GREFRA: 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.
GREFRA
Largest movements
- Receivables within one year +€9,633
up €9,633 (+20.7%), from €46,601 to €56,235
of which Trade receivables: +€9,477
- Cash +€7,315
up €7,315 (+988.7%), from €740 to €8,055
mainly Net result for the year (+€20,974) and Depreciation (+€1,966)
- Tangible fixed assets -€1,966
down €1,966 (-2.5%), from €79,067 to €77,100
- Profit (loss) carried forward +€20,974
up €20,974 (+47.4%), from €44,249 to €65,223
- Tax, wage and social debts -€5,981
down €5,981 (-80.9%), from €7,392 to €1,410
- Gross operating margin -€14,496
down €14,496 (-26.7%), from €54,203 to €39,706
- Staff costs +€7,931
up €7,931 (+383.7%), from €2,067 to €9,998
- Taxes -€3,276
down €3,276 (-38.5%), from €8,520 to €5,243
- Financial charges -€1,065
down €1,065 (-97.3%), from €1,095 to €30
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,503 | €146,495 | +€14,992 | +11.4% |
| Fixed assets | 21/28 | €79,067 | €77,100 | -€1,966 | -2.5% |
| Tangible fixed assets | 22/27 | €79,067 | €77,100 | -€1,966 | -2.5% |
| Land and buildings | 22 | €79,067 | €77,100 | -€1,966 | -2.5% |
| Current assets | 29/58 | €52,437 | €69,395 | +€16,958 | +32.3% |
| Amounts receivable within one year | 40/41 | €46,601 | €56,235 | +€9,633 | +20.7% |
| Trade receivables | 40 | €46,601 | €56,078 | +€9,477 | +20.3% |
| Other amounts receivable | 41 | - | €157 | +€157 | |
| Cash at bank and in hand | 54/58 | €740 | €8,055 | +€7,315 | +988.7% |
| Deferred charges and accrued income | 490/1 | €5,095 | €5,105 | +€10 | +0.2% |
| Total equity and liabilities | 10/49 | €131,503 | €146,495 | +€14,992 | +11.4% |
| Equity | 10/15 | €112,449 | €133,423 | +€20,974 | +18.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,249 | €65,223 | +€20,974 | +47.4% |
| Amounts payable | 17/49 | €19,054 | €13,073 | -€5,981 | -31.4% |
| Amounts payable within one year | 42/48 | €19,054 | €13,073 | -€5,981 | -31.4% |
| Trade debts | 44 | €11,663 | €11,663 | = | 0.0% |
| Suppliers | 440/4 | €11,663 | €11,663 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,392 | €1,410 | -€5,981 | -80.9% |
| Taxes | 450/3 | €7,392 | €1,410 | -€5,981 | -80.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,067 | €9,998 | +€7,931 | +383.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,966 | €1,966 | = | 0.0% |
| Other operating charges | 640/8 | €1,445 | €1,495 | +€50 | +3.5% |
| Gross operating margin | 9900 | €54,203 | €39,706 | -€14,496 | -26.7% |
| Operating profit (loss) | 9901 | €48,725 | €26,247 | -€22,478 | -46.1% |
| Financial charges | 65/66B | €1,095 | €30 | -€1,065 | -97.3% |
| Recurring financial charges | 65 | €1,095 | €30 | -€1,065 | -97.3% |
| Profit (loss) for the period before taxes | 9903 | €47,630 | €26,217 | -€21,413 | -45.0% |
| Income taxes | 67/77 | €8,520 | €5,243 | -€3,276 | -38.5% |
| Profit (loss) for the period | 9904 | €39,110 | €20,974 | -€18,136 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,110 | €20,974 | -€18,136 | -46.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.