Greenfield Development: 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.
Greenfield Development
Largest movements
- Tangible fixed assets -€37,280
down €37,280 (-3.3%), from €1.1m to €1.1m
- Debts after one year -€104,151
down €104,151 (-29.6%), from €351,354 to €247,202
of which Financial debts: -€104,151
- Reserves +€52,535
up €52,535 (+36.7%), from €143,269 to €195,804
- Gross operating margin +€7,992
up €7,992 (+6.4%), from €125,062 to €133,055
- Financial charges -€2,807
down €2,807 (-16.2%), from €17,284 to €14,477
- Taxes +€2,591
up €2,591 (+17.4%), from €14,921 to €17,512
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 | €1,156,378 | €1,114,245 | -€42,133 | -3.6% |
| Fixed assets | 21/28 | €1,133,584 | €1,096,303 | -€37,280 | -3.3% |
| Tangible fixed assets | 22/27 | €1,133,584 | €1,096,303 | -€37,280 | -3.3% |
| Land and buildings | 22 | €1,133,584 | €1,096,303 | -€37,280 | -3.3% |
| Current assets | 29/58 | €22,795 | €17,942 | -€4,853 | -21.3% |
| Amounts receivable within one year | 40/41 | €8,254 | €5,696 | -€2,557 | -31.0% |
| Other amounts receivable | 41 | €8,254 | €5,696 | -€2,557 | -31.0% |
| Cash at bank and in hand | 54/58 | €14,541 | €12,245 | -€2,296 | -15.8% |
| Total equity and liabilities | 10/49 | €1,156,378 | €1,114,245 | -€42,133 | -3.6% |
| Equity | 10/15 | €633,269 | €685,804 | +€52,535 | +8.3% |
| Contributions | 10/11 | €490,000 | €490,000 | = | 0.0% |
| Reserves | 13 | €143,269 | €195,804 | +€52,535 | +36.7% |
| Distributable reserves | 133 | €143,269 | €195,804 | +€52,535 | +36.7% |
| Amounts payable | 17/49 | €523,109 | €428,441 | -€94,668 | -18.1% |
| Amounts payable after more than one year | 17 | €351,354 | €247,202 | -€104,151 | -29.6% |
| Financial debts | 170/4 | €307,854 | €203,702 | -€104,151 | -33.8% |
| Other amounts payable | 178/9 | €43,500 | €43,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €166,505 | €181,239 | +€14,733 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €99,958 | €104,151 | +€4,193 | +4.2% |
| Trade debts | 44 | €1,583 | €1,623 | +€40 | +2.5% |
| Suppliers | 440/4 | €1,583 | €1,623 | +€40 | +2.5% |
| Other amounts payable | 47/48 | €64,964 | €75,464 | +€10,500 | +16.2% |
| Accrued charges and deferred income | 492/3 | €5,250 | - | -€5,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,280 | €37,280 | = | 0.0% |
| Other operating charges | 640/8 | €10,850 | €11,278 | +€427 | +3.9% |
| Gross operating margin | 9900 | €125,062 | €133,055 | +€7,992 | +6.4% |
| Operating profit (loss) | 9901 | €76,932 | €84,497 | +€7,565 | +9.8% |
| Financial income | 75/76B | €35 | €26 | -€9 | -25.7% |
| Recurring financial income | 75 | €35 | €26 | -€9 | -25.7% |
| Financial charges | 65/66B | €17,284 | €14,477 | -€2,807 | -16.2% |
| Recurring financial charges | 65 | €17,284 | €14,477 | -€2,807 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €59,684 | €70,046 | +€10,363 | +17.4% |
| Income taxes | 67/77 | €14,921 | €17,512 | +€2,591 | +17.4% |
| Profit (loss) for the period | 9904 | €44,763 | €52,535 | +€7,772 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,763 | €52,535 | +€7,772 | +17.4% |
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 7 October 2026 via checked.be.