GRAPHCO: 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.
GRAPHCO
Largest movements
- Stocks and contracts +€180,000
up €180,000 (+986.2%), from €18,253 to €198,253
- Receivables within one year -€103,220
down €103,220 (-30.8%), from €335,140 to €231,921
of which Trade receivables: -€87,462
- Cash -€61,586
down €61,586 (-73.4%), from €83,943 to €22,357
mainly Stocks and contracts (-€180,000) and Contributions, distributions and other (-€13,994)
- Tangible fixed assets -€17,369
down €17,369 (-13.7%), from €126,645 to €109,277
- Reserves +€20,474
up €20,474 (+4.6%), from €444,613 to €465,087
of which Distributable reserves: +€20,474
- Tax, wage and social debts -€12,424
down €12,424 (-16.0%), from €77,547 to €65,123
of which Taxes: -€12,659
- Debts after one year -€7,115
no longer reported in 2025 (was €7,115)
- Gross operating margin -€65,450
down €65,450 (-15.2%), from €429,638 to €364,188
- Financial charges -€55,272
down €55,272 (-25.9%), from €213,745 to €158,473
- Taxes -€43,022
down €43,022 (-67.2%), from €64,062 to €21,040
- Other operating charges +€6,914
up €6,914 (+293.6%), from €2,355 to €9,269
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 | €564,723 | €562,578 | -€2,144 | -0.4% |
| Fixed assets | 21/28 | €126,645 | €109,277 | -€17,369 | -13.7% |
| Tangible fixed assets | 22/27 | €126,645 | €109,277 | -€17,369 | -13.7% |
| Land and buildings | 22 | €93,500 | €87,833 | -€5,667 | -6.1% |
| Plant, machinery and equipment | 23 | €18,777 | €14,108 | -€4,669 | -24.9% |
| Furniture and vehicles | 24 | €14,369 | €7,336 | -€7,033 | -48.9% |
| Current assets | 29/58 | €438,077 | €453,302 | +€15,224 | +3.5% |
| Stocks and contracts in progress | 3 | €18,253 | €198,253 | +€180,000 | +986.2% |
| Stocks | 30/36 | €18,253 | €198,253 | +€180,000 | +986.2% |
| Amounts receivable within one year | 40/41 | €335,140 | €231,921 | -€103,220 | -30.8% |
| Trade receivables | 40 | €87,630 | €168 | -€87,462 | -99.8% |
| Other amounts receivable | 41 | €247,511 | €231,753 | -€15,758 | -6.4% |
| Cash at bank and in hand | 54/58 | €83,943 | €22,357 | -€61,586 | -73.4% |
| Deferred charges and accrued income | 490/1 | €741 | €771 | +€30 | +4.1% |
| Total equity and liabilities | 10/49 | €564,723 | €562,578 | -€2,144 | -0.4% |
| Equity | 10/15 | €469,613 | €490,087 | +€20,474 | +4.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €444,613 | €465,087 | +€20,474 | +4.6% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,750 | €25,750 | = | 0.0% |
| Distributable reserves | 133 | €416,363 | €436,837 | +€20,474 | +4.9% |
| Amounts payable | 17/49 | €95,109 | €72,491 | -€22,618 | -23.8% |
| Amounts payable after more than one year | 17 | €7,115 | - | -€7,115 | |
| Financial debts | 170/4 | €7,115 | - | -€7,115 | |
| Amounts payable within one year | 42/48 | €87,848 | €72,372 | -€15,476 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €10,301 | €7,115 | -€3,186 | -30.9% |
| Trade debts | 44 | - | €135 | +€135 | |
| Suppliers | 440/4 | - | €135 | +€135 | |
| Taxes, remuneration and social security | 45 | €77,547 | €65,123 | -€12,424 | -16.0% |
| Taxes | 450/3 | €77,314 | €64,655 | -€12,659 | -16.4% |
| Remuneration and social security | 454/9 | €232 | €468 | +€236 | +101.4% |
| Accrued charges and deferred income | 492/3 | €147 | €119 | -€28 | -19.2% |
| Remuneration, social security and pensions | 62 | €2,563 | €2,208 | -€355 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,172 | €17,369 | +€197 | +1.1% |
| Other operating charges | 640/8 | €2,355 | €9,269 | +€6,914 | +293.6% |
| Non-recurring operating charges | 66A | - | €124,260 | +€124,260 | |
| Gross operating margin | 9900 | €429,638 | €364,188 | -€65,450 | -15.2% |
| Operating profit (loss) | 9901 | €407,548 | €211,082 | -€196,466 | -48.2% |
| Financial income | 75/76B | €875 | €2,899 | +€2,024 | +231.2% |
| Recurring financial income | 75 | €875 | €2,899 | +€2,024 | +231.2% |
| Financial charges | 65/66B | €213,745 | €158,473 | -€55,272 | -25.9% |
| Recurring financial charges | 65 | €213,745 | €158,473 | -€55,272 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €194,679 | €55,508 | -€139,171 | -71.5% |
| Income taxes | 67/77 | €64,062 | €21,040 | -€43,022 | -67.2% |
| Profit (loss) for the period | 9904 | €130,617 | €34,468 | -€96,149 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,617 | €34,468 | -€96,149 | -73.6% |
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 29 September 2026 via checked.be.