GGRE: 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.
GGRE
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+136.2%), from €1.7m to €3.9m
of which Land and buildings: +€2.3m
- Cash +€461,710
up €461,710 (+945.1%), from €48,855 to €510,565
mainly Debts after one year (+€1.6m) and Contributions, distributions and other (+€672,393)
- Financial fixed assets +€423,620
new in 2025: €423,620
- Debts after one year +€1.6m
up €1.6m (+141.7%), from €1.2m to €2.8m
of which Financial debts: +€1.6m
- Revaluation surpluses +€663,606
up €663,606 (+116.8%), from €568,100 to €1.2m
- Trade debts +€485,737
up €485,737 (+2590.0%), from €18,754 to €504,491
- Other debts +€283,632
new in 2025: €283,632
- Current portion of long-term debt +€59,757
up €59,757 (+275.6%), from €21,683 to €81,441
- Gross operating margin +€415,665
up €415,665 (+368.6%), from €112,773 to €528,438
- Financial charges +€40,856
up €40,856 (+102.7%), from €39,794 to €80,650
of which Financial charges: +€31,946
- Staff costs +€20,397
new in 2025: €20,397
- Depreciation -€6,825
down €6,825 (-18.5%), from €36,912 to €30,087
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 | €1,702,280 | €4,843,729 | +€3.1m | +184.5% |
| Fixed assets | 21/28 | €1,651,088 | €4,323,237 | +€2.7m | +161.8% |
| Tangible fixed assets | 22/27 | €1,651,088 | €3,899,617 | +€2.2m | +136.2% |
| Land and buildings | 22 | €1,616,971 | €3,870,215 | +€2.3m | +139.3% |
| Furniture and vehicles | 24 | €34,117 | €29,403 | -€4,714 | -13.8% |
| Financial fixed assets | 28 | - | €423,620 | +€423,620 | |
| Current assets | 29/58 | €51,192 | €520,491 | +€469,300 | +916.8% |
| Amounts receivable within one year | 40/41 | €2,336 | €9,896 | +€7,559 | +323.5% |
| Trade receivables | 40 | - | €6,896 | +€6,896 | |
| Other amounts receivable | 41 | €2,336 | €3,000 | +€664 | +28.4% |
| Cash at bank and in hand | 54/58 | €48,855 | €510,565 | +€461,710 | +945.1% |
| Deferred charges and accrued income | 490/1 | - | €31 | +€31 | |
| Total equity and liabilities | 10/49 | €1,702,280 | €4,843,729 | +€3.1m | +184.5% |
| Equity | 10/15 | €505,799 | €1,165,755 | +€659,956 | +130.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | €568,100 | €1,231,706 | +€663,606 | +116.8% |
| Reserves | 13 | €14,137 | €22,924 | +€8,787 | +62.2% |
| Distributable reserves | 133 | €14,137 | €22,924 | +€8,787 | +62.2% |
| Profit (loss) carried forward | 14 | -€79,438 | -€91,875 | -€12,437 | -15.7% |
| Amounts payable | 17/49 | €1,196,481 | €3,677,974 | +€2.5m | +207.4% |
| Amounts payable after more than one year | 17 | €1,155,898 | €2,794,152 | +€1.6m | +141.7% |
| Financial debts | 170/4 | €1,116,631 | €2,747,198 | +€1.6m | +146.0% |
| Other amounts payable | 178/9 | €39,268 | €46,954 | +€7,686 | +19.6% |
| Amounts payable within one year | 42/48 | €40,582 | €883,822 | +€843,239 | +2077.9% |
| Current portion of amounts payable after more than one year | 42 | €21,683 | €81,441 | +€59,757 | +275.6% |
| Trade debts | 44 | €18,754 | €504,491 | +€485,737 | +2590.0% |
| Suppliers | 440/4 | €18,754 | €504,491 | +€485,737 | +2590.0% |
| Taxes, remuneration and social security | 45 | €145 | €14,258 | +€14,113 | +9760.2% |
| Taxes | 450/3 | €145 | €8,235 | +€8,090 | +5594.7% |
| Remuneration and social security | 454/9 | - | €6,023 | +€6,023 | |
| Other amounts payable | 47/48 | - | €283,632 | +€283,632 | |
| Remuneration, social security and pensions | 62 | - | €20,397 | +€20,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,912 | €30,087 | -€6,825 | -18.5% |
| Other operating charges | 640/8 | €3,599 | €4,685 | +€1,086 | +30.2% |
| Non-recurring operating charges | 66A | €111,765 | €404,778 | +€293,013 | +262.2% |
| Gross operating margin | 9900 | €112,773 | €528,438 | +€415,665 | +368.6% |
| Operating profit (loss) | 9901 | -€39,504 | €68,491 | +€107,995 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €39,794 | €80,650 | +€40,856 | +102.7% |
| Recurring financial charges | 65 | €39,794 | €71,740 | +€31,946 | +80.3% |
| Non-recurring financial charges | 66B | - | €8,910 | +€8,910 | |
| Profit (loss) for the period before taxes | 9903 | -€79,298 | -€12,159 | +€67,139 | +84.7% |
| Income taxes | 67/77 | €140 | €278 | +€138 | +98.4% |
| Profit (loss) for the period | 9904 | -€79,438 | -€12,437 | +€67,001 | +84.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,438 | -€12,437 | +€67,001 | +84.3% |
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.