GRAHAM: 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.
GRAHAM
Largest movements
- Financial fixed assets -€181,133
down €181,133 (-100.0%), from €181,134 to €1
- Receivables within one year -€27,092
down €27,092 (-28.1%), from €96,266 to €69,175
of which Trade receivables: -€80,363
- Cash -€25,276
down €25,276 (-79.8%), from €31,686 to €6,410
mainly Net result for the year (-€144,249) and Other debts (-€75,188)
- Reserves -€144,249
down €144,249 (-47.4%), from €304,532 to €160,283
of which Distributable reserves: -€144,249
- Other debts -€75,188
down €75,188 (-89.8%), from €83,747 to €8,559
- Debts after one year -€27,676
down €27,676 (-8.8%), from €313,023 to €285,347
- Financial charges +€180,435
up €180,435 (+2465.8%), from €7,318 to €187,752
of which Non-recurring financial charges: +€187,752
- Financial income -€17,294
no longer reported in 2025 (was €17,294)
- Gross operating margin +€10,249
up €10,249 (+14.9%), from €68,846 to €79,095
- Depreciation +€8,462
up €8,462 (+65.6%), from €12,904 to €21,366
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 | €769,172 | €528,429 | -€240,743 | -31.3% |
| Fixed assets | 21/28 | €641,046 | €452,669 | -€188,376 | -29.4% |
| Tangible fixed assets | 22/27 | €459,911 | €452,668 | -€7,243 | -1.6% |
| Land and buildings | 22 | €376,174 | €368,406 | -€7,768 | -2.1% |
| Plant, machinery and equipment | 23 | €83,737 | €84,263 | +€525 | +0.6% |
| Financial fixed assets | 28 | €181,134 | €1 | -€181,133 | -100.0% |
| Current assets | 29/58 | €128,126 | €75,760 | -€52,366 | -40.9% |
| Amounts receivable within one year | 40/41 | €96,266 | €69,175 | -€27,092 | -28.1% |
| Trade receivables | 40 | €91,895 | €11,533 | -€80,363 | -87.5% |
| Other amounts receivable | 41 | €4,371 | €57,642 | +€53,271 | +1218.7% |
| Cash at bank and in hand | 54/58 | €31,686 | €6,410 | -€25,276 | -79.8% |
| Deferred charges and accrued income | 490/1 | €174 | €175 | +€1 | +0.7% |
| Total equity and liabilities | 10/49 | €769,172 | €528,429 | -€240,743 | -31.3% |
| Equity | 10/15 | €331,080 | €186,831 | -€144,249 | -43.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,532 | €160,283 | -€144,249 | -47.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,595 | €5,595 | = | 0.0% |
| Distributable reserves | 133 | €297,077 | €152,827 | -€144,249 | -48.6% |
| Profit (loss) carried forward | 14 | €7,948 | €7,948 | = | 0.0% |
| Amounts payable | 17/49 | €438,092 | €341,599 | -€96,493 | -22.0% |
| Amounts payable after more than one year | 17 | €313,023 | €285,347 | -€27,676 | -8.8% |
| Financial debts | 170/4 | €313,023 | €285,347 | -€27,676 | -8.8% |
| Amounts payable within one year | 42/48 | €125,069 | €56,251 | -€68,818 | -55.0% |
| Current portion of amounts payable after more than one year | 42 | €28,483 | €32,931 | +€4,448 | +15.6% |
| Financial debts | 43 | €2 | €2 | = | 0.0% |
| Credit institutions | 430/8 | €2 | €2 | = | 0.0% |
| Trade debts | 44 | €8,730 | €10,207 | +€1,477 | +16.9% |
| Suppliers | 440/4 | €8,730 | €10,207 | +€1,477 | +16.9% |
| Taxes, remuneration and social security | 45 | €4,107 | €4,552 | +€445 | +10.8% |
| Taxes | 450/3 | €4,107 | €4,552 | +€445 | +10.8% |
| Other amounts payable | 47/48 | €83,747 | €8,559 | -€75,188 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,904 | €21,366 | +€8,462 | +65.6% |
| Other operating charges | 640/8 | €1,640 | €1,872 | +€231 | +14.1% |
| Gross operating margin | 9900 | €68,846 | €79,095 | +€10,249 | +14.9% |
| Operating profit (loss) | 9901 | €54,301 | €55,858 | +€1,556 | +2.9% |
| Financial income | 75/76B | €17,294 | - | -€17,294 | |
| Recurring financial income | 75 | €17,294 | - | -€17,294 | |
| Financial charges | 65/66B | €7,318 | €187,752 | +€180,435 | +2465.8% |
| Recurring financial charges | 65 | €7,318 | €187,752 | +€180,435 | +2465.8% |
| Non-recurring financial charges | 66B | - | €187,752 | +€187,752 | |
| Profit (loss) for the period before taxes | 9903 | €64,278 | -€131,895 | -€196,173 | |
| Income taxes | 67/77 | €11,763 | €12,355 | +€592 | +5.0% |
| Profit (loss) for the period | 9904 | €52,515 | -€144,249 | -€196,764 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,515 | -€144,249 | -€196,764 |
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 6 October 2026 via checked.be.