Greencap: 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.
What changed
Greencap
NACE 01.301, Crop and animal production, hunting and related service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.2m-€95,739
Equity
€17.9m
2024 · €17.2m+€670,546
Cash
€137,400
2024 · €129,665+€7,735
Balance sheet total
€27.4m
2024 · €25.0m+€2.4m
Largest movements
Assets
- Tangible fixed assets +€2.4m
up €2.4m (+25.5%), from €9.5m to €12.0m
of which Land and buildings: +€1.7m
- Stocks and contracts +€570,322
up €570,322 (+5.9%), from €9.7m to €10.3m
- Receivables within one year -€333,325
down €333,325 (-27.6%), from €1.2m to €876,558
of which Other amounts receivable: -€622,372
- Intangible fixed assets -€318,762
down €318,762 (-56.0%), from €569,355 to €250,593
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+34.0%), from €3.1m to €4.2m
- Short-term financial debts +€900,000
up €900,000 (+138.5%), from €650,000 to €1.6m
- Profit (loss) carried forward +€508,514
up €508,514 (+16.7%), from €3.0m to €3.5m
- Trade debts -€360,011
down €360,011 (-25.3%), from €1.4m to €1.1m
- Current portion of long-term debt +€284,817
up €284,817 (+35.1%), from €810,674 to €1.1m
Income statement
- Goods and materials +€544,325
up €544,325 (+5.5%), from €9.8m to €10.4m
of which Purchases: +€300,621
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.
Result 2024
€1.2m
Turnover
-€45,365
Other operating income
+€91,037
Goods and materials
-€544,325
Services and other goods
+€147,183
Staff costs
+€19,795
Depreciation
+€72,002
Write-downs
-€177,527
Other operating charges
+€112,914
Other operating items
+€156,907
Financial income
+€135,530
Financial charges
-€67,703
Taxes
+€3,813
Result 2025
€1.1m
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.
From operations
+€1.4m
Investment
-€3.1m
Financing
+€1.8m
Cash 2024
€129,665
From operations (derived)
+€1.4m
Net result for the year
+€1.1m
Depreciation
+€1.0m
Stocks and contracts
-€570,322
Receivables within one year
+€333,325
Deferred charges and accrued income
+€1,031
Trade debts
-€360,011
Tax, wage and social debts
+€21,866
Other debts
-€253,401
Accrued charges and deferred income
+€25,688
Investment (derived)
-€3.1m
Investment in fixed assets (net)
-€3.1m
Financing
+€1.8m
Debts after one year
+€1.1m
Current portion of long-term debt
+€284,817
Short-term financial debts
+€900,000
Contributions, distributions and other
-€465,105
Cash 2025
€137,400
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,036,865 | €27,395,711 | +€2.4m | +9.4% |
| Fixed assets | 21/28 | €13,916,426 | €16,031,571 | +€2.1m | +15.2% |
| Intangible fixed assets | 21 | €569,355 | €250,593 | -€318,762 | -56.0% |
| Tangible fixed assets | 22/27 | €9,541,125 | €11,974,504 | +€2.4m | +25.5% |
| Land and buildings | 22 | €7,856,019 | €9,597,364 | +€1.7m | +22.2% |
| Plant, machinery and equipment | 23 | €1,244,915 | €1,666,939 | +€422,024 | +33.9% |
| Furniture and vehicles | 24 | €440,191 | €703,740 | +€263,549 | +59.9% |
| Assets under construction and advance payments | 27 | - | €6,461 | +€6,461 | |
| Financial fixed assets | 28 | €3,805,946 | €3,806,474 | +€528 | 0.0% |
| Affiliated companies | 280/1 | €3,764,851 | €3,764,851 | = | 0.0% |
| Participating interests | 280 | €3,764,851 | €3,764,851 | = | 0.0% |
| Other financial fixed assets | 284/8 | €41,095 | €41,623 | +€528 | +1.3% |
| Shares | 284 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €40,095 | €40,623 | +€528 | +1.3% |
| Current assets | 29/58 | €11,120,439 | €11,364,140 | +€243,701 | +2.2% |
| Stocks and contracts in progress | 3 | €9,722,421 | €10,292,743 | +€570,322 | +5.9% |
| Stocks | 30/36 | €9,722,421 | €10,292,743 | +€570,322 | +5.9% |
| Raw materials and consumables | 30/31 | €61,345 | €25,488 | -€35,857 | -58.5% |
| Work in progress | 32 | €9,396,503 | €10,133,753 | +€737,250 | +7.8% |
| Goods purchased for resale | 34 | €264,573 | €133,502 | -€131,071 | -49.5% |
| Amounts receivable within one year | 40/41 | €1,209,883 | €876,558 | -€333,325 | -27.6% |
| Trade receivables | 40 | €421,220 | €710,267 | +€289,047 | +68.6% |
| Other amounts receivable | 41 | €788,663 | €166,291 | -€622,372 | -78.9% |
| Cash at bank and in hand | 54/58 | €129,665 | €137,400 | +€7,735 | +6.0% |
| Deferred charges and accrued income | 490/1 | €58,470 | €57,439 | -€1,031 | -1.8% |
| Total equity and liabilities | 10/49 | €25,036,865 | €27,395,711 | +€2.4m | +9.4% |
| Equity | 10/15 | €17,222,697 | €17,893,243 | +€670,546 | +3.9% |
| Contributions | 10/11 | €13,653,825 | €13,653,825 | = | 0.0% |
| Capital | 10 | €13,650,000 | €13,650,000 | = | 0.0% |
| Issued capital | 100 | €13,650,000 | €13,650,000 | = | 0.0% |
| Outside capital | 11 | €3,825 | €3,825 | = | 0.0% |
| Share premium | 1100/10 | €3,825 | €3,825 | = | 0.0% |
| Reserves | 13 | €528,626 | €690,658 | +€162,032 | +30.7% |
| Non-distributable reserves | 130/1 | €528,626 | €585,408 | +€56,782 | +10.7% |
| Legal reserve | 130 | €528,626 | €585,408 | +€56,782 | +10.7% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Profit (loss) carried forward | 14 | €3,040,246 | €3,548,760 | +€508,514 | +16.7% |
| Amounts payable | 17/49 | €7,814,168 | €9,502,468 | +€1.7m | +21.6% |
| Amounts payable after more than one year | 17 | €3,143,134 | €4,212,475 | +€1.1m | +34.0% |
| Financial debts | 170/4 | €3,143,134 | €4,212,475 | +€1.1m | +34.0% |
| Leasing and similar obligations | 172 | €331,696 | €167,368 | -€164,328 | -49.5% |
| Credit institutions | 173 | €2,811,438 | €4,045,107 | +€1.2m | +43.9% |
| Amounts payable within one year | 42/48 | €4,636,870 | €5,230,141 | +€593,271 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €810,674 | €1,095,491 | +€284,817 | +35.1% |
| Financial debts | 43 | €650,000 | €1,550,000 | +€900,000 | +138.5% |
| Credit institutions | 430/8 | €650,000 | €1,550,000 | +€900,000 | +138.5% |
| Trade debts | 44 | €1,425,298 | €1,065,287 | -€360,011 | -25.3% |
| Suppliers | 440/4 | €1,425,298 | €1,065,287 | -€360,011 | -25.3% |
| Taxes, remuneration and social security | 45 | €385,392 | €407,258 | +€21,866 | +5.7% |
| Taxes | 450/3 | €97,028 | €93,021 | -€4,007 | -4.1% |
| Remuneration and social security | 454/9 | €288,364 | €314,237 | +€25,873 | +9.0% |
| Other amounts payable | 47/48 | €1,365,506 | €1,112,105 | -€253,401 | -18.6% |
| Accrued charges and deferred income | 492/3 | €34,164 | €59,852 | +€25,688 | +75.2% |
| Operating income | 70/76A | €20,426,127 | €20,754,985 | +€328,858 | +1.6% |
| Turnover | 70 | €18,852,185 | €18,806,820 | -€45,365 | -0.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €515,444 | €737,250 | +€221,806 | +43.0% |
| Own construction capitalised | 72 | - | €6,461 | +€6,461 | |
| Other operating income | 74 | €993,826 | €1,084,863 | +€91,037 | +9.2% |
| Non-recurring operating income | 76A | €64,672 | €119,591 | +€54,919 | +84.9% |
| Operating charges | 60/66A | €18,809,522 | €19,305,759 | +€496,237 | +2.6% |
| Goods for resale, raw materials and consumables | 60 | €9,810,161 | €10,354,486 | +€544,325 | +5.5% |
| Purchases | 600/8 | €9,886,938 | €10,187,559 | +€300,621 | +3.0% |
| Change in stocks: decrease (increase) | 609 | -€76,777 | €166,927 | +€243,704 | |
| Services and other goods | 61 | €4,454,469 | €4,307,286 | -€147,183 | -3.3% |
| Remuneration, social security and pensions | 62 | €3,276,175 | €3,256,380 | -€19,795 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092,419 | €1,020,417 | -€72,002 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€152,933 | €24,594 | +€177,527 | |
| Other operating charges | 640/8 | €313,693 | €200,779 | -€112,914 | -36.0% |
| Non-recurring operating charges | 66A | €15,538 | €141,817 | +€126,279 | +812.7% |
| Operating profit (loss) | 9901 | €1,616,605 | €1,449,226 | -€167,379 | -10.4% |
| Financial income | 75/76B | €291,439 | €426,969 | +€135,530 | +46.5% |
| Recurring financial income | 75 | €288,701 | €424,171 | +€135,470 | +46.9% |
| Income from financial fixed assets | 750 | €255,786 | €420,170 | +€164,384 | +64.3% |
| Income from current assets | 751 | €25,634 | - | -€25,634 | |
| Other financial income | 752/9 | €7,281 | €4,001 | -€3,280 | -45.0% |
| Non-recurring financial income | 76B | €2,738 | €2,798 | +€60 | +2.2% |
| Financial charges | 65/66B | €251,994 | €319,697 | +€67,703 | +26.9% |
| Recurring financial charges | 65 | €251,994 | €319,697 | +€67,703 | +26.9% |
| Debt charges | 650 | €205,968 | €264,411 | +€58,443 | +28.4% |
| Other financial charges | 652/9 | €46,026 | €55,286 | +€9,260 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €1,656,050 | €1,556,498 | -€99,552 | -6.0% |
| Income taxes | 67/77 | €424,660 | €420,847 | -€3,813 | -0.9% |
| Taxes | 670/3 | €424,660 | €420,847 | -€3,813 | -0.9% |
| Profit (loss) for the period | 9904 | €1,231,390 | €1,135,651 | -€95,739 | -7.8% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,231,390 | €1,030,401 | -€200,989 | -16.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.