DE GREEF - DE MARS: 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.
DE GREEF - DE MARS
Largest movements
- Cash -€1.1m
down €1.1m (-56.5%), from €1.9m to €829,741
mainly Contributions, distributions and other (-€1.8m) and Investment in fixed assets (net) (-€48,973)
- Current investments -€162,715
down €162,715 (-23.4%), from €694,165 to €531,450
- Tangible fixed assets -€53,244
down €53,244 (-4.6%), from €1.2m to €1.1m
of which Land and buildings: -€67,483
- Receivables within one year -€41,961
down €41,961 (-93.0%), from €45,096 to €3,136
of which Other amounts receivable: -€34,780
- Reserves -€1.3m
down €1.3m (-36.6%), from €3.7m to €2.3m
of which Distributable reserves: -€1.3m
- Gross operating margin +€148,608
up €148,608 (+17.9%), from €828,645 to €977,252
- Staff costs +€45,265
up €45,265 (+41.9%), from €107,975 to €153,240
- Taxes +€36,612
up €36,612 (+19.1%), from €192,120 to €228,732
- Financial income -€25,450
down €25,450 (-57.6%), from €44,218 to €18,768
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 | €3,818,860 | €2,487,493 | -€1.3m | -34.9% |
| Fixed assets | 21/28 | €1,164,622 | €1,111,378 | -€53,244 | -4.6% |
| Tangible fixed assets | 22/27 | €1,164,572 | €1,111,328 | -€53,244 | -4.6% |
| Land and buildings | 22 | €1,064,366 | €996,883 | -€67,483 | -6.3% |
| Plant, machinery and equipment | 23 | €49,323 | €38,859 | -€10,463 | -21.2% |
| Furniture and vehicles | 24 | €42,351 | €71,005 | +€28,654 | +67.7% |
| Leasing and similar rights | 25 | €8,532 | €4,580 | -€3,952 | -46.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,654,238 | €1,376,115 | -€1.3m | -48.2% |
| Amounts receivable within one year | 40/41 | €45,096 | €3,136 | -€41,961 | -93.0% |
| Trade receivables | 40 | €10,317 | €3,136 | -€7,181 | -69.6% |
| Other amounts receivable | 41 | €34,780 | €0 | -€34,780 | -100.0% |
| Current investments | 50/53 | €694,165 | €531,450 | -€162,715 | -23.4% |
| Cash at bank and in hand | 54/58 | €1,905,330 | €829,741 | -€1.1m | -56.5% |
| Deferred charges and accrued income | 490/1 | €9,646 | €11,788 | +€2,142 | +22.2% |
| Total equity and liabilities | 10/49 | €3,818,860 | €2,487,493 | -€1.3m | -34.9% |
| Equity | 10/15 | €3,676,813 | €2,337,763 | -€1.3m | -36.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,657,742 | €2,318,692 | -€1.3m | -36.6% |
| 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 | €3,655,882 | €2,316,832 | -€1.3m | -36.6% |
| Profit (loss) carried forward | 14 | €471 | €471 | = | 0.0% |
| Amounts payable | 17/49 | €142,047 | €149,730 | +€7,684 | +5.4% |
| Amounts payable within one year | 42/48 | €118,714 | €138,871 | +€20,157 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €66,667 | €66,667 | = | 0.0% |
| Trade debts | 44 | €16,489 | €21,381 | +€4,892 | +29.7% |
| Suppliers | 440/4 | €16,489 | €21,381 | +€4,892 | +29.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €12,920 | €48,432 | +€35,512 | +274.8% |
| Taxes | 450/3 | €757 | €28,991 | +€28,234 | +3729.3% |
| Remuneration and social security | 454/9 | €12,163 | €19,441 | +€7,278 | +59.8% |
| Other amounts payable | 47/48 | €22,638 | €2,392 | -€20,246 | -89.4% |
| Accrued charges and deferred income | 492/3 | €23,333 | €10,859 | -€12,474 | -53.5% |
| Remuneration, social security and pensions | 62 | €107,975 | €153,240 | +€45,265 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,541 | €102,217 | -€4,324 | -4.1% |
| Other operating charges | 640/8 | €14,681 | €6,774 | -€7,907 | -53.9% |
| Gross operating margin | 9900 | €828,645 | €977,252 | +€148,608 | +17.9% |
| Operating profit (loss) | 9901 | €599,447 | €715,021 | +€115,573 | +19.3% |
| Financial income | 75/76B | €44,218 | €18,768 | -€25,450 | -57.6% |
| Recurring financial income | 75 | €44,218 | €18,768 | -€25,450 | -57.6% |
| Financial charges | 65/66B | €12,370 | €10,351 | -€2,020 | -16.3% |
| Recurring financial charges | 65 | €12,370 | €10,351 | -€2,020 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €631,296 | €723,439 | +€92,143 | +14.6% |
| Income taxes | 67/77 | €192,120 | €228,732 | +€36,612 | +19.1% |
| Profit (loss) for the period | 9904 | €439,176 | €494,707 | +€55,532 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €439,176 | €494,707 | +€55,532 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.