GREMWELL: 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.
GREMWELL
Largest movements
- Cash -€211,321
down €211,321 (-68.9%), from €306,835 to €95,514
mainly Contributions, distributions and other (-€367,453) and Tax, wage and social debts (-€10,396)
- Current investments -€72,668
down €72,668 (-35.3%), from €205,567 to €132,899
- Receivables within one year -€31,829
down €31,829 (-46.0%), from €69,153 to €37,324
of which Trade receivables: -€33,339
- Reserves -€341,628
down €341,628 (-63.7%), from €536,196 to €194,568
- Trade debts +€33,555
up €33,555 (+125.7%), from €26,698 to €60,253
- Tax, wage and social debts -€10,396
down €10,396 (-67.0%), from €15,525 to €5,129
of which Taxes: -€13,364
- Turnover -€339,183
no longer reported in 2025 (was €339,183)
- Purchases and services -€311,830
no longer reported in 2025 (was €311,830)
- Financial charges -€18,021
down €18,021 (-92.8%), from €19,426 to €1,405
- Gross operating margin -€14,790
down €14,790 (-26.3%), from €56,277 to €41,487
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 | €592,619 | €274,260 | -€318,359 | -53.7% |
| Fixed assets | 21/28 | €11,064 | €8,523 | -€2,541 | -23.0% |
| Tangible fixed assets | 22/27 | €10,689 | €8,148 | -€2,541 | -23.8% |
| Furniture and vehicles | 24 | €2,885 | €1,266 | -€1,620 | -56.1% |
| Other tangible fixed assets | 26 | €7,803 | €6,883 | -€921 | -11.8% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €581,555 | €265,737 | -€315,818 | -54.3% |
| Amounts receivable within one year | 40/41 | €69,153 | €37,324 | -€31,829 | -46.0% |
| Trade receivables | 40 | €61,810 | €28,472 | -€33,339 | -53.9% |
| Other amounts receivable | 41 | €7,342 | €8,852 | +€1,510 | +20.6% |
| Current investments | 50/53 | €205,567 | €132,899 | -€72,668 | -35.3% |
| Cash at bank and in hand | 54/58 | €306,835 | €95,514 | -€211,321 | -68.9% |
| Total equity and liabilities | 10/49 | €592,619 | €274,260 | -€318,359 | -53.7% |
| Equity | 10/15 | €550,396 | €208,768 | -€341,628 | -62.1% |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Reserves | 13 | €536,196 | €194,568 | -€341,628 | -63.7% |
| Distributable reserves | 133 | €536,196 | €194,568 | -€341,628 | -63.7% |
| Amounts payable | 17/49 | €42,223 | €65,492 | +€23,269 | +55.1% |
| Amounts payable within one year | 42/48 | €42,223 | €65,492 | +€23,269 | +55.1% |
| Financial debts | 43 | - | €110 | +€110 | |
| Credit institutions | 430/8 | - | €110 | +€110 | |
| Trade debts | 44 | €26,698 | €60,253 | +€33,555 | +125.7% |
| Suppliers | 440/4 | €26,698 | €60,253 | +€33,555 | +125.7% |
| Taxes, remuneration and social security | 45 | €15,525 | €5,129 | -€10,396 | -67.0% |
| Taxes | 450/3 | €15,525 | €2,161 | -€13,364 | -86.1% |
| Remuneration and social security | 454/9 | - | €2,968 | +€2,968 | |
| Turnover | 70 | €339,183 | - | -€339,183 | |
| Goods, raw materials, services and sundry goods | 60/61 | €311,830 | - | -€311,830 | |
| Remuneration, social security and pensions | 62 | €594 | - | -€594 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,860 | €2,541 | -€1,320 | -34.2% |
| Other operating charges | 640/8 | €1,020 | €968 | -€53 | -5.1% |
| Gross operating margin | 9900 | €56,277 | €41,487 | -€14,790 | -26.3% |
| Operating profit (loss) | 9901 | €50,803 | €37,979 | -€12,824 | -25.2% |
| Financial income | 75/76B | €4,771 | €2,018 | -€2,753 | -57.7% |
| Recurring financial income | 75 | €4,771 | €2,018 | -€2,753 | -57.7% |
| Financial charges | 65/66B | €19,426 | €1,405 | -€18,021 | -92.8% |
| Recurring financial charges | 65 | €19,426 | €1,405 | -€18,021 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €36,147 | €38,592 | +€2,445 | +6.8% |
| Income taxes | 67/77 | €12,802 | €12,767 | -€36 | -0.3% |
| Profit (loss) for the period | 9904 | €23,345 | €25,825 | +€2,480 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,345 | €25,825 | +€2,480 | +10.6% |
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 8 October 2026 via checked.be.