GRAHAM: 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.
GRAHAM
Largest movements
- Receivables after one year +€589,006
up €589,006 (+7.1%), from €8.3m to €8.9m
of which Other amounts receivable: +€589,006
- Cash -€244,385
down €244,385 (-76.8%), from €318,208 to €73,823
mainly Receivables after one year (-€589,006) and Receivables within one year (-€25,020)
- Profit (loss) carried forward +€363,645
up €363,645 (+6.7%), from €5.4m to €5.8m
- Financial income -€55,956
down €55,956 (-12.6%), from €443,374 to €387,418
- Gross operating margin +€20,168
up €20,168 (+42.5%), from -€47,509 to -€27,340
- Write-downs -€6,550
new in 2025: -€6,550
- Depreciation -€4,409
down €4,409 (-81.6%), from €5,400 to €991
- Other operating charges -€4,108
down €4,108 (-91.9%), from €4,468 to €360
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 | €8,777,726 | €9,144,880 | +€367,154 | +4.2% |
| Fixed assets | 21/28 | €991 | - | -€991 | |
| Tangible fixed assets | 22/27 | €991 | - | -€991 | |
| Furniture and vehicles | 24 | €991 | - | -€991 | |
| Current assets | 29/58 | €8,776,735 | €9,144,880 | +€368,145 | +4.2% |
| Amounts receivable after more than one year | 29 | €8,309,583 | €8,898,588 | +€589,006 | +7.1% |
| Trade receivables | 290 | €200 | €200 | = | 0.0% |
| Other amounts receivable | 291 | €8,309,383 | €8,898,388 | +€589,006 | +7.1% |
| Stocks and contracts in progress | 3 | €19,796 | €19,796 | = | 0.0% |
| Stocks | 30/36 | €19,796 | €19,796 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,782 | €147,802 | +€25,020 | +20.4% |
| Trade receivables | 40 | €32,998 | €53,679 | +€20,681 | +62.7% |
| Other amounts receivable | 41 | €89,784 | €94,123 | +€4,339 | +4.8% |
| Cash at bank and in hand | 54/58 | €318,208 | €73,823 | -€244,385 | -76.8% |
| Deferred charges and accrued income | 490/1 | €6,366 | €4,870 | -€1,496 | -23.5% |
| Total equity and liabilities | 10/49 | €8,777,726 | €9,144,880 | +€367,154 | +4.2% |
| Equity | 10/15 | €8,760,148 | €9,123,793 | +€363,645 | +4.2% |
| Contributions | 10/11 | €421,419 | €421,419 | = | 0.0% |
| Capital | 10 | €421,419 | €421,419 | = | 0.0% |
| Issued capital | 100 | €421,419 | €421,419 | = | 0.0% |
| Reserves | 13 | €2,935,003 | €2,935,003 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,142 | €42,142 | = | 0.0% |
| Legal reserve | 130 | €42,142 | €42,142 | = | 0.0% |
| Distributable reserves | 133 | €2,892,862 | €2,892,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,403,726 | €5,767,371 | +€363,645 | +6.7% |
| Amounts payable | 17/49 | €17,578 | €21,086 | +€3,508 | +20.0% |
| Amounts payable within one year | 42/48 | €17,578 | €21,086 | +€3,508 | +20.0% |
| Trade debts | 44 | €17,578 | €21,086 | +€3,508 | +20.0% |
| Suppliers | 440/4 | €17,578 | €21,086 | +€3,508 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,400 | €991 | -€4,409 | -81.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,550 | -€6,550 | |
| Other operating charges | 640/8 | €4,468 | €360 | -€4,108 | -91.9% |
| Gross operating margin | 9900 | -€47,509 | -€27,340 | +€20,168 | +42.5% |
| Operating profit (loss) | 9901 | -€57,377 | -€22,141 | +€35,235 | +61.4% |
| Financial income | 75/76B | €443,374 | €387,418 | -€55,956 | -12.6% |
| Recurring financial income | 75 | €443,374 | €387,418 | -€55,956 | -12.6% |
| Financial charges | 65/66B | €2,709 | €1,631 | -€1,077 | -39.8% |
| Recurring financial charges | 65 | €2,709 | €1,631 | -€1,077 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €383,289 | €363,645 | -€19,643 | -5.1% |
| Profit (loss) for the period | 9904 | €383,289 | €363,645 | -€19,643 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €383,289 | €363,645 | -€19,643 | -5.1% |
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 17 October 2026 via checked.be.