GREENBOW: 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.
GREENBOW
Largest movements
- Receivables within one year +€406,028
up €406,028 (+74.1%), from €548,293 to €954,322
of which Trade receivables: +€354,662
- Stocks and contracts +€227,134
up €227,134 (+29.3%), from €774,380 to €1.0m
- Tangible fixed assets -€35,655
down €35,655 (-11.7%), from €305,774 to €270,119
of which Furniture and vehicles: -€23,585
- Reserves +€169,443
up €169,443 (+34.7%), from €488,884 to €658,327
- Debts after one year +€108,154
up €108,154 (+33.7%), from €320,468 to €428,622
- Trade debts +€98,009
up €98,009 (+46.0%), from €212,970 to €310,979
- Current portion of long-term debt +€88,645
up €88,645 (+79.0%), from €112,220 to €200,865
- Other debts +€65,698
up €65,698 (+83.7%), from €78,475 to €144,173
- Gross operating margin -€59,284
down €59,284 (-12.1%), from €488,385 to €429,101
- Staff costs -€47,527
down €47,527 (-43.2%), from €109,966 to €62,439
- Depreciation -€26,342
down €26,342 (-23.4%), from €112,665 to €86,324
- Financial charges +€14,279
up €14,279 (+34.5%), from €41,448 to €55,727
- Other operating charges +€9,215
up €9,215 (+1431.5%), from €644 to €9,859
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 | €1,725,820 | €2,322,646 | +€596,826 | +34.6% |
| Fixed assets | 21/28 | €305,909 | €270,553 | -€35,356 | -11.6% |
| Tangible fixed assets | 22/27 | €305,774 | €270,119 | -€35,655 | -11.7% |
| Land and buildings | 22 | €59,443 | €57,812 | -€1,631 | -2.7% |
| Plant, machinery and equipment | 23 | €30,248 | €26,168 | -€4,080 | -13.5% |
| Furniture and vehicles | 24 | €193,772 | €170,186 | -€23,585 | -12.2% |
| Leasing and similar rights | 25 | €22,312 | €15,952 | -€6,360 | -28.5% |
| Financial fixed assets | 28 | €135 | €434 | +€299 | +221.5% |
| Current assets | 29/58 | €1,419,911 | €2,052,093 | +€632,182 | +44.5% |
| Stocks and contracts in progress | 3 | €774,380 | €1,001,513 | +€227,134 | +29.3% |
| Stocks | 30/36 | €774,380 | €1,001,513 | +€227,134 | +29.3% |
| Amounts receivable within one year | 40/41 | €548,293 | €954,322 | +€406,028 | +74.1% |
| Trade receivables | 40 | €548,289 | €902,952 | +€354,662 | +64.7% |
| Other amounts receivable | 41 | €4 | €51,370 | +€51,366 | +1252826.8% |
| Cash at bank and in hand | 54/58 | €88,120 | €87,227 | -€893 | -1.0% |
| Deferred charges and accrued income | 490/1 | €9,118 | €9,030 | -€87 | -1.0% |
| Total equity and liabilities | 10/49 | €1,725,820 | €2,322,646 | +€596,826 | +34.6% |
| Equity | 10/15 | €512,884 | €682,327 | +€169,443 | +33.0% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €488,884 | €658,327 | +€169,443 | +34.7% |
| Distributable reserves | 133 | €488,884 | €658,327 | +€169,443 | +34.7% |
| Amounts payable | 17/49 | €1,212,936 | €1,640,318 | +€427,382 | +35.2% |
| Amounts payable after more than one year | 17 | €320,468 | €428,622 | +€108,154 | +33.7% |
| Financial debts | 170/4 | €320,468 | €428,622 | +€108,154 | +33.7% |
| Amounts payable within one year | 42/48 | €892,389 | €1,211,249 | +€318,861 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €112,220 | €200,865 | +€88,645 | +79.0% |
| Financial debts | 43 | €450,000 | €487,579 | +€37,579 | +8.4% |
| Credit institutions | 430/8 | €450,000 | €487,579 | +€37,579 | +8.4% |
| Trade debts | 44 | €212,970 | €310,979 | +€98,009 | +46.0% |
| Suppliers | 440/4 | €212,970 | €310,979 | +€98,009 | +46.0% |
| Taxes, remuneration and social security | 45 | €38,723 | €67,653 | +€28,930 | +74.7% |
| Taxes | 450/3 | €33,546 | €61,256 | +€27,709 | +82.6% |
| Remuneration and social security | 454/9 | €5,177 | €6,398 | +€1,221 | +23.6% |
| Other amounts payable | 47/48 | €78,475 | €144,173 | +€65,698 | +83.7% |
| Accrued charges and deferred income | 492/3 | €80 | €447 | +€367 | +461.9% |
| Remuneration, social security and pensions | 62 | €109,966 | €62,439 | -€47,527 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,665 | €86,324 | -€26,342 | -23.4% |
| Other operating charges | 640/8 | €644 | €9,859 | +€9,215 | +1431.5% |
| Gross operating margin | 9900 | €488,385 | €429,101 | -€59,284 | -12.1% |
| Operating profit (loss) | 9901 | €265,110 | €270,479 | +€5,369 | +2.0% |
| Financial income | 75/76B | €11,455 | €11,263 | -€192 | -1.7% |
| Recurring financial income | 75 | €11,455 | €11,263 | -€192 | -1.7% |
| Financial charges | 65/66B | €41,448 | €55,727 | +€14,279 | +34.5% |
| Recurring financial charges | 65 | €41,448 | €55,727 | +€14,279 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €235,116 | €226,015 | -€9,102 | -3.9% |
| Income taxes | 67/77 | €54,379 | €56,572 | +€2,192 | +4.0% |
| Profit (loss) for the period | 9904 | €180,737 | €169,443 | -€11,294 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €180,737 | €169,443 | -€11,294 | -6.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.