GRECOBA: 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.
GRECOBA
Largest movements
- Cash +€42,389
up €42,389 (+79.5%), from €53,319 to €95,708
mainly Net result for the year (+€64,663) and Depreciation (+€45,177)
- Receivables within one year -€21,449
down €21,449 (-16.7%), from €128,355 to €106,906
of which Trade receivables: -€36,316
- Tangible fixed assets -€16,792
down €16,792 (-5.2%), from €319,876 to €303,084
of which Land and buildings: -€23,541
- Reserves +€64,663
up €64,663 (+30.3%), from €213,425 to €278,087
- Other debts -€28,152
down €28,152 (-44.2%), from €63,682 to €35,530
- Trade debts -€18,693
no longer reported in 2025 (was €18,693)
- Debts after one year -€13,833
down €13,833 (-11.7%), from €118,282 to €104,449
of which Financial debts: -€13,733
- Current portion of long-term debt -€7,529
down €7,529 (-17.4%), from €43,262 to €35,733
- Gross operating margin +€90,267
up €90,267 (+34.4%), from €262,264 to €352,531
- Staff costs +€74,994
up €74,994 (+58.1%), from €128,986 to €203,981
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 | €508,564 | €514,719 | +€6,155 | +1.2% |
| Fixed assets | 21/28 | €320,056 | €303,264 | -€16,792 | -5.2% |
| Tangible fixed assets | 22/27 | €319,876 | €303,084 | -€16,792 | -5.2% |
| Land and buildings | 22 | €248,890 | €225,349 | -€23,541 | -9.5% |
| Plant, machinery and equipment | 23 | €15,886 | €11,358 | -€4,528 | -28.5% |
| Furniture and vehicles | 24 | €55,100 | €66,377 | +€11,277 | +20.5% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €188,508 | €211,454 | +€22,946 | +12.2% |
| Amounts receivable within one year | 40/41 | €128,355 | €106,906 | -€21,449 | -16.7% |
| Trade receivables | 40 | €109,082 | €72,766 | -€36,316 | -33.3% |
| Other amounts receivable | 41 | €19,273 | €34,140 | +€14,866 | +77.1% |
| Cash at bank and in hand | 54/58 | €53,319 | €95,708 | +€42,389 | +79.5% |
| Deferred charges and accrued income | 490/1 | €6,833 | €8,841 | +€2,007 | +29.4% |
| Total equity and liabilities | 10/49 | €508,564 | €514,719 | +€6,155 | +1.2% |
| Equity | 10/15 | €246,457 | €311,119 | +€64,663 | +26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €213,425 | €278,087 | +€64,663 | +30.3% |
| Distributable reserves | 133 | €213,425 | €278,087 | +€64,663 | +30.3% |
| Profit (loss) carried forward | 14 | €26,832 | €26,832 | +€0 | 0.0% |
| Amounts payable | 17/49 | €262,107 | €203,599 | -€58,508 | -22.3% |
| Amounts payable after more than one year | 17 | €118,282 | €104,449 | -€13,833 | -11.7% |
| Financial debts | 170/4 | €118,182 | €104,449 | -€13,733 | -11.6% |
| Other amounts payable | 178/9 | €100 | - | -€100 | |
| Amounts payable within one year | 42/48 | €143,775 | €94,063 | -€49,712 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €43,262 | €35,733 | -€7,529 | -17.4% |
| Trade debts | 44 | €18,693 | - | -€18,693 | |
| Suppliers | 440/4 | €18,693 | - | -€18,693 | |
| Taxes, remuneration and social security | 45 | €18,138 | €22,801 | +€4,663 | +25.7% |
| Taxes | 450/3 | €4,413 | €118 | -€4,294 | -97.3% |
| Remuneration and social security | 454/9 | €13,725 | €22,682 | +€8,957 | +65.3% |
| Other amounts payable | 47/48 | €63,682 | €35,530 | -€28,152 | -44.2% |
| Accrued charges and deferred income | 492/3 | €50 | €5,087 | +€5,038 | +10113.4% |
| Remuneration, social security and pensions | 62 | €128,986 | €203,981 | +€74,994 | +58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,590 | €45,177 | -€413 | -0.9% |
| Other operating charges | 640/8 | €5,560 | €7,948 | +€2,387 | +42.9% |
| Gross operating margin | 9900 | €262,264 | €352,531 | +€90,267 | +34.4% |
| Operating profit (loss) | 9901 | €82,127 | €95,426 | +€13,299 | +16.2% |
| Financial income | 75/76B | €1,953 | €106 | -€1,848 | -94.6% |
| Recurring financial income | 75 | €1,953 | €106 | -€1,848 | -94.6% |
| Financial charges | 65/66B | €4,519 | €6,937 | +€2,418 | +53.5% |
| Recurring financial charges | 65 | €4,519 | €6,937 | +€2,418 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €79,561 | €88,595 | +€9,034 | +11.4% |
| Income taxes | 67/77 | €24,896 | €23,932 | -€964 | -3.9% |
| Profit (loss) for the period | 9904 | €54,665 | €64,663 | +€9,998 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,665 | €64,663 | +€9,998 | +18.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.