GREEN HEDGE: 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.
GREEN HEDGE
Largest movements
- Receivables within one year -€1.8m
down €1.8m (-96.4%), from €1.9m to €68,940
of which Other amounts receivable: -€1.8m
- Cash -€247,392
down €247,392 (-84.9%), from €291,472 to €44,081
mainly Other debts (-€1.8m) and Investment in fixed assets (net) (-€233,556)
- Tangible fixed assets +€173,330
up €173,330 (+12.8%), from €1.4m to €1.5m
of which Other tangible fixed assets: +€124,849
- Stocks and contracts -€124,849
no longer reported in 2025 (was €124,849)
- Other debts -€1.8m
down €1.8m (-88.9%), from €2.1m to €230,963
- Profit (loss) carried forward -€119,214
down €119,214 (-3.6%), from -€3.3m to -€3.4m
- Gross operating margin -€2.1m
down €2.1m, from €2.0m to -€65,720
- Taxes -€435,264
down €435,264 (-96.6%), from €450,562 to €15,297
- Depreciation +€59,209
up €59,209 (+5823.1%), from €1,017 to €60,225
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 | €3,675,648 | €1,641,246 | -€2.0m | -55.3% |
| Fixed assets | 21/28 | €1,354,895 | €1,528,225 | +€173,330 | +12.8% |
| Tangible fixed assets | 22/27 | €1,354,895 | €1,528,225 | +€173,330 | +12.8% |
| Land and buildings | 22 | €1,240,491 | €1,271,634 | +€31,144 | +2.5% |
| Plant, machinery and equipment | 23 | €1,322 | €5,231 | +€3,909 | +295.7% |
| Furniture and vehicles | 24 | €2,741 | €16,171 | +€13,429 | +489.9% |
| Other tangible fixed assets | 26 | €110,341 | €235,190 | +€124,849 | +113.1% |
| Current assets | 29/58 | €2,320,753 | €113,020 | -€2.2m | -95.1% |
| Stocks and contracts in progress | 3 | €124,849 | - | -€124,849 | |
| Stocks | 30/36 | €124,849 | - | -€124,849 | |
| Amounts receivable within one year | 40/41 | €1,904,433 | €68,940 | -€1.8m | -96.4% |
| Trade receivables | 40 | €29,305 | €27,305 | -€2,000 | -6.8% |
| Other amounts receivable | 41 | €1,875,128 | €41,635 | -€1.8m | -97.8% |
| Cash at bank and in hand | 54/58 | €291,472 | €44,081 | -€247,392 | -84.9% |
| Total equity and liabilities | 10/49 | €3,675,648 | €1,641,246 | -€2.0m | -55.3% |
| Equity | 10/15 | €1,504,681 | €1,385,467 | -€119,214 | -7.9% |
| Contributions | 10/11 | €4,729,797 | €4,729,797 | = | 0.0% |
| Reserves | 13 | €96,964 | €96,964 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,149 | €9,149 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,149 | €9,149 | = | 0.0% |
| Distributable reserves | 133 | €87,815 | €87,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,322,081 | -€3,441,295 | -€119,214 | -3.6% |
| Amounts payable | 17/49 | €2,170,967 | €255,779 | -€1.9m | -88.2% |
| Amounts payable within one year | 42/48 | €2,150,195 | €255,779 | -€1.9m | -88.1% |
| Trade debts | 44 | €24,808 | €5,832 | -€18,976 | -76.5% |
| Suppliers | 440/4 | €24,808 | €5,832 | -€18,976 | -76.5% |
| Taxes, remuneration and social security | 45 | €48,527 | €18,984 | -€29,544 | -60.9% |
| Taxes | 450/3 | €48,527 | €15,450 | -€33,077 | -68.2% |
| Remuneration and social security | 454/9 | - | €3,533 | +€3,533 | |
| Other amounts payable | 47/48 | €2,076,860 | €230,963 | -€1.8m | -88.9% |
| Accrued charges and deferred income | 492/3 | €20,772 | - | -€20,772 | |
| Non-recurring operating income | 76A | €2,264,860 | - | -€2.3m | |
| Remuneration, social security and pensions | 62 | - | €7,622 | +€7,622 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,017 | €60,225 | +€59,209 | +5823.1% |
| Other operating charges | 640/8 | €27,579 | €8,118 | -€19,461 | -70.6% |
| Gross operating margin | 9900 | €2,046,739 | -€65,720 | -€2.1m | |
| Operating profit (loss) | 9901 | €2,018,143 | -€141,686 | -€2.2m | |
| Financial income | 75/76B | €61,991 | €71,986 | +€9,995 | +16.1% |
| Recurring financial income | 75 | €61,991 | €71,986 | +€9,995 | +16.1% |
| Financial charges | 65/66B | €20,818 | €34,216 | +€13,398 | +64.4% |
| Recurring financial charges | 65 | €20,818 | €15,266 | -€5,552 | -26.7% |
| Non-recurring financial charges | 66B | - | €18,950 | +€18,950 | |
| Profit (loss) for the period before taxes | 9903 | €2,059,315 | -€103,917 | -€2.2m | |
| Income taxes | 67/77 | €450,562 | €15,297 | -€435,264 | -96.6% |
| Profit (loss) for the period | 9904 | €1,608,754 | -€119,214 | -€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,608,754 | -€119,214 | -€1.7m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.