GRAFFOTO MANAGEMENT: 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.
GRAFFOTO MANAGEMENT
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Cash -€62,187
down €62,187 (-57.7%), from €107,857 to €45,670
mainly Current investments (-€75,000) and Debts after one year (-€7,854)
- Tangible fixed assets -€9,196
down €9,196 (-6.5%), from €141,268 to €132,072
of which Land and buildings: -€7,698
- Receivables within one year -€6,010
down €6,010 (-38.1%), from €15,779 to €9,769
of which Other amounts receivable: -€4,046
- Debts after one year -€7,854
down €7,854 (-9.8%), from €80,038 to €72,184
- Other debts +€2,950
up €2,950 (+6.8%), from €43,334 to €46,284
- Gross operating margin -€2,525
down €2,525 (-14.2%), from €17,781 to €15,256
- Depreciation -€2,500
down €2,500 (-20.0%), from €12,497 to €9,997
- Other operating charges -€2,148
down €2,148 (-57.2%), from €3,753 to €1,605
- Taxes +€2,137
new in 2025: €2,137
- Financial income -€1,099
down €1,099 (-59.6%), from €1,845 to €746
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 | €264,904 | €262,511 | -€2,393 | -0.9% |
| Fixed assets | 21/28 | €141,268 | €132,072 | -€9,196 | -6.5% |
| Tangible fixed assets | 22/27 | €141,268 | €132,072 | -€9,196 | -6.5% |
| Land and buildings | 22 | €137,738 | €130,040 | -€7,698 | -5.6% |
| Plant, machinery and equipment | 23 | €1,691 | €556 | -€1,135 | -67.1% |
| Furniture and vehicles | 24 | €1,839 | €1,476 | -€363 | -19.7% |
| Current assets | 29/58 | €123,636 | €130,439 | +€6,803 | +5.5% |
| Amounts receivable within one year | 40/41 | €15,779 | €9,769 | -€6,010 | -38.1% |
| Trade receivables | 40 | €5,227 | €3,263 | -€1,964 | -37.6% |
| Other amounts receivable | 41 | €10,552 | €6,506 | -€4,046 | -38.3% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €107,857 | €45,670 | -€62,187 | -57.7% |
| Total equity and liabilities | 10/49 | €264,904 | €262,511 | -€2,393 | -0.9% |
| Equity | 10/15 | €133,101 | €134,401 | +€1,300 | +1.0% |
| Contributions | 10/11 | €20,898 | €20,898 | = | 0.0% |
| Capital | 10 | €20,898 | €20,898 | = | 0.0% |
| Issued capital | 100 | €20,898 | €20,898 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,203 | €113,503 | +€1,300 | +1.2% |
| Amounts payable | 17/49 | €131,803 | €128,110 | -€3,693 | -2.8% |
| Amounts payable after more than one year | 17 | €80,038 | €72,184 | -€7,854 | -9.8% |
| Financial debts | 170/4 | €80,038 | €72,184 | -€7,854 | -9.8% |
| Amounts payable within one year | 42/48 | €51,765 | €55,926 | +€4,161 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €7,854 | €7,854 | = | 0.0% |
| Trade debts | 44 | €55 | €530 | +€475 | +864% |
| Suppliers | 440/4 | €55 | €530 | +€475 | +864% |
| Taxes, remuneration and social security | 45 | €522 | €1,258 | +€736 | +141% |
| Taxes | 450/3 | €522 | €1,258 | +€736 | +141% |
| Other amounts payable | 47/48 | €43,334 | €46,284 | +€2,950 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,497 | €9,997 | -€2,500 | -20.0% |
| Other operating charges | 640/8 | €3,753 | €1,605 | -€2,148 | -57.2% |
| Non-recurring operating charges | 66A | - | €196 | +€196 | |
| Gross operating margin | 9900 | €17,781 | €15,256 | -€2,525 | -14.2% |
| Operating profit (loss) | 9901 | €1,531 | €3,458 | +€1,927 | +126% |
| Financial income | 75/76B | €1,845 | €746 | -€1,099 | -59.6% |
| Recurring financial income | 75 | €1,845 | €746 | -€1,099 | -59.6% |
| Financial charges | 65/66B | €1,002 | €767 | -€235 | -23.5% |
| Recurring financial charges | 65 | €1,002 | €767 | -€235 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €2,374 | €3,437 | +€1,063 | +44.8% |
| Income taxes | 67/77 | - | €2,137 | +€2,137 | |
| Profit (loss) for the period | 9904 | €2,374 | €1,300 | -€1,074 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,374 | €1,300 | -€1,074 | -45.2% |
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 15 October 2026 via checked.be.