Graham Immo: 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 Immo
Largest movements
- Tangible fixed assets -€37,328
down €37,328 (-11.7%), from €317,884 to €280,557
of which Land and buildings: -€45,302
- Cash -€13,644
down €13,644 (-39.3%), from €34,695 to €21,051
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€8,125)
- Reserves -€50,245
down €50,245 (-16.9%), from €296,831 to €246,586
of which Distributable reserves: -€48,861
- Gross operating margin +€3,552
up €3,552 (+5.6%), from €63,128 to €66,680
- Taxes +€1,079
up €1,079 (+28.1%), from €3,848 to €4,927
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 | €373,082 | €322,857 | -€50,225 | -13.5% |
| Fixed assets | 21/28 | €317,884 | €280,557 | -€37,328 | -11.7% |
| Tangible fixed assets | 22/27 | €317,884 | €280,557 | -€37,328 | -11.7% |
| Land and buildings | 22 | €317,884 | €272,582 | -€45,302 | -14.3% |
| Plant, machinery and equipment | 23 | - | €7,975 | +€7,975 | |
| Current assets | 29/58 | €55,197 | €42,300 | -€12,897 | -23.4% |
| Amounts receivable within one year | 40/41 | €20,502 | €21,249 | +€747 | +3.6% |
| Trade receivables | 40 | €20,502 | €20,176 | -€326 | -1.6% |
| Other amounts receivable | 41 | - | €1,073 | +€1,073 | |
| Cash at bank and in hand | 54/58 | €34,695 | €21,051 | -€13,644 | -39.3% |
| Total equity and liabilities | 10/49 | €373,082 | €322,857 | -€50,225 | -13.5% |
| Equity | 10/15 | €308,666 | €258,422 | -€50,245 | -16.3% |
| Contributions | 10/11 | €11,835 | €11,835 | = | 0.0% |
| Reserves | 13 | €296,831 | €246,586 | -€50,245 | -16.9% |
| Tax-exempt reserves | 132 | €7,702 | €6,318 | -€1,384 | -18.0% |
| Distributable reserves | 133 | €289,129 | €240,268 | -€48,861 | -16.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,567 | €2,106 | -€461 | -18.0% |
| Deferred taxes | 168 | €2,567 | €2,106 | -€461 | -18.0% |
| Amounts payable | 17/49 | €61,848 | €62,329 | +€481 | +0.8% |
| Amounts payable within one year | 42/48 | €61,848 | €62,329 | +€481 | +0.8% |
| Trade debts | 44 | €0 | €481 | +€481 | |
| Suppliers | 440/4 | €0 | €481 | +€481 | |
| Taxes, remuneration and social security | 45 | €1,848 | €1,848 | = | 0.0% |
| Taxes | 450/3 | €1,848 | €1,848 | = | 0.0% |
| Other amounts payable | 47/48 | €60,000 | €60,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,303 | €45,453 | +€151 | +0.3% |
| Other operating charges | 640/8 | €6,305 | €6,901 | +€596 | +9.5% |
| Gross operating margin | 9900 | €63,128 | €66,680 | +€3,552 | +5.6% |
| Operating profit (loss) | 9901 | €11,521 | €14,326 | +€2,805 | +24.4% |
| Financial charges | 65/66B | €104 | €104 | = | 0.0% |
| Recurring financial charges | 65 | €104 | €104 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €11,416 | €14,221 | +€2,805 | +24.6% |
| Transfer from deferred taxes | 780 | €461 | €461 | = | 0.0% |
| Income taxes | 67/77 | €3,848 | €4,927 | +€1,079 | +28.1% |
| Profit (loss) for the period | 9904 | €8,029 | €9,755 | +€1,726 | +21.5% |
| Transfer from tax-exempt reserves | 789 | €1,384 | €1,384 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,413 | €11,139 | +€1,726 | +18.3% |
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 18 October 2026 via checked.be.