COPY GROENENBORGER: what changed
COPY GROENENBORGER
Largest movements
- Receivables within one year +€34,288
up €34,288 (+128%), from €26,851 to €61,139
of which Trade receivables: +€27,359
- Cash -€15,208
down €15,208 (-11.6%), from €131,369 to €116,162
mainly Contributions, distributions and other (-€57,018) and Investment in fixed assets (net) (-€40,228)
- Current investments +€10,800
up €10,800 (+8.9%), from €121,176 to €131,976
- Tangible fixed assets -€7,791
down €7,791 (-5.1%), from €151,577 to €143,787
of which Furniture and vehicles: -€22,238
- Other debts +€30,318
up €30,318 (+71.5%), from €42,386 to €72,704
- Reserves -€15,356
down €15,356 (-6.6%), from €234,267 to €218,911
- Current portion of long-term debt +€9,780
up €9,780 (+39.2%), from €24,941 to €34,721
- Tax, wage and social debts -€6,475
down €6,475 (-11.7%), from €55,428 to €48,953
of which Taxes: -€9,225
- Trade debts +€5,433
up €5,433 (+19.1%), from €28,448 to €33,881
- Gross operating margin -€25,247
down €25,247 (-9.6%), from €263,557 to €238,311
- Depreciation +€10,279
up €10,279 (+27.2%), from €37,739 to €48,018
- Taxes -€9,766
down €9,766 (-34.4%), from €28,420 to €18,654
- Staff costs +€3,405
up €3,405 (+2.9%), from €116,416 to €119,821
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 | €466,423 | €491,573 | +€25,149 | +5.4% |
| Fixed assets | 21/28 | €151,577 | €143,787 | -€7,791 | -5.1% |
| Tangible fixed assets | 22/27 | €151,577 | €143,787 | -€7,791 | -5.1% |
| Land and buildings | 22 | €4,095 | €2,222 | -€1,873 | -45.7% |
| Plant, machinery and equipment | 23 | €52,580 | €68,900 | +€16,320 | +31.0% |
| Furniture and vehicles | 24 | €94,902 | €72,664 | -€22,238 | -23.4% |
| Current assets | 29/58 | €314,846 | €347,786 | +€32,940 | +10.5% |
| Stocks and contracts in progress | 3 | €35,450 | €38,510 | +€3,060 | +8.6% |
| Stocks | 30/36 | €35,450 | €38,510 | +€3,060 | +8.6% |
| Amounts receivable within one year | 40/41 | €26,851 | €61,139 | +€34,288 | +128% |
| Trade receivables | 40 | €26,851 | €54,209 | +€27,359 | +102% |
| Other amounts receivable | 41 | €0 | €6,929 | +€6,929 | |
| Current investments | 50/53 | €121,176 | €131,976 | +€10,800 | +8.9% |
| Cash at bank and in hand | 54/58 | €131,369 | €116,162 | -€15,208 | -11.6% |
| Total equity and liabilities | 10/49 | €466,423 | €491,573 | +€25,149 | +5.4% |
| Equity | 10/15 | €260,579 | €245,223 | -€15,356 | -5.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €234,267 | €218,911 | -€15,356 | -6.6% |
| Distributable reserves | 133 | €234,267 | €218,911 | -€15,356 | -6.6% |
| Profit (loss) carried forward | 14 | €1,312 | €1,312 | = | 0.0% |
| Amounts payable | 17/49 | €205,845 | €246,350 | +€40,505 | +19.7% |
| Amounts payable after more than one year | 17 | €54,641 | €56,090 | +€1,449 | +2.7% |
| Financial debts | 170/4 | €54,641 | €56,090 | +€1,449 | +2.7% |
| Amounts payable within one year | 42/48 | €151,203 | €190,260 | +€39,056 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €24,941 | €34,721 | +€9,780 | +39.2% |
| Trade debts | 44 | €28,448 | €33,881 | +€5,433 | +19.1% |
| Suppliers | 440/4 | €28,448 | €33,881 | +€5,433 | +19.1% |
| Taxes, remuneration and social security | 45 | €55,428 | €48,953 | -€6,475 | -11.7% |
| Taxes | 450/3 | €33,785 | €24,560 | -€9,225 | -27.3% |
| Remuneration and social security | 454/9 | €21,643 | €24,393 | +€2,749 | +12.7% |
| Other amounts payable | 47/48 | €42,386 | €72,704 | +€30,318 | +71.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €116,416 | €119,821 | +€3,405 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,739 | €48,018 | +€10,279 | +27.2% |
| Other operating charges | 640/8 | €7,633 | €7,751 | +€118 | +1.5% |
| Non-recurring operating charges | 66A | - | €382 | +€382 | |
| Gross operating margin | 9900 | €263,557 | €238,311 | -€25,247 | -9.6% |
| Operating profit (loss) | 9901 | €101,769 | €62,339 | -€39,430 | -38.7% |
| Financial income | 75/76B | €1,163 | €2,712 | +€1,550 | +133% |
| Recurring financial income | 75 | €1,163 | €2,681 | +€1,518 | +131% |
| Non-recurring financial income | 76B | - | €32 | +€32 | |
| Financial charges | 65/66B | €5,168 | €4,736 | -€433 | -8.4% |
| Recurring financial charges | 65 | €5,168 | €4,736 | -€433 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €97,764 | €60,316 | -€37,448 | -38.3% |
| Income taxes | 67/77 | €28,420 | €18,654 | -€9,766 | -34.4% |
| Profit (loss) for the period | 9904 | €69,344 | €41,662 | -€27,681 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,344 | €41,662 | -€27,681 | -39.9% |
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 3 November 2026 via checked.be.