GRAFIMEX: 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.
GRAFIMEX
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+145%), from €801,221 to €2.0m
of which Other amounts receivable: +€1.2m
- Receivables after one year -€700,000
down €700,000 (-100%), from €700,000 to €0
- Cash -€147,069
down €147,069 (-91.1%), from €161,524 to €14,454
mainly Receivables within one year (-€1.2m) and Stocks and contracts (-€104,723)
- Stocks and contracts +€104,723
up €104,723 (+19.6%), from €535,401 to €640,124
- Other debts +€258,119
up €258,119 (+129%), from €200,829 to €458,948
- Short-term financial debts +€175,000
up €175,000 (+233%), from €75,000 to €250,000
- Tax, wage and social debts -€37,694
down €37,694 (-99.1%), from €38,050 to €356
- Gross operating margin -€259,888
down €259,888, from €168,728 to -€91,160
- Taxes -€37,705
down €37,705 (-99.0%), from €38,070 to €365
- Financial charges -€29,649
down €29,649 (-65.3%), from €45,416 to €15,767
of which Financial charges: -€29,649
- Financial income +€16,580
up €16,580 (+19.9%), from €83,341 to €99,921
- Depreciation +€11,830
up €11,830 (+243%), from €4,874 to €16,704
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 | €2,473,054 | €2,856,527 | +€383,473 | +15.5% |
| Fixed assets | 21/28 | €253,307 | €240,401 | -€12,906 | -5.1% |
| Tangible fixed assets | 22/27 | €253,307 | €240,401 | -€12,906 | -5.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,892 | €780 | -€1,112 | -58.8% |
| Furniture and vehicles | 24 | €105,497 | €104,916 | -€581 | -0.6% |
| Other tangible fixed assets | 26 | €145,917 | €134,704 | -€11,213 | -7.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €2,219,747 | €2,616,126 | +€396,379 | +17.9% |
| Amounts receivable after more than one year | 29 | €700,000 | €0 | -€700,000 | -100% |
| Other amounts receivable | 291 | €700,000 | €0 | -€700,000 | -100% |
| Stocks and contracts in progress | 3 | €535,401 | €640,124 | +€104,723 | +19.6% |
| Stocks | 30/36 | €535,401 | €640,124 | +€104,723 | +19.6% |
| Amounts receivable within one year | 40/41 | €801,221 | €1,959,670 | +€1.2m | +145% |
| Trade receivables | 40 | €34,716 | €35,184 | +€467 | +1.3% |
| Other amounts receivable | 41 | €766,505 | €1,924,487 | +€1.2m | +151% |
| Cash at bank and in hand | 54/58 | €161,524 | €14,454 | -€147,069 | -91.1% |
| Deferred charges and accrued income | 490/1 | €21,602 | €1,877 | -€19,724 | -91.3% |
| Total equity and liabilities | 10/49 | €2,473,054 | €2,856,527 | +€383,473 | +15.5% |
| Equity | 10/15 | €2,047,052 | €2,020,475 | -€26,577 | -1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,028,452 | €2,001,875 | -€26,577 | -1.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,028,452 | €2,001,875 | -€26,577 | -1.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €426,002 | €836,051 | +€410,050 | +96.3% |
| Amounts payable after more than one year | 17 | €97,738 | €86,230 | -€11,508 | -11.8% |
| Financial debts | 170/4 | €97,738 | €86,230 | -€11,508 | -11.8% |
| Amounts payable within one year | 42/48 | €328,264 | €748,833 | +€420,569 | +128% |
| Current portion of amounts payable after more than one year | 42 | €11,508 | €11,508 | = | 0.0% |
| Financial debts | 43 | €75,000 | €250,000 | +€175,000 | +233% |
| Credit institutions | 430/8 | €75,000 | €250,000 | +€175,000 | +233% |
| Trade debts | 44 | €2,877 | €28,021 | +€25,144 | +874% |
| Suppliers | 440/4 | €2,877 | €28,021 | +€25,144 | +874% |
| Taxes, remuneration and social security | 45 | €38,050 | €356 | -€37,694 | -99.1% |
| Taxes | 450/3 | €38,050 | €356 | -€37,694 | -99.1% |
| Other amounts payable | 47/48 | €200,829 | €458,948 | +€258,119 | +129% |
| Accrued charges and deferred income | 492/3 | - | €988 | +€988 | |
| Non-recurring operating income | 76A | €241,010 | €0 | -€241,010 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,874 | €16,704 | +€11,830 | +243% |
| Other operating charges | 640/8 | €6,231 | €2,502 | -€3,729 | -59.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €168,728 | -€91,160 | -€259,888 | |
| Operating profit (loss) | 9901 | €157,623 | -€110,366 | -€267,989 | |
| Financial income | 75/76B | €83,341 | €99,921 | +€16,580 | +19.9% |
| Recurring financial income | 75 | €83,341 | €99,921 | +€16,580 | +19.9% |
| Financial charges | 65/66B | €45,416 | €15,767 | -€29,649 | -65.3% |
| Recurring financial charges | 65 | €45,416 | €15,767 | -€29,649 | -65.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €195,547 | -€26,212 | -€221,760 | |
| Transfer from deferred taxes | 780 | €65,016 | €0 | -€65,016 | -100% |
| Income taxes | 67/77 | €38,070 | €365 | -€37,705 | -99.0% |
| Profit (loss) for the period | 9904 | €222,493 | -€26,577 | -€249,070 | |
| Transfer from tax-exempt reserves | 789 | €154,628 | €0 | -€154,628 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €377,122 | -€26,577 | -€403,699 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.