GNR Operations: 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.
GNR Operations
Largest movements
- Cash -€154,264
down €154,264 (-83.7%), from €184,378 to €30,114
mainly Investment in fixed assets (net) (-€183,108) and Debts after one year (-€68,322)
- Tangible fixed assets +€89,871
up €89,871 (+15.0%), from €597,967 to €687,838
of which Furniture and vehicles: +€68,394
- Receivables within one year +€12,799
up €12,799 (+20.2%), from €63,388 to €76,187
of which Trade receivables: +€12,096
- Debts after one year -€68,322
down €68,322 (-18.7%), from €365,302 to €296,981
- Trade debts +€40,516
up €40,516 (+236%), from €17,153 to €57,670
- Reserves -€26,910
down €26,910 (-6.9%), from €389,164 to €362,255
of which Distributable reserves: -€26,910
- Gross operating margin -€51,258
down €51,258 (-25.1%), from €203,973 to €152,715
- Depreciation +€4,965
up €4,965 (+5.6%), from €88,272 to €93,237
- Other operating charges +€2,792
up €2,792 (+25.3%), from €11,021 to €13,813
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 | €861,515 | €807,614 | -€53,901 | -6.3% |
| Fixed assets | 21/28 | €597,967 | €687,838 | +€89,871 | +15.0% |
| Tangible fixed assets | 22/27 | €597,967 | €687,838 | +€89,871 | +15.0% |
| Land and buildings | 22 | €391,358 | €382,429 | -€8,929 | -2.3% |
| Plant, machinery and equipment | 23 | €155,128 | €185,534 | +€30,406 | +19.6% |
| Furniture and vehicles | 24 | €51,481 | €119,875 | +€68,394 | +133% |
| Current assets | 29/58 | €263,548 | €119,776 | -€143,772 | -54.6% |
| Stocks and contracts in progress | 3 | €7,451 | €6,624 | -€827 | -11.1% |
| Stocks | 30/36 | €7,451 | €6,624 | -€827 | -11.1% |
| Amounts receivable within one year | 40/41 | €63,388 | €76,187 | +€12,799 | +20.2% |
| Trade receivables | 40 | €57,297 | €69,392 | +€12,096 | +21.1% |
| Other amounts receivable | 41 | €6,092 | €6,794 | +€703 | +11.5% |
| Cash at bank and in hand | 54/58 | €184,378 | €30,114 | -€154,264 | -83.7% |
| Deferred charges and accrued income | 490/1 | €8,331 | €6,851 | -€1,480 | -17.8% |
| Total equity and liabilities | 10/49 | €861,515 | €807,614 | -€53,901 | -6.3% |
| Equity | 10/15 | €407,757 | €380,847 | -€26,910 | -6.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €389,164 | €362,255 | -€26,910 | -6.9% |
| Tax-exempt reserves | 132 | €69,640 | €69,640 | = | 0.0% |
| Distributable reserves | 133 | €319,525 | €292,615 | -€26,910 | -8.4% |
| Amounts payable | 17/49 | €453,758 | €426,767 | -€26,991 | -5.9% |
| Amounts payable after more than one year | 17 | €365,302 | €296,981 | -€68,322 | -18.7% |
| Financial debts | 170/4 | €365,302 | €296,981 | -€68,322 | -18.7% |
| Amounts payable within one year | 42/48 | €88,456 | €129,786 | +€41,330 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | €67,216 | €68,322 | +€1,105 | +1.6% |
| Trade debts | 44 | €17,153 | €57,670 | +€40,516 | +236% |
| Suppliers | 440/4 | €17,153 | €57,670 | +€40,516 | +236% |
| Taxes, remuneration and social security | 45 | €4,086 | €3,795 | -€291 | -7.1% |
| Remuneration and social security | 454/9 | €4,086 | €3,795 | -€291 | -7.1% |
| Remuneration, social security and pensions | 62 | €65,605 | €65,413 | -€192 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,272 | €93,237 | +€4,965 | +5.6% |
| Other operating charges | 640/8 | €11,021 | €13,813 | +€2,792 | +25.3% |
| Gross operating margin | 9900 | €203,973 | €152,715 | -€51,258 | -25.1% |
| Operating profit (loss) | 9901 | €39,075 | -€19,749 | -€58,823 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,168 | €7,161 | -€1,007 | -12.3% |
| Recurring financial charges | 65 | €8,168 | €7,161 | -€1,007 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €30,907 | -€26,910 | -€57,817 | |
| Profit (loss) for the period | 9904 | €30,907 | -€26,910 | -€57,817 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,907 | -€26,910 | -€57,817 |
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 25 October 2026 via checked.be.