GREENWICH: 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.
What changed
GREENWICH
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,629
2024 · -€5,167+€3,538
Equity
€695,346
2024 · €696,976-€1,629
Cash
€2,195
2024 · €7,717-€5,522
Balance sheet total
€2.0m
2024 · €1.4m+€542,410
Largest movements
Assets
- Tangible fixed assets +€974,482
up €974,482 (+122%), from €796,068 to €1.8m
of which Assets under construction and advance payments: +€979,796
- Receivables after one year -€450,139
down €450,139 (-75.2%), from €598,611 to €148,472
- Receivables within one year +€33,901
up €33,901 (+458%), from €7,410 to €41,310
Equity and liabilities
- Short-term financial debts +€550,000
new in 2025: €550,000
- Debts after one year -€26,664
down €26,664 (-7.1%), from €373,336 to €346,672
- Trade debts +€26,527
up €26,527 (+80.4%), from €32,999 to €59,526
Income statement
- Gross operating margin +€37,015
up €37,015, from -€12,714 to €24,300
- Depreciation +€19,215
up €19,215 (+674%), from €2,849 to €22,064
- Financial charges +€14,625
up €14,625 (+292%), from €5,005 to €19,630
- Other operating charges +€1,433
up €1,433 (+128%), from €1,120 to €2,554
- Financial income -€374
down €374 (-2.3%), from €16,148 to €15,774
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.
Result 2024
-€5,167
Gross operating margin
+€37,015
Depreciation
-€19,215
Other operating charges
-€1,433
Financial income
-€374
Financial charges
-€14,625
Taxes
-€43
Deferred taxes and other
+€2,214
Result 2025
-€1,629
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€467,688
Investment
-€996,546
Financing
+€523,336
Cash 2024
€7,717
From operations (derived)
+€467,688
Net result for the year
-€1,629
Depreciation
+€22,064
Receivables after one year
+€450,139
Receivables within one year
-€33,901
Deferred charges and accrued income
+€10,312
Provisions
-€2,587
Trade debts
+€26,527
Smaller working-capital items
+€1,035
Other debts
-€4,272
Investment (derived)
-€996,546
Investment in fixed assets (net)
-€996,546
Financing
+€523,336
Debts after one year
-€26,664
Short-term financial debts
+€550,000
Cash 2025
€2,195
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,443,240 | €1,985,650 | +€542,410 | +37.6% |
| Fixed assets | 21/28 | €806,068 | €1,780,550 | +€974,482 | +121% |
| Tangible fixed assets | 22/27 | €796,068 | €1,770,550 | +€974,482 | +122% |
| Land and buildings | 22 | €757,960 | €752,647 | -€5,314 | -0.7% |
| Assets under construction and advance payments | 27 | €38,108 | €1,017,904 | +€979,796 | +2,571% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €637,172 | €205,099 | -€432,072 | -67.8% |
| Amounts receivable after more than one year | 29 | €598,611 | €148,472 | -€450,139 | -75.2% |
| Other amounts receivable | 291 | €598,611 | €148,472 | -€450,139 | -75.2% |
| Amounts receivable within one year | 40/41 | €7,410 | €41,310 | +€33,901 | +458% |
| Other amounts receivable | 41 | €7,410 | €41,310 | +€33,901 | +458% |
| Cash at bank and in hand | 54/58 | €7,717 | €2,195 | -€5,522 | -71.6% |
| Deferred charges and accrued income | 490/1 | €23,434 | €13,121 | -€10,312 | -44.0% |
| Total equity and liabilities | 10/49 | €1,443,240 | €1,985,650 | +€542,410 | +37.6% |
| Equity | 10/15 | €696,976 | €695,346 | -€1,629 | -0.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €255,372 | €247,610 | -€7,762 | -3.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €255,036 | €247,273 | -€7,762 | -3.0% |
| Distributable reserves | 133 | €336 | €336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,604 | €47,737 | +€6,133 | +14.7% |
| Provisions and deferred taxes | 16 | €85,012 | €82,424 | -€2,587 | -3.0% |
| Deferred taxes | 168 | €85,012 | €82,424 | -€2,587 | -3.0% |
| Amounts payable | 17/49 | €661,252 | €1,207,879 | +€546,626 | +82.7% |
| Amounts payable after more than one year | 17 | €373,336 | €346,672 | -€26,664 | -7.1% |
| Financial debts | 170/4 | €373,336 | €346,672 | -€26,664 | -7.1% |
| Amounts payable within one year | 42/48 | €286,972 | €859,271 | +€572,298 | +199% |
| Current portion of amounts payable after more than one year | 42 | €26,664 | €26,664 | = | 0.0% |
| Financial debts | 43 | - | €550,000 | +€550,000 | |
| Other loans | 439 | - | €550,000 | +€550,000 | |
| Trade debts | 44 | €32,999 | €59,526 | +€26,527 | +80.4% |
| Suppliers | 440/4 | €32,999 | €59,526 | +€26,527 | +80.4% |
| Taxes, remuneration and social security | 45 | - | €43 | +€43 | |
| Taxes | 450/3 | - | €43 | +€43 | |
| Other amounts payable | 47/48 | €227,309 | €223,038 | -€4,272 | -1.9% |
| Accrued charges and deferred income | 492/3 | €944 | €1,936 | +€992 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,849 | €22,064 | +€19,215 | +674% |
| Other operating charges | 640/8 | €1,120 | €2,554 | +€1,433 | +128% |
| Gross operating margin | 9900 | -€12,714 | €24,300 | +€37,015 | |
| Operating profit (loss) | 9901 | -€16,684 | -€317 | +€16,367 | +98.1% |
| Financial income | 75/76B | €16,148 | €15,774 | -€374 | -2.3% |
| Recurring financial income | 75 | €16,148 | €15,774 | -€374 | -2.3% |
| Financial charges | 65/66B | €5,005 | €19,630 | +€14,625 | +292% |
| Recurring financial charges | 65 | €5,005 | €19,630 | +€14,625 | +292% |
| Profit (loss) for the period before taxes | 9903 | -€5,541 | -€4,174 | +€1,367 | +24.7% |
| Transfer from deferred taxes | 780 | €374 | €2,587 | +€2,214 | +592% |
| Income taxes | 67/77 | €0 | €43 | +€43 | |
| Profit (loss) for the period | 9904 | -€5,167 | -€1,629 | +€3,538 | +68.5% |
| Transfer from tax-exempt reserves | 789 | €1,122 | €7,762 | +€6,641 | +592% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,045 | €6,133 | +€10,178 |
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 17 October 2026 via checked.be.