St-GRAAL: 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.
St-GRAAL
Largest movements
- Tangible fixed assets -€21,397
down €21,397 (-57.1%), from €37,476 to €16,079
of which Plant, machinery and equipment: -€10,729
- Receivables after one year -€20,200
no longer reported in 2025 (was €20,200)
- Receivables within one year -€5,431
down €5,431 (-29.0%), from €18,750 to €13,319
of which Trade receivables: -€5,787
- Stocks and contracts -€2,346
down €2,346 (-5.2%), from €45,068 to €42,722
- Profit (loss) carried forward -€54,246
down €54,246 (-65.3%), from -€83,127 to -€137,373
- Other debts +€17,550
up €17,550 (+19.2%), from €91,235 to €108,785
- Trade debts -€8,820
down €8,820 (-61.3%), from €14,378 to €5,558
- Debts after one year -€8,304
down €8,304 (-15.0%), from €55,520 to €47,216
- Tax, wage and social debts +€4,846
up €4,846 (+25.9%), from €18,746 to €23,592
of which Remuneration and social security: +€5,792
- Gross operating margin +€9,027
up €9,027 (+44.3%), from -€20,396 to -€11,369
- Financial charges -€1,707
down €1,707 (-23.3%), from €7,322 to €5,615
- Depreciation -€775
down €775 (-6.3%), from €12,370 to €11,595
- Other operating charges +€670
up €670 (+47.1%), from €1,423 to €2,093
- Staff costs +€496
up €496 (+2.1%), from €23,078 to €23,574
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,619 | €72,245 | -€49,374 | -40.6% |
| Fixed assets | 21/28 | €37,601 | €16,204 | -€21,397 | -56.9% |
| Tangible fixed assets | 22/27 | €37,476 | €16,079 | -€21,397 | -57.1% |
| Plant, machinery and equipment | 23 | €22,396 | €11,667 | -€10,729 | -47.9% |
| Furniture and vehicles | 24 | €15,080 | €4,412 | -€10,668 | -70.7% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €84,018 | €56,041 | -€27,977 | -33.3% |
| Amounts receivable after more than one year | 29 | €20,200 | - | -€20,200 | |
| Other amounts receivable | 291 | €20,200 | - | -€20,200 | |
| Stocks and contracts in progress | 3 | €45,068 | €42,722 | -€2,346 | -5.2% |
| Stocks | 30/36 | €45,068 | €42,722 | -€2,346 | -5.2% |
| Amounts receivable within one year | 40/41 | €18,750 | €13,319 | -€5,431 | -29.0% |
| Trade receivables | 40 | €16,962 | €11,175 | -€5,787 | -34.1% |
| Other amounts receivable | 41 | €1,788 | €2,144 | +€356 | +19.9% |
| Total equity and liabilities | 10/49 | €121,619 | €72,245 | -€49,374 | -40.6% |
| Equity | 10/15 | -€69,487 | -€123,733 | -€54,246 | -78.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,240 | €1,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,127 | -€137,373 | -€54,246 | -65.3% |
| Amounts payable | 17/49 | €191,106 | €195,978 | +€4,872 | +2.5% |
| Amounts payable after more than one year | 17 | €55,520 | €47,216 | -€8,304 | -15.0% |
| Financial debts | 170/4 | €55,520 | €47,216 | -€8,304 | -15.0% |
| Amounts payable within one year | 42/48 | €135,586 | €148,762 | +€13,176 | +9.7% |
| Financial debts | 43 | €11,227 | €10,827 | -€400 | -3.6% |
| Credit institutions | 430/8 | €11,227 | €10,827 | -€400 | -3.6% |
| Trade debts | 44 | €14,378 | €5,558 | -€8,820 | -61.3% |
| Suppliers | 440/4 | €14,378 | €5,558 | -€8,820 | -61.3% |
| Taxes, remuneration and social security | 45 | €18,746 | €23,592 | +€4,846 | +25.9% |
| Taxes | 450/3 | €4,360 | €3,414 | -€946 | -21.7% |
| Remuneration and social security | 454/9 | €14,386 | €20,178 | +€5,792 | +40.3% |
| Other amounts payable | 47/48 | €91,235 | €108,785 | +€17,550 | +19.2% |
| Remuneration, social security and pensions | 62 | €23,078 | €23,574 | +€496 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,370 | €11,595 | -€775 | -6.3% |
| Other operating charges | 640/8 | €1,423 | €2,093 | +€670 | +47.1% |
| Gross operating margin | 9900 | -€20,396 | -€11,369 | +€9,027 | +44.3% |
| Operating profit (loss) | 9901 | -€57,267 | -€48,631 | +€8,636 | +15.1% |
| Financial charges | 65/66B | €7,322 | €5,615 | -€1,707 | -23.3% |
| Recurring financial charges | 65 | €7,322 | €5,615 | -€1,707 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | -€64,589 | -€54,246 | +€10,343 | +16.0% |
| Profit (loss) for the period | 9904 | -€64,589 | -€54,246 | +€10,343 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,589 | -€54,246 | +€10,343 | +16.0% |
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 20 October 2026 via checked.be.