GREI: 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.
GREI
Largest movements
- Tangible fixed assets +€171,921
up €171,921 (+17.7%), from €971,310 to €1.1m
of which Land and buildings: +€171,880
- Cash -€26,397
down €26,397 (-98.8%), from €26,728 to €331
mainly Investment in fixed assets (net) (-€207,790) and Other debts (-€87,089)
- Revaluation surpluses +€171,208
up €171,208 (+238.6%), from €71,753 to €242,961
- Other debts -€87,089
down €87,089 (-53.7%), from €162,178 to €75,088
- Debts after one year -€65,000
down €65,000 (-8.4%), from €769,480 to €704,480
of which Other amounts payable: -€42,731
- Reserves +€40,683
up €40,683 (+493.3%), from €8,247 to €48,930
- Trade debts +€36,628
up €36,628 (+667.6%), from €5,487 to €42,114
- Gross operating margin +€29,447
up €29,447 (+20.3%), from €144,874 to €174,321
- Taxes +€13,996
new in 2025: €13,996
- Depreciation +€2,817
up €2,817 (+8.5%), from €33,052 to €35,869
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 | €1,033,124 | €1,170,397 | +€137,273 | +13.3% |
| Fixed assets | 21/28 | €971,310 | €1,143,232 | +€171,921 | +17.7% |
| Tangible fixed assets | 22/27 | €971,310 | €1,143,232 | +€171,921 | +17.7% |
| Land and buildings | 22 | €968,286 | €1,140,166 | +€171,880 | +17.8% |
| Plant, machinery and equipment | 23 | €244 | €195 | -€49 | -20.0% |
| Furniture and vehicles | 24 | €2,780 | €2,870 | +€90 | +3.2% |
| Current assets | 29/58 | €61,814 | €27,166 | -€34,648 | -56.1% |
| Amounts receivable within one year | 40/41 | €33,701 | €25,320 | -€8,381 | -24.9% |
| Trade receivables | 40 | €30,718 | €25,320 | -€5,398 | -17.6% |
| Other amounts receivable | 41 | €2,983 | - | -€2,983 | |
| Cash at bank and in hand | 54/58 | €26,728 | €331 | -€26,397 | -98.8% |
| Deferred charges and accrued income | 490/1 | €1,385 | €1,515 | +€130 | +9.4% |
| Total equity and liabilities | 10/49 | €1,033,124 | €1,170,397 | +€137,273 | +13.3% |
| Equity | 10/15 | €54,570 | €294,899 | +€240,329 | +440.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | €71,753 | €242,961 | +€171,208 | +238.6% |
| Reserves | 13 | €8,247 | €48,930 | +€40,683 | +493.3% |
| Distributable reserves | 133 | €8,247 | €48,930 | +€40,683 | +493.3% |
| Profit (loss) carried forward | 14 | -€28,430 | €8 | +€28,439 | |
| Amounts payable | 17/49 | €978,554 | €875,499 | -€103,056 | -10.5% |
| Amounts payable after more than one year | 17 | €769,480 | €704,480 | -€65,000 | -8.4% |
| Financial debts | 170/4 | €555,393 | €533,124 | -€22,269 | -4.0% |
| Other amounts payable | 178/9 | €214,087 | €171,356 | -€42,731 | -20.0% |
| Amounts payable within one year | 42/48 | €209,075 | €170,983 | -€38,092 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €21,052 | €22,269 | +€1,217 | +5.8% |
| Trade debts | 44 | €5,487 | €42,114 | +€36,628 | +667.6% |
| Suppliers | 440/4 | €5,487 | €42,114 | +€36,628 | +667.6% |
| Taxes, remuneration and social security | 45 | €20,359 | €31,512 | +€11,153 | +54.8% |
| Taxes | 450/3 | €19,109 | €31,512 | +€12,403 | +64.9% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Other amounts payable | 47/48 | €162,178 | €75,088 | -€87,089 | -53.7% |
| Accrued charges and deferred income | 492/3 | - | €35 | +€35 | |
| Non-recurring operating income | 76A | €812 | €8,370 | +€7,558 | +930.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,052 | €35,869 | +€2,817 | +8.5% |
| Other operating charges | 640/8 | €5,811 | €7,528 | +€1,716 | +29.5% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €144,874 | €174,321 | +€29,447 | +20.3% |
| Operating profit (loss) | 9901 | €106,011 | €130,862 | +€24,851 | +23.4% |
| Financial income | 75/76B | €119 | - | -€119 | |
| Recurring financial income | 75 | €119 | - | -€119 | |
| Financial charges | 65/66B | €48,879 | €47,745 | -€1,134 | -2.3% |
| Recurring financial charges | 65 | €48,879 | €47,745 | -€1,134 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €57,250 | €83,117 | +€25,867 | +45.2% |
| Income taxes | 67/77 | - | €13,996 | +€13,996 | |
| Profit (loss) for the period | 9904 | €57,250 | €69,121 | +€11,871 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,250 | €69,121 | +€11,871 | +20.7% |
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 29 September 2026 via checked.be.