WESTGRAAF: 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.
WESTGRAAF
Largest movements
- Tangible fixed assets +€228,120
up €228,120 (+151.0%), from €151,105 to €379,225
of which Plant, machinery and equipment: +€158,040
- Stocks and contracts +€61,727
new in 2025: €61,727
- Cash +€25,381
up €25,381 (+89.8%), from €28,263 to €53,644
mainly Trade debts (+€273,253) and Depreciation (+€67,269)
- Receivables within one year +€23,187
up €23,187 (+82.6%), from €28,061 to €51,248
of which Trade receivables: +€23,088
- Trade debts +€273,253
up €273,253 (+8412.3%), from €3,248 to €276,501
- Other debts +€59,306
up €59,306 (+85.3%), from €69,517 to €128,823
- Gross operating margin +€31,713
up €31,713 (+65.2%), from €48,670 to €80,382
- Depreciation +€30,198
up €30,198 (+81.5%), from €37,071 to €67,269
- Taxes -€1,635
down €1,635 (-69.3%), from €2,361 to €726
- Financial charges +€1,056
up €1,056 (+19.4%), from €5,434 to €6,490
- Other operating charges +€901
up €901 (+156.2%), from €577 to €1,478
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 | €207,581 | €547,198 | +€339,617 | +163.6% |
| Fixed assets | 21/28 | €151,105 | €379,225 | +€228,120 | +151.0% |
| Tangible fixed assets | 22/27 | €151,105 | €379,225 | +€228,120 | +151.0% |
| Plant, machinery and equipment | 23 | €103,149 | €261,189 | +€158,040 | +153.2% |
| Furniture and vehicles | 24 | €47,956 | €38,932 | -€9,024 | -18.8% |
| Other tangible fixed assets | 26 | - | €79,104 | +€79,104 | |
| Current assets | 29/58 | €56,476 | €167,973 | +€111,497 | +197.4% |
| Stocks and contracts in progress | 3 | - | €61,727 | +€61,727 | |
| Stocks | 30/36 | - | €61,727 | +€61,727 | |
| Amounts receivable within one year | 40/41 | €28,061 | €51,248 | +€23,187 | +82.6% |
| Trade receivables | 40 | €27,823 | €50,911 | +€23,088 | +83.0% |
| Other amounts receivable | 41 | €238 | €337 | +€99 | +41.6% |
| Cash at bank and in hand | 54/58 | €28,263 | €53,644 | +€25,381 | +89.8% |
| Deferred charges and accrued income | 490/1 | €153 | €1,354 | +€1,201 | +785.3% |
| Total equity and liabilities | 10/49 | €207,581 | €547,198 | +€339,617 | +163.6% |
| Equity | 10/15 | €125,630 | €130,403 | +€4,773 | +3.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €25,630 | €30,403 | +€4,773 | +18.6% |
| Distributable reserves | 133 | €25,630 | €30,403 | +€4,773 | +18.6% |
| Amounts payable | 17/49 | €81,951 | €416,795 | +€334,845 | +408.6% |
| Amounts payable within one year | 42/48 | €76,856 | €407,923 | +€331,067 | +430.8% |
| Trade debts | 44 | €3,248 | €276,501 | +€273,253 | +8412.3% |
| Suppliers | 440/4 | €3,248 | €276,501 | +€273,253 | +8412.3% |
| Taxes, remuneration and social security | 45 | €4,090 | €2,599 | -€1,491 | -36.5% |
| Taxes | 450/3 | €4,090 | €2,149 | -€1,941 | -47.5% |
| Remuneration and social security | 454/9 | - | €450 | +€450 | |
| Other amounts payable | 47/48 | €69,517 | €128,823 | +€59,306 | +85.3% |
| Accrued charges and deferred income | 492/3 | €5,095 | €8,872 | +€3,777 | +74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,071 | €67,269 | +€30,198 | +81.5% |
| Other operating charges | 640/8 | €577 | €1,478 | +€901 | +156.2% |
| Gross operating margin | 9900 | €48,670 | €80,382 | +€31,713 | +65.2% |
| Operating profit (loss) | 9901 | €11,022 | €11,635 | +€613 | +5.6% |
| Financial income | 75/76B | €329 | €353 | +€24 | +7.3% |
| Recurring financial income | 75 | €329 | €353 | +€24 | +7.3% |
| Financial charges | 65/66B | €5,434 | €6,490 | +€1,056 | +19.4% |
| Recurring financial charges | 65 | €5,434 | €6,490 | +€1,056 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €5,917 | €5,498 | -€419 | -7.1% |
| Income taxes | 67/77 | €2,361 | €726 | -€1,635 | -69.3% |
| Profit (loss) for the period | 9904 | €3,556 | €4,773 | +€1,216 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,556 | €4,773 | +€1,216 | +34.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.