GREBOVAN: 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.
GREBOVAN
Largest movements
- Tangible fixed assets -€8,308
down €8,308 (-6.8%), from €121,941 to €113,633
of which Furniture and vehicles: -€5,793
- Stocks and contracts +€4,737
up €4,737 (+102.7%), from €4,614 to €9,351
of which Contracts in progress: +€5,210
- Cash -€2,162
down €2,162 (-4.0%), from €53,806 to €51,644
mainly Contributions, distributions and other (-€113,817) and Trade debts (-€30,262)
- Other debts +€105,272
up €105,272 (+3900.8%), from €2,699 to €107,971
- Reserves -€79,797
down €79,797 (-100.0%), from €79,797 to €0
- Trade debts -€30,262
down €30,262 (-77.4%), from €39,094 to €8,832
- Debts after one year -€10,102
down €10,102 (-20.0%), from €50,455 to €40,353
- Tax, wage and social debts +€9,276
up €9,276 (+124.5%), from €7,449 to €16,725
of which Taxes: +€11,970
- Gross operating margin +€9,839
up €9,839 (+8.8%), from €111,525 to €121,364
- Depreciation +€3,923
up €3,923 (+22.5%), from €17,416 to €21,339
- Staff costs +€3,665
up €3,665 (+7.2%), from €50,894 to €54,559
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 | €196,271 | €189,890 | -€6,381 | -3.3% |
| Fixed assets | 21/28 | €122,433 | €113,633 | -€8,800 | -7.2% |
| Intangible fixed assets | 21 | €492 | €0 | -€492 | -100.0% |
| Tangible fixed assets | 22/27 | €121,941 | €113,633 | -€8,308 | -6.8% |
| Land and buildings | 22 | €84,483 | €80,733 | -€3,750 | -4.4% |
| Plant, machinery and equipment | 23 | €27,073 | €28,307 | +€1,234 | +4.6% |
| Furniture and vehicles | 24 | €10,385 | €4,593 | -€5,793 | -55.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €73,837 | €76,257 | +€2,419 | +3.3% |
| Stocks and contracts in progress | 3 | €4,614 | €9,351 | +€4,737 | +102.7% |
| Stocks | 30/36 | €4,614 | €4,141 | -€472 | -10.2% |
| Contracts in progress | 37 | - | €5,210 | +€5,210 | |
| Amounts receivable within one year | 40/41 | €14,622 | €14,409 | -€214 | -1.5% |
| Trade receivables | 40 | €5,887 | €11,037 | +€5,150 | +87.5% |
| Other amounts receivable | 41 | €8,735 | €3,372 | -€5,364 | -61.4% |
| Cash at bank and in hand | 54/58 | €53,806 | €51,644 | -€2,162 | -4.0% |
| Deferred charges and accrued income | 490/1 | €795 | €853 | +€58 | +7.3% |
| Total equity and liabilities | 10/49 | €196,271 | €189,890 | -€6,381 | -3.3% |
| Equity | 10/15 | €84,797 | €5,000 | -€79,797 | -94.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,797 | €0 | -€79,797 | -100.0% |
| Distributable reserves | 133 | €79,797 | €0 | -€79,797 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €111,473 | €184,890 | +€73,416 | +65.9% |
| Amounts payable after more than one year | 17 | €50,455 | €40,353 | -€10,102 | -20.0% |
| Financial debts | 170/4 | €50,455 | €40,353 | -€10,102 | -20.0% |
| Amounts payable within one year | 42/48 | €59,173 | €143,629 | +€84,456 | +142.7% |
| Current portion of amounts payable after more than one year | 42 | €9,932 | €10,102 | +€170 | +1.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €39,094 | €8,832 | -€30,262 | -77.4% |
| Suppliers | 440/4 | €39,094 | €8,832 | -€30,262 | -77.4% |
| Taxes, remuneration and social security | 45 | €7,449 | €16,725 | +€9,276 | +124.5% |
| Taxes | 450/3 | €1,541 | €13,510 | +€11,970 | +776.9% |
| Remuneration and social security | 454/9 | €5,908 | €3,215 | -€2,694 | -45.6% |
| Other amounts payable | 47/48 | €2,699 | €107,971 | +€105,272 | +3900.8% |
| Accrued charges and deferred income | 492/3 | €1,845 | €907 | -€938 | -50.8% |
| Remuneration, social security and pensions | 62 | €50,894 | €54,559 | +€3,665 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,416 | €21,339 | +€3,923 | +22.5% |
| Other operating charges | 640/8 | €1,489 | €1,615 | +€126 | +8.5% |
| Gross operating margin | 9900 | €111,525 | €121,364 | +€9,839 | +8.8% |
| Operating profit (loss) | 9901 | €41,727 | €43,852 | +€2,125 | +5.1% |
| Financial income | 75/76B | €1,085 | €1,322 | +€237 | +21.8% |
| Recurring financial income | 75 | €1,085 | €1,322 | +€237 | +21.8% |
| Financial charges | 65/66B | €2,863 | €1,949 | -€915 | -31.9% |
| Recurring financial charges | 65 | €2,863 | €1,949 | -€915 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €39,948 | €43,225 | +€3,277 | +8.2% |
| Income taxes | 67/77 | €8,503 | €9,206 | +€703 | +8.3% |
| Profit (loss) for the period | 9904 | €31,445 | €34,019 | +€2,574 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,445 | €34,019 | +€2,574 | +8.2% |
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 6 October 2026 via checked.be.