Greno: what changed
What changed
Greno
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€25,676
2024 · €27,981-€2,306
Equity
€125,871
2024 · €150,195-€24,324
Cash
€14,788
2024 · €103,009-€88,221
Balance sheet total
€489,915
2024 · €325,874+€164,041
Largest movements
Assets
- Tangible fixed assets +€317,020
up €317,020 (+682%), from €46,458 to €363,478
of which Land and buildings: +€325,196
- Cash -€88,221
down €88,221 (-85.6%), from €103,009 to €14,788
mainly Investment in fixed assets (net) (-€341,488) and Other debts (-€88,028)
- Receivables within one year -€29,962
down €29,962 (-63.8%), from €46,929 to €16,967
of which Trade receivables: -€32,290
- Intangible fixed assets -€13,786
down €13,786 (-14.5%), from €95,175 to €81,389
- Deferred charges and accrued income -€10,316
down €10,316 (-84.7%), from €12,179 to €1,863
Equity and liabilities
- Debts after one year +€270,976
up €270,976 (+1,246%), from €21,746 to €292,722
- Other debts -€88,028
down €88,028 (-78.8%), from €111,757 to €23,730
- Reserves -€24,324
down €24,324 (-16.5%), from €147,695 to €123,371
- Current portion of long-term debt +€10,957
up €10,957 (+125%), from €8,750 to €19,707
- Tax, wage and social debts -€10,708
down €10,708 (-52.5%), from €20,402 to €9,694
of which Taxes: -€10,349
Income statement
- Gross operating margin +€12,453
up €12,453 (+16.9%), from €73,820 to €86,273
- Depreciation +€11,975
up €11,975 (+39.4%), from €30,382 to €42,357
- Financial charges +€9,380
up €9,380 (+159%), from €5,901 to €15,281
- Taxes -€7,149
down €7,149 (-100.0%), from €7,150 to €1
- Other operating charges +€1,544
up €1,544 (+126%), from €1,227 to €2,771
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€27,981
Gross operating margin
+€12,453
Staff costs
+€1,444
Depreciation
-€11,975
Other operating charges
-€1,544
Other operating items
-€280
Financial income
-€172
Financial charges
-€9,380
Taxes
+€7,149
Result 2025
€25,676
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€19,652
Investment
-€341,488
Financing
+€233,615
Cash 2024
€103,009
From operations (derived)
+€19,652
Net result for the year
+€25,676
Depreciation
+€42,357
Receivables after one year
+€5,000
Stocks and contracts
+€1,592
Receivables within one year
+€29,962
Deferred charges and accrued income
+€10,316
Trade debts
+€1,275
Tax, wage and social debts
-€10,708
Other debts
-€88,028
Accrued charges and deferred income
+€2,211
Investment (derived)
-€341,488
Investment in fixed assets (net)
-€341,488
Financing
+€233,615
Debts after one year
+€270,976
Current portion of long-term debt
+€10,957
Short-term financial debts
+€1,683
Contributions, distributions and other
-€50,000
Cash 2025
€14,788
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €325,874 | €489,915 | +€164,041 | +50.3% |
| Fixed assets | 21/28 | €145,860 | €444,991 | +€299,131 | +205% |
| Intangible fixed assets | 21 | €95,175 | €81,389 | -€13,786 | -14.5% |
| Tangible fixed assets | 22/27 | €46,458 | €363,478 | +€317,020 | +682% |
| Land and buildings | 22 | - | €325,196 | +€325,196 | |
| Plant, machinery and equipment | 23 | €4,499 | €3,244 | -€1,255 | -27.9% |
| Furniture and vehicles | 24 | €10,449 | €14,920 | +€4,471 | +42.8% |
| Leasing and similar rights | 25 | €29,084 | €20,118 | -€8,966 | -30.8% |
| Other tangible fixed assets | 26 | €2,426 | - | -€2,426 | |
| Financial fixed assets | 28 | €4,226 | €123 | -€4,103 | -97.1% |
| Current assets | 29/58 | €180,014 | €44,924 | -€135,090 | -75.0% |
| Amounts receivable after more than one year | 29 | €14,583 | €9,583 | -€5,000 | -34.3% |
| Other amounts receivable | 291 | €14,583 | €9,583 | -€5,000 | -34.3% |
| Stocks and contracts in progress | 3 | €3,314 | €1,723 | -€1,592 | -48.0% |
| Stocks | 30/36 | €3,314 | €1,723 | -€1,592 | -48.0% |
| Amounts receivable within one year | 40/41 | €46,929 | €16,967 | -€29,962 | -63.8% |
| Trade receivables | 40 | €36,212 | €3,922 | -€32,290 | -89.2% |
| Other amounts receivable | 41 | €10,717 | €13,045 | +€2,328 | +21.7% |
| Cash at bank and in hand | 54/58 | €103,009 | €14,788 | -€88,221 | -85.6% |
| Deferred charges and accrued income | 490/1 | €12,179 | €1,863 | -€10,316 | -84.7% |
| Total equity and liabilities | 10/49 | €325,874 | €489,915 | +€164,041 | +50.3% |
| Equity | 10/15 | €150,195 | €125,871 | -€24,324 | -16.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €147,695 | €123,371 | -€24,324 | -16.5% |
| Distributable reserves | 133 | €147,695 | €123,371 | -€24,324 | -16.5% |
| Amounts payable | 17/49 | €175,679 | €364,044 | +€188,365 | +107% |
| Amounts payable after more than one year | 17 | €21,746 | €292,722 | +€270,976 | +1,246% |
| Financial debts | 170/4 | €21,746 | €292,722 | +€270,976 | +1,246% |
| Amounts payable within one year | 42/48 | €151,371 | €66,550 | -€84,821 | -56.0% |
| Current portion of amounts payable after more than one year | 42 | €8,750 | €19,707 | +€10,957 | +125% |
| Financial debts | 43 | - | €1,683 | +€1,683 | |
| Credit institutions | 430/8 | - | €1,683 | +€1,683 | |
| Trade debts | 44 | €10,462 | €11,737 | +€1,275 | +12.2% |
| Suppliers | 440/4 | €10,462 | €11,737 | +€1,275 | +12.2% |
| Taxes, remuneration and social security | 45 | €20,402 | €9,694 | -€10,708 | -52.5% |
| Taxes | 450/3 | €17,490 | €7,142 | -€10,349 | -59.2% |
| Remuneration and social security | 454/9 | €2,911 | €2,552 | -€359 | -12.3% |
| Other amounts payable | 47/48 | €111,757 | €23,730 | -€88,028 | -78.8% |
| Accrued charges and deferred income | 492/3 | €2,562 | €4,773 | +€2,211 | +86.3% |
| Remuneration, social security and pensions | 62 | €1,719 | €276 | -€1,444 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,382 | €42,357 | +€11,975 | +39.4% |
| Other operating charges | 640/8 | €1,227 | €2,771 | +€1,544 | +126% |
| Non-recurring operating charges | 66A | €146 | €426 | +€280 | +192% |
| Gross operating margin | 9900 | €73,820 | €86,273 | +€12,453 | +16.9% |
| Operating profit (loss) | 9901 | €40,346 | €40,444 | +€98 | +0.2% |
| Financial income | 75/76B | €686 | €514 | -€172 | -25.1% |
| Recurring financial income | 75 | €686 | €514 | -€172 | -25.1% |
| Financial charges | 65/66B | €5,901 | €15,281 | +€9,380 | +159% |
| Recurring financial charges | 65 | €5,901 | €15,281 | +€9,380 | +159% |
| Profit (loss) for the period before taxes | 9903 | €35,131 | €25,677 | -€9,454 | -26.9% |
| Income taxes | 67/77 | €7,150 | €1 | -€7,149 | -100.0% |
| Profit (loss) for the period | 9904 | €27,981 | €25,676 | -€2,306 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,981 | €25,676 | -€2,306 | -8.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.