GREMASTER: 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.
GREMASTER
Largest movements
- Cash -€36,288
down €36,288 (-11.5%), from €315,472 to €279,184
mainly Contributions, distributions and other (-€120,030) and Investment in fixed assets (net) (-€32,460)
- Tangible fixed assets +€7,390
up €7,390 (+4.1%), from €181,535 to €188,926
of which Furniture and vehicles: +€27,026
- Debts after one year -€16,500
down €16,500 (-9.9%), from €166,833 to €150,333
- Other debts -€11,800
down €11,800 (-3.6%), from €329,090 to €317,290
- Trade debts +€7,364
up €7,364 (+15.6%), from €47,137 to €54,501
- Gross operating margin -€41,153
down €41,153 (-20.6%), from €200,092 to €158,939
- Staff costs -€20,715
down €20,715 (-98.3%), from €21,081 to €366
- Depreciation +€4,530
up €4,530 (+22.1%), from €20,540 to €25,070
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 | €690,609 | €670,030 | -€20,579 | -3.0% |
| Fixed assets | 21/28 | €181,785 | €189,176 | +€7,390 | +4.1% |
| Tangible fixed assets | 22/27 | €181,535 | €188,926 | +€7,390 | +4.1% |
| Land and buildings | 22 | €169,939 | €159,168 | -€10,770 | -6.3% |
| Plant, machinery and equipment | 23 | €8,865 | €0 | -€8,865 | -100.0% |
| Furniture and vehicles | 24 | €2,731 | €29,757 | +€27,026 | +989.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €508,824 | €480,854 | -€27,970 | -5.5% |
| Stocks and contracts in progress | 3 | €127,764 | €128,318 | +€554 | +0.4% |
| Stocks | 30/36 | €127,764 | €128,318 | +€554 | +0.4% |
| Amounts receivable within one year | 40/41 | €65,439 | €70,128 | +€4,689 | +7.2% |
| Trade receivables | 40 | €62,354 | €65,129 | +€2,775 | +4.5% |
| Other amounts receivable | 41 | €3,086 | €5,000 | +€1,914 | +62.0% |
| Cash at bank and in hand | 54/58 | €315,472 | €279,184 | -€36,288 | -11.5% |
| Deferred charges and accrued income | 490/1 | €149 | €3,224 | +€3,075 | +2061.1% |
| Total equity and liabilities | 10/49 | €690,609 | €670,030 | -€20,579 | -3.0% |
| Equity | 10/15 | €130,414 | €131,081 | +€668 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,258 | €111,955 | +€698 | +0.6% |
| Distributable reserves | 133 | €111,258 | €111,955 | +€698 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €556 | €526 | -€30 | -5.4% |
| Provisions and deferred taxes | 16 | €139 | €131 | -€8 | -5.4% |
| Deferred taxes | 168 | €139 | €131 | -€8 | -5.4% |
| Amounts payable | 17/49 | €560,056 | €538,817 | -€21,239 | -3.8% |
| Amounts payable after more than one year | 17 | €166,833 | €150,333 | -€16,500 | -9.9% |
| Financial debts | 170/4 | €166,833 | €150,333 | -€16,500 | -9.9% |
| Amounts payable within one year | 42/48 | €393,223 | €388,484 | -€4,739 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €16,500 | €16,500 | = | 0.0% |
| Trade debts | 44 | €47,137 | €54,501 | +€7,364 | +15.6% |
| Suppliers | 440/4 | €47,137 | €54,501 | +€7,364 | +15.6% |
| Advances received on contracts in progress | 46 | €496 | €0 | -€496 | -100.0% |
| Taxes, remuneration and social security | 45 | €1 | €193 | +€192 | +17602.8% |
| Taxes | 450/3 | €1 | €193 | +€192 | +17602.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €329,090 | €317,290 | -€11,800 | -3.6% |
| Remuneration, social security and pensions | 62 | €21,081 | €366 | -€20,715 | -98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,540 | €25,070 | +€4,530 | +22.1% |
| Other operating charges | 640/8 | €2,149 | €2,529 | +€380 | +17.7% |
| Gross operating margin | 9900 | €200,092 | €158,939 | -€41,153 | -20.6% |
| Operating profit (loss) | 9901 | €156,322 | €130,975 | -€25,347 | -16.2% |
| Financial income | 75/76B | €697 | €627 | -€70 | -10.0% |
| Recurring financial income | 75 | €697 | €627 | -€70 | -10.0% |
| Financial charges | 65/66B | €12,103 | €10,358 | -€1,745 | -14.4% |
| Recurring financial charges | 65 | €12,103 | €10,358 | -€1,745 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €144,916 | €121,244 | -€23,672 | -16.3% |
| Transfer from deferred taxes | 780 | €8 | €8 | = | 0.0% |
| Income taxes | 67/77 | €1,473 | €554 | -€919 | -62.4% |
| Profit (loss) for the period | 9904 | €143,450 | €120,698 | -€22,752 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,450 | €120,698 | -€22,752 | -15.9% |
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 5 October 2026 via checked.be.