GREENHOUSE: 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.
GREENHOUSE
Largest movements
- Tangible fixed assets +€626,072
up €626,072 (+201%), from €310,910 to €936,982
of which Assets under construction and advance payments: +€584,950
- Cash +€96,722
up €96,722 (+884%), from €10,939 to €107,660
mainly Debts after one year (+€495,625) and Net result for the year (+€98,902)
- Receivables within one year -€79,708
down €79,708 (-39.9%), from €199,529 to €119,821
of which Other amounts receivable: -€84,379
- Stocks and contracts -€23,903
down €23,903 (-8.9%), from €267,451 to €243,548
- Debts after one year +€495,625
up €495,625 (+336%), from €147,625 to €643,250
- Reserves +€68,902
up €68,902 (+13.1%), from €524,452 to €593,353
- Trade debts +€30,342
up €30,342 (+39.2%), from €77,403 to €107,744
- Current portion of long-term debt +€21,605
up €21,605 (+83.4%), from €25,895 to €47,500
- Gross operating margin +€71,284
up €71,284 (+44.5%), from €160,218 to €231,502
- Staff costs +€6,479
up €6,479 (+10.6%), from €60,909 to €67,388
- Financial charges +€3,404
up €3,404 (+44.6%), from €7,631 to €11,035
- Depreciation +€3,125
up €3,125 (+6.8%), from €46,113 to €49,239
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 | €852,419 | €1,467,271 | +€614,852 | +72.1% |
| Fixed assets | 21/28 | €311,798 | €937,870 | +€626,072 | +201% |
| Tangible fixed assets | 22/27 | €310,910 | €936,982 | +€626,072 | +201% |
| Land and buildings | 22 | €189,244 | €174,529 | -€14,716 | -7.8% |
| Plant, machinery and equipment | 23 | €92,451 | €78,743 | -€13,709 | -14.8% |
| Furniture and vehicles | 24 | €29,214 | €98,760 | +€69,546 | +238% |
| Assets under construction and advance payments | 27 | - | €584,950 | +€584,950 | |
| Financial fixed assets | 28 | €888 | €888 | = | 0.0% |
| Current assets | 29/58 | €540,621 | €529,401 | -€11,220 | -2.1% |
| Amounts receivable after more than one year | 29 | €60,362 | €57,438 | -€2,925 | -4.8% |
| Other amounts receivable | 291 | €60,362 | €57,438 | -€2,925 | -4.8% |
| Stocks and contracts in progress | 3 | €267,451 | €243,548 | -€23,903 | -8.9% |
| Stocks | 30/36 | €267,451 | €243,548 | -€23,903 | -8.9% |
| Amounts receivable within one year | 40/41 | €199,529 | €119,821 | -€79,708 | -39.9% |
| Trade receivables | 40 | €10,215 | €14,886 | +€4,671 | +45.7% |
| Other amounts receivable | 41 | €189,314 | €104,935 | -€84,379 | -44.6% |
| Cash at bank and in hand | 54/58 | €10,939 | €107,660 | +€96,722 | +884% |
| Deferred charges and accrued income | 490/1 | €2,339 | €934 | -€1,406 | -60.1% |
| Total equity and liabilities | 10/49 | €852,419 | €1,467,271 | +€614,852 | +72.1% |
| Equity | 10/15 | €539,530 | €608,432 | +€68,902 | +12.8% |
| Contributions | 10/11 | €26,664 | €26,664 | = | 0.0% |
| Reserves | 13 | €524,452 | €593,353 | +€68,902 | +13.1% |
| Distributable reserves | 133 | €524,452 | €593,353 | +€68,902 | +13.1% |
| Profit (loss) carried forward | 14 | -€11,586 | -€11,586 | = | 0.0% |
| Amounts payable | 17/49 | €312,889 | €858,839 | +€545,951 | +174% |
| Amounts payable after more than one year | 17 | €147,625 | €643,250 | +€495,625 | +336% |
| Financial debts | 170/4 | €147,625 | €643,250 | +€495,625 | +336% |
| Amounts payable within one year | 42/48 | €155,285 | €204,938 | +€49,652 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €25,895 | €47,500 | +€21,605 | +83.4% |
| Financial debts | 43 | €100 | €100 | = | 0.0% |
| Credit institutions | 430/8 | €100 | €100 | = | 0.0% |
| Trade debts | 44 | €77,403 | €107,744 | +€30,342 | +39.2% |
| Suppliers | 440/4 | €77,403 | €107,744 | +€30,342 | +39.2% |
| Taxes, remuneration and social security | 45 | €16,888 | €9,594 | -€7,295 | -43.2% |
| Taxes | 450/3 | €7,479 | €4,675 | -€2,804 | -37.5% |
| Remuneration and social security | 454/9 | €9,409 | €4,919 | -€4,490 | -47.7% |
| Other amounts payable | 47/48 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Accrued charges and deferred income | 492/3 | €9,979 | €10,652 | +€673 | +6.7% |
| Non-recurring operating income | 76A | - | €18,554 | +€18,554 | |
| Remuneration, social security and pensions | 62 | €60,909 | €67,388 | +€6,479 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,113 | €49,239 | +€3,125 | +6.8% |
| Other operating charges | 640/8 | €3,140 | €5,395 | +€2,255 | +71.8% |
| Gross operating margin | 9900 | €160,218 | €231,502 | +€71,284 | +44.5% |
| Operating profit (loss) | 9901 | €50,055 | €109,480 | +€59,425 | +119% |
| Financial income | 75/76B | €1,646 | €3,022 | +€1,376 | +83.6% |
| Recurring financial income | 75 | €1,646 | €3,022 | +€1,376 | +83.6% |
| Financial charges | 65/66B | €7,631 | €11,035 | +€3,404 | +44.6% |
| Recurring financial charges | 65 | €7,631 | €11,035 | +€3,404 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €44,070 | €101,467 | +€57,397 | +130% |
| Income taxes | 67/77 | €4,675 | €2,566 | -€2,109 | -45.1% |
| Profit (loss) for the period | 9904 | €39,395 | €98,902 | +€59,507 | +151% |
| Profit (loss) for the period to be appropriated | 9905 | €39,395 | €98,902 | +€59,507 | +151% |
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.