GREFLORIM: 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.
What changed
GREFLORIM
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€12,517
2024 · -€11,610-€907
Equity
€2.0m
2024 · €2.2m-€182,517
Cash
€8,715
2024 · €32,777-€24,061
Balance sheet total
€2.3m
2024 · €2.5m-€205,029
Largest movements
Assets
- Receivables after one year -€171,000
down €171,000 (-9.2%), from €1.9m to €1.7m
- Tangible fixed assets -€29,082
down €29,082 (-6.1%), from €477,818 to €448,736
of which Land and buildings: -€28,326
Equity and liabilities
- Reserves -€170,975
down €170,975 (-14.4%), from €1.2m to €1.0m
of which Distributable reserves: -€170,000
Income statement
- Gross operating margin -€4,234
down €4,234 (-91.4%), from -€4,634 to -€8,868
- Depreciation -€3,292
down €3,292 (-7.4%), from €44,324 to €41,033
- Financial charges +€1,276
up €1,276 (+42.2%), from €3,025 to €4,300
- Other operating charges -€867
down €867 (-11.9%), from €7,287 to €6,420
- Financial income +€423
up €423 (+0.9%), from €47,492 to €47,915
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.
Result 2024
-€11,610
Gross operating margin
-€4,234
Depreciation
+€3,292
Other operating charges
+€867
Other operating items
-€23
Financial income
+€423
Financial charges
-€1,276
Taxes
+€44
Result 2025
-€12,517
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.
From operations
+€203,526
Investment
-€32,598
Financing
-€194,989
Cash 2024
€32,777
From operations (derived)
+€203,526
Net result for the year
-€12,517
Depreciation
+€41,033
Receivables after one year
+€171,000
Smaller working-capital items
-€448
Deferred charges and accrued income
+€1,659
Trade debts
+€2,311
Other debts
+€488
Investment (derived)
-€32,598
Investment in fixed assets (net)
-€11,951
Current investments
-€20,647
Financing
-€194,989
Debts after one year
-€12,681
Current portion of long-term debt
-€12,308
Contributions, distributions and other
-€170,000
Cash 2025
€8,715
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,465,900 | €2,260,871 | -€205,029 | -8.3% |
| Fixed assets | 21/28 | €480,918 | €451,836 | -€29,082 | -6.0% |
| Tangible fixed assets | 22/27 | €477,818 | €448,736 | -€29,082 | -6.1% |
| Land and buildings | 22 | €477,063 | €448,736 | -€28,326 | -5.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €756 | €0 | -€756 | -100.0% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €1,984,982 | €1,809,035 | -€175,947 | -8.9% |
| Amounts receivable after more than one year | 29 | €1,858,767 | €1,687,767 | -€171,000 | -9.2% |
| Trade receivables | 290 | €1,858,767 | €1,687,767 | -€171,000 | -9.2% |
| Amounts receivable within one year | 40/41 | €7,199 | €7,325 | +€126 | +1.7% |
| Trade receivables | 40 | €7,000 | €7,000 | = | 0.0% |
| Other amounts receivable | 41 | €199 | €325 | +€126 | +63.3% |
| Current investments | 50/53 | €50,797 | €71,444 | +€20,647 | +40.6% |
| Cash at bank and in hand | 54/58 | €32,777 | €8,715 | -€24,061 | -73.4% |
| Deferred charges and accrued income | 490/1 | €35,442 | €33,784 | -€1,659 | -4.7% |
| Total equity and liabilities | 10/49 | €2,465,900 | €2,260,871 | -€205,029 | -8.3% |
| Equity | 10/15 | €2,190,494 | €2,007,977 | -€182,517 | -8.3% |
| Contributions | 10/11 | €400,023 | €400,023 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Outside capital | 11 | €23 | €23 | = | 0.0% |
| Share premium | 1100/10 | €23 | €23 | = | 0.0% |
| Reserves | 13 | €1,184,530 | €1,013,555 | -€170,975 | -14.4% |
| Non-distributable reserves | 130/1 | €46,966 | €46,966 | = | 0.0% |
| Legal reserve | 130 | €46,966 | €46,966 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,452 | €20,477 | -€975 | -4.5% |
| Distributable reserves | 133 | €1,116,112 | €946,112 | -€170,000 | -15.2% |
| Profit (loss) carried forward | 14 | €605,942 | €594,400 | -€11,542 | -1.9% |
| Provisions and deferred taxes | 16 | €8,762 | €8,364 | -€398 | -4.5% |
| Deferred taxes | 168 | €8,762 | €8,364 | -€398 | -4.5% |
| Amounts payable | 17/49 | €266,644 | €244,530 | -€22,114 | -8.3% |
| Amounts payable after more than one year | 17 | €68,978 | €56,296 | -€12,681 | -18.4% |
| Financial debts | 170/4 | €65,958 | €53,276 | -€12,681 | -19.2% |
| Other amounts payable | 178/9 | €3,020 | €3,020 | = | 0.0% |
| Amounts payable within one year | 42/48 | €196,111 | €186,602 | -€9,509 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €24,989 | €12,681 | -€12,308 | -49.3% |
| Trade debts | 44 | €1,121 | €3,433 | +€2,311 | +206.1% |
| Suppliers | 440/4 | €1,121 | €3,433 | +€2,311 | +206.1% |
| Other amounts payable | 47/48 | €170,000 | €170,488 | +€488 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,556 | €1,632 | +€76 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,324 | €41,033 | -€3,292 | -7.4% |
| Other operating charges | 640/8 | €7,287 | €6,420 | -€867 | -11.9% |
| Non-recurring operating charges | 66A | €35 | €58 | +€23 | +65.7% |
| Gross operating margin | 9900 | -€4,634 | -€8,868 | -€4,234 | -91.4% |
| Operating profit (loss) | 9901 | -€56,280 | -€56,378 | -€98 | -0.2% |
| Financial income | 75/76B | €47,492 | €47,915 | +€423 | +0.9% |
| Recurring financial income | 75 | €47,492 | €47,915 | +€423 | +0.9% |
| Financial charges | 65/66B | €3,025 | €4,300 | +€1,276 | +42.2% |
| Recurring financial charges | 65 | €3,025 | €4,300 | +€1,276 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,812 | -€12,764 | -€951 | -8.1% |
| Transfer from deferred taxes | 780 | €398 | €398 | = | 0.0% |
| Income taxes | 67/77 | €196 | €151 | -€44 | -22.6% |
| Profit (loss) for the period | 9904 | -€11,610 | -€12,517 | -€907 | -7.8% |
| Transfer from tax-exempt reserves | 789 | €975 | €975 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,635 | -€11,542 | -€907 | -8.5% |
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 8 October 2026 via checked.be.