STEPHANE LUTGEN - GRAPHICREA: what changed
STEPHANE LUTGEN - GRAPHICREA
Largest movements
- Tangible fixed assets -€8,337
down €8,337 (-61.4%), from €13,577 to €5,240
of which Land and buildings: -€4,273
- Receivables within one year -€7,668
down €7,668 (-9.6%), from €79,850 to €72,182
of which Trade receivables: -€8,494
- Cash +€6,437
up €6,437 (+6.0%), from €107,369 to €113,806
mainly Net result for the year (+€8,132) and Receivables within one year (+€7,668)
- Trade debts -€15,759
down €15,759 (-91.2%), from €17,283 to €1,523
- Reserves +€8,132
up €8,132 (+5.5%), from €149,129 to €157,262
of which Distributable reserves: +€8,132
- Gross operating margin -€13,219
down €13,219 (-19.6%), from €67,304 to €54,085
- Staff costs +€10,319
up €10,319 (+47.3%), from €21,806 to €32,125
- Taxes -€6,753
down €6,753 (-72.8%), from €9,276 to €2,523
- Write-downs -€5,171
no longer reported in 2025 (was €5,171)
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 | €201,982 | €192,429 | -€9,553 | -4.7% |
| Fixed assets | 21/28 | €13,577 | €5,240 | -€8,337 | -61.4% |
| Tangible fixed assets | 22/27 | €13,577 | €5,240 | -€8,337 | -61.4% |
| Land and buildings | 22 | €4,273 | €0 | -€4,273 | -100% |
| Plant, machinery and equipment | 23 | €3,256 | €1,909 | -€1,347 | -41.4% |
| Furniture and vehicles | 24 | €6,048 | €3,330 | -€2,718 | -44.9% |
| Current assets | 29/58 | €188,406 | €187,190 | -€1,216 | -0.6% |
| Amounts receivable within one year | 40/41 | €79,850 | €72,182 | -€7,668 | -9.6% |
| Trade receivables | 40 | €47,812 | €39,319 | -€8,494 | -17.8% |
| Other amounts receivable | 41 | €32,038 | €32,863 | +€825 | +2.6% |
| Cash at bank and in hand | 54/58 | €107,369 | €113,806 | +€6,437 | +6.0% |
| Deferred charges and accrued income | 490/1 | €1,187 | €1,202 | +€15 | +1.3% |
| Total equity and liabilities | 10/49 | €201,982 | €192,429 | -€9,553 | -4.7% |
| Equity | 10/15 | €155,329 | €163,462 | +€8,132 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,129 | €157,262 | +€8,132 | +5.5% |
| 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 | €147,269 | €155,402 | +€8,132 | +5.5% |
| Amounts payable | 17/49 | €46,653 | €28,968 | -€17,686 | -37.9% |
| Amounts payable within one year | 42/48 | €46,653 | €28,968 | -€17,686 | -37.9% |
| Trade debts | 44 | €17,283 | €1,523 | -€15,759 | -91.2% |
| Suppliers | 440/4 | €17,283 | €1,523 | -€15,759 | -91.2% |
| Taxes, remuneration and social security | 45 | €29,371 | €27,444 | -€1,926 | -6.6% |
| Taxes | 450/3 | €25,942 | €25,692 | -€250 | -1.0% |
| Remuneration and social security | 454/9 | €3,428 | €1,752 | -€1,676 | -48.9% |
| Remuneration, social security and pensions | 62 | €21,806 | €32,125 | +€10,319 | +47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,012 | €4,065 | +€53 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,171 | - | -€5,171 | |
| Other operating charges | 640/8 | €2,713 | €2,668 | -€45 | -1.7% |
| Non-recurring operating charges | 66A | - | €4,273 | +€4,273 | |
| Gross operating margin | 9900 | €67,304 | €54,085 | -€13,219 | -19.6% |
| Operating profit (loss) | 9901 | €33,601 | €10,955 | -€22,646 | -67.4% |
| Financial charges | 65/66B | €282 | €299 | +€17 | +6.0% |
| Recurring financial charges | 65 | €282 | €299 | +€17 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €33,319 | €10,655 | -€22,663 | -68.0% |
| Income taxes | 67/77 | €9,276 | €2,523 | -€6,753 | -72.8% |
| Profit (loss) for the period | 9904 | €24,043 | €8,132 | -€15,911 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,043 | €8,132 | -€15,911 | -66.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.