GREENFLEX: 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.
GREENFLEX
Largest movements
- Stocks and contracts +€161,256
up €161,256 (+51.5%), from €313,125 to €474,381
- Cash -€129,628
down €129,628 (-58.0%), from €223,465 to €93,837
mainly Stocks and contracts (-€161,256) and Trade debts (-€107,059)
- Receivables within one year -€10,636
down €10,636 (-6.3%), from €168,605 to €157,969
of which Trade receivables: -€10,378
- Deferred charges and accrued income -€8,123
down €8,123 (-53.2%), from €15,282 to €7,159
- Trade debts -€107,059
down €107,059 (-54.5%), from €196,584 to €89,525
- Reserves +€102,098
up €102,098 (+108%), from €94,531 to €196,629
- Other debts +€33,789
up €33,789 (+23.0%), from €147,063 to €180,852
- Tax, wage and social debts -€16,699
down €16,699 (-29.8%), from €56,102 to €39,403
of which Remuneration and social security: -€23,399
- Staff costs -€35,686
down €35,686 (-19.0%), from €187,990 to €152,304
- Gross operating margin +€30,042
up €30,042 (+10.6%), from €283,060 to €313,102
- Taxes +€16,774
up €16,774 (+78.3%), from €21,420 to €38,194
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 | €747,926 | €760,055 | +€12,129 | +1.6% |
| Fixed assets | 21/28 | €27,449 | €26,709 | -€741 | -2.7% |
| Tangible fixed assets | 22/27 | €27,449 | €26,709 | -€741 | -2.7% |
| Plant, machinery and equipment | 23 | €20,510 | €11,589 | -€8,921 | -43.5% |
| Furniture and vehicles | 24 | €6,939 | €8,846 | +€1,907 | +27.5% |
| Other tangible fixed assets | 26 | - | €6,274 | +€6,274 | |
| Current assets | 29/58 | €720,477 | €733,346 | +€12,869 | +1.8% |
| Stocks and contracts in progress | 3 | €313,125 | €474,381 | +€161,256 | +51.5% |
| Stocks | 30/36 | €313,125 | €474,381 | +€161,256 | +51.5% |
| Amounts receivable within one year | 40/41 | €168,605 | €157,969 | -€10,636 | -6.3% |
| Trade receivables | 40 | €148,604 | €138,227 | -€10,378 | -7.0% |
| Other amounts receivable | 41 | €20,001 | €19,742 | -€259 | -1.3% |
| Cash at bank and in hand | 54/58 | €223,465 | €93,837 | -€129,628 | -58.0% |
| Deferred charges and accrued income | 490/1 | €15,282 | €7,159 | -€8,123 | -53.2% |
| Total equity and liabilities | 10/49 | €747,926 | €760,055 | +€12,129 | +1.6% |
| Equity | 10/15 | €113,131 | €215,229 | +€102,098 | +90.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,531 | €196,629 | +€102,098 | +108% |
| Distributable reserves | 133 | €94,531 | €196,629 | +€102,098 | +108% |
| Amounts payable | 17/49 | €634,795 | €544,826 | -€89,969 | -14.2% |
| Amounts payable after more than one year | 17 | €235,046 | €235,046 | = | 0.0% |
| Other amounts payable | 178/9 | €235,046 | €235,046 | = | 0.0% |
| Amounts payable within one year | 42/48 | €399,749 | €309,780 | -€89,969 | -22.5% |
| Trade debts | 44 | €196,584 | €89,525 | -€107,059 | -54.5% |
| Suppliers | 440/4 | €196,584 | €89,525 | -€107,059 | -54.5% |
| Taxes, remuneration and social security | 45 | €56,102 | €39,403 | -€16,699 | -29.8% |
| Taxes | 450/3 | €18,439 | €25,139 | +€6,700 | +36.3% |
| Remuneration and social security | 454/9 | €37,663 | €14,264 | -€23,399 | -62.1% |
| Other amounts payable | 47/48 | €147,063 | €180,852 | +€33,789 | +23.0% |
| Non-recurring operating income | 76A | - | €3,665 | +€3,665 | |
| Remuneration, social security and pensions | 62 | €187,990 | €152,304 | -€35,686 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,273 | €15,621 | +€2,348 | +17.7% |
| Other operating charges | 640/8 | €2,094 | €975 | -€1,119 | -53.4% |
| Gross operating margin | 9900 | €283,060 | €313,102 | +€30,042 | +10.6% |
| Operating profit (loss) | 9901 | €79,703 | €144,202 | +€64,499 | +80.9% |
| Financial income | 75/76B | €213 | €820 | +€607 | +285% |
| Recurring financial income | 75 | €213 | €820 | +€607 | +285% |
| Financial charges | 65/66B | €4,679 | €4,731 | +€52 | +1.1% |
| Recurring financial charges | 65 | €4,679 | €4,731 | +€52 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €75,237 | €140,292 | +€65,055 | +86.5% |
| Income taxes | 67/77 | €21,420 | €38,194 | +€16,774 | +78.3% |
| Profit (loss) for the period | 9904 | €53,817 | €102,098 | +€48,281 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,817 | €102,098 | +€48,281 | +89.7% |
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 14 October 2026 via checked.be.