GREFEM: 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.
GREFEM
Largest movements
- Cash +€67,839
up €67,839 (+108.8%), from €62,365 to €130,204
mainly Net result for the year (+€77,355) and Tax, wage and social debts (+€9,872)
- Tangible fixed assets -€6,151
down €6,151 (-25.4%), from €24,184 to €18,032
of which Leasing and similar rights: -€5,507
- Receivables within one year +€2,350
up €2,350 (+16.9%), from €13,944 to €16,294
of which Other amounts receivable: +€2,455
- Profit (loss) carried forward +€77,355
up €77,355 (+158.9%), from €48,679 to €126,034
- Advances received -€12,536
down €12,536 (-100.0%), from €12,536 to €0
- Tax, wage and social debts +€9,872
new in 2025: €9,872
- Debts after one year -€8,826
down €8,826 (-80.5%), from €10,966 to €2,139
- Other debts -€1,959
down €1,959 (-100.0%), from €1,959 to €0
- Gross operating margin +€39,662
up €39,662 (+53.7%), from €73,872 to €113,533
- Taxes +€10,860
up €10,860 (+66.1%), from €16,438 to €27,297
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 | €101,180 | €165,036 | +€63,856 | +63.1% |
| Fixed assets | 21/28 | €24,184 | €18,032 | -€6,151 | -25.4% |
| Tangible fixed assets | 22/27 | €24,184 | €18,032 | -€6,151 | -25.4% |
| Plant, machinery and equipment | 23 | €1,841 | €1,196 | -€645 | -35.0% |
| Leasing and similar rights | 25 | €22,343 | €16,836 | -€5,507 | -24.6% |
| Current assets | 29/58 | €76,996 | €147,004 | +€70,008 | +90.9% |
| Amounts receivable within one year | 40/41 | €13,944 | €16,294 | +€2,350 | +16.9% |
| Trade receivables | 40 | €10,360 | €10,255 | -€105 | -1.0% |
| Other amounts receivable | 41 | €3,584 | €6,039 | +€2,455 | +68.5% |
| Cash at bank and in hand | 54/58 | €62,365 | €130,204 | +€67,839 | +108.8% |
| Deferred charges and accrued income | 490/1 | €688 | €506 | -€182 | -26.4% |
| Total equity and liabilities | 10/49 | €101,180 | €165,036 | +€63,856 | +63.1% |
| Equity | 10/15 | €63,679 | €141,034 | +€77,355 | +121.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,679 | €126,034 | +€77,355 | +158.9% |
| Amounts payable | 17/49 | €37,501 | €24,002 | -€13,499 | -36.0% |
| Amounts payable after more than one year | 17 | €10,966 | €2,139 | -€8,826 | -80.5% |
| Financial debts | 170/4 | €10,966 | €2,139 | -€8,826 | -80.5% |
| Amounts payable within one year | 42/48 | €26,535 | €21,863 | -€4,672 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €8,460 | €8,826 | +€367 | +4.3% |
| Trade debts | 44 | €3,580 | €3,164 | -€416 | -11.6% |
| Suppliers | 440/4 | €3,580 | €3,164 | -€416 | -11.6% |
| Advances received on contracts in progress | 46 | €12,536 | €0 | -€12,536 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €9,872 | +€9,872 | |
| Taxes | 450/3 | - | €9,872 | +€9,872 | |
| Other amounts payable | 47/48 | €1,959 | €0 | -€1,959 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,284 | €6,151 | +€867 | +16.4% |
| Other operating charges | 640/8 | €2,458 | €2,095 | -€363 | -14.8% |
| Gross operating margin | 9900 | €73,872 | €113,533 | +€39,662 | +53.7% |
| Operating profit (loss) | 9901 | €66,129 | €105,287 | +€39,157 | +59.2% |
| Financial income | 75/76B | €0 | €51 | +€51 | +11235.6% |
| Recurring financial income | 75 | €0 | €51 | +€51 | +11235.6% |
| Financial charges | 65/66B | €1,013 | €685 | -€328 | -32.3% |
| Recurring financial charges | 65 | €1,013 | €685 | -€328 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €65,117 | €104,652 | +€39,536 | +60.7% |
| Income taxes | 67/77 | €16,438 | €27,297 | +€10,860 | +66.1% |
| Profit (loss) for the period | 9904 | €48,679 | €77,355 | +€28,676 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,679 | €77,355 | +€28,676 | +58.9% |
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.