GREENWICH MANAGEMENT: 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.
GREENWICH MANAGEMENT
Largest movements
- Receivables within one year +€21,404
up €21,404 (+64.0%), from €33,439 to €54,842
of which Other amounts receivable: +€17,256
- Cash -€3,591
down €3,591 (-67.3%), from €5,333 to €1,742
mainly Other debts (-€27,546) and Receivables within one year (-€21,404)
- Tangible fixed assets -€1,525
down €1,525 (-57.4%), from €2,658 to €1,133
- Profit (loss) carried forward +€46,306
up €46,306 (+75.1%), from -€61,644 to -€15,338
- Other debts -€27,546
down €27,546 (-50.9%), from €54,079 to €26,533
- Tax, wage and social debts -€4,303
down €4,303 (-41.6%), from €10,337 to €6,034
- Provisions +€1,088
up €1,088 (+3.8%), from €28,742 to €29,829
- Short-term financial debts +€920
up €920 (+53.4%), from €1,723 to €2,644
- Financial charges -€40,076
down €40,076 (-56.2%), from €71,352 to €31,276
- Provisions -€27,654
down €27,654 (-96.2%), from €28,742 to €1,088
- Gross operating margin +€25,661
up €25,661 (+35.2%), from €72,876 to €98,536
- Taxes +€13,743
up €13,743 (+647%), from €2,125 to €15,868
- Other operating charges +€1,834
up €1,834 (+283%), from €647 to €2,481
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 | €44,241 | €60,848 | +€16,608 | +37.5% |
| Fixed assets | 21/28 | €2,658 | €1,133 | -€1,525 | -57.4% |
| Tangible fixed assets | 22/27 | €2,658 | €1,133 | -€1,525 | -57.4% |
| Furniture and vehicles | 24 | €2,658 | €1,133 | -€1,525 | -57.4% |
| Current assets | 29/58 | €41,582 | €59,715 | +€18,133 | +43.6% |
| Amounts receivable within one year | 40/41 | €33,439 | €54,842 | +€21,404 | +64.0% |
| Trade receivables | 40 | €32,564 | €36,712 | +€4,148 | +12.7% |
| Other amounts receivable | 41 | €875 | €18,131 | +€17,256 | +1,972% |
| Cash at bank and in hand | 54/58 | €5,333 | €1,742 | -€3,591 | -67.3% |
| Deferred charges and accrued income | 490/1 | €2,811 | €3,131 | +€320 | +11.4% |
| Total equity and liabilities | 10/49 | €44,241 | €60,848 | +€16,608 | +37.5% |
| Equity | 10/15 | -€51,116 | -€4,810 | +€46,306 | +90.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €2,468 | €2,468 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,468 | €2,468 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,644 | -€15,338 | +€46,306 | +75.1% |
| Provisions and deferred taxes | 16 | €28,742 | €29,829 | +€1,088 | +3.8% |
| Provisions for liabilities and charges | 160/5 | €28,742 | €29,829 | +€1,088 | +3.8% |
| Other liabilities and charges | 164/5 | €28,742 | €29,829 | +€1,088 | +3.8% |
| Amounts payable | 17/49 | €66,616 | €35,829 | -€30,786 | -46.2% |
| Amounts payable within one year | 42/48 | €66,616 | €35,829 | -€30,786 | -46.2% |
| Financial debts | 43 | €1,723 | €2,644 | +€920 | +53.4% |
| Credit institutions | 430/8 | €1,723 | €2,644 | +€920 | +53.4% |
| Trade debts | 44 | €477 | €619 | +€143 | +29.9% |
| Suppliers | 440/4 | €477 | €619 | +€143 | +29.9% |
| Taxes, remuneration and social security | 45 | €10,337 | €6,034 | -€4,303 | -41.6% |
| Taxes | 450/3 | €10,337 | €6,034 | -€4,303 | -41.6% |
| Other amounts payable | 47/48 | €54,079 | €26,533 | -€27,546 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,151 | €1,525 | +€375 | +32.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,742 | €1,088 | -€27,654 | -96.2% |
| Other operating charges | 640/8 | €647 | €2,481 | +€1,834 | +283% |
| Gross operating margin | 9900 | €72,876 | €98,536 | +€25,661 | +35.2% |
| Operating profit (loss) | 9901 | €42,336 | €93,442 | +€51,106 | +121% |
| Financial income | 75/76B | €9 | €8 | -€1 | -12.1% |
| Recurring financial income | 75 | €9 | €8 | -€1 | -12.1% |
| Financial charges | 65/66B | €71,352 | €31,276 | -€40,076 | -56.2% |
| Recurring financial charges | 65 | €71,352 | €31,276 | -€40,076 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | -€29,007 | €62,174 | +€91,181 | |
| Income taxes | 67/77 | €2,125 | €15,868 | +€13,743 | +647% |
| Profit (loss) for the period | 9904 | -€31,132 | €46,306 | +€77,438 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,132 | €46,306 | +€77,438 |
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 31 October 2026 via checked.be.