GREDEN: 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.
GREDEN
Largest movements
- Receivables after one year -€346,300
no longer reported in 2025 (was €346,300)
- Receivables within one year +€49,999
up €49,999 (+25.0%), from €199,999 to €249,998
of which Other amounts receivable: +€133,568
- Short-term financial debts -€126,443
down €126,443 (-50.4%), from €250,892 to €124,449
- Profit (loss) carried forward -€116,544
down €116,544 (-101%), from -€114,859 to -€231,403
- Other debts -€30,697
down €30,697 (-28.0%), from €109,720 to €79,023
- Trade debts -€14,906
down €14,906 (-7.7%), from €194,589 to €179,683
- Tax, wage and social debts -€11,517
down €11,517 (-83.9%), from €13,728 to €2,211
of which Remuneration and social security: -€6,863
- Write-downs +€37,200
up €37,200 (+204%), from €18,224 to €55,424
- Gross operating margin -€36,420
down €36,420, from €8,454 to -€27,967
- Staff costs -€32,588
down €32,588 (-76.8%), from €42,438 to €9,849
- Other operating charges +€21,640
up €21,640 (+1,359%), from €1,593 to €23,233
- Financial income +€13,592
up €13,592 (+152%), from €8,934 to €22,526
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 | €574,134 | €262,069 | -€312,065 | -54.4% |
| Fixed assets | 21/28 | €19,766 | €9,518 | -€10,248 | -51.8% |
| Intangible fixed assets | 21 | €2,069 | €1,087 | -€982 | -47.4% |
| Tangible fixed assets | 22/27 | €14,097 | €8,431 | -€5,666 | -40.2% |
| Plant, machinery and equipment | 23 | €569 | €383 | -€186 | -32.7% |
| Furniture and vehicles | 24 | €13,528 | €8,048 | -€5,480 | -40.5% |
| Financial fixed assets | 28 | €3,600 | - | -€3,600 | |
| Current assets | 29/58 | €554,368 | €252,550 | -€301,817 | -54.4% |
| Amounts receivable after more than one year | 29 | €346,300 | - | -€346,300 | |
| Other amounts receivable | 291 | €346,300 | - | -€346,300 | |
| Amounts receivable within one year | 40/41 | €199,999 | €249,998 | +€49,999 | +25.0% |
| Trade receivables | 40 | €163,592 | €80,023 | -€83,569 | -51.1% |
| Other amounts receivable | 41 | €36,407 | €169,975 | +€133,568 | +367% |
| Cash at bank and in hand | 54/58 | €3 | €3 | +€0 | +0.6% |
| Deferred charges and accrued income | 490/1 | €8,066 | €2,550 | -€5,516 | -68.4% |
| Total equity and liabilities | 10/49 | €574,134 | €262,069 | -€312,065 | -54.4% |
| Equity | 10/15 | -€15,615 | -€132,159 | -€116,544 | -746% |
| Contributions | 10/11 | €98,600 | €98,600 | = | 0.0% |
| Reserves | 13 | €645 | €645 | = | 0.0% |
| Distributable reserves | 133 | €645 | €645 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,859 | -€231,403 | -€116,544 | -101% |
| Amounts payable | 17/49 | €589,749 | €394,227 | -€195,521 | -33.2% |
| Amounts payable after more than one year | 17 | €8,861 | €3,019 | -€5,842 | -65.9% |
| Financial debts | 170/4 | €8,861 | €3,019 | -€5,842 | -65.9% |
| Amounts payable within one year | 42/48 | €580,888 | €391,209 | -€189,679 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €11,958 | €5,842 | -€6,115 | -51.1% |
| Financial debts | 43 | €250,892 | €124,449 | -€126,443 | -50.4% |
| Credit institutions | 430/8 | €250,892 | €124,449 | -€126,443 | -50.4% |
| Trade debts | 44 | €194,589 | €179,683 | -€14,906 | -7.7% |
| Suppliers | 440/4 | €194,589 | €179,683 | -€14,906 | -7.7% |
| Taxes, remuneration and social security | 45 | €13,728 | €2,211 | -€11,517 | -83.9% |
| Taxes | 450/3 | €4,721 | €67 | -€4,654 | -98.6% |
| Remuneration and social security | 454/9 | €9,007 | €2,144 | -€6,863 | -76.2% |
| Other amounts payable | 47/48 | €109,720 | €79,023 | -€30,697 | -28.0% |
| Remuneration, social security and pensions | 62 | €42,438 | €9,849 | -€32,588 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,014 | €6,648 | -€366 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,224 | €55,424 | +€37,200 | +204% |
| Other operating charges | 640/8 | €1,593 | €23,233 | +€21,640 | +1,359% |
| Gross operating margin | 9900 | €8,454 | -€27,967 | -€36,420 | |
| Operating profit (loss) | 9901 | -€60,815 | -€123,121 | -€62,306 | -102% |
| Financial income | 75/76B | €8,934 | €22,526 | +€13,592 | +152% |
| Recurring financial income | 75 | €8,934 | €22,526 | +€13,592 | +152% |
| Financial charges | 65/66B | €20,287 | €15,882 | -€4,405 | -21.7% |
| Recurring financial charges | 65 | €20,287 | €15,882 | -€4,405 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€72,168 | -€116,477 | -€44,309 | -61.4% |
| Income taxes | 67/77 | €477 | €67 | -€410 | -86.0% |
| Profit (loss) for the period | 9904 | -€72,645 | -€116,544 | -€43,899 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,645 | -€116,544 | -€43,899 | -60.4% |
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 17 October 2026 via checked.be.