | 40 | €200,010 | €236,703 | +€36,693 | +18.3% |
| Other amounts receivable | 41 | €40,746 | €27,214 | -€13,532 | -33.2% |
| Current investments | 50/53 | €80,660 | €80,660 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €521,194 | €540,955 | +€19,761 | +3.8% |
| Deferred charges and accrued income | 490/1 | €9,317 | €13,122 | +€3,805 | +40.8% |
| Total equity and liabilities | 10/49 | €1,152,000 | €1,088,653 | -€63,347 | -5.5% |
| Equity | 10/15 | €853,560 | €878,634 | +€25,074 | +2.9% |
| Contributions | 10/11 | €136,341 | €136,341 | = | 0.0% |
| Reserves | 13 | €13,634 | €38,708 | +€25,074 | +183.9% |
| Non-distributable reserves | 130/1 | €13,634 | €13,634 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,634 | €13,634 | = | 0.0% |
| Distributable reserves | 133 | - | €25,074 | +€25,074 | |
| Profit (loss) carried forward | 14 | €703,585 | €703,585 | = | 0.0% |
| Provisions and deferred taxes | 16 | €34,266 | €34,266 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €34,266 | €34,266 | = | 0.0% |
| Major repairs and maintenance | 162 | €34,266 | €34,266 | = | 0.0% |
| Amounts payable | 17/49 | €264,174 | €175,753 | -€88,421 | -33.5% |
| Amounts payable within one year | 42/48 | €264,174 | €175,753 | -€88,421 | -33.5% |
| Trade debts | 44 | €59,047 | €26,551 | -€32,496 | -55.0% |
| Suppliers | 440/4 | €59,047 | €26,551 | -€32,496 | -55.0% |
| Taxes, remuneration and social security | 45 | €98,695 | €65,786 | -€32,909 | -33.3% |
| Taxes | 450/3 | €63,159 | €46,157 | -€17,002 | -26.9% |
| Remuneration and social security | 454/9 | €35,536 | €19,629 | -€15,907 | -44.8% |
| Other amounts payable | 47/48 | €106,432 | €83,416 | -€23,016 | -21.6% |
| Non-recurring operating income | 76A | €21,257 | - | -€21,257 | |
| Remuneration, social security and pensions | 62 | €309,702 | €298,469 | -€11,233 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,578 | €63,999 | +€27,421 | +75.0% |
| Other operating charges | 640/8 | €20,768 | €15,605 | -€5,163 | -24.9% |
| Gross operating margin | 9900 | €508,337 | €529,479 | +€21,142 | +4.2% |
| Operating profit (loss) | 9901 | €141,289 | €151,406 | +€10,117 | +7.2% |
| Financial income | 75/76B | €1,197 | €604 | -€593 | -49.5% |
| Recurring financial income | 75 | €1,197 | €604 | -€593 | -49.5% |
| Financial charges | 65/66B | €736 | €1,306 | +€570 | +77.4% |
| Recurring financial charges | 65 | €736 | €1,306 | +€570 | +77.4% |
| Profit (loss) for the period before taxes | 9903 | €141,750 | €150,704 | +€8,954 | +6.3% |
| Income taxes | 67/77 | €35,917 | €39,916 | +€3,999 | +11.1% |
| Profit (loss) for the period | 9904 | €105,833 | €110,788 | +€4,955 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,833 | €110,788 | +€4,955 | +4.7% |
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 11 October 2026 via checked.be.