Grelco: 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
Grelco
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€63,205
2024 · €48,714-€111,919
Equity
€1.9m
2024 · €224,314+€1.6m
Cash
€143,864
2024 · €40,295+€103,569
Balance sheet total
€25.0m
2024 · €20.3m+€4.7m
Largest movements
Assets
- Tangible fixed assets +€2.9m
up €2.9m (+15.4%), from €18.8m to €21.7m
- Stocks and contracts +€1.6m
up €1.6m (+112.8%), from €1.4m to €3.1m
Equity and liabilities
- Revaluation surpluses +€1.7m
up €1.7m (+389.6%), from €436,483 to €2.1m
- Short-term financial debts +€1.1m
up €1.1m (+126.6%), from €901,835 to €2.0m
- Debts after one year +€988,014
up €988,014 (+13.0%), from €7.6m to €8.6m
- Other debts +€723,242
up €723,242 (+6.6%), from €11.0m to €11.8m
Income statement
- Gross operating margin -€82,622
down €82,622 (-9.2%), from €897,399 to €814,776
- Depreciation +€24,134
up €24,134 (+4.4%), from €545,972 to €570,105
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
€48,714
Gross operating margin
-€82,622
Depreciation
-€24,134
Other operating charges
-€3,388
Financial income
+€3,974
Financial charges
-€5,749
Result 2025
-€63,205
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
-€340,131
Investment
-€3.5m
Financing
+€3.9m
Cash 2024
€40,295
From operations (derived)
-€340,131
Net result for the year
-€63,205
Depreciation
+€570,105
Stocks and contracts
-€1.6m
Receivables within one year
-€14,000
Deferred charges and accrued income
-€12,023
Trade debts
+€91,017
Other debts
+€723,242
Accrued charges and deferred income
-€1,067
Investment (derived)
-€3.5m
Investment in fixed assets (net)
-€3.5m
Financing
+€3.9m
Debts after one year
+€988,014
Current portion of long-term debt
+€62,216
Short-term financial debts
+€1.1m
Contributions, distributions and other
+€1.7m
Cash 2025
€143,864
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,311,733 | €24,965,100 | +€4.7m | +22.9% |
| Fixed assets | 21/28 | €18,815,699 | €21,705,273 | +€2.9m | +15.4% |
| Tangible fixed assets | 22/27 | €18,815,699 | €21,704,631 | +€2.9m | +15.4% |
| Land and buildings | 22 | €18,815,699 | €21,704,631 | +€2.9m | +15.4% |
| Financial fixed assets | 28 | - | €642 | +€642 | |
| Current assets | 29/58 | €1,496,034 | €3,259,827 | +€1.8m | +117.9% |
| Stocks and contracts in progress | 3 | €1,449,208 | €3,083,408 | +€1.6m | +112.8% |
| Stocks | 30/36 | €1,449,208 | €3,083,408 | +€1.6m | +112.8% |
| Amounts receivable within one year | 40/41 | €1,500 | €15,500 | +€14,000 | +933.3% |
| Trade receivables | 40 | €1,500 | €15,500 | +€14,000 | +933.3% |
| Cash at bank and in hand | 54/58 | €40,295 | €143,864 | +€103,569 | +257.0% |
| Deferred charges and accrued income | 490/1 | €5,032 | €17,055 | +€12,023 | +238.9% |
| Total equity and liabilities | 10/49 | €20,311,733 | €24,965,100 | +€4.7m | +22.9% |
| Equity | 10/15 | €224,314 | €1,872,930 | +€1.6m | +735.0% |
| Contributions | 10/11 | €438,000 | €438,000 | = | 0.0% |
| Revaluation surpluses | 12 | €436,483 | €2,136,907 | +€1.7m | +389.6% |
| Reserves | 13 | €2,517 | €13,914 | +€11,397 | +452.8% |
| Distributable reserves | 133 | €2,517 | €13,914 | +€11,397 | +452.8% |
| Profit (loss) carried forward | 14 | -€652,687 | -€715,891 | -€63,205 | -9.7% |
| Amounts payable | 17/49 | €20,087,420 | €23,092,170 | +€3.0m | +15.0% |
| Amounts payable after more than one year | 17 | €7,593,424 | €8,581,438 | +€988,014 | +13.0% |
| Financial debts | 170/4 | €7,593,424 | €8,581,438 | +€988,014 | +13.0% |
| Amounts payable within one year | 42/48 | €12,476,301 | €14,494,104 | +€2.0m | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €483,916 | €546,132 | +€62,216 | +12.9% |
| Financial debts | 43 | €901,835 | €2,043,163 | +€1.1m | +126.6% |
| Credit institutions | 430/8 | €901,835 | €2,043,163 | +€1.1m | +126.6% |
| Trade debts | 44 | €62,795 | €153,813 | +€91,017 | +144.9% |
| Suppliers | 440/4 | €62,795 | €153,813 | +€91,017 | +144.9% |
| Other amounts payable | 47/48 | €11,027,755 | €11,750,996 | +€723,242 | +6.6% |
| Accrued charges and deferred income | 492/3 | €17,695 | €16,628 | -€1,067 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545,972 | €570,105 | +€24,134 | +4.4% |
| Other operating charges | 640/8 | €65,016 | €68,405 | +€3,388 | +5.2% |
| Gross operating margin | 9900 | €897,399 | €814,776 | -€82,622 | -9.2% |
| Operating profit (loss) | 9901 | €286,411 | €176,266 | -€110,144 | -38.5% |
| Financial income | 75/76B | €176 | €4,150 | +€3,974 | +2259.0% |
| Recurring financial income | 75 | €176 | €4,150 | +€3,974 | +2259.0% |
| Financial charges | 65/66B | €237,873 | €243,622 | +€5,749 | +2.4% |
| Recurring financial charges | 65 | €237,873 | €243,622 | +€5,749 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €48,714 | -€63,205 | -€111,919 | |
| Profit (loss) for the period | 9904 | €48,714 | -€63,205 | -€111,919 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,714 | -€63,205 | -€111,919 |
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 3 October 2026 via checked.be.