GREDES: 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.
GREDES
Largest movements
- Cash +€88,694
up €88,694 (+525.2%), from €16,887 to €105,581
mainly Net result for the year (+€44,096) and Receivables within one year (+€32,821)
- Receivables within one year -€32,821
down €32,821 (-89.1%), from €36,841 to €4,020
of which Trade receivables: -€32,651
- Deferred charges and accrued income -€2,196
down €2,196 (-31.5%), from €6,963 to €4,767
- Reserves +€44,096
up €44,096 (+38.9%), from €113,288 to €157,384
- Tax, wage and social debts +€5,905
up €5,905 (+24.3%), from €24,340 to €30,245
of which Taxes: +€3,262
- Trade debts +€4,295
up €4,295 (+65.9%), from €6,519 to €10,814
- Gross operating margin +€26,485
up €26,485 (+62.4%), from €42,447 to €68,932
- Taxes +€8,874
up €8,874 (+71.6%), from €12,386 to €21,260
- Financial income +€1,856
up €1,856 (+186.7%), from €994 to €2,850
- Other operating charges +€1,309
up €1,309 (+174.8%), from €749 to €2,058
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 | €145,147 | €199,448 | +€54,301 | +37.4% |
| Fixed assets | 21/28 | €15,856 | €16,480 | +€624 | +3.9% |
| Tangible fixed assets | 22/27 | €15,856 | €16,480 | +€624 | +3.9% |
| Plant, machinery and equipment | 23 | €14,722 | €15,590 | +€868 | +5.9% |
| Furniture and vehicles | 24 | €1,134 | €890 | -€244 | -21.5% |
| Current assets | 29/58 | €129,291 | €182,968 | +€53,677 | +41.5% |
| Amounts receivable after more than one year | 29 | €68,600 | €68,600 | = | 0.0% |
| Other amounts receivable | 291 | €68,600 | €68,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,841 | €4,020 | -€32,821 | -89.1% |
| Trade receivables | 40 | €36,671 | €4,020 | -€32,651 | -89.0% |
| Other amounts receivable | 41 | €170 | - | -€170 | |
| Cash at bank and in hand | 54/58 | €16,887 | €105,581 | +€88,694 | +525.2% |
| Deferred charges and accrued income | 490/1 | €6,963 | €4,767 | -€2,196 | -31.5% |
| Total equity and liabilities | 10/49 | €145,147 | €199,448 | +€54,301 | +37.4% |
| Equity | 10/15 | €114,288 | €158,384 | +€44,096 | +38.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €113,288 | €157,384 | +€44,096 | +38.9% |
| Distributable reserves | 133 | €113,288 | €157,384 | +€44,096 | +38.9% |
| Amounts payable | 17/49 | €30,859 | €41,064 | +€10,205 | +33.1% |
| Amounts payable within one year | 42/48 | €30,859 | €41,064 | +€10,205 | +33.1% |
| Trade debts | 44 | €6,519 | €10,814 | +€4,295 | +65.9% |
| Suppliers | 440/4 | €6,519 | €10,814 | +€4,295 | +65.9% |
| Taxes, remuneration and social security | 45 | €24,340 | €30,245 | +€5,905 | +24.3% |
| Taxes | 450/3 | €24,340 | €27,602 | +€3,262 | +13.4% |
| Remuneration and social security | 454/9 | - | €2,643 | +€2,643 | |
| Other amounts payable | 47/48 | - | €5 | +€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,858 | €3,228 | +€370 | +12.9% |
| Other operating charges | 640/8 | €749 | €2,058 | +€1,309 | +174.8% |
| Gross operating margin | 9900 | €42,447 | €68,932 | +€26,485 | +62.4% |
| Operating profit (loss) | 9901 | €38,840 | €63,646 | +€24,806 | +63.9% |
| Financial income | 75/76B | €994 | €2,850 | +€1,856 | +186.7% |
| Recurring financial income | 75 | €994 | €2,850 | +€1,856 | +186.7% |
| Financial charges | 65/66B | €1,469 | €1,140 | -€329 | -22.4% |
| Recurring financial charges | 65 | €1,469 | €1,140 | -€329 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €38,365 | €65,356 | +€26,991 | +70.4% |
| Income taxes | 67/77 | €12,386 | €21,260 | +€8,874 | +71.6% |
| Profit (loss) for the period | 9904 | €25,979 | €44,096 | +€18,117 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,979 | €44,096 | +€18,117 | +69.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.