GRAFOM: 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.
GRAFOM
Largest movements
- Tangible fixed assets -€18,362
down €18,362 (-4.8%), from €382,298 to €363,936
of which Land and buildings: -€11,022
- Debts after one year -€30,169
down €30,169 (-11.2%), from €268,751 to €238,582
- Reserves -€17,708
down €17,708 (-9.1%), from €193,706 to €175,997
- Other debts +€17,160
up €17,160 (+66.0%), from €25,984 to €43,143
- Current portion of long-term debt -€7,039
down €7,039 (-18.9%), from €37,208 to €30,169
- Staff costs +€7,647
up €7,647 (+10.5%), from €72,809 to €80,457
- Depreciation -€7,605
down €7,605 (-17.7%), from €42,908 to €35,303
- Gross operating margin +€5,912
up €5,912 (+3.3%), from €177,229 to €183,141
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 | €548,097 | €519,843 | -€28,254 | -5.2% |
| Fixed assets | 21/28 | €382,298 | €363,936 | -€18,362 | -4.8% |
| Tangible fixed assets | 22/27 | €382,298 | €363,936 | -€18,362 | -4.8% |
| Land and buildings | 22 | €341,142 | €330,120 | -€11,022 | -3.2% |
| Plant, machinery and equipment | 23 | €31,865 | €28,566 | -€3,299 | -10.4% |
| Furniture and vehicles | 24 | €9,291 | €5,250 | -€4,041 | -43.5% |
| Current assets | 29/58 | €165,800 | €155,907 | -€9,892 | -6.0% |
| Stocks and contracts in progress | 3 | €38,637 | €33,895 | -€4,742 | -12.3% |
| Stocks | 30/36 | €38,637 | €33,895 | -€4,742 | -12.3% |
| Amounts receivable within one year | 40/41 | €57,063 | €52,616 | -€4,447 | -7.8% |
| Trade receivables | 40 | €52,147 | €47,716 | -€4,431 | -8.5% |
| Other amounts receivable | 41 | €4,915 | €4,899 | -€16 | -0.3% |
| Cash at bank and in hand | 54/58 | €70,100 | €69,397 | -€703 | -1.0% |
| Total equity and liabilities | 10/49 | €548,097 | €519,843 | -€28,254 | -5.2% |
| Equity | 10/15 | €206,106 | €188,397 | -€17,708 | -8.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €193,706 | €175,997 | -€17,708 | -9.1% |
| Distributable reserves | 133 | €193,706 | €175,997 | -€17,708 | -9.1% |
| Amounts payable | 17/49 | €341,992 | €331,446 | -€10,546 | -3.1% |
| Amounts payable after more than one year | 17 | €268,751 | €238,582 | -€30,169 | -11.2% |
| Financial debts | 170/4 | €268,751 | €238,582 | -€30,169 | -11.2% |
| Amounts payable within one year | 42/48 | €73,241 | €92,864 | +€19,623 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €37,208 | €30,169 | -€7,039 | -18.9% |
| Trade debts | 44 | €6,746 | €11,146 | +€4,400 | +65.2% |
| Suppliers | 440/4 | €6,746 | €11,146 | +€4,400 | +65.2% |
| Taxes, remuneration and social security | 45 | €3,303 | €8,405 | +€5,102 | +154.5% |
| Taxes | 450/3 | €555 | €1,566 | +€1,011 | +182.1% |
| Remuneration and social security | 454/9 | €2,748 | €6,839 | +€4,091 | +148.9% |
| Other amounts payable | 47/48 | €25,984 | €43,143 | +€17,160 | +66.0% |
| Non-recurring operating income | 76A | €148 | - | -€148 | |
| Remuneration, social security and pensions | 62 | €72,809 | €80,457 | +€7,647 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,908 | €35,303 | -€7,605 | -17.7% |
| Other operating charges | 640/8 | €3,165 | €3,484 | +€319 | +10.1% |
| Gross operating margin | 9900 | €177,229 | €183,141 | +€5,912 | +3.3% |
| Operating profit (loss) | 9901 | €58,346 | €63,897 | +€5,551 | +9.5% |
| Financial income | 75/76B | €533 | €473 | -€60 | -11.3% |
| Recurring financial income | 75 | €533 | €473 | -€60 | -11.3% |
| Financial charges | 65/66B | €7,895 | €8,215 | +€320 | +4.1% |
| Recurring financial charges | 65 | €7,895 | €8,215 | +€320 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €50,984 | €56,155 | +€5,171 | +10.1% |
| Income taxes | 67/77 | €14,771 | €15,884 | +€1,113 | +7.5% |
| Profit (loss) for the period | 9904 | €36,214 | €40,271 | +€4,057 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,214 | €40,271 | +€4,057 | +11.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.