GREDHO: 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.
GREDHO
Largest movements
- Receivables within one year -€9,235
down €9,235 (-43.9%), from €21,048 to €11,813
of which Trade receivables: -€9,246
- Stocks and contracts +€4,584
up €4,584 (+33.0%), from €13,894 to €18,478
- Tangible fixed assets +€2,974
up €2,974 (+16.0%), from €18,617 to €21,591
of which Land and buildings: +€7,027
- Cash -€1,036
down €1,036 (-25.3%), from €4,095 to €3,059
mainly Net result for the year (-€15,496) and Investment in fixed assets (net) (-€9,220)
- Current portion of long-term debt +€17,353
up €17,353, from €0 to €17,353
- Profit (loss) carried forward -€15,496
down €15,496 (-159%), from -€9,743 to -€25,239
- Other debts -€7,000
down €7,000 (-93.3%), from €7,503 to €503
- Debts after one year +€4,921
up €4,921 (+18.3%), from €26,880 to €31,800
- Trade debts -€3,719
down €3,719 (-55.6%), from €6,692 to €2,974
- Gross operating margin -€5,816
down €5,816, from €1,005 to -€4,811
- Depreciation +€358
up €358 (+6.1%), from €5,888 to €6,246
- Financial charges +€182
up €182 (+7.8%), from €2,334 to €2,516
- Other operating charges -€124
down €124 (-6.5%), from €1,906 to €1,782
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 | €58,154 | €55,442 | -€2,712 | -4.7% |
| Fixed assets | 21/28 | €19,117 | €22,091 | +€2,974 | +15.6% |
| Tangible fixed assets | 22/27 | €18,617 | €21,591 | +€2,974 | +16.0% |
| Land and buildings | 22 | €7,277 | €14,304 | +€7,027 | +96.6% |
| Plant, machinery and equipment | 23 | €10,894 | €7,288 | -€3,606 | -33.1% |
| Furniture and vehicles | 24 | €447 | €0 | -€447 | -100% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €39,037 | €33,351 | -€5,686 | -14.6% |
| Stocks and contracts in progress | 3 | €13,894 | €18,478 | +€4,584 | +33.0% |
| Stocks | 30/36 | €13,894 | €18,478 | +€4,584 | +33.0% |
| Amounts receivable within one year | 40/41 | €21,048 | €11,813 | -€9,235 | -43.9% |
| Trade receivables | 40 | €21,048 | €11,802 | -€9,246 | -43.9% |
| Other amounts receivable | 41 | €0 | €11 | +€11 | |
| Cash at bank and in hand | 54/58 | €4,095 | €3,059 | -€1,036 | -25.3% |
| Total equity and liabilities | 10/49 | €58,154 | €55,442 | -€2,712 | -4.7% |
| Equity | 10/15 | €15,714 | €218 | -€15,496 | -98.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €13,057 | €13,057 | = | 0.0% |
| Distributable reserves | 133 | €13,057 | €13,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,743 | -€25,239 | -€15,496 | -159% |
| Amounts payable | 17/49 | €42,440 | €55,224 | +€12,784 | +30.1% |
| Amounts payable after more than one year | 17 | €26,880 | €31,800 | +€4,921 | +18.3% |
| Financial debts | 170/4 | €26,880 | €31,800 | +€4,921 | +18.3% |
| Amounts payable within one year | 42/48 | €15,561 | €21,452 | +€5,892 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €17,353 | +€17,353 | |
| Trade debts | 44 | €6,692 | €2,974 | -€3,719 | -55.6% |
| Suppliers | 440/4 | €6,692 | €2,974 | -€3,719 | -55.6% |
| Taxes, remuneration and social security | 45 | €1,365 | €623 | -€742 | -54.4% |
| Taxes | 450/3 | €1,365 | €623 | -€742 | -54.4% |
| Other amounts payable | 47/48 | €7,503 | €503 | -€7,000 | -93.3% |
| Accrued charges and deferred income | 492/3 | €0 | €1,972 | +€1,972 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,888 | €6,246 | +€358 | +6.1% |
| Other operating charges | 640/8 | €1,906 | €1,782 | -€124 | -6.5% |
| Gross operating margin | 9900 | €1,005 | -€4,811 | -€5,816 | |
| Operating profit (loss) | 9901 | -€6,789 | -€12,839 | -€6,050 | -89.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €2,334 | €2,516 | +€182 | +7.8% |
| Recurring financial charges | 65 | €2,334 | €2,516 | +€182 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,122 | -€15,355 | -€6,233 | -68.3% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€9,261 | -€15,496 | -€6,235 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,261 | -€15,496 | -€6,235 | -67.3% |
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 24 October 2026 via checked.be.