GRAPHOS: 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.
GRAPHOS
Largest movements
- Tangible fixed assets +€605,964
up €605,964 (+45.8%), from €1.3m to €1.9m
of which Land and buildings: +€571,262
- Cash -€149,087
down €149,087 (-52.2%), from €285,459 to €136,372
mainly Investment in fixed assets (net) (-€754,869) and Contributions, distributions and other (-€142,036)
- Receivables within one year +€118,019
up €118,019 (+112.6%), from €104,796 to €222,815
of which Trade receivables: +€110,008
- Debts after one year +€339,942
up €339,942 (+119.8%), from €283,829 to €623,771
- Reserves +€116,153
up €116,153 (+7.9%), from €1.5m to €1.6m
- Other debts +€95,800
up €95,800 (+21.3%), from €449,256 to €545,056
- Depreciation +€51,189
up €51,189 (+52.4%), from €97,717 to €148,905
- Gross operating margin +€30,965
up €30,965 (+6.1%), from €508,654 to €539,619
- Financial income +€28,910
up €28,910 (+404.0%), from €7,157 to €36,067
- Financial charges +€10,573
up €10,573 (+27.8%), from €38,094 to €48,666
- Taxes -€5,743
down €5,743 (-4.9%), from €117,067 to €111,324
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 | €2,370,627 | €2,950,692 | +€580,065 | +24.5% |
| Fixed assets | 21/28 | €1,323,938 | €1,929,902 | +€605,964 | +45.8% |
| Tangible fixed assets | 22/27 | €1,323,938 | €1,929,902 | +€605,964 | +45.8% |
| Land and buildings | 22 | €1,205,657 | €1,776,920 | +€571,262 | +47.4% |
| Furniture and vehicles | 24 | €118,280 | €152,982 | +€34,702 | +29.3% |
| Current assets | 29/58 | €1,046,689 | €1,020,790 | -€25,899 | -2.5% |
| Amounts receivable within one year | 40/41 | €104,796 | €222,815 | +€118,019 | +112.6% |
| Trade receivables | 40 | €104,795 | €214,803 | +€110,008 | +105.0% |
| Other amounts receivable | 41 | €1 | €8,012 | +€8,011 | +1040427.3% |
| Current investments | 50/53 | €645,134 | €645,134 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €285,459 | €136,372 | -€149,087 | -52.2% |
| Deferred charges and accrued income | 490/1 | €11,301 | €16,470 | +€5,169 | +45.7% |
| Total equity and liabilities | 10/49 | €2,370,627 | €2,950,692 | +€580,065 | +24.5% |
| Equity | 10/15 | €1,507,443 | €1,623,596 | +€116,153 | +7.7% |
| Contributions | 10/11 | €40,800 | €40,800 | = | 0.0% |
| Reserves | 13 | €1,466,643 | €1,582,796 | +€116,153 | +7.9% |
| Distributable reserves | 133 | €1,466,643 | €1,582,796 | +€116,153 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €863,184 | €1,327,096 | +€463,912 | +53.7% |
| Amounts payable after more than one year | 17 | €283,829 | €623,771 | +€339,942 | +119.8% |
| Financial debts | 170/4 | €283,829 | €623,771 | +€339,942 | +119.8% |
| Amounts payable within one year | 42/48 | €552,957 | €666,379 | +€113,421 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €28,362 | €51,195 | +€22,833 | +80.5% |
| Trade debts | 44 | €13,425 | €10,202 | -€3,223 | -24.0% |
| Suppliers | 440/4 | €13,425 | €10,202 | -€3,223 | -24.0% |
| Taxes, remuneration and social security | 45 | €61,914 | €59,925 | -€1,989 | -3.2% |
| Taxes | 450/3 | €61,914 | €59,925 | -€1,989 | -3.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €449,256 | €545,056 | +€95,800 | +21.3% |
| Accrued charges and deferred income | 492/3 | €26,397 | €36,946 | +€10,548 | +40.0% |
| Non-recurring operating income | 76A | - | €275 | +€275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,717 | €148,905 | +€51,189 | +52.4% |
| Other operating charges | 640/8 | €8,792 | €8,600 | -€192 | -2.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €508,654 | €539,619 | +€30,965 | +6.1% |
| Operating profit (loss) | 9901 | €402,145 | €382,113 | -€20,032 | -5.0% |
| Financial income | 75/76B | €7,157 | €36,067 | +€28,910 | +404.0% |
| Recurring financial income | 75 | €7,157 | €36,067 | +€28,910 | +404.0% |
| Financial charges | 65/66B | €38,094 | €48,666 | +€10,573 | +27.8% |
| Recurring financial charges | 65 | €38,094 | €48,666 | +€10,573 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €371,208 | €369,514 | -€1,694 | -0.5% |
| Income taxes | 67/77 | €117,067 | €111,324 | -€5,743 | -4.9% |
| Profit (loss) for the period | 9904 | €254,141 | €258,189 | +€4,048 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €254,141 | €258,189 | +€4,048 | +1.6% |
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 9 October 2026 via checked.be.