GRAVE MICHAEL: what changed
GRAVE MICHAEL
Largest movements
- Receivables within one year +€49,356
up €49,356 (+92.5%), from €53,366 to €102,723
of which Trade receivables: +€42,616
- Tangible fixed assets -€48,410
down €48,410 (-11.9%), from €408,184 to €359,775
of which Furniture and vehicles: -€34,555
- Receivables after one year +€30,000
new in 2025: €30,000
- Cash +€16,808
up €16,808 (+77.5%), from €21,681 to €38,490
mainly Net result for the year (+€77,632) and Depreciation (+€51,452)
- Stocks and contracts +€10,732
up €10,732 (+13.4%), from €80,002 to €90,735
of which Contracts in progress: +€10,732
- Reserves +€77,632
up €77,632 (+42.1%), from €184,443 to €262,075
of which Distributable reserves: +€77,632
- Current portion of long-term debt -€49,307
no longer reported in 2025 (was €49,307)
- Trade debts +€29,263
up €29,263 (+57.1%), from €51,249 to €80,512
- Tax, wage and social debts -€7,052
down €7,052 (-34.1%), from €20,692 to €13,640
of which Remuneration and social security: -€12,250
- Gross operating margin +€50,515
up €50,515 (+25.5%), from €198,390 to €248,905
- Taxes +€9,531
up €9,531 (+35.6%), from €26,780 to €36,311
- Staff costs -€6,235
down €6,235 (-9.1%), from €68,757 to €62,523
- Financial charges +€4,767
up €4,767 (+32.6%), from €14,610 to €19,377
- Financial income +€4,661
up €4,661 (+10,022%), from €47 to €4,708
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €571,885 | €621,721 | +€49,837 | +8.7% |
| Fixed assets | 21/28 | €408,184 | €359,775 | -€48,410 | -11.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €408,184 | €359,775 | -€48,410 | -11.9% |
| Land and buildings | 22 | €304,055 | €290,518 | -€13,537 | -4.5% |
| Plant, machinery and equipment | 23 | €550 | €232 | -€318 | -57.8% |
| Furniture and vehicles | 24 | €103,579 | €69,025 | -€34,555 | -33.4% |
| Current assets | 29/58 | €163,701 | €261,947 | +€98,246 | +60.0% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Stocks and contracts in progress | 3 | €80,002 | €90,735 | +€10,732 | +13.4% |
| Stocks | 30/36 | €12,875 | €12,875 | = | 0.0% |
| Contracts in progress | 37 | €67,127 | €77,860 | +€10,732 | +16.0% |
| Amounts receivable within one year | 40/41 | €53,366 | €102,723 | +€49,356 | +92.5% |
| Trade receivables | 40 | €33,575 | €76,191 | +€42,616 | +127% |
| Other amounts receivable | 41 | €19,792 | €26,532 | +€6,740 | +34.1% |
| Cash at bank and in hand | 54/58 | €21,681 | €38,490 | +€16,808 | +77.5% |
| Deferred charges and accrued income | 490/1 | €8,651 | - | -€8,651 | |
| Total equity and liabilities | 10/49 | €571,885 | €621,721 | +€49,837 | +8.7% |
| Equity | 10/15 | €203,043 | €280,675 | +€77,632 | +38.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,443 | €262,075 | +€77,632 | +42.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,583 | €260,215 | +€77,632 | +42.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €368,842 | €341,046 | -€27,796 | -7.5% |
| Amounts payable after more than one year | 17 | €243,271 | €243,271 | = | 0.0% |
| Financial debts | 170/4 | €243,271 | €243,271 | = | 0.0% |
| Amounts payable within one year | 42/48 | €125,571 | €97,775 | -€27,796 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €49,307 | - | -€49,307 | |
| Trade debts | 44 | €51,249 | €80,512 | +€29,263 | +57.1% |
| Suppliers | 440/4 | €51,249 | €80,512 | +€29,263 | +57.1% |
| Taxes, remuneration and social security | 45 | €20,692 | €13,640 | -€7,052 | -34.1% |
| Taxes | 450/3 | €8,442 | €13,640 | +€5,198 | +61.6% |
| Remuneration and social security | 454/9 | €12,250 | - | -€12,250 | |
| Other amounts payable | 47/48 | €4,324 | €3,624 | -€700 | -16.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €68,757 | €62,523 | -€6,235 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,681 | €51,452 | -€230 | -0.4% |
| Other operating charges | 640/8 | €10,548 | €6,318 | -€4,230 | -40.1% |
| Gross operating margin | 9900 | €198,390 | €248,905 | +€50,515 | +25.5% |
| Operating profit (loss) | 9901 | €67,404 | €128,613 | +€61,209 | +90.8% |
| Financial income | 75/76B | €47 | €4,708 | +€4,661 | +10,022% |
| Recurring financial income | 75 | €47 | €4,708 | +€4,661 | +10,022% |
| Financial charges | 65/66B | €14,610 | €19,377 | +€4,767 | +32.6% |
| Recurring financial charges | 65 | €14,610 | €19,377 | +€4,767 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | €52,840 | €113,944 | +€61,104 | +116% |
| Income taxes | 67/77 | €26,780 | €36,311 | +€9,531 | +35.6% |
| Profit (loss) for the period | 9904 | €26,060 | €77,632 | +€51,573 | +198% |
| Profit (loss) for the period to be appropriated | 9905 | €26,060 | €77,632 | +€51,573 | +198% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.