GREENWAVES: 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.
GREENWAVES
Largest movements
- Cash +€163,308
up €163,308 (+383.2%), from €42,623 to €205,931
mainly Receivables within one year (+€82,702) and Current investments (+€53,863)
- Receivables within one year -€82,702
down €82,702 (-34.1%), from €242,212 to €159,510
of which Trade receivables: -€79,738
- Current investments -€53,863
down €53,863 (-81.5%), from €66,085 to €12,222
- Tangible fixed assets -€12,794
down €12,794 (-69.3%), from €18,459 to €5,665
of which Furniture and vehicles: -€8,722
- Reserves +€38,994
up €38,994 (+14.6%), from €267,631 to €306,625
- Tax, wage and social debts -€20,674
down €20,674 (-24.3%), from €84,970 to €64,296
- Other debts -€5,441
down €5,441 (-100.0%), from €5,441 to €0
- Gross operating margin -€95,506
down €95,506 (-59.6%), from €160,192 to €64,686
- Taxes -€24,373
down €24,373 (-54.9%), from €44,392 to €20,019
- Financial income +€9,195
up €9,195 (+10274.3%), from €90 to €9,285
- Write-downs -€2,500
down €2,500 (-100.0%), from €2,500 to €0
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 | €369,378 | €383,379 | +€14,001 | +3.8% |
| Fixed assets | 21/28 | €18,459 | €5,665 | -€12,794 | -69.3% |
| Tangible fixed assets | 22/27 | €18,459 | €5,665 | -€12,794 | -69.3% |
| Plant, machinery and equipment | 23 | €5,570 | €1,499 | -€4,071 | -73.1% |
| Furniture and vehicles | 24 | €12,888 | €4,166 | -€8,722 | -67.7% |
| Current assets | 29/58 | €350,920 | €377,715 | +€26,795 | +7.6% |
| Amounts receivable within one year | 40/41 | €242,212 | €159,510 | -€82,702 | -34.1% |
| Trade receivables | 40 | €235,891 | €156,153 | -€79,738 | -33.8% |
| Other amounts receivable | 41 | €6,321 | €3,357 | -€2,964 | -46.9% |
| Current investments | 50/53 | €66,085 | €12,222 | -€53,863 | -81.5% |
| Cash at bank and in hand | 54/58 | €42,623 | €205,931 | +€163,308 | +383.2% |
| Deferred charges and accrued income | 490/1 | - | €51 | +€51 | |
| Total equity and liabilities | 10/49 | €369,378 | €383,379 | +€14,001 | +3.8% |
| Equity | 10/15 | €277,631 | €316,625 | +€38,994 | +14.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €267,631 | €306,625 | +€38,994 | +14.6% |
| Distributable reserves | 133 | €267,631 | €306,625 | +€38,994 | +14.6% |
| Amounts payable | 17/49 | €91,747 | €66,754 | -€24,993 | -27.2% |
| Amounts payable within one year | 42/48 | €91,747 | €66,754 | -€24,993 | -27.2% |
| Trade debts | 44 | €1,336 | €2,458 | +€1,122 | +84.0% |
| Suppliers | 440/4 | €1,336 | €2,458 | +€1,122 | +84.0% |
| Taxes, remuneration and social security | 45 | €84,970 | €64,296 | -€20,674 | -24.3% |
| Taxes | 450/3 | €84,970 | €64,296 | -€20,674 | -24.3% |
| Other amounts payable | 47/48 | €5,441 | €0 | -€5,441 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,028 | €12,794 | +€766 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,500 | €0 | -€2,500 | -100.0% |
| Other operating charges | 640/8 | €1,427 | €1,850 | +€423 | +29.6% |
| Gross operating margin | 9900 | €160,192 | €64,686 | -€95,506 | -59.6% |
| Operating profit (loss) | 9901 | €144,238 | €50,043 | -€94,195 | -65.3% |
| Financial income | 75/76B | €90 | €9,285 | +€9,195 | +10274.3% |
| Recurring financial income | 75 | €90 | €9,285 | +€9,195 | +10274.3% |
| Financial charges | 65/66B | €266 | €315 | +€50 | +18.6% |
| Recurring financial charges | 65 | €266 | €315 | +€50 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €144,062 | €59,013 | -€85,049 | -59.0% |
| Income taxes | 67/77 | €44,392 | €20,019 | -€24,373 | -54.9% |
| Profit (loss) for the period | 9904 | €99,670 | €38,994 | -€60,676 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €99,670 | €38,994 | -€60,676 | -60.9% |
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 30 September 2026 via checked.be.