FABIO GRECO: what changed
Two financial 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.
FABIO GRECO
Largest movements
- Receivables within one year +€23,896
up €23,896 (+48.1%), from €49,690 to €73,586
of which Trade receivables: +€13,559
- Tangible fixed assets -€20,401
down €20,401 (-11.4%), from €179,030 to €158,629
of which Other tangible fixed assets: -€20,401
- Cash +€17,033
up €17,033 (+193%), from €8,846 to €25,879
mainly Depreciation (+€20,401) and Tax, wage and social debts (+€19,251)
- Tax, wage and social debts +€19,251
up €19,251 (+80.3%), from €23,986 to €43,238
of which Remuneration and social security: +€18,187
- Reserves +€12,248
up €12,248 (+134%), from €9,169 to €21,417
- Debts after one year -€10,592
down €10,592 (-10.5%), from €100,987 to €90,395
- Other debts -€5,305
down €5,305 (-18.8%), from €28,177 to €22,872
- Trade debts +€4,129
up €4,129 (+49.5%), from €8,346 to €12,475
- Gross operating margin +€64,915
up €64,915 (+36.6%), from €177,260 to €242,175
- Staff costs +€57,708
up €57,708 (+41.2%), from €139,949 to €197,657
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.
Derived cash bridge
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 | €251,902 | €271,657 | +€19,755 | +7.8% |
| Fixed assets | 21/28 | €179,230 | €158,829 | -€20,401 | -11.4% |
| Tangible fixed assets | 22/27 | €179,030 | €158,629 | -€20,401 | -11.4% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €179,030 | €158,629 | -€20,401 | -11.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €72,672 | €112,829 | +€40,157 | +55.3% |
| Stocks and contracts in progress | 3 | €11,693 | €13,363 | +€1,670 | +14.3% |
| Stocks | 30/36 | €11,693 | €13,363 | +€1,670 | +14.3% |
| Amounts receivable within one year | 40/41 | €49,690 | €73,586 | +€23,896 | +48.1% |
| Trade receivables | 40 | €3,968 | €17,527 | +€13,559 | +342% |
| Other amounts receivable | 41 | €45,723 | €56,059 | +€10,337 | +22.6% |
| Cash at bank and in hand | 54/58 | €8,846 | €25,879 | +€17,033 | +193% |
| Deferred charges and accrued income | 490/1 | €2,442 | - | -€2,442 | |
| Total equity and liabilities | 10/49 | €251,902 | €271,657 | +€19,755 | +7.8% |
| Equity | 10/15 | €79,838 | €92,086 | +€12,248 | +15.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €9,169 | €21,417 | +€12,248 | +134% |
| Distributable reserves | 133 | €9,169 | €21,417 | +€12,248 | +134% |
| Profit (loss) carried forward | 14 | €69,669 | €69,669 | = | 0.0% |
| Amounts payable | 17/49 | €172,064 | €179,571 | +€7,507 | +4.4% |
| Amounts payable after more than one year | 17 | €100,987 | €90,395 | -€10,592 | -10.5% |
| Financial debts | 170/4 | €100,987 | €90,395 | -€10,592 | -10.5% |
| Amounts payable within one year | 42/48 | €70,634 | €89,176 | +€18,542 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €10,125 | €10,592 | +€467 | +4.6% |
| Trade debts | 44 | €8,346 | €12,475 | +€4,129 | +49.5% |
| Suppliers | 440/4 | €8,346 | €12,475 | +€4,129 | +49.5% |
| Taxes, remuneration and social security | 45 | €23,986 | €43,238 | +€19,251 | +80.3% |
| Taxes | 450/3 | €15,150 | €16,215 | +€1,065 | +7.0% |
| Remuneration and social security | 454/9 | €8,836 | €27,023 | +€18,187 | +206% |
| Other amounts payable | 47/48 | €28,177 | €22,872 | -€5,305 | -18.8% |
| Accrued charges and deferred income | 492/3 | €443 | - | -€443 | |
| Remuneration, social security and pensions | 62 | €139,949 | €197,657 | +€57,708 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,516 | €20,401 | +€885 | +4.5% |
| Other operating charges | 640/8 | €994 | €918 | -€76 | -7.7% |
| Gross operating margin | 9900 | €177,260 | €242,175 | +€64,915 | +36.6% |
| Operating profit (loss) | 9901 | €16,801 | €23,198 | +€6,398 | +38.1% |
| Financial charges | 65/66B | €5,323 | €6,309 | +€987 | +18.5% |
| Recurring financial charges | 65 | €5,323 | €6,309 | +€987 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €11,478 | €16,889 | +€5,411 | +47.1% |
| Income taxes | 67/77 | €2,309 | €4,641 | +€2,332 | +101% |
| Profit (loss) for the period | 9904 | €9,169 | €12,248 | +€3,079 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,169 | €12,248 | +€3,079 | +33.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.