GREEN-BEL: 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.
GREEN-BEL
Largest movements
- Tangible fixed assets -€460,058
down €460,058 (-14.4%), from €3.2m to €2.7m
- Receivables within one year +€78,134
up €78,134 (+3.8%), from €2.1m to €2.1m
of which Other amounts receivable: +€70,926
- Profit (loss) carried forward -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Other debts +€1.1m
new in 2025: €1.1m
- Debts after one year -€484,918
down €484,918 (-20.4%), from €2.4m to €1.9m
- Trade debts +€357,922
up €357,922 (+78.0%), from €459,003 to €816,925
- Tax, wage and social debts -€151,955
down €151,955 (-88.8%), from €171,161 to €19,206
- Gross operating margin -€244,533
down €244,533 (-36.0%), from €679,533 to €435,000
- Financial charges -€69,648
down €69,648 (-34.3%), from €203,280 to €133,632
- Write-downs +€66,056
no longer reported in 2025 (was -€66,056)
- Taxes -€51,002
no longer reported in 2025 (was €51,002)
- Depreciation -€40,320
down €40,320 (-8.1%), from €500,378 to €460,058
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,278,393 | €4,885,923 | -€392,471 | -7.4% |
| Fixed assets | 21/28 | €3,184,800 | €2,724,742 | -€460,058 | -14.4% |
| Tangible fixed assets | 22/27 | €3,184,800 | €2,724,742 | -€460,058 | -14.4% |
| Leasing and similar rights | 25 | €3,184,800 | €2,724,742 | -€460,058 | -14.4% |
| Current assets | 29/58 | €2,093,593 | €2,161,180 | +€67,587 | +3.2% |
| Amounts receivable within one year | 40/41 | €2,063,301 | €2,141,435 | +€78,134 | +3.8% |
| Trade receivables | 40 | €54,004 | €61,212 | +€7,208 | +13.3% |
| Other amounts receivable | 41 | €2,009,297 | €2,080,223 | +€70,926 | +3.5% |
| Deferred charges and accrued income | 490/1 | €30,292 | €19,745 | -€10,546 | -34.8% |
| Total equity and liabilities | 10/49 | €5,278,393 | €4,885,923 | -€392,471 | -7.4% |
| Equity | 10/15 | €1,807,828 | €564,960 | -€1.2m | -68.7% |
| Contributions | 10/11 | €513,600 | €513,600 | = | 0.0% |
| Reserves | 13 | €51,360 | €51,360 | = | 0.0% |
| Distributable reserves | 133 | €51,360 | €51,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,242,868 | €0 | -€1.2m | -100% |
| Amounts payable | 17/49 | €3,470,565 | €4,320,963 | +€850,398 | +24.5% |
| Amounts payable after more than one year | 17 | €2,382,035 | €1,897,117 | -€484,918 | -20.4% |
| Financial debts | 170/4 | €2,382,035 | €1,897,117 | -€484,918 | -20.4% |
| Amounts payable within one year | 42/48 | €1,088,530 | €2,423,845 | +€1.3m | +123% |
| Current portion of amounts payable after more than one year | 42 | €458,366 | €484,918 | +€26,552 | +5.8% |
| Trade debts | 44 | €459,003 | €816,925 | +€357,922 | +78.0% |
| Suppliers | 440/4 | €459,003 | €816,925 | +€357,922 | +78.0% |
| Taxes, remuneration and social security | 45 | €171,161 | €19,206 | -€151,955 | -88.8% |
| Taxes | 450/3 | €171,161 | €19,206 | -€151,955 | -88.8% |
| Other amounts payable | 47/48 | - | €1,102,797 | +€1.1m | |
| Non-recurring operating income | 76A | €41,432 | - | -€41,432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500,378 | €460,058 | -€40,320 | -8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€66,056 | - | +€66,056 | |
| Other operating charges | 640/8 | €1,092 | €1,126 | +€35 | +3.2% |
| Non-recurring operating charges | 66A | €650 | - | -€650 | |
| Gross operating margin | 9900 | €679,533 | €435,000 | -€244,533 | -36.0% |
| Operating profit (loss) | 9901 | €243,470 | -€26,185 | -€269,654 | |
| Financial income | 75/76B | €30,292 | €19,745 | -€10,546 | -34.8% |
| Recurring financial income | 75 | €30,292 | €19,745 | -€10,546 | -34.8% |
| Financial charges | 65/66B | €203,280 | €133,632 | -€69,648 | -34.3% |
| Recurring financial charges | 65 | €203,280 | €133,632 | -€69,648 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €70,481 | -€140,071 | -€210,553 | |
| Income taxes | 67/77 | €51,002 | - | -€51,002 | |
| Profit (loss) for the period | 9904 | €19,479 | -€140,071 | -€159,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,479 | -€140,071 | -€159,550 |
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.