GREENSHIRT: 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.
GREENSHIRT
Largest movements
- Cash -€35,769
down €35,769 (-64.6%), from €55,345 to €19,576
mainly Investment in fixed assets (net) (-€90,186) and Debts after one year (-€58,789)
- Tangible fixed assets +€32,400
up €32,400 (+2.6%), from €1.2m to €1.3m
of which Land and buildings: +€38,118
- Receivables within one year -€31,097
down €31,097 (-36.8%), from €84,438 to €53,341
of which Trade receivables: -€31,097
- Reserves +€77,330
up €77,330 (+11.8%), from €655,813 to €733,143
- Debts after one year -€58,789
down €58,789 (-9.6%), from €609,683 to €550,894
- Other debts -€24,048
down €24,048 (-70.3%), from €34,223 to €10,175
- Tax, wage and social debts -€20,992
down €20,992 (-29.8%), from €70,497 to €49,505
of which Taxes: -€16,011
- Gross operating margin -€40,231
down €40,231 (-19.0%), from €211,633 to €171,402
- Taxes -€12,531
down €12,531 (-29.4%), from €42,580 to €30,048
- Depreciation +€6,492
up €6,492 (+12.7%), from €51,294 to €57,786
- Other operating charges +€6,459
up €6,459 (+92.8%), from €6,963 to €13,422
- Financial income -€4,329
down €4,329 (-14.4%), from €30,000 to €25,671
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 | €1,498,215 | €1,465,060 | -€33,155 | -2.2% |
| Fixed assets | 21/28 | €1,353,265 | €1,385,665 | +€32,400 | +2.4% |
| Tangible fixed assets | 22/27 | €1,249,845 | €1,282,245 | +€32,400 | +2.6% |
| Land and buildings | 22 | €1,214,937 | €1,253,054 | +€38,118 | +3.1% |
| Plant, machinery and equipment | 23 | €15,184 | €11,711 | -€3,473 | -22.9% |
| Furniture and vehicles | 24 | €19,725 | €17,480 | -€2,245 | -11.4% |
| Financial fixed assets | 28 | €103,420 | €103,420 | = | 0.0% |
| Current assets | 29/58 | €144,950 | €79,396 | -€65,555 | -45.2% |
| Amounts receivable within one year | 40/41 | €84,438 | €53,341 | -€31,097 | -36.8% |
| Trade receivables | 40 | €84,295 | €53,198 | -€31,097 | -36.9% |
| Other amounts receivable | 41 | €143 | €143 | -€1 | -0.5% |
| Cash at bank and in hand | 54/58 | €55,345 | €19,576 | -€35,769 | -64.6% |
| Deferred charges and accrued income | 490/1 | €5,167 | €6,479 | +€1,312 | +25.4% |
| Total equity and liabilities | 10/49 | €1,498,215 | €1,465,060 | -€33,155 | -2.2% |
| Equity | 10/15 | €662,313 | €739,643 | +€77,330 | +11.7% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €655,813 | €733,143 | +€77,330 | +11.8% |
| Distributable reserves | 133 | €655,813 | €733,143 | +€77,330 | +11.8% |
| Amounts payable | 17/49 | €835,902 | €725,417 | -€110,485 | -13.2% |
| Amounts payable after more than one year | 17 | €609,683 | €550,894 | -€58,789 | -9.6% |
| Financial debts | 170/4 | €609,683 | €550,894 | -€58,789 | -9.6% |
| Amounts payable within one year | 42/48 | €222,769 | €172,951 | -€49,817 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €92,579 | €98,789 | +€6,210 | +6.7% |
| Trade debts | 44 | €25,471 | €14,483 | -€10,988 | -43.1% |
| Suppliers | 440/4 | €25,471 | €14,483 | -€10,988 | -43.1% |
| Taxes, remuneration and social security | 45 | €70,497 | €49,505 | -€20,992 | -29.8% |
| Taxes | 450/3 | €64,991 | €48,981 | -€16,011 | -24.6% |
| Remuneration and social security | 454/9 | €5,506 | €524 | -€4,982 | -90.5% |
| Other amounts payable | 47/48 | €34,223 | €10,175 | -€24,048 | -70.3% |
| Accrued charges and deferred income | 492/3 | €3,450 | €1,572 | -€1,879 | -54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,294 | €57,786 | +€6,492 | +12.7% |
| Other operating charges | 640/8 | €6,963 | €13,422 | +€6,459 | +92.8% |
| Gross operating margin | 9900 | €211,633 | €171,402 | -€40,231 | -19.0% |
| Operating profit (loss) | 9901 | €153,376 | €100,194 | -€53,182 | -34.7% |
| Financial income | 75/76B | €30,000 | €25,671 | -€4,329 | -14.4% |
| Recurring financial income | 75 | €30,000 | €25,671 | -€4,329 | -14.4% |
| Financial charges | 65/66B | €22,722 | €18,486 | -€4,236 | -18.6% |
| Recurring financial charges | 65 | €22,722 | €18,486 | -€4,236 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €160,654 | €107,378 | -€53,275 | -33.2% |
| Income taxes | 67/77 | €42,580 | €30,048 | -€12,531 | -29.4% |
| Profit (loss) for the period | 9904 | €118,074 | €77,330 | -€40,744 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118,074 | €77,330 | -€40,744 | -34.5% |
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 24 October 2026 via checked.be.