GREBELI: 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.
GREBELI
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€147,727
up €147,727 (+213%), from €69,223 to €216,950
mainly Current investments (+€200,000) and Net result for the year (+€132,055)
- Tangible fixed assets -€17,252
down €17,252 (-15.6%), from €110,592 to €93,340
of which Furniture and vehicles: -€11,399
- Receivables within one year -€7,550
down €7,550 (-17.8%), from €42,317 to €34,767
of which Trade receivables: -€12,263
- Reserves -€100,000
down €100,000 (-71.6%), from €139,677 to €39,677
- Other debts +€36,311
up €36,311 (+14.1%), from €257,907 to €294,218
- Trade debts -€13,307
down €13,307 (-74.9%), from €17,772 to €4,464
- Gross operating margin -€154,761
down €154,761 (-42.8%), from €361,963 to €207,202
- Taxes -€39,103
down €39,103 (-47.8%), from €81,807 to €42,704
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 | €425,699 | €348,129 | -€77,571 | -18.2% |
| Fixed assets | 21/28 | €110,592 | €93,340 | -€17,252 | -15.6% |
| Tangible fixed assets | 22/27 | €110,592 | €93,340 | -€17,252 | -15.6% |
| Land and buildings | 22 | €9,345 | €7,858 | -€1,487 | -15.9% |
| Furniture and vehicles | 24 | €22,012 | €10,614 | -€11,399 | -51.8% |
| Other tangible fixed assets | 26 | €79,234 | €74,868 | -€4,366 | -5.5% |
| Current assets | 29/58 | €315,108 | €254,789 | -€60,319 | -19.1% |
| Amounts receivable within one year | 40/41 | €42,317 | €34,767 | -€7,550 | -17.8% |
| Trade receivables | 40 | €40,166 | €27,903 | -€12,263 | -30.5% |
| Other amounts receivable | 41 | €2,151 | €6,864 | +€4,713 | +219% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €69,223 | €216,950 | +€147,727 | +213% |
| Deferred charges and accrued income | 490/1 | €3,567 | €3,072 | -€496 | -13.9% |
| Total equity and liabilities | 10/49 | €425,699 | €348,129 | -€77,571 | -18.2% |
| Equity | 10/15 | €141,677 | €41,677 | -€100,000 | -70.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €139,677 | €39,677 | -€100,000 | -71.6% |
| Distributable reserves | 133 | €139,677 | €39,677 | -€100,000 | -71.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €284,022 | €306,451 | +€22,429 | +7.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €284,022 | €306,451 | +€22,429 | +7.9% |
| Financial debts | 43 | €4,032 | €2,355 | -€1,677 | -41.6% |
| Credit institutions | 430/8 | €4,032 | €2,355 | -€1,677 | -41.6% |
| Trade debts | 44 | €17,772 | €4,464 | -€13,307 | -74.9% |
| Suppliers | 440/4 | €17,772 | €4,464 | -€13,307 | -74.9% |
| Taxes, remuneration and social security | 45 | €4,311 | €5,414 | +€1,103 | +25.6% |
| Taxes | 450/3 | €4,311 | €5,414 | +€1,103 | +25.6% |
| Other amounts payable | 47/48 | €257,907 | €294,218 | +€36,311 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,366 | €33,887 | +€2,521 | +8.0% |
| Other operating charges | 640/8 | €815 | €1,025 | +€209 | +25.7% |
| Gross operating margin | 9900 | €361,963 | €207,202 | -€154,761 | -42.8% |
| Operating profit (loss) | 9901 | €329,782 | €172,290 | -€157,492 | -47.8% |
| Financial income | 75/76B | €1,233 | €2,646 | +€1,413 | +115% |
| Recurring financial income | 75 | €1,233 | €2,646 | +€1,413 | +115% |
| Financial charges | 65/66B | €999 | €177 | -€823 | -82.3% |
| Recurring financial charges | 65 | €999 | €177 | -€823 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €330,015 | €174,759 | -€155,256 | -47.0% |
| Income taxes | 67/77 | €81,807 | €42,704 | -€39,103 | -47.8% |
| Profit (loss) for the period | 9904 | €248,208 | €132,055 | -€116,153 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €248,208 | €132,055 | -€116,153 | -46.8% |
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 14 October 2026 via checked.be.