GREENFARM-PIERARD: 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.
GREENFARM-PIERARD
Largest movements
- Receivables within one year +€276,880
up €276,880 (+45.7%), from €606,030 to €882,910
of which Trade receivables: +€279,047
- Tangible fixed assets +€267,162
up €267,162 (+43.7%), from €610,726 to €877,889
of which Leasing and similar rights: +€275,592
- Stocks and contracts +€74,363
up €74,363 (+199%), from €37,363 to €111,726
- Cash +€29,408
up €29,408 (+37.4%), from €78,717 to €108,125
mainly Trade debts (+€274,498) and Debts after one year (+€203,971)
- Trade debts +€274,498
up €274,498 (+156%), from €176,003 to €450,500
- Debts after one year +€203,971
up €203,971 (+57.6%), from €354,384 to €558,355
- Short-term financial debts +€100,000
up €100,000 (+40.0%), from €250,000 to €350,000
- Profit (loss) carried forward +€36,583
up €36,583 (+4,913%), from €745 to €37,328
- Gross operating margin +€47,822
up €47,822 (+14.6%), from €328,471 to €376,293
- Depreciation +€36,480
up €36,480 (+34.2%), from €106,815 to €143,295
- Staff costs +€24,247
up €24,247 (+17.9%), from €135,240 to €159,486
- Taxes -€11,542
no longer reported in 2025 (was €11,542)
- Financial charges +€7,299
up €7,299 (+24.9%), from €29,314 to €36,613
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 | €1,333,987 | €1,981,799 | +€647,813 | +48.6% |
| Fixed assets | 21/28 | €611,876 | €879,039 | +€267,162 | +43.7% |
| Tangible fixed assets | 22/27 | €610,726 | €877,889 | +€267,162 | +43.7% |
| Plant, machinery and equipment | 23 | €438,890 | €424,397 | -€14,493 | -3.3% |
| Furniture and vehicles | 24 | - | €6,063 | +€6,063 | |
| Leasing and similar rights | 25 | €171,836 | €447,429 | +€275,592 | +160% |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €722,110 | €1,102,760 | +€380,650 | +52.7% |
| Stocks and contracts in progress | 3 | €37,363 | €111,726 | +€74,363 | +199% |
| Stocks | 30/36 | €37,363 | €111,726 | +€74,363 | +199% |
| Amounts receivable within one year | 40/41 | €606,030 | €882,910 | +€276,880 | +45.7% |
| Trade receivables | 40 | €603,863 | €882,910 | +€279,047 | +46.2% |
| Other amounts receivable | 41 | €2,167 | - | -€2,167 | |
| Cash at bank and in hand | 54/58 | €78,717 | €108,125 | +€29,408 | +37.4% |
| Total equity and liabilities | 10/49 | €1,333,987 | €1,981,799 | +€647,813 | +48.6% |
| Equity | 10/15 | €161,205 | €197,788 | +€36,583 | +22.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €140,000 | €140,000 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €745 | €37,328 | +€36,583 | +4,913% |
| Amounts payable | 17/49 | €1,172,782 | €1,784,012 | +€611,229 | +52.1% |
| Amounts payable after more than one year | 17 | €354,384 | €558,355 | +€203,971 | +57.6% |
| Financial debts | 170/4 | €354,384 | €558,355 | +€203,971 | +57.6% |
| Amounts payable within one year | 42/48 | €818,398 | €1,225,657 | +€407,259 | +49.8% |
| Current portion of amounts payable after more than one year | 42 | €114,100 | €133,468 | +€19,368 | +17.0% |
| Financial debts | 43 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Credit institutions | 430/8 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Trade debts | 44 | €176,003 | €450,500 | +€274,498 | +156% |
| Suppliers | 440/4 | €176,003 | €450,500 | +€274,498 | +156% |
| Taxes, remuneration and social security | 45 | €24,060 | €40,373 | +€16,313 | +67.8% |
| Taxes | 450/3 | €11,542 | €18,094 | +€6,553 | +56.8% |
| Remuneration and social security | 454/9 | €12,519 | €22,279 | +€9,761 | +78.0% |
| Other amounts payable | 47/48 | €254,235 | €251,315 | -€2,920 | -1.1% |
| Remuneration, social security and pensions | 62 | €135,240 | €159,486 | +€24,247 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,815 | €143,295 | +€36,480 | +34.2% |
| Other operating charges | 640/8 | €244 | €316 | +€72 | +29.6% |
| Gross operating margin | 9900 | €328,471 | €376,293 | +€47,822 | +14.6% |
| Operating profit (loss) | 9901 | €86,173 | €73,196 | -€12,977 | -15.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €29,314 | €36,613 | +€7,299 | +24.9% |
| Recurring financial charges | 65 | €29,314 | €36,613 | +€7,299 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €56,860 | €36,583 | -€20,277 | -35.7% |
| Income taxes | 67/77 | €11,542 | - | -€11,542 | |
| Profit (loss) for the period | 9904 | €45,318 | €36,583 | -€8,735 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,318 | €36,583 | -€8,735 | -19.3% |
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 30 October 2026 via checked.be.