GREET BIESBROUCK: 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.
GREET BIESBROUCK
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+34.3%), from €5.6m to €7.6m
of which Plant, machinery and equipment: +€2.2m
- Cash +€844,919
up €844,919 (+188%), from €449,538 to €1.3m
mainly Debts after one year (+€1.1m) and Depreciation (+€865,210)
- Stocks and contracts +€158,993
up €158,993 (+84.5%), from €188,098 to €347,091
- Receivables within one year -€117,242
down €117,242 (-12.1%), from €969,526 to €852,284
of which Trade receivables: -€536,679
- Debts after one year +€1.1m
up €1.1m (+39.0%), from €2.8m to €3.9m
of which Financial debts: +€1.1m
- Reserves +€703,846
up €703,846 (+19.3%), from €3.6m to €4.4m
of which Distributable reserves: +€703,846
- Current portion of long-term debt +€530,091
up €530,091 (+73.9%), from €717,695 to €1.2m
- Short-term financial debts +€226,139
new in 2025: €226,139
- Trade debts +€181,817
up €181,817 (+76.2%), from €238,626 to €420,442
- Staff costs +€395,110
up €395,110 (+29.7%), from €1.3m to €1.7m
- Financial charges -€52,273
down €52,273 (-27.9%), from €187,127 to €134,854
- Depreciation -€47,054
down €47,054 (-5.2%), from €912,264 to €865,210
- Gross operating margin -€37,576
down €37,576 (-1.1%), from €3.5m to €3.5m
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 | €8,697,086 | €11,517,329 | +€2.8m | +32.4% |
| Fixed assets | 21/28 | €5,626,685 | €7,554,665 | +€1.9m | +34.3% |
| Tangible fixed assets | 22/27 | €5,626,685 | €7,554,665 | +€1.9m | +34.3% |
| Land and buildings | 22 | €3,091,669 | €2,809,807 | -€281,862 | -9.1% |
| Plant, machinery and equipment | 23 | €2,511,703 | €4,731,088 | +€2.2m | +88.4% |
| Furniture and vehicles | 24 | €11,409 | €8,339 | -€3,070 | -26.9% |
| Leasing and similar rights | 25 | €11,905 | €5,431 | -€6,474 | -54.4% |
| Current assets | 29/58 | €3,070,401 | €3,962,664 | +€892,263 | +29.1% |
| Amounts receivable after more than one year | 29 | €990,140 | €990,140 | = | 0.0% |
| Other amounts receivable | 291 | €990,140 | €990,140 | = | 0.0% |
| Stocks and contracts in progress | 3 | €188,098 | €347,091 | +€158,993 | +84.5% |
| Stocks | 30/36 | €188,098 | €347,091 | +€158,993 | +84.5% |
| Amounts receivable within one year | 40/41 | €969,526 | €852,284 | -€117,242 | -12.1% |
| Trade receivables | 40 | €955,957 | €419,278 | -€536,679 | -56.1% |
| Other amounts receivable | 41 | €13,570 | €433,006 | +€419,437 | +3,091% |
| Current investments | 50/53 | €442,611 | €442,611 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €449,538 | €1,294,457 | +€844,919 | +188% |
| Deferred charges and accrued income | 490/1 | €30,487 | €36,081 | +€5,594 | +18.3% |
| Total equity and liabilities | 10/49 | €8,697,086 | €11,517,329 | +€2.8m | +32.4% |
| Equity | 10/15 | €3,898,623 | €4,602,469 | +€703,846 | +18.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,648,623 | €4,352,469 | +€703,846 | +19.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €3,617,123 | €4,320,969 | +€703,846 | +19.5% |
| Amounts payable | 17/49 | €4,798,463 | €6,914,860 | +€2.1m | +44.1% |
| Amounts payable after more than one year | 17 | €2,797,948 | €3,890,162 | +€1.1m | +39.0% |
| Financial debts | 170/4 | €2,797,948 | €3,890,162 | +€1.1m | +39.0% |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,798,227 | €2,733,366 | +€935,139 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €717,695 | €1,247,786 | +€530,091 | +73.9% |
| Financial debts | 43 | - | €226,139 | +€226,139 | |
| Credit institutions | 430/8 | - | €226,139 | +€226,139 | |
| Trade debts | 44 | €238,626 | €420,442 | +€181,817 | +76.2% |
| Suppliers | 440/4 | €238,626 | €420,442 | +€181,817 | +76.2% |
| Taxes, remuneration and social security | 45 | €116,965 | €121,208 | +€4,242 | +3.6% |
| Taxes | 450/3 | €3,938 | €9,453 | +€5,515 | +140% |
| Remuneration and social security | 454/9 | €113,027 | €111,754 | -€1,273 | -1.1% |
| Other amounts payable | 47/48 | €724,941 | €717,791 | -€7,150 | -1.0% |
| Accrued charges and deferred income | 492/3 | €202,288 | €291,332 | +€89,044 | +44.0% |
| Remuneration, social security and pensions | 62 | €1,332,345 | €1,727,456 | +€395,110 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €912,264 | €865,210 | -€47,054 | -5.2% |
| Other operating charges | 640/8 | €59,952 | €65,372 | +€5,420 | +9.0% |
| Gross operating margin | 9900 | €3,535,196 | €3,497,620 | -€37,576 | -1.1% |
| Operating profit (loss) | 9901 | €1,230,634 | €839,582 | -€391,052 | -31.8% |
| Financial income | 75/76B | €12,122 | €4,602 | -€7,520 | -62.0% |
| Recurring financial income | 75 | €12,122 | €4,602 | -€7,520 | -62.0% |
| Financial charges | 65/66B | €187,127 | €134,854 | -€52,273 | -27.9% |
| Recurring financial charges | 65 | €187,127 | €134,854 | -€52,273 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €1,055,630 | €709,331 | -€346,299 | -32.8% |
| Income taxes | 67/77 | €3,775 | €5,485 | +€1,709 | +45.3% |
| Profit (loss) for the period | 9904 | €1,051,854 | €703,846 | -€348,008 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,051,854 | €703,846 | -€348,008 | -33.1% |
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.