El Greco: 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.
El Greco
Largest movements
- Receivables within one year -€8,385
down €8,385 (-77.8%), from €10,781 to €2,395
of which Trade receivables: -€8,509
- Cash +€6,355
up €6,355 (+13.4%), from €47,606 to €53,961
mainly Depreciation (+€9,556) and Receivables within one year (+€8,385)
- Deferred charges and accrued income -€2,023
down €2,023 (-49.2%), from €4,116 to €2,093
- Intangible fixed assets -€1,765
down €1,765 (-4.6%), from €38,232 to €36,466
- Other debts -€5,556
down €5,556 (-10.0%), from €55,812 to €50,255
- Gross operating margin -€23,303
down €23,303 (-65.4%), from €35,616 to €12,314
- Taxes -€9,200
no longer reported in 2025 (was €9,200)
- Staff costs -€4,667
down €4,667 (-84.9%), from €5,499 to €831
- Financial charges -€2,014
down €2,014 (-52.2%), from €3,858 to €1,844
- Depreciation +€902
up €902 (+10.4%), from €8,654 to €9,556
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 | €115,211 | €108,586 | -€6,625 | -5.8% |
| Fixed assets | 21/28 | €46,458 | €44,437 | -€2,021 | -4.4% |
| Intangible fixed assets | 21 | €38,232 | €36,466 | -€1,765 | -4.6% |
| Tangible fixed assets | 22/27 | €8,226 | €7,970 | -€256 | -3.1% |
| Plant, machinery and equipment | 23 | €5,278 | €4,815 | -€463 | -8.8% |
| Furniture and vehicles | 24 | €856 | €2,462 | +€1,606 | +187.5% |
| Other tangible fixed assets | 26 | €2,092 | €694 | -€1,399 | -66.8% |
| Current assets | 29/58 | €68,753 | €64,149 | -€4,604 | -6.7% |
| Stocks and contracts in progress | 3 | €6,250 | €5,700 | -€550 | -8.8% |
| Stocks | 30/36 | €6,250 | €5,700 | -€550 | -8.8% |
| Amounts receivable within one year | 40/41 | €10,781 | €2,395 | -€8,385 | -77.8% |
| Trade receivables | 40 | €10,672 | €2,163 | -€8,509 | -79.7% |
| Other amounts receivable | 41 | €108 | €232 | +€124 | +114.1% |
| Cash at bank and in hand | 54/58 | €47,606 | €53,961 | +€6,355 | +13.4% |
| Deferred charges and accrued income | 490/1 | €4,116 | €2,093 | -€2,023 | -49.2% |
| Total equity and liabilities | 10/49 | €115,211 | €108,586 | -€6,625 | -5.8% |
| Equity | 10/15 | €21,481 | €21,382 | -€99 | -0.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €11,481 | €11,481 | = | 0.0% |
| Distributable reserves | 133 | €11,481 | €11,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€99 | -€99 | |
| Amounts payable | 17/49 | €93,729 | €87,204 | -€6,526 | -7.0% |
| Amounts payable within one year | 42/48 | €93,729 | €87,076 | -€6,654 | -7.1% |
| Trade debts | 44 | €20,214 | €19,120 | -€1,094 | -5.4% |
| Suppliers | 440/4 | €20,214 | €19,120 | -€1,094 | -5.4% |
| Taxes, remuneration and social security | 45 | €17,704 | €17,700 | -€4 | 0.0% |
| Taxes | 450/3 | €16,204 | €17,700 | +€1,496 | +9.2% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €55,812 | €50,255 | -€5,556 | -10.0% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Remuneration, social security and pensions | 62 | €5,499 | €831 | -€4,667 | -84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,654 | €9,556 | +€902 | +10.4% |
| Other operating charges | 640/8 | €563 | €532 | -€32 | -5.6% |
| Gross operating margin | 9900 | €35,616 | €12,314 | -€23,303 | -65.4% |
| Operating profit (loss) | 9901 | €20,900 | €1,395 | -€19,506 | -93.3% |
| Financial income | 75/76B | €100 | €351 | +€251 | +252.2% |
| Recurring financial income | 75 | €100 | €351 | +€251 | +252.2% |
| Financial charges | 65/66B | €3,858 | €1,844 | -€2,014 | -52.2% |
| Recurring financial charges | 65 | €3,858 | €1,844 | -€2,014 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €17,142 | -€99 | -€17,241 | |
| Income taxes | 67/77 | €9,200 | - | -€9,200 | |
| Profit (loss) for the period | 9904 | €7,942 | -€99 | -€8,041 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,942 | -€99 | -€8,041 |
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 2 October 2026 via checked.be.