G.N.R.: what changed
What changed
G.N.R.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€14,012
2024 · -€12,235+€26,247
Equity
€470,012
2024 · €456,000+€14,012
Cash
€21,075
2024 · €16,147+€4,928
Balance sheet total
€1.3m
2024 · €1.3m+€35,889
Largest movements
Assets
- Receivables within one year +€43,642
up €43,642 (+95.6%), from €45,673 to €89,315
of which Trade receivables: +€43,642
Equity and liabilities
- Trade debts +€44,729
up €44,729 (+52.6%), from €85,063 to €129,792
- Debts after one year -€24,269
down €24,269 (-3.8%), from €645,064 to €620,795
- Reserves +€14,012
up €14,012 (+6.0%), from €232,800 to €246,812
of which Distributable reserves: +€14,012
Income statement
- Gross operating margin +€30,387
up €30,387 (+84.9%), from €35,775 to €66,163
- Other operating charges +€3,329
up €3,329 (+31.1%), from €10,712 to €14,041
- Depreciation +€814
up €814 (+5.8%), from €14,077 to €14,891
- Staff costs -€775
no longer reported in 2025 (was €775)
- Financial charges +€772
up €772 (+3.4%), from €22,447 to €23,219
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.
Result 2024
-€12,235
Gross operating margin
+€30,387
Staff costs
+€775
Depreciation
-€814
Other operating charges
-€3,329
Financial charges
-€772
Result 2025
€14,012
raises the resultlowers the result
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.
From operations
+€35,359
Investment
-€7,521
Financing
-€22,910
Cash 2024
€16,147
From operations (derived)
+€35,359
Net result for the year
+€14,012
Depreciation
+€14,891
Receivables within one year
-€43,642
Deferred charges and accrued income
+€5,311
Trade debts
+€44,729
Tax, wage and social debts
+€1,797
Other debts
-€1,740
Investment (derived)
-€7,521
Investment in fixed assets (net)
-€7,521
Financing
-€22,910
Debts after one year
-€24,269
Current portion of long-term debt
+€1,359
Cash 2025
€21,075
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,250,904 | €1,286,792 | +€35,889 | +2.9% |
| Fixed assets | 21/28 | €1,183,772 | €1,176,402 | -€7,370 | -0.6% |
| Tangible fixed assets | 22/27 | €1,183,772 | €1,176,402 | -€7,370 | -0.6% |
| Land and buildings | 22 | €1,183,772 | €1,176,402 | -€7,370 | -0.6% |
| Current assets | 29/58 | €67,132 | €110,390 | +€43,258 | +64.4% |
| Amounts receivable within one year | 40/41 | €45,673 | €89,315 | +€43,642 | +95.6% |
| Trade receivables | 40 | €25,085 | €68,726 | +€43,642 | +174% |
| Other amounts receivable | 41 | €20,589 | €20,589 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,147 | €21,075 | +€4,928 | +30.5% |
| Deferred charges and accrued income | 490/1 | €5,311 | - | -€5,311 | |
| Total equity and liabilities | 10/49 | €1,250,904 | €1,286,792 | +€35,889 | +2.9% |
| Equity | 10/15 | €456,000 | €470,012 | +€14,012 | +3.1% |
| Contributions | 10/11 | €223,200 | €223,200 | = | 0.0% |
| Capital | 10 | €223,200 | €223,200 | = | 0.0% |
| Issued capital | 100 | €223,200 | €223,200 | = | 0.0% |
| Reserves | 13 | €232,800 | €246,812 | +€14,012 | +6.0% |
| Non-distributable reserves | 130/1 | €22,320 | €22,320 | = | 0.0% |
| Legal reserve | 130 | €22,320 | €22,320 | = | 0.0% |
| Distributable reserves | 133 | €210,480 | €224,492 | +€14,012 | +6.7% |
| Amounts payable | 17/49 | €794,904 | €816,781 | +€21,877 | +2.8% |
| Amounts payable after more than one year | 17 | €645,064 | €620,795 | -€24,269 | -3.8% |
| Financial debts | 170/4 | €645,064 | €620,795 | -€24,269 | -3.8% |
| Amounts payable within one year | 42/48 | €149,840 | €195,985 | +€46,145 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €39,908 | €41,266 | +€1,359 | +3.4% |
| Trade debts | 44 | €85,063 | €129,792 | +€44,729 | +52.6% |
| Suppliers | 440/4 | €85,063 | €129,792 | +€44,729 | +52.6% |
| Taxes, remuneration and social security | 45 | - | €1,797 | +€1,797 | |
| Taxes | 450/3 | - | €1,797 | +€1,797 | |
| Other amounts payable | 47/48 | €24,870 | €23,130 | -€1,740 | -7.0% |
| Remuneration, social security and pensions | 62 | €775 | - | -€775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,077 | €14,891 | +€814 | +5.8% |
| Other operating charges | 640/8 | €10,712 | €14,041 | +€3,329 | +31.1% |
| Gross operating margin | 9900 | €35,775 | €66,163 | +€30,387 | +84.9% |
| Operating profit (loss) | 9901 | €10,212 | €37,231 | +€27,019 | +265% |
| Financial charges | 65/66B | €22,447 | €23,219 | +€772 | +3.4% |
| Recurring financial charges | 65 | €22,447 | €23,219 | +€772 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,235 | €14,012 | +€26,247 | |
| Profit (loss) for the period | 9904 | -€12,235 | €14,012 | +€26,247 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,235 | €14,012 | +€26,247 |
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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.