Et DE GREEF: 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.
Et DE GREEF
Largest movements
- Stocks and contracts -€9,881
down €9,881 (-47.7%), from €20,711 to €10,829
- Cash +€5,020
up €5,020 (+13.6%), from €36,958 to €41,978
mainly Stocks and contracts (+€9,881) and Depreciation (+€1,871)
- Tangible fixed assets -€3,479
down €3,479 (-65.3%), from €5,326 to €1,848
of which Furniture and vehicles: -€2,441
- Receivables within one year +€1,562
up €1,562 (+75.6%), from €2,067 to €3,629
of which Trade receivables: +€3,500
- Deferred charges and accrued income -€897
down €897 (-49.9%), from €1,797 to €900
- Profit (loss) carried forward -€9,942
down €9,942 (-368.2%), from -€2,700 to -€12,642
- Trade debts +€1,419
up €1,419 (+1482.3%), from €96 to €1,515
- Advances received +€1,026
up €1,026 (+9.7%), from €10,598 to €11,624
- Tax, wage and social debts -€904
down €904 (-18.9%), from €4,781 to €3,876
of which Remuneration and social security: -€1,623
- Other debts +€725
new in 2025: €725
- Gross operating margin +€18,839
up €18,839 (+74.1%), from -€25,408 to -€6,569
- Depreciation -€2,132
down €2,132 (-53.3%), from €4,003 to €1,871
- Financial income -€353
down €353 (-25.4%), from €1,390 to €1,037
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 | €66,860 | €59,184 | -€7,675 | -11.5% |
| Fixed assets | 21/28 | €5,326 | €1,848 | -€3,479 | -65.3% |
| Tangible fixed assets | 22/27 | €5,326 | €1,848 | -€3,479 | -65.3% |
| Land and buildings | 22 | €766 | €287 | -€479 | -62.5% |
| Plant, machinery and equipment | 23 | €285 | €189 | -€97 | -33.9% |
| Furniture and vehicles | 24 | €3,051 | €610 | -€2,441 | -80.0% |
| Other tangible fixed assets | 26 | €1,225 | €762 | -€463 | -37.8% |
| Current assets | 29/58 | €61,533 | €57,337 | -€4,196 | -6.8% |
| Stocks and contracts in progress | 3 | €20,711 | €10,829 | -€9,881 | -47.7% |
| Stocks | 30/36 | €20,711 | €10,829 | -€9,881 | -47.7% |
| Amounts receivable within one year | 40/41 | €2,067 | €3,629 | +€1,562 | +75.6% |
| Trade receivables | 40 | - | €3,500 | +€3,500 | |
| Other amounts receivable | 41 | €2,067 | €129 | -€1,938 | -93.8% |
| Cash at bank and in hand | 54/58 | €36,958 | €41,978 | +€5,020 | +13.6% |
| Deferred charges and accrued income | 490/1 | €1,797 | €900 | -€897 | -49.9% |
| Total equity and liabilities | 10/49 | €66,860 | €59,184 | -€7,675 | -11.5% |
| Equity | 10/15 | €51,385 | €41,444 | -€9,942 | -19.3% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €23,099 | €23,099 | = | 0.0% |
| Distributable reserves | 133 | €23,099 | €23,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,700 | -€12,642 | -€9,942 | -368.2% |
| Amounts payable | 17/49 | €15,474 | €17,741 | +€2,266 | +14.6% |
| Amounts payable within one year | 42/48 | €15,474 | €17,741 | +€2,266 | +14.6% |
| Trade debts | 44 | €96 | €1,515 | +€1,419 | +1482.3% |
| Suppliers | 440/4 | €96 | €1,515 | +€1,419 | +1482.3% |
| Advances received on contracts in progress | 46 | €10,598 | €11,624 | +€1,026 | +9.7% |
| Taxes, remuneration and social security | 45 | €4,781 | €3,876 | -€904 | -18.9% |
| Taxes | 450/3 | €835 | €1,553 | +€719 | +86.1% |
| Remuneration and social security | 454/9 | €3,946 | €2,323 | -€1,623 | -41.1% |
| Other amounts payable | 47/48 | - | €725 | +€725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,003 | €1,871 | -€2,132 | -53.3% |
| Other operating charges | 640/8 | €2,406 | €2,335 | -€71 | -2.9% |
| Gross operating margin | 9900 | -€25,408 | -€6,569 | +€18,839 | +74.1% |
| Operating profit (loss) | 9901 | -€31,817 | -€10,775 | +€21,042 | +66.1% |
| Financial income | 75/76B | €1,390 | €1,037 | -€353 | -25.4% |
| Recurring financial income | 75 | €1,390 | €1,037 | -€353 | -25.4% |
| Financial charges | 65/66B | €40 | €140 | +€100 | +249.3% |
| Recurring financial charges | 65 | €40 | €140 | +€100 | +249.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,467 | -€9,878 | +€20,589 | +67.6% |
| Income taxes | 67/77 | €204 | €64 | -€140 | -68.6% |
| Profit (loss) for the period | 9904 | -€30,671 | -€9,942 | +€20,729 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,671 | -€9,942 | +€20,729 | +67.6% |
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 30 September 2026 via checked.be.