GRECARD: 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.
GRECARD
Largest movements
- Cash +€7,501
up €7,501 (+51.8%), from €14,476 to €21,977
mainly Net result for the year (+€7,560) and Depreciation (+€2,312)
- Tangible fixed assets +€3,489
up €3,489 (+28.4%), from €12,295 to €15,784
of which Furniture and vehicles: +€5,614
- Receivables within one year -€700
down €700 (-60.2%), from €1,163 to €463
- Reserves +€7,560
up €7,560 (+406.5%), from €1,860 to €9,420
of which Distributable reserves: +€7,560
- Tax, wage and social debts +€1,977
up €1,977 (+13.8%), from €14,283 to €16,260
of which Taxes: +€1,777
- Trade debts +€758
up €758 (+478.6%), from €158 to €916
- Gross operating margin +€5,262
up €5,262 (+9.6%), from €54,894 to €60,156
- Taxes +€2,756
new in 2025: €2,756
- Staff costs +€775
up €775 (+1.7%), from €46,151 to €46,926
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 | €28,927 | €39,222 | +€10,295 | +35.6% |
| Fixed assets | 21/28 | €12,295 | €15,784 | +€3,489 | +28.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €12,295 | €15,784 | +€3,489 | +28.4% |
| Land and buildings | 22 | €7,718 | €6,897 | -€821 | -10.6% |
| Plant, machinery and equipment | 23 | €4,577 | €3,272 | -€1,304 | -28.5% |
| Furniture and vehicles | 24 | - | €5,614 | +€5,614 | |
| Current assets | 29/58 | €16,633 | €23,439 | +€6,806 | +40.9% |
| Amounts receivable within one year | 40/41 | €1,163 | €463 | -€700 | -60.2% |
| Other amounts receivable | 41 | €1,163 | €463 | -€700 | -60.2% |
| Cash at bank and in hand | 54/58 | €14,476 | €21,977 | +€7,501 | +51.8% |
| Deferred charges and accrued income | 490/1 | €994 | €999 | +€5 | +0.5% |
| Total equity and liabilities | 10/49 | €28,927 | €39,222 | +€10,295 | +35.6% |
| Equity | 10/15 | €14,486 | €22,046 | +€7,560 | +52.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €9,420 | +€7,560 | +406.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €7,560 | +€7,560 | |
| Profit (loss) carried forward | 14 | €226 | €226 | +€0 | +0.1% |
| Amounts payable | 17/49 | €14,441 | €17,176 | +€2,735 | +18.9% |
| Amounts payable within one year | 42/48 | €14,441 | €17,176 | +€2,735 | +18.9% |
| Trade debts | 44 | €158 | €916 | +€758 | +478.6% |
| Suppliers | 440/4 | €158 | €916 | +€758 | +478.6% |
| Taxes, remuneration and social security | 45 | €14,283 | €16,260 | +€1,977 | +13.8% |
| Taxes | 450/3 | €979 | €2,756 | +€1,777 | +181.6% |
| Remuneration and social security | 454/9 | €13,304 | €13,504 | +€200 | +1.5% |
| Remuneration, social security and pensions | 62 | €46,151 | €46,926 | +€775 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,799 | €2,312 | +€513 | +28.5% |
| Other operating charges | 640/8 | €539 | €556 | +€17 | +3.2% |
| Gross operating margin | 9900 | €54,894 | €60,156 | +€5,262 | +9.6% |
| Operating profit (loss) | 9901 | €6,405 | €10,362 | +€3,957 | +61.8% |
| Financial charges | 65/66B | €45 | €46 | +€1 | +2.2% |
| Recurring financial charges | 65 | €45 | €46 | +€1 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €6,360 | €10,316 | +€3,956 | +62.2% |
| Income taxes | 67/77 | - | €2,756 | +€2,756 | |
| Profit (loss) for the period | 9904 | €6,360 | €7,560 | +€1,200 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,360 | €7,560 | +€1,200 | +18.9% |
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.