GREFI: what changed
Two fiscal 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.
GREFI
Largest movements
- Cash -€13,442
down €13,442 (-97.2%), from €13,830 to €388
mainly Other debts (-€31,414) and Contributions, distributions and other (-€0)
- Tangible fixed assets -€10,796
down €10,796 (-1.8%), from €613,635 to €602,839
- Other debts -€31,414
down €31,414 (-23.4%), from €134,132 to €102,718
- Taxes -€6,009
no longer reported in 2025 (was €6,009)
- Gross operating margin +€4,412
up €4,412 (+24.4%), from €18,105 to €22,517
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 | €628,665 | €604,427 | -€24,238 | -3.9% |
| Fixed assets | 21/28 | €613,635 | €602,839 | -€10,796 | -1.8% |
| Tangible fixed assets | 22/27 | €613,635 | €602,839 | -€10,796 | -1.8% |
| Land and buildings | 22 | €613,635 | €602,839 | -€10,796 | -1.8% |
| Current assets | 29/58 | €15,030 | €1,588 | -€13,442 | -89.4% |
| Amounts receivable within one year | 40/41 | €1,200 | €1,200 | = | 0.0% |
| Trade receivables | 40 | €1,200 | €1,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,830 | €388 | -€13,442 | -97.2% |
| Total equity and liabilities | 10/49 | €628,665 | €604,427 | -€24,238 | -3.9% |
| Equity | 10/15 | €492,073 | €497,018 | +€4,945 | +1.0% |
| Contributions | 10/11 | €386,714 | €386,714 | -€0 | 0.0% |
| Capital | 10 | €386,714 | €386,714 | -€0 | 0.0% |
| Issued capital | 100 | €386,714 | €386,714 | -€0 | 0.0% |
| Revaluation surpluses | 12 | €368,876 | €368,876 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€273,517 | -€268,572 | +€4,945 | +1.8% |
| Amounts payable | 17/49 | €136,592 | €107,409 | -€29,183 | -21.4% |
| Amounts payable within one year | 42/48 | €136,592 | €107,409 | -€29,183 | -21.4% |
| Trade debts | 44 | €2,460 | €4,691 | +€2,231 | +90.7% |
| Suppliers | 440/4 | €2,460 | €3,191 | +€731 | +29.7% |
| Bills of exchange payable | 441 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €134,132 | €102,718 | -€31,414 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,796 | €10,796 | +€0 | 0.0% |
| Other operating charges | 640/8 | €6,574 | €6,722 | +€148 | +2.3% |
| Gross operating margin | 9900 | €18,105 | €22,517 | +€4,412 | +24.4% |
| Operating profit (loss) | 9901 | €735 | €4,999 | +€4,264 | +580.2% |
| Financial charges | 65/66B | €66 | €54 | -€12 | -17.5% |
| Recurring financial charges | 65 | €66 | €54 | -€12 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €669 | €4,945 | +€4,276 | +639.1% |
| Income taxes | 67/77 | €6,009 | - | -€6,009 | |
| Profit (loss) for the period | 9904 | -€5,340 | €4,945 | +€10,285 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,340 | €4,945 | +€10,285 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.