GRAFER: 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.
GRAFER
Largest movements
- Cash +€74,637
up €74,637 (+63.8%), from €116,996 to €191,633
mainly Net result for the year (+€52,275) and Receivables within one year (+€37,057)
- Receivables within one year -€37,057
down €37,057 (-88.7%), from €41,799 to €4,742
of which Trade receivables: -€25,000
- Tangible fixed assets +€3,469
up €3,469 (+24.7%), from €14,059 to €17,528
- Reserves +€51,000
up €51,000 (+36.0%), from €141,660 to €192,660
of which Distributable reserves: +€51,000
- Trade debts -€27,100
down €27,100 (-89.8%), from €30,177 to €3,077
- Debts after one year +€14,120
up €14,120 (+594%), from €2,379 to €16,499
- Tax, wage and social debts +€6,977
up €6,977 (+52.3%), from €13,350 to €20,327
of which Taxes: +€8,469
- Other debts -€4,339
down €4,339 (-83.9%), from €5,172 to €833
- Gross operating margin +€42,748
up €42,748 (+104%), from €41,165 to €83,913
- Taxes +€16,547
up €16,547 (+166%), from €9,940 to €26,488
- Depreciation +€1,911
up €1,911 (+63.2%), from €3,022 to €4,933
- Financial charges -€1,090
down €1,090 (-74.0%), from €1,473 to €383
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 | €202,986 | €244,067 | +€41,082 | +20.2% |
| Fixed assets | 21/28 | €14,059 | €17,528 | +€3,469 | +24.7% |
| Tangible fixed assets | 22/27 | €14,059 | €17,528 | +€3,469 | +24.7% |
| Furniture and vehicles | 24 | €14,059 | €17,528 | +€3,469 | +24.7% |
| Current assets | 29/58 | €188,927 | €226,539 | +€37,613 | +19.9% |
| Amounts receivable after more than one year | 29 | €24,645 | €24,645 | = | 0.0% |
| Other amounts receivable | 291 | €24,645 | €24,645 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,799 | €4,742 | -€37,057 | -88.7% |
| Trade receivables | 40 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 41 | €16,799 | €4,742 | -€12,057 | -71.8% |
| Cash at bank and in hand | 54/58 | €116,996 | €191,633 | +€74,637 | +63.8% |
| Deferred charges and accrued income | 490/1 | €5,487 | €5,520 | +€33 | +0.6% |
| Total equity and liabilities | 10/49 | €202,986 | €244,067 | +€41,082 | +20.2% |
| Equity | 10/15 | €148,509 | €199,950 | +€51,442 | +34.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €141,660 | €192,660 | +€51,000 | +36.0% |
| 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 | €139,800 | €190,800 | +€51,000 | +36.5% |
| Profit (loss) carried forward | 14 | €649 | €1,090 | +€442 | +68.1% |
| Amounts payable | 17/49 | €54,477 | €44,117 | -€10,360 | -19.0% |
| Amounts payable after more than one year | 17 | €2,379 | €16,499 | +€14,120 | +594% |
| Other amounts payable | 178/9 | €2,379 | €16,499 | +€14,120 | +594% |
| Amounts payable within one year | 42/48 | €52,098 | €27,619 | -€24,480 | -47.0% |
| Financial debts | 43 | €3,400 | €3,382 | -€18 | -0.5% |
| Credit institutions | 430/8 | €3,400 | €3,382 | -€18 | -0.5% |
| Trade debts | 44 | €30,177 | €3,077 | -€27,100 | -89.8% |
| Suppliers | 440/4 | €30,177 | €3,077 | -€27,100 | -89.8% |
| Taxes, remuneration and social security | 45 | €13,350 | €20,327 | +€6,977 | +52.3% |
| Taxes | 450/3 | €9,478 | €17,947 | +€8,469 | +89.4% |
| Remuneration and social security | 454/9 | €3,872 | €2,379 | -€1,493 | -38.6% |
| Other amounts payable | 47/48 | €5,172 | €833 | -€4,339 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,022 | €4,933 | +€1,911 | +63.2% |
| Other operating charges | 640/8 | €641 | €42 | -€599 | -93.5% |
| Gross operating margin | 9900 | €41,165 | €83,913 | +€42,748 | +104% |
| Operating profit (loss) | 9901 | €37,502 | €78,938 | +€41,436 | +110% |
| Financial income | 75/76B | €138 | €207 | +€69 | +50.3% |
| Recurring financial income | 75 | €138 | €207 | +€69 | +50.3% |
| Financial charges | 65/66B | €1,473 | €383 | -€1,090 | -74.0% |
| Recurring financial charges | 65 | €1,473 | €383 | -€1,090 | -74.0% |
| Profit (loss) for the period before taxes | 9903 | €36,166 | €78,762 | +€42,596 | +118% |
| Income taxes | 67/77 | €9,940 | €26,488 | +€16,547 | +166% |
| Profit (loss) for the period | 9904 | €26,226 | €52,275 | +€26,049 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,226 | €52,275 | +€26,049 | +99.3% |
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 14 October 2026 via checked.be.