GREDAN: 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.
GREDAN
Largest movements
- Receivables within one year +€165,226
up €165,226 (+41.1%), from €401,796 to €567,022
of which Other amounts receivable: +€156,711
- Current investments -€101,244
down €101,244 (-71.3%), from €141,993 to €40,748
- Deferred charges and accrued income +€100,000
new in 2025: €100,000
- Stocks and contracts -€76,970
down €76,970 (-4.8%), from €1.6m to €1.5m
- Tangible fixed assets -€66,945
down €66,945 (-2.5%), from €2.7m to €2.6m
of which Land and buildings: -€63,012
No liability line moved by more than 1% of the balance sheet total.
- Taxes -€8,889
down €8,889 (-73.7%), from €12,066 to €3,178
- Gross operating margin -€8,379
down €8,379 (-4.2%), from €199,236 to €190,857
- Financial income -€6,073
down €6,073 (-90.9%), from €6,678 to €605
- Other operating charges +€3,599
up €3,599 (+37.4%), from €9,633 to €13,233
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 | €6,651,808 | €6,675,979 | +€24,171 | +0.4% |
| Fixed assets | 21/28 | €4,485,197 | €4,418,251 | -€66,945 | -1.5% |
| Tangible fixed assets | 22/27 | €2,665,197 | €2,598,251 | -€66,945 | -2.5% |
| Land and buildings | 22 | €2,658,536 | €2,595,524 | -€63,012 | -2.4% |
| Furniture and vehicles | 24 | €6,661 | €2,728 | -€3,933 | -59.0% |
| Financial fixed assets | 28 | €1,820,000 | €1,820,000 | = | 0.0% |
| Current assets | 29/58 | €2,166,612 | €2,257,728 | +€91,117 | +4.2% |
| Stocks and contracts in progress | 3 | €1,606,950 | €1,529,980 | -€76,970 | -4.8% |
| Stocks | 30/36 | €1,606,950 | €1,529,980 | -€76,970 | -4.8% |
| Amounts receivable within one year | 40/41 | €401,796 | €567,022 | +€165,226 | +41.1% |
| Trade receivables | 40 | - | €8,515 | +€8,515 | |
| Other amounts receivable | 41 | €401,796 | €558,507 | +€156,711 | +39.0% |
| Current investments | 50/53 | €141,993 | €40,748 | -€101,244 | -71.3% |
| Cash at bank and in hand | 54/58 | €15,873 | €19,978 | +€4,105 | +25.9% |
| Deferred charges and accrued income | 490/1 | - | €100,000 | +€100,000 | |
| Total equity and liabilities | 10/49 | €6,651,808 | €6,675,979 | +€24,171 | +0.4% |
| Equity | 10/15 | €1,612,022 | €1,614,913 | +€2,892 | +0.2% |
| Contributions | 10/11 | €974,368 | €974,368 | = | 0.0% |
| Capital | 10 | €974,368 | €974,368 | = | 0.0% |
| Issued capital | 100 | €974,368 | €974,368 | = | 0.0% |
| Reserves | 13 | €637,654 | €640,545 | +€2,892 | +0.5% |
| Non-distributable reserves | 130/1 | €37,500 | €38,000 | +€500 | +1.3% |
| Legal reserve | 130 | €37,500 | €38,000 | +€500 | +1.3% |
| Distributable reserves | 133 | €600,154 | €602,545 | +€2,392 | +0.4% |
| Amounts payable | 17/49 | €5,039,787 | €5,061,066 | +€21,279 | +0.4% |
| Amounts payable after more than one year | 17 | €1,576,000 | €1,576,000 | = | 0.0% |
| Financial debts | 170/4 | €1,576,000 | €1,576,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,462,803 | €3,485,066 | +€22,263 | +0.6% |
| Trade debts | 44 | €279 | €96 | -€183 | -65.6% |
| Suppliers | 440/4 | €279 | €96 | -€183 | -65.6% |
| Taxes, remuneration and social security | 45 | €36,950 | €36,738 | -€211 | -0.6% |
| Taxes | 450/3 | €36,950 | €36,738 | -€211 | -0.6% |
| Other amounts payable | 47/48 | €3,425,574 | €3,448,232 | +€22,658 | +0.7% |
| Accrued charges and deferred income | 492/3 | €984 | - | -€984 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,050 | €66,945 | +€1,896 | +2.9% |
| Other operating charges | 640/8 | €9,633 | €13,233 | +€3,599 | +37.4% |
| Gross operating margin | 9900 | €199,236 | €190,857 | -€8,379 | -4.2% |
| Operating profit (loss) | 9901 | €124,553 | €110,679 | -€13,874 | -11.1% |
| Financial income | 75/76B | €6,678 | €605 | -€6,073 | -90.9% |
| Recurring financial income | 75 | €6,678 | €605 | -€6,073 | -90.9% |
| Financial charges | 65/66B | €105,129 | €105,215 | +€86 | +0.1% |
| Recurring financial charges | 65 | €105,129 | €105,215 | +€86 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €26,102 | €6,069 | -€20,033 | -76.7% |
| Income taxes | 67/77 | €12,066 | €3,178 | -€8,889 | -73.7% |
| Profit (loss) for the period | 9904 | €14,036 | €2,892 | -€11,144 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,036 | €2,892 | -€11,144 | -79.4% |
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 29 October 2026 via checked.be.