GREMAFI: 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.
GREMAFI
Largest movements
- Tangible fixed assets +€441,081
up €441,081 (+84.6%), from €521,378 to €962,459
- Cash +€194,290
up €194,290 (+50.4%), from €385,516 to €579,806
mainly Debts after one year (+€395,150) and Other debts (+€210,734)
- Debts after one year +€395,150
up €395,150 (+1253.4%), from €31,526 to €426,677
- Other debts +€210,734
up €210,734 (+31.1%), from €676,883 to €887,618
- Gross operating margin +€18,193
up €18,193 (+24.3%), from €74,923 to €93,116
- Depreciation +€15,337
up €15,337 (+56.4%), from €27,209 to €42,546
- Financial charges +€8,734
up €8,734 (+49.6%), from €17,615 to €26,349
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 | €910,669 | €1,545,229 | +€634,561 | +69.7% |
| Fixed assets | 21/28 | €521,378 | €962,459 | +€441,081 | +84.6% |
| Tangible fixed assets | 22/27 | €521,378 | €962,459 | +€441,081 | +84.6% |
| Land and buildings | 22 | €521,378 | €962,459 | +€441,081 | +84.6% |
| Current assets | 29/58 | €389,291 | €582,771 | +€193,480 | +49.7% |
| Cash at bank and in hand | 54/58 | €385,516 | €579,806 | +€194,290 | +50.4% |
| Deferred charges and accrued income | 490/1 | €3,775 | €2,964 | -€811 | -21.5% |
| Total equity and liabilities | 10/49 | €910,669 | €1,545,229 | +€634,561 | +69.7% |
| Equity | 10/15 | €174,960 | €190,142 | +€15,182 | +8.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €154,960 | €170,142 | +€15,182 | +9.8% |
| Distributable reserves | 133 | €154,960 | €170,142 | +€15,182 | +9.8% |
| Amounts payable | 17/49 | €735,709 | €1,355,087 | +€619,379 | +84.2% |
| Amounts payable after more than one year | 17 | €31,526 | €426,677 | +€395,150 | +1253.4% |
| Financial debts | 170/4 | €31,526 | €426,677 | +€395,150 | +1253.4% |
| Amounts payable within one year | 42/48 | €704,182 | €928,411 | +€224,228 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €17,909 | €30,999 | +€13,090 | +73.1% |
| Trade debts | 44 | €2,600 | €3,908 | +€1,308 | +50.3% |
| Suppliers | 440/4 | €2,600 | €3,908 | +€1,308 | +50.3% |
| Taxes, remuneration and social security | 45 | €6,791 | €5,887 | -€904 | -13.3% |
| Taxes | 450/3 | €6,791 | €5,887 | -€904 | -13.3% |
| Other amounts payable | 47/48 | €676,883 | €887,618 | +€210,734 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,209 | €42,546 | +€15,337 | +56.4% |
| Other operating charges | 640/8 | €2,654 | €2,619 | -€35 | -1.3% |
| Gross operating margin | 9900 | €74,923 | €93,116 | +€18,193 | +24.3% |
| Operating profit (loss) | 9901 | €45,060 | €47,951 | +€2,891 | +6.4% |
| Financial charges | 65/66B | €17,615 | €26,349 | +€8,734 | +49.6% |
| Recurring financial charges | 65 | €17,615 | €26,349 | +€8,734 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €27,445 | €21,603 | -€5,843 | -21.3% |
| Income taxes | 67/77 | €6,791 | €6,420 | -€370 | -5.5% |
| Profit (loss) for the period | 9904 | €20,654 | €15,182 | -€5,472 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,654 | €15,182 | -€5,472 | -26.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.