GREENWOOD: 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.
GREENWOOD
Largest movements
- Cash +€51,514
up €51,514 (+55.7%), from €92,473 to €143,987
mainly Net result for the year (+€55,314) and Depreciation (+€9,787)
- Deferred charges and accrued income +€7,899
up €7,899 (+70.5%), from €11,200 to €19,099
- Reserves +€55,314
up €55,314 (+13.5%), from €408,269 to €463,583
of which Distributable reserves: +€27,949
- Gross operating margin -€22,263
down €22,263 (-22.1%), from €100,724 to €78,461
- Taxes -€6,091
down €6,091 (-21.7%), from €28,020 to €21,928
- Financial income +€2,405
up €2,405 (+35.9%), from €6,700 to €9,106
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 | €622,055 | €677,070 | +€55,015 | +8.8% |
| Fixed assets | 21/28 | €17,627 | €12,108 | -€5,520 | -31.3% |
| Tangible fixed assets | 22/27 | €17,627 | €12,108 | -€5,520 | -31.3% |
| Furniture and vehicles | 24 | €17,627 | €12,108 | -€5,520 | -31.3% |
| Current assets | 29/58 | €604,427 | €664,962 | +€60,535 | +10.0% |
| Amounts receivable within one year | 40/41 | €13,621 | €13,151 | -€470 | -3.5% |
| Trade receivables | 40 | €8,519 | €9,651 | +€1,132 | +13.3% |
| Other amounts receivable | 41 | €5,102 | €3,500 | -€1,602 | -31.4% |
| Current investments | 50/53 | €487,134 | €488,726 | +€1,592 | +0.3% |
| Cash at bank and in hand | 54/58 | €92,473 | €143,987 | +€51,514 | +55.7% |
| Deferred charges and accrued income | 490/1 | €11,200 | €19,099 | +€7,899 | +70.5% |
| Total equity and liabilities | 10/49 | €622,055 | €677,070 | +€55,015 | +8.8% |
| Equity | 10/15 | €606,217 | €661,531 | +€55,314 | +9.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €408,269 | €463,583 | +€55,314 | +13.5% |
| Tax-exempt reserves | 132 | €29,470 | €56,835 | +€27,365 | +92.9% |
| Distributable reserves | 133 | €378,799 | €406,748 | +€27,949 | +7.4% |
| Profit (loss) carried forward | 14 | €177,488 | €177,488 | = | 0.0% |
| Amounts payable | 17/49 | €15,838 | €15,539 | -€299 | -1.9% |
| Amounts payable within one year | 42/48 | €15,838 | €15,447 | -€391 | -2.5% |
| Trade debts | 44 | €642 | - | -€642 | |
| Suppliers | 440/4 | €642 | - | -€642 | |
| Taxes, remuneration and social security | 45 | €15,196 | €10,426 | -€4,769 | -31.4% |
| Taxes | 450/3 | €15,196 | €10,426 | -€4,769 | -31.4% |
| Other amounts payable | 47/48 | - | €5,020 | +€5,020 | |
| Accrued charges and deferred income | 492/3 | €0 | €93 | +€92 | +61,627% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,842 | €9,787 | -€56 | -0.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €100,724 | €78,461 | -€22,263 | -22.1% |
| Operating profit (loss) | 9901 | €90,494 | €68,275 | -€22,220 | -24.6% |
| Financial income | 75/76B | €6,700 | €9,106 | +€2,405 | +35.9% |
| Recurring financial income | 75 | €6,700 | €9,106 | +€2,405 | +35.9% |
| Financial charges | 65/66B | €120 | €138 | +€18 | +15.4% |
| Recurring financial charges | 65 | €120 | €138 | +€18 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €97,075 | €77,242 | -€19,833 | -20.4% |
| Income taxes | 67/77 | €28,020 | €21,928 | -€6,091 | -21.7% |
| Profit (loss) for the period | 9904 | €69,055 | €55,314 | -€13,741 | -19.9% |
| Transfer to tax-exempt reserves | 689 | €29,470 | €27,365 | -€2,105 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,585 | €27,949 | -€11,636 | -29.4% |
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 29 October 2026 via checked.be.