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 -€79,615
down €79,615 (-74.6%), from €106,690 to €27,075
mainly Investment in fixed assets (net) (-€93,379) and Contributions, distributions and other (-€61,508)
- Tangible fixed assets +€40,735
up €40,735 (+4.3%), from €939,352 to €980,086
of which Furniture and vehicles: +€76,900
- Stocks and contracts -€19,756
down €19,756 (-61.5%), from €32,133 to €12,377
- Receivables within one year +€15,053
up €15,053 (+322.3%), from €4,671 to €19,723
of which Other amounts receivable: +€12,029
- Reserves +€60,286
up €60,286 (+16.5%), from €364,970 to €425,256
of which Distributable reserves: +€60,286
- Current portion of long-term debt -€53,333
down €53,333 (-100.0%), from €53,333 to €0
- Tax, wage and social debts -€47,452
down €47,452 (-100.0%), from €47,452 to €0
- Accrued charges and deferred income +€11,782
up €11,782 (+50.2%), from €23,490 to €35,271
- Gross operating margin -€74,666
down €74,666 (-16.8%), from €443,795 to €369,129
- Taxes -€25,105
down €25,105 (-30.4%), from €82,452 to €57,348
- Staff costs -€21,143
down €21,143 (-17.8%), from €118,589 to €97,447
- Depreciation +€14,832
up €14,832 (+39.2%), from €37,812 to €52,645
- Financial charges +€11,096
up €11,096 (+44.6%), from €24,893 to €35,989
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 | €1,106,906 | €1,062,523 | -€44,383 | -4.0% |
| Fixed assets | 21/28 | €939,401 | €980,136 | +€40,735 | +4.3% |
| Tangible fixed assets | 22/27 | €939,352 | €980,086 | +€40,735 | +4.3% |
| Land and buildings | 22 | €896,187 | €864,432 | -€31,754 | -3.5% |
| Plant, machinery and equipment | 23 | €4,234 | €3,169 | -€1,066 | -25.2% |
| Furniture and vehicles | 24 | €2,261 | €79,160 | +€76,900 | +3401.4% |
| Other tangible fixed assets | 26 | €36,670 | €33,325 | -€3,345 | -9.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €167,505 | €82,388 | -€85,117 | -50.8% |
| Stocks and contracts in progress | 3 | €32,133 | €12,377 | -€19,756 | -61.5% |
| Stocks | 30/36 | €32,133 | €12,377 | -€19,756 | -61.5% |
| Amounts receivable within one year | 40/41 | €4,671 | €19,723 | +€15,053 | +322.3% |
| Trade receivables | 40 | - | €3,024 | +€3,024 | |
| Other amounts receivable | 41 | €4,671 | €16,699 | +€12,029 | +257.5% |
| Current investments | 50/53 | €18,774 | €18,774 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €106,690 | €27,075 | -€79,615 | -74.6% |
| Deferred charges and accrued income | 490/1 | €5,237 | €4,438 | -€799 | -15.3% |
| Total equity and liabilities | 10/49 | €1,106,906 | €1,062,523 | -€44,383 | -4.0% |
| Equity | 10/15 | €493,188 | €553,474 | +€60,286 | +12.2% |
| Contributions | 10/11 | €122,000 | €122,000 | = | 0.0% |
| Capital | 10 | €122,000 | €122,000 | = | 0.0% |
| Issued capital | 100 | €122,000 | €122,000 | = | 0.0% |
| Reserves | 13 | €364,970 | €425,256 | +€60,286 | +16.5% |
| Non-distributable reserves | 130/1 | €12,200 | €12,200 | = | 0.0% |
| Legal reserve | 130 | €12,200 | €12,200 | = | 0.0% |
| Distributable reserves | 133 | €352,770 | €413,056 | +€60,286 | +17.1% |
| Profit (loss) carried forward | 14 | €6,218 | €6,218 | = | 0.0% |
| Amounts payable | 17/49 | €613,718 | €509,049 | -€104,669 | -17.1% |
| Amounts payable after more than one year | 17 | €460,000 | €450,000 | -€10,000 | -2.2% |
| Financial debts | 170/4 | €460,000 | €450,000 | -€10,000 | -2.2% |
| Amounts payable within one year | 42/48 | €130,229 | €23,778 | -€106,451 | -81.7% |
| Current portion of amounts payable after more than one year | 42 | €53,333 | €0 | -€53,333 | -100.0% |
| Trade debts | 44 | €13,012 | €17,952 | +€4,940 | +38.0% |
| Suppliers | 440/4 | €13,012 | €17,952 | +€4,940 | +38.0% |
| Taxes, remuneration and social security | 45 | €47,452 | €0 | -€47,452 | -100.0% |
| Taxes | 450/3 | €47,452 | €0 | -€47,452 | -100.0% |
| Other amounts payable | 47/48 | €16,432 | €5,826 | -€10,605 | -64.5% |
| Accrued charges and deferred income | 492/3 | €23,490 | €35,271 | +€11,782 | +50.2% |
| Remuneration, social security and pensions | 62 | €118,589 | €97,447 | -€21,143 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,812 | €52,645 | +€14,832 | +39.2% |
| Other operating charges | 640/8 | €5,298 | €5,044 | -€254 | -4.8% |
| Non-recurring operating charges | 66A | €11,361 | €0 | -€11,361 | -100.0% |
| Gross operating margin | 9900 | €443,795 | €369,129 | -€74,666 | -16.8% |
| Operating profit (loss) | 9901 | €270,735 | €213,994 | -€56,741 | -21.0% |
| Financial income | 75/76B | €20 | €1,137 | +€1,117 | +5628.4% |
| Recurring financial income | 75 | €20 | €1,137 | +€1,117 | +5628.4% |
| Financial charges | 65/66B | €24,893 | €35,989 | +€11,096 | +44.6% |
| Recurring financial charges | 65 | €24,893 | €35,989 | +€11,096 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €245,862 | €179,142 | -€66,720 | -27.1% |
| Income taxes | 67/77 | €82,452 | €57,348 | -€25,105 | -30.4% |
| Profit (loss) for the period | 9904 | €163,410 | €121,795 | -€41,615 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €163,410 | €121,795 | -€41,615 | -25.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.