GRELI: 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.
GRELI
Largest movements
- Tangible fixed assets -€54,102
down €54,102 (-10.4%), from €517,741 to €463,639
of which Land and buildings: -€49,163
- Receivables within one year +€14,778
up €14,778, from €0 to €14,778
- Current portion of long-term debt -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Other debts +€29,968
up €29,968 (+47.0%), from €63,764 to €93,732
- Profit (loss) carried forward -€27,997
down €27,997 (-7.6%), from -€368,184 to -€396,180
- Trade debts -€6,285
down €6,285 (-48.3%), from €13,001 to €6,716
- Gross operating margin +€64,156
up €64,156, from -€7,672 to €56,484
- Depreciation -€10,942
down €10,942 (-12.4%), from €88,137 to €77,195
- Financial charges -€2,740
down €2,740 (-49.0%), from €5,586 to €2,846
- Other operating charges +€811
up €811 (+21.8%), from €3,719 to €4,530
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 | €527,369 | €487,590 | -€39,779 | -7.5% |
| Fixed assets | 21/28 | €517,741 | €463,639 | -€54,102 | -10.4% |
| Tangible fixed assets | 22/27 | €517,741 | €463,639 | -€54,102 | -10.4% |
| Land and buildings | 22 | €477,873 | €428,711 | -€49,163 | -10.3% |
| Plant, machinery and equipment | 23 | €37,405 | €32,919 | -€4,486 | -12.0% |
| Furniture and vehicles | 24 | €2,463 | €2,009 | -€454 | -18.4% |
| Current assets | 29/58 | €9,628 | €23,952 | +€14,323 | +148.8% |
| Amounts receivable within one year | 40/41 | €0 | €14,778 | +€14,778 | |
| Trade receivables | 40 | €0 | €14,778 | +€14,778 | |
| Cash at bank and in hand | 54/58 | €5,203 | €3,169 | -€2,034 | -39.1% |
| Deferred charges and accrued income | 490/1 | €4,425 | €6,004 | +€1,579 | +35.7% |
| Total equity and liabilities | 10/49 | €527,369 | €487,590 | -€39,779 | -7.5% |
| Equity | 10/15 | €129,957 | €101,960 | -€27,997 | -21.5% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €200,668 | €200,668 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Distributable reserves | 133 | €170,921 | €170,921 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€368,184 | -€396,180 | -€27,997 | -7.6% |
| Amounts payable | 17/49 | €397,413 | €385,630 | -€11,782 | -3.0% |
| Amounts payable after more than one year | 17 | €280,000 | €280,000 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €280,000 | €280,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €117,413 | €105,630 | -€11,782 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €0 | -€40,000 | -100.0% |
| Trade debts | 44 | €13,001 | €6,716 | -€6,285 | -48.3% |
| Suppliers | 440/4 | €13,001 | €6,716 | -€6,285 | -48.3% |
| Taxes, remuneration and social security | 45 | €647 | €5,182 | +€4,535 | +701.0% |
| Taxes | 450/3 | €647 | €5,182 | +€4,535 | +701.0% |
| Other amounts payable | 47/48 | €63,764 | €93,732 | +€29,968 | +47.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,137 | €77,195 | -€10,942 | -12.4% |
| Other operating charges | 640/8 | €3,719 | €4,530 | +€811 | +21.8% |
| Gross operating margin | 9900 | -€7,672 | €56,484 | +€64,156 | |
| Operating profit (loss) | 9901 | -€99,528 | -€25,241 | +€74,287 | +74.6% |
| Financial income | 75/76B | - | €401 | +€401 | |
| Recurring financial income | 75 | - | €401 | +€401 | |
| Financial charges | 65/66B | €5,586 | €2,846 | -€2,740 | -49.0% |
| Recurring financial charges | 65 | €5,586 | €2,846 | -€2,740 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | -€105,115 | -€27,687 | +€77,428 | +73.7% |
| Income taxes | 67/77 | €682 | €310 | -€372 | -54.6% |
| Profit (loss) for the period | 9904 | -€105,797 | -€27,997 | +€77,800 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€105,797 | -€27,997 | +€77,800 | +73.5% |
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 3 October 2026 via checked.be.