GRENKE LEASE: what changed
Two financial 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.
What changed
GRENKE LEASE
NACE 64.910, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.9m
2024 · -€1.7m-€1.1m
Equity
€874,870
2024 · €2.2m-€1.4m
Cash
€1.7m
2024 · €2.7m-€1.0m
Balance sheet total
€182.6m
2024 · €167.2m+€15.4m
Largest movements
Assets
- Tangible fixed assets +€11.7m
up €11.7m (+8.2%), from €143.0m to €154.7m
of which Other tangible fixed assets: +€11.7m
- Receivables within one year +€3.0m
up €3.0m (+27.1%), from €11.1m to €14.2m
of which Trade receivables: +€2.5m
Equity and liabilities
- Short-term financial debts +€6.3m
up €6.3m (+14.0%), from €44.8m to €51.1m
- Debts after one year +€6.3m
up €6.3m (+7.7%), from €80.9m to €87.2m
- Current portion of long-term debt +€3.4m
up €3.4m (+9.9%), from €34.5m to €37.9m
- Profit (loss) carried forward -€2.9m
down €2.9m (-46.7%), from -€6.1m to -€9.0m
Income statement
- Turnover +€11.8m
up €11.8m (+14.9%), from €79.1m to €90.8m
- Write-downs +€7.2m
up €7.2m (+38.9%), from €18.6m to €25.9m
- Depreciation +€4.5m
up €4.5m (+10.6%), from €42.4m to €46.9m
- Financial income +€2.7m
up €2.7m (+52.0%), from €5.2m to €8.0m
- Financial charges +€2.5m
up €2.5m (+20.8%), from €12.0m to €14.5m
of which Financial charges: +€2.4m
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.
Result 2024
-€1.7m
Turnover
+€11.8m
Other operating income
+€10,333
Services and other goods
-€1.4m
Staff costs
-€554,470
Depreciation
-€4.5m
Write-downs
-€7.2m
Other operating charges
+€1.8m
Other operating items
-€18,680
Financial income
+€2.7m
Financial charges
-€2.5m
Taxes
-€1.2m
Result 2025
-€2.9m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€40.2m
Investment
-€58.6m
Financing
+€17.4m
Cash 2024
€2.7m
From operations (derived)
+€40.2m
Net result for the year
-€2.9m
Depreciation
+€46.9m
Receivables after one year
-€362,486
Receivables within one year
-€3.0m
Deferred charges and accrued income
-€1.3m
Trade debts
+€569,044
Smaller working-capital items
-€7,573
Other debts
+€259,826
Investment (derived)
-€58.6m
Investment in fixed assets (net)
-€58.6m
Financing
+€17.4m
Debts after one year
+€6.3m
Current portion of long-term debt
+€3.4m
Short-term financial debts
+€6.3m
Contributions, distributions and other
+€1.5m
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €167,180,782 | €182,578,813 | +€15.4m | +9.2% |
| Fixed assets | 21/28 | €142,984,951 | €154,713,301 | +€11.7m | +8.2% |
| Intangible fixed assets | 21 | €7 | €7 | = | 0.0% |
| Tangible fixed assets | 22/27 | €142,956,136 | €154,684,487 | +€11.7m | +8.2% |
| Land and buildings | 22 | €2 | €8 | +€6 | +300% |
| Furniture and vehicles | 24 | €80,589 | €88,814 | +€8,225 | +10.2% |
| Other tangible fixed assets | 26 | €142,377,953 | €154,056,593 | +€11.7m | +8.2% |
| Assets under construction and advance payments | 27 | €497,592 | €539,071 | +€41,479 | +8.3% |
| Financial fixed assets | 28 | €28,808 | €28,808 | = | 0.0% |
| Other financial fixed assets | 284/8 | €28,808 | €28,808 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €28,808 | €28,808 | = | 0.0% |
| Current assets | 29/58 | €24,195,831 | €27,865,512 | +€3.7m | +15.2% |
| Amounts receivable after more than one year | 29 | €1,938,643 | €2,301,128 | +€362,486 | +18.7% |
| Trade receivables | 290 | €1,938,643 | €2,301,128 | +€362,486 | +18.7% |
| Amounts receivable within one year | 40/41 | €11,138,561 | €14,159,029 | +€3.0m | +27.1% |
| Trade receivables | 40 | €7,871,979 | €10,410,982 | +€2.5m | +32.3% |
| Other amounts receivable | 41 | €3,266,582 | €3,748,046 | +€481,464 | +14.7% |
| Cash at bank and in hand | 54/58 | €2,729,939 | €1,703,342 | -€1.0m | -37.6% |
| Deferred charges and accrued income | 490/1 | €8,388,689 | €9,702,012 | +€1.3m | +15.7% |
| Total equity and liabilities | 10/49 | €167,180,782 | €182,578,813 | +€15.4m | +9.2% |
| Equity | 10/15 | €2,227,769 | €874,870 | -€1.4m | -60.7% |
| Contributions | 10/11 | €8,250,000 | €9,750,000 | +€1.5m | +18.2% |
| Reserves | 13 | €80,520 | €80,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,520 | €80,520 | = | 0.0% |
| Reserves not available under the articles | 1311 | €80,520 | €80,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,102,752 | -€8,955,651 | -€2.9m | -46.7% |
| Amounts payable | 17/49 | €164,953,014 | €181,703,943 | +€16.8m | +10.2% |
| Amounts payable after more than one year | 17 | €80,930,369 | €87,180,682 | +€6.3m | +7.7% |
| Financial debts | 170/4 | €80,930,369 | €87,180,682 | +€6.3m | +7.7% |
| Other loans | 174 | €80,930,369 | €87,180,682 | +€6.3m | +7.7% |
| Amounts payable within one year | 42/48 | €83,889,819 | €94,398,015 | +€10.5m | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €34,506,611 | €37,925,221 | +€3.4m | +9.9% |
| Financial debts | 43 | €44,839,903 | €51,100,611 | +€6.3m | +14.0% |
| Other loans | 439 | €44,839,903 | €51,100,611 | +€6.3m | +14.0% |
| Trade debts | 44 | €3,667,669 | €4,236,713 | +€569,044 | +15.5% |
| Suppliers | 440/4 | €3,667,669 | €4,236,713 | +€569,044 | +15.5% |
| Taxes, remuneration and social security | 45 | €467,115 | €467,123 | +€8 | 0.0% |
| Taxes | 450/3 | - | €22,008 | +€22,008 | |
| Remuneration and social security | 454/9 | €467,115 | €445,115 | -€22,000 | -4.7% |
| Other amounts payable | 47/48 | €408,521 | €668,347 | +€259,826 | +63.6% |
| Accrued charges and deferred income | 492/3 | €132,826 | €125,245 | -€7,581 | -5.7% |
| Operating income | 70/76A | €79,231,699 | €90,986,524 | +€11.8m | +14.8% |
| Turnover | 70 | €79,082,958 | €90,846,131 | +€11.8m | +14.9% |
| Other operating income | 74 | €47,725 | €58,058 | +€10,333 | +21.6% |
| Non-recurring operating income | 76A | €101,015 | €82,335 | -€18,680 | -18.5% |
| Operating charges | 60/66A | €75,582,730 | €87,517,217 | +€11.9m | +15.8% |
| Services and other goods | 61 | €8,439,303 | €9,874,426 | +€1.4m | +17.0% |
| Remuneration, social security and pensions | 62 | €3,063,585 | €3,618,055 | +€554,470 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,397,101 | €46,883,432 | +€4.5m | +10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,616,028 | €25,852,854 | +€7.2m | +38.9% |
| Other operating charges | 640/8 | €3,066,713 | €1,288,451 | -€1.8m | -58.0% |
| Operating profit (loss) | 9901 | €3,648,969 | €3,469,307 | -€179,662 | -4.9% |
| Financial income | 75/76B | €5,242,149 | €7,968,657 | +€2.7m | +52.0% |
| Recurring financial income | 75 | €5,242,149 | €7,968,657 | +€2.7m | +52.0% |
| Income from current assets | 751 | €747,598 | €1,023,428 | +€275,830 | +36.9% |
| Other financial income | 752/9 | €4,494,551 | €6,945,229 | +€2.5m | +54.5% |
| Financial charges | 65/66B | €11,996,599 | €14,497,806 | +€2.5m | +20.8% |
| Recurring financial charges | 65 | €11,378,793 | €13,807,225 | +€2.4m | +21.3% |
| Debt charges | 650 | €11,318,057 | €13,116,832 | +€1.8m | +15.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€3,626 | €388,783 | +€392,409 | |
| Other financial charges | 652/9 | €64,362 | €301,609 | +€237,247 | +369% |
| Non-recurring financial charges | 66B | €617,807 | €690,582 | +€72,775 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,105,481 | -€3,059,842 | +€45,639 | +1.5% |
| Income taxes | 67/77 | -€1,382,519 | -€206,943 | +€1.2m | +85.0% |
| Taxes | 670/3 | €4,155 | €4,190 | +€36 | +0.9% |
| Tax adjustments and reversals of tax provisions | 77 | €1,386,673 | €211,134 | -€1.2m | -84.8% |
| Profit (loss) for the period | 9904 | -€1,722,962 | -€2,852,899 | -€1.1m | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,722,962 | -€2,852,899 | -€1.1m | -65.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.