GREM: 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.
GREM
Largest movements
- Receivables within one year +€157,440
up €157,440 (+243.9%), from €64,560 to €221,999
of which Trade receivables: +€139,227
- Tangible fixed assets -€45,342
down €45,342 (-9.2%), from €491,028 to €445,686
of which Land and buildings: -€44,533
- Other debts +€59,286
up €59,286 (+108.6%), from €54,603 to €113,890
- Trade debts +€55,245
up €55,245 (+46.0%), from €119,972 to €175,217
- Reserves +€17,745
up €17,745 (+11.4%), from €155,290 to €173,035
- Current portion of long-term debt -€12,496
down €12,496 (-77.2%), from €16,182 to €3,686
- Tax, wage and social debts -€10,561
down €10,561 (-84.2%), from €12,544 to €1,983
- Gross operating margin -€8,446
down €8,446 (-9.3%), from €91,056 to €82,610
- Taxes -€1,894
down €1,894 (-18.6%), from €10,175 to €8,281
- Depreciation -€1,692
down €1,692 (-3.6%), from €47,034 to €45,342
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 | €565,205 | €674,424 | +€109,219 | +19.3% |
| Fixed assets | 21/28 | €491,028 | €445,686 | -€45,342 | -9.2% |
| Tangible fixed assets | 22/27 | €491,028 | €445,686 | -€45,342 | -9.2% |
| Land and buildings | 22 | €487,040 | €442,507 | -€44,533 | -9.1% |
| Plant, machinery and equipment | 23 | €3,893 | €3,180 | -€714 | -18.3% |
| Furniture and vehicles | 24 | €95 | - | -€95 | |
| Current assets | 29/58 | €74,177 | €228,737 | +€154,560 | +208.4% |
| Amounts receivable within one year | 40/41 | €64,560 | €221,999 | +€157,440 | +243.9% |
| Trade receivables | 40 | €45,000 | €184,227 | +€139,227 | +309.4% |
| Other amounts receivable | 41 | €19,560 | €37,772 | +€18,213 | +93.1% |
| Cash at bank and in hand | 54/58 | €9,611 | €6,657 | -€2,954 | -30.7% |
| Deferred charges and accrued income | 490/1 | €7 | €81 | +€75 | +1149.6% |
| Total equity and liabilities | 10/49 | €565,205 | €674,424 | +€109,219 | +19.3% |
| Equity | 10/15 | €361,903 | €379,648 | +€17,745 | +4.9% |
| Contributions | 10/11 | €79,654 | €79,654 | = | 0.0% |
| Reserves | 13 | €155,290 | €173,035 | +€17,745 | +11.4% |
| Distributable reserves | 133 | €155,290 | €173,035 | +€17,745 | +11.4% |
| Profit (loss) carried forward | 14 | €126,959 | €126,959 | = | 0.0% |
| Amounts payable | 17/49 | €203,302 | €294,776 | +€91,474 | +45.0% |
| Amounts payable within one year | 42/48 | €203,302 | €294,776 | +€91,474 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €16,182 | €3,686 | -€12,496 | -77.2% |
| Trade debts | 44 | €119,972 | €175,217 | +€55,245 | +46.0% |
| Suppliers | 440/4 | €119,972 | €175,217 | +€55,245 | +46.0% |
| Taxes, remuneration and social security | 45 | €12,544 | €1,983 | -€10,561 | -84.2% |
| Taxes | 450/3 | €12,544 | €1,983 | -€10,561 | -84.2% |
| Other amounts payable | 47/48 | €54,603 | €113,890 | +€59,286 | +108.6% |
| Non-recurring operating income | 76A | €1,946 | - | -€1,946 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,034 | €45,342 | -€1,692 | -3.6% |
| Other operating charges | 640/8 | €6,700 | €6,754 | +€54 | +0.8% |
| Gross operating margin | 9900 | €91,056 | €82,610 | -€8,446 | -9.3% |
| Operating profit (loss) | 9901 | €37,322 | €30,514 | -€6,808 | -18.2% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €5,383 | €4,488 | -€895 | -16.6% |
| Recurring financial charges | 65 | €5,383 | €4,488 | -€895 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €31,947 | €26,026 | -€5,921 | -18.5% |
| Income taxes | 67/77 | €10,175 | €8,281 | -€1,894 | -18.6% |
| Profit (loss) for the period | 9904 | €21,773 | €17,745 | -€4,027 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,773 | €17,745 | -€4,027 | -18.5% |
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 4 October 2026 via checked.be.