GREBEL: 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.
GREBEL
Largest movements
- Receivables after one year -€92,000
down €92,000 (-42.2%), from €218,000 to €126,000
- Cash -€15,953
down €15,953 (-68.5%), from €23,301 to €7,348
mainly Other debts (-€157,062) and Tax, wage and social debts (-€4,515)
- Other debts -€157,062
no longer reported in 2025 (was €157,062)
- Reserves +€53,390
up €53,390 (+91.7%), from €58,252 to €111,642
of which Distributable reserves: +€53,390
- Tax, wage and social debts -€4,515
down €4,515 (-13.7%), from €33,029 to €28,514
- Gross operating margin -€13,703
down €13,703 (-15.0%), from €91,330 to €77,627
- Other operating charges -€8,414
down €8,414 (-87.7%), from €9,594 to €1,180
- Financial charges -€6,212
down €6,212 (-67.2%), from €9,246 to €3,034
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 | €272,083 | €164,675 | -€107,408 | -39.5% |
| Fixed assets | 21/28 | €15,392 | €13,997 | -€1,394 | -9.1% |
| Tangible fixed assets | 22/27 | €6,192 | €4,797 | -€1,394 | -22.5% |
| Furniture and vehicles | 24 | €5,096 | €3,939 | -€1,157 | -22.7% |
| Other tangible fixed assets | 26 | €1,096 | €858 | -€238 | -21.7% |
| Financial fixed assets | 28 | €9,200 | €9,200 | = | 0.0% |
| Current assets | 29/58 | €256,691 | €150,678 | -€106,014 | -41.3% |
| Amounts receivable after more than one year | 29 | €218,000 | €126,000 | -€92,000 | -42.2% |
| Other amounts receivable | 291 | €218,000 | €126,000 | -€92,000 | -42.2% |
| Amounts receivable within one year | 40/41 | €15,390 | €17,329 | +€1,939 | +12.6% |
| Trade receivables | 40 | €14,500 | €14,935 | +€435 | +3.0% |
| Other amounts receivable | 41 | €890 | €2,394 | +€1,504 | +169.0% |
| Cash at bank and in hand | 54/58 | €23,301 | €7,348 | -€15,953 | -68.5% |
| Total equity and liabilities | 10/49 | €272,083 | €164,675 | -€107,408 | -39.5% |
| Equity | 10/15 | €76,802 | €130,192 | +€53,390 | +69.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €58,252 | €111,642 | +€53,390 | +91.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €56,397 | €109,787 | +€53,390 | +94.7% |
| Amounts payable | 17/49 | €195,281 | €34,483 | -€160,798 | -82.3% |
| Amounts payable within one year | 42/48 | €193,654 | €34,483 | -€159,171 | -82.2% |
| Trade debts | 44 | €3,563 | €5,969 | +€2,406 | +67.5% |
| Suppliers | 440/4 | €3,563 | €5,969 | +€2,406 | +67.5% |
| Taxes, remuneration and social security | 45 | €33,029 | €28,514 | -€4,515 | -13.7% |
| Taxes | 450/3 | €33,029 | €28,514 | -€4,515 | -13.7% |
| Other amounts payable | 47/48 | €157,062 | - | -€157,062 | |
| Accrued charges and deferred income | 492/3 | €1,627 | - | -€1,627 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,148 | €1,394 | +€246 | +21.4% |
| Other operating charges | 640/8 | €9,594 | €1,180 | -€8,414 | -87.7% |
| Gross operating margin | 9900 | €91,330 | €77,627 | -€13,703 | -15.0% |
| Operating profit (loss) | 9901 | €80,587 | €75,052 | -€5,535 | -6.9% |
| Financial income | 75/76B | €4,730 | €3,886 | -€844 | -17.8% |
| Recurring financial income | 75 | €4,730 | €3,886 | -€844 | -17.8% |
| Financial charges | 65/66B | €9,246 | €3,034 | -€6,212 | -67.2% |
| Recurring financial charges | 65 | €9,246 | €3,034 | -€6,212 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €76,071 | €75,904 | -€166 | -0.2% |
| Income taxes | 67/77 | €21,802 | €22,514 | +€712 | +3.3% |
| Profit (loss) for the period | 9904 | €54,269 | €53,390 | -€879 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,269 | €53,390 | -€879 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.