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
- Tangible fixed assets +€895,651
up €895,651 (+4192.7%), from €21,362 to €917,013
of which Land and buildings: +€893,386
- Contributions +€900,000
up €900,000 (+90000.0%), from €1,000 to €901,000
- Other debts +€84,949
up €84,949 (+356.8%), from €23,806 to €108,755
- Profit (loss) carried forward -€53,515
down €53,515, from €0 to -€53,515
- Reserves -€36,206
down €36,206 (-100.0%), from €36,206 to €0
- Gross operating margin -€130,287
down €130,287, from €57,361 to -€72,926
- Taxes -€12,109
down €12,109 (-98.0%), from €12,359 to €250
- Depreciation +€6,845
up €6,845 (+92.0%), from €7,437 to €14,282
- Financial charges -€756
down €756 (-47.1%), from €1,604 to €848
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 | €69,449 | €960,727 | +€891,277 | +1283.3% |
| Fixed assets | 21/28 | €21,362 | €917,013 | +€895,651 | +4192.7% |
| Tangible fixed assets | 22/27 | €21,362 | €917,013 | +€895,651 | +4192.7% |
| Land and buildings | 22 | - | €893,386 | +€893,386 | |
| Furniture and vehicles | 24 | €1,253 | €9,887 | +€8,634 | +689.1% |
| Other tangible fixed assets | 26 | €20,109 | €13,741 | -€6,368 | -31.7% |
| Current assets | 29/58 | €48,087 | €43,713 | -€4,374 | -9.1% |
| Amounts receivable within one year | 40/41 | €38,020 | €35,532 | -€2,489 | -6.5% |
| Trade receivables | 40 | €8,219 | €9,577 | +€1,358 | +16.5% |
| Other amounts receivable | 41 | €29,801 | €25,954 | -€3,847 | -12.9% |
| Cash at bank and in hand | 54/58 | €4,589 | €3,128 | -€1,461 | -31.8% |
| Deferred charges and accrued income | 490/1 | €5,478 | €5,054 | -€424 | -7.7% |
| Total equity and liabilities | 10/49 | €69,449 | €960,727 | +€891,277 | +1283.3% |
| Equity | 10/15 | €37,206 | €847,485 | +€810,279 | +2177.8% |
| Contributions | 10/11 | €1,000 | €901,000 | +€900,000 | +90000.0% |
| Reserves | 13 | €36,206 | €0 | -€36,206 | -100.0% |
| Distributable reserves | 133 | €36,206 | €0 | -€36,206 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€53,515 | -€53,515 | |
| Amounts payable | 17/49 | €32,243 | €113,242 | +€80,999 | +251.2% |
| Amounts payable within one year | 42/48 | €31,772 | €113,050 | +€81,278 | +255.8% |
| Trade debts | 44 | €7,116 | €3,502 | -€3,614 | -50.8% |
| Suppliers | 440/4 | €7,116 | €3,502 | -€3,614 | -50.8% |
| Taxes, remuneration and social security | 45 | €850 | €793 | -€56 | -6.6% |
| Taxes | 450/3 | €850 | €793 | -€56 | -6.6% |
| Other amounts payable | 47/48 | €23,806 | €108,755 | +€84,949 | +356.8% |
| Accrued charges and deferred income | 492/3 | €471 | €191 | -€280 | -59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,437 | €14,282 | +€6,845 | +92.0% |
| Other operating charges | 640/8 | €1,347 | €1,415 | +€68 | +5.1% |
| Gross operating margin | 9900 | €57,361 | -€72,926 | -€130,287 | |
| Operating profit (loss) | 9901 | €48,576 | -€88,624 | -€137,200 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,604 | €848 | -€756 | -47.1% |
| Recurring financial charges | 65 | €1,604 | €848 | -€756 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €46,973 | -€89,471 | -€136,444 | |
| Income taxes | 67/77 | €12,359 | €250 | -€12,109 | -98.0% |
| Profit (loss) for the period | 9904 | €34,614 | -€89,721 | -€124,336 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,614 | -€89,721 | -€124,336 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.