GRELOG: 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.
GRELOG
Largest movements
- Cash +€131,536
up €131,536 (+301.5%), from €43,626 to €175,163
mainly Receivables within one year (+€82,280) and Tax, wage and social debts (+€81,461)
- Receivables within one year -€82,280
down €82,280 (-69.8%), from €117,867 to €35,587
of which Trade receivables: -€82,280
- Financial fixed assets +€20,000
up €20,000 (+65.9%), from €30,350 to €50,350
- Tangible fixed assets -€18,370
down €18,370 (-19.3%), from €94,944 to €76,574
of which Furniture and vehicles: -€18,279
- Stocks and contracts +€18,158
new in 2025: €18,158
- Tax, wage and social debts +€81,461
up €81,461 (+159.8%), from €50,983 to €132,444
of which Taxes: +€48,829
- Trade debts -€44,983
down €44,983 (-40.3%), from €111,536 to €66,553
- Reserves +€33,190
up €33,190 (+111.7%), from €29,704 to €62,895
- Debts after one year -€19,792
down €19,792 (-27.4%), from €72,231 to €52,439
- Other debts +€5,200
up €5,200 (+37.7%), from €13,794 to €18,994
- Gross operating margin +€449,141
up €449,141 (+197.9%), from €226,928 to €676,069
- Staff costs +€410,311
up €410,311 (+217.9%), from €188,295 to €598,606
- Depreciation +€10,953
up €10,953 (+110.4%), from €9,917 to €20,870
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 | €299,126 | €357,066 | +€57,939 | +19.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €125,294 | €126,924 | +€1,630 | +1.3% |
| Tangible fixed assets | 22/27 | €94,944 | €76,574 | -€18,370 | -19.3% |
| Plant, machinery and equipment | 23 | €438 | €347 | -€91 | -20.7% |
| Furniture and vehicles | 24 | €94,506 | €76,227 | -€18,279 | -19.3% |
| Financial fixed assets | 28 | €30,350 | €50,350 | +€20,000 | +65.9% |
| Current assets | 29/58 | €173,833 | €230,142 | +€56,309 | +32.4% |
| Stocks and contracts in progress | 3 | - | €18,158 | +€18,158 | |
| Contracts in progress | 37 | - | €18,158 | +€18,158 | |
| Amounts receivable within one year | 40/41 | €117,867 | €35,587 | -€82,280 | -69.8% |
| Trade receivables | 40 | €117,703 | €35,423 | -€82,280 | -69.9% |
| Other amounts receivable | 41 | €164 | €164 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,626 | €175,163 | +€131,536 | +301.5% |
| Deferred charges and accrued income | 490/1 | €12,339 | €1,234 | -€11,105 | -90.0% |
| Total equity and liabilities | 10/49 | €299,126 | €357,066 | +€57,939 | +19.4% |
| Equity | 10/15 | €35,704 | €68,895 | +€33,190 | +93.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €29,704 | €62,895 | +€33,190 | +111.7% |
| Distributable reserves | 133 | €29,704 | €62,895 | +€33,190 | +111.7% |
| Amounts payable | 17/49 | €263,422 | €288,171 | +€24,749 | +9.4% |
| Amounts payable after more than one year | 17 | €72,231 | €52,439 | -€19,792 | -27.4% |
| Financial debts | 170/4 | €72,231 | €52,439 | -€19,792 | -27.4% |
| Amounts payable within one year | 42/48 | €191,191 | €235,732 | +€44,541 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €14,878 | €17,741 | +€2,863 | +19.2% |
| Trade debts | 44 | €111,536 | €66,553 | -€44,983 | -40.3% |
| Suppliers | 440/4 | €111,536 | €66,553 | -€44,983 | -40.3% |
| Taxes, remuneration and social security | 45 | €50,983 | €132,444 | +€81,461 | +159.8% |
| Taxes | 450/3 | €13,218 | €62,047 | +€48,829 | +369.4% |
| Remuneration and social security | 454/9 | €37,765 | €70,397 | +€32,632 | +86.4% |
| Other amounts payable | 47/48 | €13,794 | €18,994 | +€5,200 | +37.7% |
| Non-recurring operating income | 76A | - | €4,726 | +€4,726 | |
| Remuneration, social security and pensions | 62 | €188,295 | €598,606 | +€410,311 | +217.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,917 | €20,870 | +€10,953 | +110.4% |
| Other operating charges | 640/8 | €4,470 | €907 | -€3,563 | -79.7% |
| Non-recurring operating charges | 66A | - | €7,834 | +€7,834 | |
| Gross operating margin | 9900 | €226,928 | €676,069 | +€449,141 | +197.9% |
| Operating profit (loss) | 9901 | €24,247 | €47,852 | +€23,605 | +97.4% |
| Financial income | 75/76B | €45 | - | -€45 | |
| Recurring financial income | 75 | €45 | - | -€45 | |
| Financial charges | 65/66B | €2,526 | €4,684 | +€2,158 | +85.4% |
| Recurring financial charges | 65 | €2,526 | €4,684 | +€2,158 | +85.4% |
| Profit (loss) for the period before taxes | 9903 | €21,766 | €43,168 | +€21,402 | +98.3% |
| Income taxes | 67/77 | €3,397 | €9,978 | +€6,581 | +193.7% |
| Profit (loss) for the period | 9904 | €18,369 | €33,190 | +€14,821 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,369 | €33,190 | +€14,821 | +80.7% |
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 3 October 2026 via checked.be.