GRENS: 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.
GRENS
Largest movements
- Cash +€291,196
up €291,196 (+152%), from €191,359 to €482,556
mainly Net result for the year (+€294,456) and Other debts (+€121,546)
- Receivables within one year +€43,738
up €43,738 (+16.2%), from €269,816 to €313,554
of which Trade receivables: +€43,409
- Tangible fixed assets -€38,396
down €38,396 (-3.4%), from €1.1m to €1.1m
of which Land and buildings: -€37,841
- Reserves +€200,836
up €200,836 (+59.2%), from €339,211 to €540,047
- Other debts +€121,546
up €121,546 (+74,072%), from €164 to €121,710
- Tax, wage and social debts +€87,582
up €87,582 (+66.3%), from €132,103 to €219,685
of which Taxes: +€87,739
- Profit (loss) carried forward -€64,109
down €64,109 (-30.0%), from €213,836 to €149,727
- Debts after one year -€38,978
down €38,978 (-5.1%), from €765,487 to €726,509
- Gross operating margin +€134,010
up €134,010 (+23.2%), from €577,070 to €711,080
- Taxes +€29,272
up €29,272 (+41.4%), from €70,701 to €99,972
- Staff costs +€9,527
up €9,527 (+5.4%), from €177,670 to €187,197
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,620,176 | €1,911,952 | +€291,775 | +18.0% |
| Fixed assets | 21/28 | €1,138,710 | €1,101,297 | -€37,413 | -3.3% |
| Intangible fixed assets | 21 | €3,611 | €4,595 | +€984 | +27.2% |
| Tangible fixed assets | 22/27 | €1,133,042 | €1,094,645 | -€38,396 | -3.4% |
| Land and buildings | 22 | €980,946 | €943,105 | -€37,841 | -3.9% |
| Plant, machinery and equipment | 23 | €20,884 | €46,081 | +€25,198 | +121% |
| Furniture and vehicles | 24 | €6,561 | €9,952 | +€3,391 | +51.7% |
| Leasing and similar rights | 25 | €86,861 | €58,640 | -€28,221 | -32.5% |
| Other tangible fixed assets | 26 | €37,790 | €36,867 | -€923 | -2.4% |
| Financial fixed assets | 28 | €2,057 | €2,057 | = | 0.0% |
| Current assets | 29/58 | €481,467 | €810,655 | +€329,188 | +68.4% |
| Amounts receivable within one year | 40/41 | €269,816 | €313,554 | +€43,738 | +16.2% |
| Trade receivables | 40 | €268,101 | €311,510 | +€43,409 | +16.2% |
| Other amounts receivable | 41 | €1,716 | €2,044 | +€329 | +19.2% |
| Cash at bank and in hand | 54/58 | €191,359 | €482,556 | +€291,196 | +152% |
| Deferred charges and accrued income | 490/1 | €20,291 | €14,545 | -€5,746 | -28.3% |
| Total equity and liabilities | 10/49 | €1,620,176 | €1,911,952 | +€291,775 | +18.0% |
| Equity | 10/15 | €553,048 | €689,875 | +€136,827 | +24.7% |
| Contributions | 10/11 | €1 | €101 | +€100 | +10,000% |
| Reserves | 13 | €339,211 | €540,047 | +€200,836 | +59.2% |
| Distributable reserves | 133 | €339,211 | €540,047 | +€200,836 | +59.2% |
| Profit (loss) carried forward | 14 | €213,836 | €149,727 | -€64,109 | -30.0% |
| Amounts payable | 17/49 | €1,067,128 | €1,222,077 | +€154,948 | +14.5% |
| Amounts payable after more than one year | 17 | €765,487 | €726,509 | -€38,978 | -5.1% |
| Financial debts | 170/4 | €765,487 | €726,509 | -€38,978 | -5.1% |
| Amounts payable within one year | 42/48 | €296,402 | €492,049 | +€195,647 | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €73,562 | €72,978 | -€584 | -0.8% |
| Trade debts | 44 | €90,573 | €77,677 | -€12,896 | -14.2% |
| Suppliers | 440/4 | €90,573 | €77,677 | -€12,896 | -14.2% |
| Taxes, remuneration and social security | 45 | €132,103 | €219,685 | +€87,582 | +66.3% |
| Taxes | 450/3 | €98,512 | €186,251 | +€87,739 | +89.1% |
| Remuneration and social security | 454/9 | €33,591 | €33,433 | -€158 | -0.5% |
| Other amounts payable | 47/48 | €164 | €121,710 | +€121,546 | +74,072% |
| Accrued charges and deferred income | 492/3 | €5,240 | €3,519 | -€1,721 | -32.8% |
| Remuneration, social security and pensions | 62 | €177,670 | €187,197 | +€9,527 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,783 | €89,108 | +€3,324 | +3.9% |
| Other operating charges | 640/8 | €5,775 | €12,254 | +€6,479 | +112% |
| Gross operating margin | 9900 | €577,070 | €711,080 | +€134,010 | +23.2% |
| Operating profit (loss) | 9901 | €307,841 | €422,522 | +€114,680 | +37.3% |
| Financial income | 75/76B | €1,136 | €2,230 | +€1,094 | +96.3% |
| Recurring financial income | 75 | €1,136 | €2,230 | +€1,094 | +96.3% |
| Financial charges | 65/66B | €24,440 | €30,323 | +€5,883 | +24.1% |
| Recurring financial charges | 65 | €24,440 | €30,323 | +€5,883 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €284,537 | €394,428 | +€109,891 | +38.6% |
| Income taxes | 67/77 | €70,701 | €99,972 | +€29,272 | +41.4% |
| Profit (loss) for the period | 9904 | €213,836 | €294,456 | +€80,620 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €213,836 | €294,456 | +€80,620 | +37.7% |
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 15 October 2026 via checked.be.