Grafilux: 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.
Grafilux
Largest movements
- Financial fixed assets +€4.6m
up €4.6m (+21.9%), from €21.0m to €25.6m
- Receivables within one year -€1.5m
down €1.5m (-92.0%), from €1.6m to €129,861
- Reserves +€4.4m
up €4.4m (+37.0%), from €11.9m to €16.3m
of which Distributable reserves: +€4.4m
- Debts after one year -€1.3m
down €1.3m (-12.5%), from €10.5m to €9.2m
- Financial charges -€13.1m
down €13.1m (-97.5%), from €13.4m to €336,160
of which Non-recurring financial charges: -€13.0m
- Financial income +€3.8m
up €3.8m (+328.5%), from €1.2m to €5.0m
of which Non-recurring financial income: +€3.8m
- Taxes +€27,704
up €27,704 (+14.0%), from €197,566 to €225,270
- Gross operating margin +€2,287
up €2,287 (+39.9%), from -€5,735 to -€3,448
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 | €22,855,233 | €25,905,884 | +€3.1m | +13.3% |
| Fixed assets | 21/28 | €20,994,226 | €25,595,953 | +€4.6m | +21.9% |
| Financial fixed assets | 28 | €20,994,226 | €25,595,953 | +€4.6m | +21.9% |
| Current assets | 29/58 | €1,861,007 | €309,931 | -€1.6m | -83.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,629,094 | €129,861 | -€1.5m | -92.0% |
| Other amounts receivable | 41 | €1,629,094 | €129,861 | -€1.5m | -92.0% |
| Current investments | 50/53 | €6,583 | €1,349 | -€5,234 | -79.5% |
| Cash at bank and in hand | 54/58 | €215,955 | €178,722 | -€37,233 | -17.2% |
| Deferred charges and accrued income | 490/1 | €9,375 | €0 | -€9,375 | -100.0% |
| Total equity and liabilities | 10/49 | €22,855,233 | €25,905,884 | +€3.1m | +13.3% |
| Equity | 10/15 | €11,983,566 | €16,392,999 | +€4.4m | +36.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €11,908,566 | €16,317,999 | +€4.4m | +37.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €11,901,066 | €16,310,499 | +€4.4m | +37.1% |
| Amounts payable | 17/49 | €10,871,668 | €9,512,885 | -€1.4m | -12.5% |
| Amounts payable after more than one year | 17 | €10,520,000 | €9,200,000 | -€1.3m | -12.5% |
| Financial debts | 170/4 | €10,520,000 | €9,200,000 | -€1.3m | -12.5% |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €351,668 | €312,885 | -€38,782 | -11.0% |
| Other operating charges | 640/8 | €1,263 | €1,298 | +€35 | +2.7% |
| Gross operating margin | 9900 | -€5,735 | -€3,448 | +€2,287 | +39.9% |
| Operating profit (loss) | 9901 | -€6,998 | -€4,746 | +€2,252 | +32.2% |
| Financial income | 75/76B | €1,161,102 | €4,975,610 | +€3.8m | +328.5% |
| Recurring financial income | 75 | €1,161,102 | €1,202,520 | +€41,418 | +3.6% |
| Non-recurring financial income | 76B | - | €3,773,090 | +€3.8m | |
| Financial charges | 65/66B | €13,412,097 | €336,160 | -€13.1m | -97.5% |
| Recurring financial charges | 65 | €379,501 | €336,160 | -€43,341 | -11.4% |
| Non-recurring financial charges | 66B | €13,032,596 | €0 | -€13.0m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,257,993 | €4,634,704 | +€16.9m | |
| Income taxes | 67/77 | €197,566 | €225,270 | +€27,704 | +14.0% |
| Profit (loss) for the period | 9904 | -€12,455,559 | €4,409,433 | +€16.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,455,559 | €4,409,433 | +€16.9m |
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 5 October 2026 via checked.be.