GREENI TREE: 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.
GREENI TREE
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+64.6%), from €3.8m to €6.3m
of which Assets under construction and advance payments: +€1.3m
- Cash +€1.4m
up €1.4m (+1356.4%), from €102,832 to €1.5m
mainly Debts after one year (+€2.9m) and Trade debts (+€683,336)
- Receivables within one year +€128,574
up €128,574 (+238.2%), from €53,981 to €182,555
of which Other amounts receivable: +€89,572
- Debts after one year +€2.9m
up €2.9m (+87.7%), from €3.3m to €6.2m
- Trade debts +€683,336
up €683,336 (+1559.4%), from €43,819 to €727,155
- Contributions +€375,000
up €375,000 (+81.4%), from €460,770 to €835,770
- Gross operating margin +€137,428
up €137,428 (+54.7%), from €251,024 to €388,452
- Financial charges +€97,927
up €97,927 (+120.8%), from €81,090 to €179,018
- Depreciation +€63,301
up €63,301 (+31.6%), from €200,122 to €263,423
- Financial income +€4,575
up €4,575 (+61.7%), from €7,418 to €11,993
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 | €4,146,488 | €8,010,311 | +€3.9m | +93.2% |
| Fixed assets | 21/28 | €3,828,924 | €6,300,724 | +€2.5m | +64.6% |
| Tangible fixed assets | 22/27 | €3,828,924 | €6,300,724 | +€2.5m | +64.6% |
| Land and buildings | 22 | - | €75,140 | +€75,140 | |
| Plant, machinery and equipment | 23 | €3,821,524 | €4,915,113 | +€1.1m | +28.6% |
| Assets under construction and advance payments | 27 | €7,400 | €1,310,472 | +€1.3m | +17609.1% |
| Current assets | 29/58 | €317,564 | €1,709,587 | +€1.4m | +438.3% |
| Amounts receivable after more than one year | 29 | €75,000 | €18,964 | -€56,036 | -74.7% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €75,000 | €18,964 | -€56,036 | -74.7% |
| Amounts receivable within one year | 40/41 | €53,981 | €182,555 | +€128,574 | +238.2% |
| Trade receivables | 40 | €50,227 | €89,229 | +€39,002 | +77.7% |
| Other amounts receivable | 41 | €3,755 | €93,326 | +€89,572 | +2385.6% |
| Cash at bank and in hand | 54/58 | €102,832 | €1,497,616 | +€1.4m | +1356.4% |
| Deferred charges and accrued income | 490/1 | €85,750 | €10,452 | -€75,299 | -87.8% |
| Total equity and liabilities | 10/49 | €4,146,488 | €8,010,311 | +€3.9m | +93.2% |
| Equity | 10/15 | €463,828 | €762,682 | +€298,854 | +64.4% |
| Contributions | 10/11 | €460,770 | €835,770 | +€375,000 | +81.4% |
| Capital | 10 | €460,770 | €835,770 | +€375,000 | +81.4% |
| Issued capital | 100 | €835,770 | €835,770 | = | 0.0% |
| Uncalled capital | 101 | €375,000 | €0 | -€375,000 | -100.0% |
| Profit (loss) carried forward | 14 | -€91,260 | -€161,857 | -€70,597 | -77.4% |
| Investment grants | 15 | €94,317 | €88,769 | -€5,548 | -5.9% |
| Provisions and deferred taxes | 16 | €31,439 | €29,590 | -€1,849 | -5.9% |
| Deferred taxes | 168 | €31,439 | €29,590 | -€1,849 | -5.9% |
| Amounts payable | 17/49 | €3,651,221 | €7,218,039 | +€3.6m | +97.7% |
| Amounts payable after more than one year | 17 | €3,325,727 | €6,242,113 | +€2.9m | +87.7% |
| Financial debts | 170/4 | €3,325,727 | €6,242,113 | +€2.9m | +87.7% |
| Amounts payable within one year | 42/48 | €321,744 | €975,927 | +€654,183 | +203.3% |
| Current portion of amounts payable after more than one year | 42 | €257,273 | €248,500 | -€8,772 | -3.4% |
| Trade debts | 44 | €43,819 | €727,155 | +€683,336 | +1559.4% |
| Suppliers | 440/4 | €43,819 | €727,155 | +€683,336 | +1559.4% |
| Taxes, remuneration and social security | 45 | €13,245 | €271 | -€12,974 | -98.0% |
| Taxes | 450/3 | €13,245 | €271 | -€12,974 | -98.0% |
| Other amounts payable | 47/48 | €7,407 | €0 | -€7,407 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,750 | €0 | -€3,750 | -100.0% |
| Non-recurring operating income | 76A | - | €30,056 | +€30,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,122 | €263,423 | +€63,301 | +31.6% |
| Other operating charges | 640/8 | €443 | €395 | -€48 | -10.8% |
| Non-recurring operating charges | 66A | - | €30,056 | +€30,056 | |
| Gross operating margin | 9900 | €251,024 | €388,452 | +€137,428 | +54.7% |
| Operating profit (loss) | 9901 | €50,459 | €94,578 | +€44,119 | +87.4% |
| Financial income | 75/76B | €7,418 | €11,993 | +€4,575 | +61.7% |
| Recurring financial income | 75 | €7,418 | €11,993 | +€4,575 | +61.7% |
| Financial charges | 65/66B | €81,090 | €179,018 | +€97,927 | +120.8% |
| Recurring financial charges | 65 | €81,090 | €179,018 | +€97,927 | +120.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,213 | -€72,447 | -€49,234 | -212.1% |
| Transfer from deferred taxes | 780 | €1,849 | €1,849 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€21,364 | -€70,597 | -€49,234 | -230.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,364 | -€70,597 | -€49,234 | -230.5% |
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 4 October 2026 via checked.be.