VAN GRASDORFF: what changed
What changed
VAN GRASDORFF
NACE 17.210, Manufacture of paper and paper products
filed annual accounts (NBB)
Net result for the year
€967,831
2024 · €817,274+€150,557
Equity
€10.8m
2024 · €9.9m+€967,831
Cash
€421,098
2024 · €243,521+€177,578
Balance sheet total
€16.2m
2024 · €16.4m-€205,851
Largest movements
Assets
- Tangible fixed assets -€878,415
down €878,415 (-10.5%), from €8.4m to €7.5m
- Current investments +€400,000
up €400,000 (+26.7%), from €1.5m to €1.9m
- Cash +€177,578
up €177,578 (+72.9%), from €243,521 to €421,098
mainly Depreciation (+€1.3m) and Net result for the year (+€967,831)
Equity and liabilities
- Reserves +€967,831
up €967,831 (+9.9%), from €9.8m to €10.8m
of which Distributable reserves: +€967,831
- Short-term financial debts -€500,000
down €500,000 (-15.3%), from €3.3m to €2.8m
- Debts after one year -€445,868
down €445,868 (-32.2%), from €1.4m to €940,077
- Trade debts -€279,451
down €279,451 (-35.7%), from €783,262 to €503,811
Income statement
- Write-downs -€429,632
down €429,632 (-100%), from €429,632 to €0
- Staff costs +€319,811
up €319,811 (+9.1%), from €3.5m to €3.8m
- Services and other goods +€270,201
up €270,201 (+9.7%), from €2.8m to €3.0m
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.
Result 2024
€817,274
Turnover
+€196,438
Other operating income
+€19,788
Goods and materials
+€76,763
Services and other goods
-€270,201
Staff costs
-€319,811
Depreciation
+€71,410
Write-downs
+€429,632
Other operating charges
-€38,614
Other operating items
-€16,000
Financial income
-€10,691
Financial charges
+€73,153
Taxes
-€61,311
Result 2025
€967,831
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.9m
Investment
-€801,916
Financing
-€930,493
Cash 2024
€243,521
From operations (derived)
+€1.9m
Net result for the year
+€967,831
Depreciation
+€1.3m
Stocks and contracts
-€122,921
Receivables within one year
+€24,021
Deferred charges and accrued income
+€3,600
Trade debts
-€279,451
Tax, wage and social debts
+€36,262
Investment (derived)
-€801,916
Investment in fixed assets (net)
-€401,916
Current investments
-€400,000
Financing
-€930,493
Debts after one year
-€445,868
Current portion of long-term debt
+€15,375
Short-term financial debts
-€500,000
Cash 2025
€421,098
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,373,397 | €16,167,546 | -€205,851 | -1.3% |
| Fixed assets | 21/28 | €8,374,331 | €7,495,602 | -€878,729 | -10.5% |
| Intangible fixed assets | 21 | €812 | €498 | -€314 | -38.7% |
| Tangible fixed assets | 22/27 | €8,373,219 | €7,494,804 | -€878,415 | -10.5% |
| Land and buildings | 22 | €2,936,686 | €2,649,864 | -€286,822 | -9.8% |
| Plant, machinery and equipment | 23 | €3,159,001 | €2,842,271 | -€316,730 | -10.0% |
| Furniture and vehicles | 24 | €136,661 | €131,836 | -€4,825 | -3.5% |
| Leasing and similar rights | 25 | €2,106,720 | €1,843,380 | -€263,340 | -12.5% |
| Other tangible fixed assets | 26 | €34,151 | €27,453 | -€6,698 | -19.6% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Other financial fixed assets | 284/8 | €300 | €300 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €7,999,066 | €8,671,944 | +€672,878 | +8.4% |
| Stocks and contracts in progress | 3 | €4,064,804 | €4,187,724 | +€122,921 | +3.0% |
| Stocks | 30/36 | €4,064,804 | €4,187,724 | +€122,921 | +3.0% |
| Raw materials and consumables | 30/31 | €4,061,934 | €4,187,039 | +€125,106 | +3.1% |
| Advance payments | 36 | €2,870 | €685 | -€2,185 | -76.1% |
| Amounts receivable within one year | 40/41 | €2,184,542 | €2,160,521 | -€24,021 | -1.1% |
| Trade receivables | 40 | €2,114,451 | €2,139,100 | +€24,648 | +1.2% |
| Other amounts receivable | 41 | €70,091 | €21,422 | -€48,669 | -69.4% |
| Current investments | 50/53 | €1,500,000 | €1,900,000 | +€400,000 | +26.7% |
| Other investments | 51/53 | €1,500,000 | €1,900,000 | +€400,000 | +26.7% |
| Cash at bank and in hand | 54/58 | €243,521 | €421,098 | +€177,578 | +72.9% |
| Deferred charges and accrued income | 490/1 | €6,200 | €2,600 | -€3,600 | -58.1% |
| Total equity and liabilities | 10/49 | €16,373,397 | €16,167,546 | -€205,851 | -1.3% |
| Equity | 10/15 | €9,875,331 | €10,843,161 | +€967,831 | +9.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €9,813,331 | €10,781,161 | +€967,831 | +9.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €9,807,131 | €10,774,961 | +€967,831 | +9.9% |
| Amounts payable | 17/49 | €6,498,066 | €5,324,385 | -€1.2m | -18.1% |
| Amounts payable after more than one year | 17 | €1,385,945 | €940,077 | -€445,868 | -32.2% |
| Financial debts | 170/4 | €1,385,945 | €940,077 | -€445,868 | -32.2% |
| Leasing and similar obligations | 172 | €1,385,945 | €940,077 | -€445,868 | -32.2% |
| Amounts payable within one year | 42/48 | €5,112,122 | €4,384,308 | -€727,814 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €430,493 | €445,868 | +€15,375 | +3.6% |
| Financial debts | 43 | €3,275,000 | €2,775,000 | -€500,000 | -15.3% |
| Other loans | 439 | €3,275,000 | €2,775,000 | -€500,000 | -15.3% |
| Trade debts | 44 | €783,262 | €503,811 | -€279,451 | -35.7% |
| Suppliers | 440/4 | €783,262 | €503,811 | -€279,451 | -35.7% |
| Taxes, remuneration and social security | 45 | €468,445 | €504,707 | +€36,262 | +7.7% |
| Taxes | 450/3 | €129,113 | €147,351 | +€18,237 | +14.1% |
| Remuneration and social security | 454/9 | €339,332 | €357,357 | +€18,024 | +5.3% |
| Other amounts payable | 47/48 | €154,922 | €154,922 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €20,439,684 | €20,639,910 | +€200,226 | +1.0% |
| Turnover | 70 | €20,270,960 | €20,467,398 | +€196,438 | +1.0% |
| Other operating income | 74 | €152,724 | €172,512 | +€19,788 | +13.0% |
| Non-recurring operating income | 76A | €16,000 | €0 | -€16,000 | -100% |
| Operating charges | 60/66A | €19,068,577 | €19,119,397 | +€50,820 | +0.3% |
| Goods for resale, raw materials and consumables | 60 | €10,961,787 | €10,885,024 | -€76,763 | -0.7% |
| Purchases | 600/8 | €11,648,342 | €11,010,130 | -€638,212 | -5.5% |
| Change in stocks: decrease (increase) | 609 | -€686,555 | -€125,106 | +€561,450 | +81.8% |
| Services and other goods | 61 | €2,774,384 | €3,044,585 | +€270,201 | +9.7% |
| Remuneration, social security and pensions | 62 | €3,528,269 | €3,848,080 | +€319,811 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,352,055 | €1,280,645 | -€71,410 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €429,632 | €0 | -€429,632 | -100% |
| Other operating charges | 640/8 | €22,450 | €61,064 | +€38,614 | +172% |
| Operating profit (loss) | 9901 | €1,371,107 | €1,520,513 | +€149,406 | +10.9% |
| Financial income | 75/76B | €195,990 | €185,299 | -€10,691 | -5.5% |
| Recurring financial income | 75 | €195,990 | €185,299 | -€10,691 | -5.5% |
| Income from financial fixed assets | 750 | €20,989 | €0 | -€20,989 | -100% |
| Income from current assets | 751 | - | €30,934 | +€30,934 | |
| Other financial income | 752/9 | €175,001 | €154,365 | -€20,636 | -11.8% |
| Financial charges | 65/66B | €457,602 | €384,449 | -€73,153 | -16.0% |
| Recurring financial charges | 65 | €457,602 | €384,449 | -€73,153 | -16.0% |
| Debt charges | 650 | €457,602 | €285,451 | -€172,151 | -37.6% |
| Other financial charges | 652/9 | - | €98,998 | +€98,998 | |
| Profit (loss) for the period before taxes | 9903 | €1,109,495 | €1,321,362 | +€211,868 | +19.1% |
| Income taxes | 67/77 | €292,221 | €353,532 | +€61,311 | +21.0% |
| Taxes | 670/3 | €292,221 | €353,532 | +€61,311 | +21.0% |
| Profit (loss) for the period | 9904 | €817,274 | €967,831 | +€150,557 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €817,274 | €967,831 | +€150,557 | +18.4% |
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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 5 November 2026 via checked.be.