GREFAN: 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.
GREFAN
Largest movements
- Cash -€23,382
down €23,382 (-17.8%), from €131,530 to €108,149
mainly Contributions, distributions and other (-€84,888) and Receivables within one year (-€20,946)
- Receivables within one year +€20,946
up €20,946 (+26.0%), from €80,556 to €101,501
of which Trade receivables: +€35,446
- Tangible fixed assets -€17,579
down €17,579 (-22.7%), from €77,282 to €59,703
of which Furniture and vehicles: -€17,975
- Reserves -€15,964
down €15,964 (-6.3%), from €253,682 to €237,718
of which Distributable reserves: -€15,964
- Trade debts -€13,017
down €13,017 (-63.9%), from €20,382 to €7,365
- Tax, wage and social debts +€8,092
up €8,092 (+34.7%), from €23,330 to €31,423
- Gross operating margin +€17,023
up €17,023 (+15.9%), from €107,170 to €124,193
- Depreciation +€6,314
up €6,314 (+46.4%), from €13,620 to €19,933
- Taxes +€4,174
up €4,174 (+14.7%), from €28,379 to €32,552
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 | €297,394 | €277,165 | -€20,229 | -6.8% |
| Fixed assets | 21/28 | €83,133 | €64,033 | -€19,099 | -23.0% |
| Intangible fixed assets | 21 | €5,851 | €4,331 | -€1,520 | -26.0% |
| Tangible fixed assets | 22/27 | €77,282 | €59,703 | -€17,579 | -22.7% |
| Plant, machinery and equipment | 23 | €775 | €1,171 | +€396 | +51.0% |
| Furniture and vehicles | 24 | €76,506 | €58,531 | -€17,975 | -23.5% |
| Current assets | 29/58 | €214,261 | €213,131 | -€1,130 | -0.5% |
| Amounts receivable within one year | 40/41 | €80,556 | €101,501 | +€20,946 | +26.0% |
| Trade receivables | 40 | €53,947 | €89,393 | +€35,446 | +65.7% |
| Other amounts receivable | 41 | €26,609 | €12,108 | -€14,500 | -54.5% |
| Cash at bank and in hand | 54/58 | €131,530 | €108,149 | -€23,382 | -17.8% |
| Deferred charges and accrued income | 490/1 | €2,175 | €3,481 | +€1,306 | +60.1% |
| Total equity and liabilities | 10/49 | €297,394 | €277,165 | -€20,229 | -6.8% |
| Equity | 10/15 | €253,682 | €237,718 | -€15,964 | -6.3% |
| Reserves | 13 | €253,682 | €237,718 | -€15,964 | -6.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €243,682 | €227,718 | -€15,964 | -6.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,712 | €39,447 | -€4,265 | -9.8% |
| Amounts payable within one year | 42/48 | €43,712 | €39,447 | -€4,265 | -9.8% |
| Trade debts | 44 | €20,382 | €7,365 | -€13,017 | -63.9% |
| Suppliers | 440/4 | €20,382 | €7,365 | -€13,017 | -63.9% |
| Taxes, remuneration and social security | 45 | €23,330 | €31,423 | +€8,092 | +34.7% |
| Taxes | 450/3 | €23,330 | €31,423 | +€8,092 | +34.7% |
| Other amounts payable | 47/48 | €0 | €659 | +€659 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,620 | €19,933 | +€6,314 | +46.4% |
| Other operating charges | 640/8 | €1,951 | €2,191 | +€239 | +12.3% |
| Gross operating margin | 9900 | €107,170 | €124,193 | +€17,023 | +15.9% |
| Operating profit (loss) | 9901 | €91,599 | €102,069 | +€10,471 | +11.4% |
| Financial income | 75/76B | €701 | €470 | -€231 | -32.9% |
| Recurring financial income | 75 | €701 | €470 | -€231 | -32.9% |
| Financial charges | 65/66B | €1,148 | €1,063 | -€86 | -7.5% |
| Recurring financial charges | 65 | €1,148 | €1,063 | -€86 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €91,151 | €101,477 | +€10,325 | +11.3% |
| Income taxes | 67/77 | €28,379 | €32,552 | +€4,174 | +14.7% |
| Profit (loss) for the period | 9904 | €62,773 | €68,924 | +€6,152 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,773 | €68,924 | +€6,152 | +9.8% |
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 10 October 2026 via checked.be.